604 



NEW HAMPSHIRE. 



The Temperance and Greenback parties nom- 

 inated as their respective candidates for Gov- 

 ernor, Asa S. Kendall and Samuel Flint; for 

 Railroad Commissioner, Warren G. Brown and 

 Nathaniel Wiggin. 



The election on March 12th resulted in favor 

 of the Republicans. The whole number of 

 votes polled in the State for Governor was 

 77,S06, of which Mr. Prescott received 39,372, 

 and Mr. McKean 37,860. The Temperance and 

 Greenback nominees had 225 and 269 votes 

 respectively. The vote for Governor fell short 

 of that of" the preceding year by 76 ballots. 

 Considered in the aggregate, it gives the Re- 

 publican nominee 1,512 majority over the Dem- 

 ocratic ; reckoned by counties, it shows a loss 

 of 1,376 votes by the Republicans, and a gain 

 of 1,138 votes by the Democrats. Of the five 

 State Councilors elected four were Republi- 

 cans and one Democrat in the Fifth District. 

 The election of members of the Legislature on 

 the same day resulted as follows : for the Sen- 

 ate, 8 Republicans and 4 Democrats ; for the 

 House of Representatives, 202 Republicans and 

 141 Democrats. 



The Legislature assembled on June 5, 1878, 

 when both Houses were promptly organized. 

 In the Senate, David H. Buffum, of Somers- 

 worth, was elected President. In the House 

 of Representatives, Augustus A. Woolson, of 

 Lisbon, was chosen Speaker. 



The finances of New Hampshire appear to 

 be in a most satisfactory condition. Her credit 

 stands as high as that of any other State in the 

 Union, and her bonds, which have several years 

 to run, are eagerly sought after and command 

 remarkably high premiums. The State revenue 

 and expenditure for the fiscal year ended May 

 31, 1878, were as follows: Receipts from all 

 sources, $922,243.48 ; cash in the Treasury on 

 June 1, 1877, $25,837.76; total, $948.081.24. 

 Aggregate disbursements on all accounts, $934,- 

 744.15 ; cash in the Treasury on June 1, 1878, 

 $13,337.09. The year's revenue from State, 

 insurance, and railroad taxes, together with 

 $15,039.49 miscellaneous, and $1,538.09 inter- 

 est, was $496,465.81.- The expenses for the 

 same period were: ordinary, $177,367.50 ; ex- 

 traordinary, $48,195.50; interest paid, $214,- 

 701.71; total, $440,265.01. The $100,000 in- 

 stallment on the funded debt was duly paid on 

 July 1, 1877. The principal of the State debt 

 has been reduced $46,200.80 during the year. 

 Its amount on June 1, 1878, was $3,530,190.07. 

 To meet the ordinary liabilities of 1878-79, a 



bate tax of $400,000 is sufficient. The same 



sum has been annually raised for many years 



past for that purpose. This tax is levied on 



towns and cities, and had been long complained 



is a burden pressing heavily on the people, 



specially thefarmers and small real-estate own- 



jrs. The Legislature of 1877 passed a ioint 



osolntion creating a Board of Tax Commis- 



oners, with instructions 1, to consider the 



onrces from which the State derives its rev- 

 enue; 2, to ascertain whether all classes of 



property are equally taxed under the present 

 laws ; 3, to seek new sources of revenue ; and 

 4, to recommend to the Legislature of 1878 

 some plan of legislation by which the towns 

 and cities may be relieved to some extent from 

 what is known as the State tax. The Com- 

 missioners submitted to the Legislature a full 

 report, expressing their belief that, without 

 levying any direct tax on towns and cities, it 

 is possible to raise the above-mentioned sum of 

 revenue from special sources. These sources 

 they enumerate in detail, and on each of them 

 they submit a separate bill nineteen in all 

 recommending their passage. Of these nine- 

 teen bills ten were enacted into laws. The bill 

 which in this matter of taxation met with the 

 strongest opposition was that "providing for 

 the taxation of railroads." It was passed after 

 repeated and lengthy debates, and after several 

 hearings of the parties concerned before a com- 

 mittee appointed to investigate the subject. 

 The new law taxes the railway companies on 

 the actual value of their property, and not on 

 their capital stock as heretofore. 



The savings banks of New Hampshire num- 

 ber 66 ; the collective sum of their deposits on 

 April 1, 1878, was $28,789,549, which is $1,- 

 260,665.58 less than it was at the same date in 

 the preceding year. The entire expense of 

 managing these banks during the year, taxes 

 not included, was $107,291.47. The aggregate 

 number of depositors is 94,967. The City Sav- 

 ings Bank at Manchester, and the Carroll 

 County Five Cent Savings Bank at Wolfes- 

 borough, were placed in the hands of assignees, 

 and both have been closed. For the first-named 

 bank a dividend of 25 per cent, has been de- 

 clared, and began to be paid to depositors on 

 September 16, 1878. The second also has been 

 declared insolvent, as its assets have been esti- 

 mated to be about 25 per cent, less than the 

 sums which its officers stated to stand to the 

 credit of its depositors on April 1, 1878. The 

 deposits of six among the savings banks have 

 been cut down by the Bank Commissioners in 

 the ratio of 16, 20, and 25 per cent, respec- 

 tively ; the examination of their affairs last 

 year having shown that the securities held by 

 them, if thrown upon the market, would not 

 realize a sum sufficient, together with the 

 guarantee funds, to pay each depositor the whole 

 amount due him. In this the Commissioners 

 have acted by authority of law in connection 

 with the Supreme Court. 



Of insurance companies doing business in 

 New Hampshire, there are 16 town mutual, 5 

 State, and 1 stock fire, organized under the 

 State laws, and 65 fire and fire-marine of other 

 States and countries. The 16 town mutual 

 companies have $2,300,000 at risk ; their losses 

 last year amounted to $5,316.59, and the cost 

 of insurance was 26 cents per $100. The five 

 State mutuals are considered to be in a pre- 

 carious condition ; two of them have termi- 

 nated their risks, preparatory to closing busi- 

 ness. One new company, "The Merrimack 



