According to a very carefully prepared statement that was made and published by an expert accountant in the State Treasurer's office in the latter part of 1875 the ad valorem rate of taxes for general purposes had been reduced from seven to four mills, and yet the amount paid into the Treasury was not only enough to meet all demands upon the State, but to make a material reduction in the bonded debt.

The following is taken from that statement: "An examination of the report of the State Treasurer, of the first of January, 1874, at which time the administration of Governor Ames commenced, exhibits the fact that the indebtedness of the State at that date, exclusive of the amounts to the credit of the Chickasaw and common school funds, balance of current funds on hand, and warrants in the Treasury belonging to the State, was $1,765,554.33 The amount of the tax of the previous year remaining uncollected on January first, 1874, and afterward collected, $944,261.51, should be deducted from the above amount, which will show the actual indebtedness of the State at that date to be $821,292.82.

A further examination of the report of the same officer, for January first, 1875, shows the indebtedness, after deducting amounts to the credit of the Chickasaw and common school funds, balance of current funds on hand and warrants in the Treasury belonging to the State, to be, $1,707,056.24.

Then by deducting the amount of the tax of the previous year remaining uncollected January first, 1875, and afterwards collected, $998,628.11, the result shows the actual indebtedness on January first, 1875, to be $708,428.13.

The forthcoming annual report of the State Treasurer, for January first, 1876, will show the indebtedness of the State, exclusive of the amounts to the credit of the Chickasaw and common school funds, the balance of current funds on hand, and warrants in the Treasury belonging to the State, to be $980,138.33.