Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1871-01-30

not DC lncluueu III tue liliitslttoi t''O
State debt to $500, 600. This Terrific
rial proportion. which was so assumed.
amounts to $3.50, 900, bonded, and due
in March, 1872.
Senator Hazlott proposes first to dis
pose of this indebtedness by the issue
of new bonds for the amount, running
twenty years ut ten per cent. payable
semi-annually. 4 Territorial Interest
and Sinking Fund Is created for the
purpose Of paying the principal and
interest Of these bonds, to be derived
from u tax Of twenty-five cents OIL each
300.
Having disposed of this Territorial
debt, there remains the balance OF
$3.50 900 to be managed. or this
amount, $l20, 900 is Ia bonds issued
under the Act of 1867, and $l60,OOO
estimated floating Indebtedness, mostly
existing in the shape of warrants.
There remains some bills and claims
yet to be acted OH by the Board of En-
aminers, for which a margin is left in
the estimate. The indebtedness Of the
separate funds, in warrants already
issued, is as follows:
Va AstN
Salaries fixed BY law. ......-........ 45.6U
support OF insane. iU'SSt
Orphans Home. l2,uOO
Orphan Asylum. 2"SU
Expenses, rents, supplies, etc.......... S''''s
Total floating debt. ....................Sii2,S9i
It Is proposed to negotiate n loan for
the amount Of $3.50, 600. to cover these
bonds and outstanding warrants, to be
paid within ten years. bearing ten per
cent. per annum, the bonds to be sold
for not less than their par value, in
gold coin. The State Treasurer may
exchange any Of these bonds for the
floating Indebtedness for outstanding
registered warrants. in suns of not less
than 800. The 100000 bonds of
1867 being not payable until March.
1872, need not he taken up until that
time. 4 fund is created to be called
the State Interest and Sinking Fund, to
pay the principal and interest of these
bonds, l2tH cents OH each 800 being
set aside for the purpose Of paying the
$l6O, 900 loan, and after this year, %
cents. As the Capitol Fund OF l2la
cents will expire after this year, the
total levy will not be increased except
in the sum Of l2'. cents on the 500.
The bill is well guarded in its de-
tails. The duties OF the Treasurer and
Controller in negotiating the loan, is
suing and redeeming the bonds, etc.,
are clearly defined. The requirement
that if any surplus should remain after
the payment of the semi-arnual in
tercst, above the amount Of the ell
suing payment, exceeding -, 700, bids
should be received for the surrender Of
bonds. is an excellent provision.
Should the total assessment of the
State increase, the reduction from this
source will be considerable.
= DIR. Hazlett has closely investigated
the sources of the State revenue, and
the probable amount receivable during
the next two years. The total yalua-
ton of real and personal property in
the State ut present Is estimated ut
$23, 600, 900. y levy Of 81 % OIL each
800 would raise in coin 1881. 500.
Out Of this amount set aside say $780,
00ar for the Interest aud Sinking Fund,
and allow $57, 900 for delinquent tax,
aud we have Il fair revenue, to-wit:
krom property taS.;......."..........Sl0,O0
From proceeds Of mines ........... .... 5000
from alOp
from POI lo.WO
From licenses....... .................. lo,UO
Total receipts. s2a5,s 500
This wonld he sufficient for all ex-
penses, and would hereafter place the
State on 4 permanent cash basis.
The saving to the State by the adop-
ton of this measure Is 10 Insignificant
item. By starting OH n cash basis, the
State saves all the extra charge for
supplies furnished the State arising
from the depreciation Of warrants.
These extra charges on bills now run
all the way from % to 10 per cent. in
addition to the cash prices. Averaging
these extras ut 33la per cent. (and they
have been fully that during the past
YEAR, we find the State has paid about
$4,000 during the year, above the cash
rates for supplies. Should the indebt-
ednesS be not funded, this depreciation
in warrants is likely to amount to so
per cent. during the present year.
These extra charges to cover the de-
probation, together with the difference
in the amount Of annual interest on
the bonds 10, 000C amounts to about
81, 000-a little item well worth say
ing. II will soon make u vast differ
once to the taxpayers. -
Altogether. these bills appear to be
adapted to the occasion. and Just the
measures TO bring about that reiorma-
tlon, and meet the necessities now rg-
emily pressing n solution. We under
stand other bills have been prepared in
the Assembly. These we have not had
time to examine. They may meet the
requirements. or that We canlot say.
Should these bills of the Chairman Of
the Senate Committee OH Ways and
Means go to that House, we are quite
confident that they will be found salts
factory.
We understand that should this loan
be authorized there will be no difficulty
in negotiating the bonds. As the
amount is still within the limitation OF
$500, 900. by about $20,0 COO, it will be
seen that the State has still some mar
GIN for extraordinary expenses, should
such occasion arise.