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years the Executive is able to announce to the Legislature that the State is entirely free from debt. The last vestige of debt was paid during the year just closed in the redemption of the outstanding Niagara Reservation indebtedness.

This result is not the only indication of the satisfactory condition of our State finances. Owing to the very thorough and successful administration of the indirect tax laws the receipts from these sources have been largely increased, and with a continuance of these favoring conditions the time is close at hand when, for the general purposes of government, we may dispense altogether with direct

taxation.

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