Then, by proceeding again as above, and deducting the amount of the tax of the previous year, uncollected on January first, 1876, and now being rapidly paid into the Treasury, at a low estimate, $460,000.00, we have as an actual indebtedness of the State on January first, 1876, $520,138.33.

Thus it will be seen that the actual indebtedness of the State is but little over a half million dollars, and that during the two years of Governor Ames' administration the State debt has been reduced from $821,292.82, on January first, 1874, to $520,138.33, on January first, 1876, or a reduction of more than three hundred thousand dollars in two years--upwards of one third of the State debt wiped out in that time.

Not only has the debt been reduced as above, but the rate of taxation for general purposes has been reduced from seven mills in 1873 to four mills in 1875." Notwithstanding the fact that the rate of taxation under the administration of Governor Ames had been reduced as shown above from seven mills in 1873 to four mills in 1875 the amount paid into the State Treasury was substantially the same as that paid in prior years.

This was due to the great appreciation in the value of taxable property.

Then again, a material reduction in the rate of taxation was made possible because the public institutions had all been rebuilt and repaired and a sufficient number of school buildings had been erected, thus doing away with the necessity for a special levy for such purposes.