Indebtedness was thus the legacy which the "Modern Period" [1876-1898] in Mississippi's fiscal history received from the period of "Reconstruction and Radicalism." Although burdened with this incubus and with increasing expenditures for educational and eleemosynary institutions, the "Modern Period" has been characterized by a decrease in both State and County tax rates and by a proportionate reduction in State indebtedness, both in amount and interest charge. The first year of this period, i. e. 1876, gave earnest or fiscal reform. State taxes were reduced from 9-1/2 mills on the dollar to 2-1/2 mills. The taxing power of county boards of Supervisors was restricted, a law being passed which prohibited them from levying taxes for county purposes, which added to the State tax, would exceed 16-1/2 mills on the dollar, except for indispensable purposes. Supernumerary officials were dismissed, the common school system improved, sinecures abolished and salaries reduced. The highest rate of compensation was no longer paid for the lowest standard of qualification. This policy of economy in State administration has yielded substantial results. The average rate of State taxation for the past 22 years, inclusive of 1876, has been 4.66 mills, as opposed to an average of 8.87-1/2 mills for the six years preceding 1876. The average rate of county taxation for the same period has been 11.1 mills, as opposed to 12.49-1/2 for the six years preceding. Combining averages, we find a saving to the credit of home rule of 5.60-1/2 mills on the dollar, or 5.60-1/2 on the thousand. Reduction in tax rates has meant a reversal of the policy of confiscation. Of the 6,400,000 acres of land forfeited for nonpayment during Reconstruction rule, all save 250,000 acres have been redeemed. Property valuation has largely increased, the value of real and personal property in the State today being estimated at $156,432,328. Conservative capital is seeking investment in all branches of industrial enterprise and economic progress is following in the wake of fiscal reform. Although the total payable debt of the State has increased from $830,750 in amount and $45,507.50 in interest charges in 1876 to $1,105,780.41 in amount and $53,421 in interest charges in 1897, this increase is seen to be a proportionate decrease when all the facts are considered. The obligations, amounting to $876,256.57 in principal and interest, handed down from reconstruction times have all been paid. During the past 22 years $6,755,706.57 has been appropriated and actually paid to common schools, as opposed to $1,323,765.62 appropriated and $327,742.25 paid during the six years preceding 1876.