The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1872-01-27
THE HICKMAN COURIER,
The state Finances.

= aA-alAA us
The report Of d Howard Smith, Au
dltor of the State Of Kentucky. has beel
published and issued to members of tn,
Legislature. The statement of the fnan
cial condition Of the State is in brief
Bonded debt, exclusive of school bonds
2I,OzE394; to the credit of the Sinkin.
Fund, October 10Th, 1871. S2.456. 40
10, to which Is to be added SI013 0gs
81 of claims against the Federal Gov
ernment Tor advances made durino tb,
war. The receipts into the treasury +,
the credit of the revenue proper durint
the fiscal year ending October 10th 1871
were S1,I93,076 IS, while the expendi.
lures for the same period were si 298
fSS 40 leaving deficit on the IOth o.
/ October of sle5, All Sc, in addition tc
/ which, outstanding claims against the
/ treasury fertile current expenses of ;At
State are estimated atSlS1 063 35. Thi.
increases the deficit to 1851 ,475 p, with
not dollar in the treasury which can
be devoted to paying the ordinary ox
penses of the State government. This
condition OF affairs results from the pc
culiar financial organization Of the State.
which is detailed at length and remedy
for its evils suggested in the report be
fore US.
The State constitution provides that
the resources of the Sinking Fund shall
never be diminished by legislative act.
although the power is given the General
Assembly to increase its revenues. From
natural causes, at various times. the Leg
islature has either diverted old revenues
from their proper object or added new
ones as feeders to the Sinking Fund ma
til. as the case stands. the revenues rrar-
er Of the State are hot sufficient for r..
current expenses. Again. the Auditor
states that the act Of March - 1871
q hanging the time of paving the revenue
into the treasury from tLe 15th or De- I
..,..f.-.. o.. q
-1,'oS' M. 20 ''e lst OF APri' aud rracu- +
any 70 ''o 'ouf.h MONDAY 10 . uue, % +
'0'' : cali 1'"'ii res very lhucA 20 NE +
III oaI Ia>slneht o5 the state 1nauces 1T (
IS during the hrst and last months Of thG
'ear that the demands upon the treasury
IRE largest and therefore 1t Is necessary
nat All the taxes OF the past year should
'e on mana 10y the hrst days OF tie next
o pay the current expenses Whieh are
men .I,, uue.
Inc Auditor estimates the receipts
mo the treasury Tor the fiscal year end /.
hS October I9th' 49,, as s9o3,O2o Oh, .
"t'S 'ne mount 10 be p3id during the
ame year Is estimated to be Sl,3149ll
10 "nIcn J.. exclusive OF the amount
ue t"e oiuNiuS L unu- hereiore there
oeHclJ I'D prospect Tor the coming
ear oI sou ,ooo 90. Heretofore these
oncits 81. nave Oeeu made up by loans from ,
Ie ON nSlng una but tie Auditor de !
ares ID, that Lhis can be done no longer :
''llout guaanS nSeflng the credit OF the l
- az - ne 'heIeI2Ie recommends that
- DUt,S u 1uo ?.i'e De , issued Tor an
e. ~ '1e-0''ii5 o'Uo-Ooo' payable +,
- 81 ~. ~. ote al a shorter
lterest at rate not exceeGiIl--'s ..uezzlER
,nt. per annum. This. he bent~ss.sss.
ould relieve the treasury from its pres q.
Mt distressing embarrassment. The re-
ort expresses the belief that the entire
onded debt of the State vi be paid
-ithin FIVE years, if not indeed during
he present Administration. This ac
omplished, the most Of the present re-
ources Of the Sinking Fund may be di
erted into the revenue proper, which, l
hen done, will be ample to meet, with ]
be present rate of taxation for revenue q
every ordinary demand against
he treasury.
The report further recommends an al
Grafton Of the present system of valua- 5