Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1871-09-22
About Iowa being DAT OF Debt.
From the State Regis ter.


From the State Regittcr.
The Burlington Gazette would like !
Carp, inter- to rise and explain how it is
that the State Of Iowa pays some $780,
900 interest yearly, and at the same time
out of debt as per statement of the radi-
cal otiicers.-Du5aque Herald.
1t would be about as easy to ex-
plain why the moon is made Of
green cheese as to furnish the ex-
PLANTATION here demanded, for two
reasons: list. The State does not
pay $4,000 interest yearly" nor
2nd, do it's "radical officers" say
she is out Of debt. The people have
said, however, upon ascertalning
her financial condition, that she is
practically out Of debt, and that is
just her position.
The proper officers publish regu-
lar reports of the States financial
condition, and these reports are as
accessible to Democratic journals
as to Col. Carpenter; the General
Assembly providing by law that
they, with all the other journals,
shall be furnished with copy of
the session laws, to which is APP
pended full statement of the finan-
ces. From this statement we learn
that on the first day of November,
1869, the close Of the last fiscal
term, the State was indebted i'll the
sum of 5000, Geo, being the amount
of what is known as the War and
Defense bonds, on which the State
pays seven per cent. per annum III
terest. In addition, the General
Revenue Fund is indebted to the
School Fund in the sum of 1894
49S.o1, on which eight per cent. in
terest is annually paid. (Of this
amount $4,000 represents the sum
placed in the State Treasury during
GOV. Grimes administration, to
prevent its being squandered by
Eads Is Co.'S Democratic manage
ment.) OF the bonds representing
the latter amount, Auditor Elliott
very properly says, in his last re-
port: 81 do not consider these
bonds as State Indebtedness in the
common acceptation of the term.-
The interest only is to be paid, not
the princiFal--for he School Fund
belongs to the State as much as the
Revenue Fund does" But admit
ting for the accommodation of our
distressed Democratic fri ends, that
the school and debt is q State
charge, let us see how the account
will stand:
LIABILITIES OF THE STATE NOV 4, 1863
War and defense fund bonds .......... $500, 90
Interest on same accrued, but not
due 100000
school fund bonds Observation-Disclosures. S34, 49S OF
due ................... G.53. IS
Total. s54T, 751 20
RESOURCES OF THE STATE NOV 4, 1863
Balance of revenue in Treasury and
in transitu ........................ s3s7,5sI.s 5
balance of State revenue due from
Counties ....................... 43a971 .05
Balance of Insane Hospital revenue
due from Counties. ................ 9s,699 rs
Balance of Blind Asylum clothing
account. due from Counties 5l467
Balance OF Deaf and Dumb clothing
account, due from Counties 11l.41
Total ACKNOWLEDGEMENTS. :. s919,s 2l. l3
Excess of resources over all liabil
ilies. .............., --......- $312,O59 si
But lest the opposition should de-
muir to these resources being array
ed against cash liabilities, we have
ascertained from the books of the
Auditor of State the exact amount
of State funds III hands of County
Treasurcrs, Nov. !, 1869.
This amount we find to have been. . :. $219, 92a 90
Add amount in State. Treasury &c,
as apoFe'... ''o'''si~ 70
Total .....--........... $6O7 as 20
Deduct liabilities. Observation-Disclosures. SAT, 75i 30
Excess OF cash assets over liabilities - s5o,6ai SO
This we think may reasonably be
called being ont Of debt; cash bal
ance over and above all liabilities
Of $50, 69l96, and over all actual
Indebtedness of S30o,443.25, with
additional resources amounting to
$312,377.SS. This is the showing
our "radical officers make, and we
like it. Our State bonds, if they
could be obtained at par, it will be
seen, could readily be paid of,
while the school fund charge, in the
opinions Of the best informed men
OF the State, had better remain as it
is. 1t is good Investment of that
much Of the fund, and the interest
is promptly paid. Loaned out in
the ordinary manner it would yield
an amount no larger than the pres
cnt income, which amount it would
take nearly a year to collect
In the language Of Col. Carpenter,
the State is ''practically out Of
debt"
4 !