Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1871-09-29

About Iowa, Being Out OF Debt.
From the State Register.
The Burlington Gazette would like |
Carpenter to rise and explain how it |
10 that the State of Iowa pays some |
$50, 900 interest yearly, and at the
same time be out of debt, as per state
ment of the radical officers.-Du>
6vque Herald. i
1t would be about as easy to ex
plain why the moon Is made of green
cheese as to furnish the explanation
here demanded, for two reasons -
lst. The State does not, pay 1850, 900
interest yearly,n nor End do its rad
.ieal officers" say she is out Of debit
The people have said, however, upon
ascertaining her financial condition,
that she is practically out of debt,
and that is just her position. i
The proper officers publish regular
reports of the States financial con-
dition, and these reports are as ac-
cessible to Democratic journals as to
Col. Carpenter the General Assem~
bly, providing by law that they, with
all the other Journals, shall be fur
nished with copy Of the session
laws, to which is appended full
statement of the finances. From
this ststement we learn that on the
first day of November, 1869. the close
of the last fiscal term, the State was
Indebted In the sum of $500 900, be-
ing the amount of what is known as
the War and Defense Bonds, on
which the State pays seven per cent,
per annum interest. In addition,
the General Revenue Fund Is indebt-
ed to the School Fund In the sum of
1924 ,49S.ol, on which eight per cent.
interest is annually paid. (Of this
amount $l22, represents the sum
placed in the State Treasury during
Gov. Grimes administration, to pres
vent its being squandered by Eads g.
Co.'s Democratic management. or
the bonds representing the latter
amounts Auditor Elliott very proper
ly says, In his last report: al do not
consider these bonds AS State indebt~
edness In the common acceptation of
the term. The interest only Ia to be
paid, not the principal----for the
School Fund belongs to the State as
much as the Revenue Fund does. ~
But admitting for the accommoda-
ton of our distressed Democratic
friends, that the school and debt is q
State charge, let US see how the ac-
count will stand: ~.
LIABILITIES OF THE STATE NOV. 4, 1869.
War and defense fund bonds. :. :. :. S3O0OO0 90
Interest on the same accrued. but not '1
due J; ;...:.... az. 80. ..a 80. 1000 90
Interest on came accrued, but not uue 6,sss 10
Total tal.......................s ss4y,B5i 70
RESOURCES OF THE STATE NOV. 4. 1859. .
Balance OF revcnne In Treasury and In
s.lanss q State revenue due nom ''' a-i .
Balance Of ,Insane Hospital revenue due -
from Counties. ................ 98,699 "a
Balance OF Blind Asylum ciothing sc- Nj i.
count, due from Counties ......aar bl4 81
Balance of Deaf and Dumb clothing
account, due from Counties So 1iA IL
-
..ar Total ................ ..... .se19s2i IS
Excess OF resources all liabilities. SS72 069 81
But lest the opposition should de.
mur to these resources being arrayed
against cash liabilities, we have an
certained from the books Of the Au-
ditor of State the exact amount of
State funds in Hands OF County
Treasurers, Nov. 1, 1863:
THE pmount we ind 70 have been. .s2iepaa 90
Ada amount in State Treasury, &c, as
ABOVE ...................... 3S7,52l 20
b ~ ga ##rm. q. - r.# ------
Total -. .............,. -. $607, ,4t3 25
eduetHabilites. :. ..s...s....... Az. 5N,75l ~
Excess of cash assets over liabilities q 1891 ss
This we think may reasonably be
called being out of debt; q cash bal
ance over and above all liabilities OF
S59, ,69l .96, and over all actual indebt-
edness of $500, ,443. 25, with additional
resources amounting to $312, ,377. S.
This Is the showing our radical
officers" make, and we like 1t. Our
State bonds, III they could be OBJ
tained at par, 1t will be seen, could
readily be paid off, while the school
fund charge. in the opinions of the
best Informed men of the State, had
better remain as IL is. IL is a good
Investment of that much Of the fund.
and the interest Is promptly paid
Loaned out In the ordinary manner
it would Weld an amount no larger
than the present income, which
amount IL would take nearly year
to collect.
In the language Of Col. Carpenter,
the State Is practically out of debt"