same year were, $1,430,192.83.

Now let us see what the situation was after the Ames administration had
been in power about two years,--or half of the term for which it had
been elected. 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. 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 indebtednes