The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1874-02-12

EXECUTIVE OFFICE,
AUSTIN, February 10, 1874. (
Gentlensa 81 he Ssaafs aad H5aSss ef Rep
Tese1tatiUes:
herewith transmit to you a statement
from the Comptroller Of Public Accounts,
as also one from the Treasurer of the State,
made in reply to my request TO be furnished
with such information from those Offices
as would enable me to give to your honor
able bodies some idea Of the financial condi-
ton of the State These statements, while
not so full as might be desired, from lack of
time 70 make the necessary investigation for
full exhibit, are nevertheless believed, as
far as they go, to be substantially correct
and to show with reasonable accuracy the
condition of the public finances.
twill be perceived from the ComptrOller's
statement that so much of the public debt
as is evidenced by bonds issued, together
with interest on them to September /,
1874, and by ComptroIler's warrants out
standing on the sixteenth of
January, 1874, amount to 81, 74s, s31 IS
To this add deficiencies in APP
preparations for the present
sent fiscal year, and warrants
estimated to accrue to Sept
TENDER l, 1874, the begin
ming Of the next fiscal year. $500, 900 90
Producing total aggregate of Sc, s4s, ss1 "a
In this estimate of deficiencies is not in
cluded the debt due the available school
fund, supposed to be about $50, 900, nor the
mileage and per diem, or any OF the expen-
ses attending the session of your honorable
bodies, the 18th Legislature. Nor does il
include the expense of maintaining the from
tier force called cut by my predecessor, by
circular letter, dated November /, 1878,
an estimate of which, up to the first of March
4S74 ,-ameunting to sos G16s00, made by
herewith transmitted for your informa,
ton.
1t further appears, from the Comptroller
statement, that the State is indebted to the
Permanent School fund, University fund,
and Agricultural and Mechanical College
| fund, in..the aggregate sum of $711, 00S. 81,
as evidenced by her bonds, bearing respec.
lively five and six per cent. interest, issued
under various acts of the Legislature, pay
able respectively to these funds, which
bonds are in the vault of the treasury, as
shown in report of the Treasurer.
call the attention of your honorable
bodies to the explanatory note attached tc
the Treasurer's statement, which shows that
the $50, 078. 70 in currency, and $94. Sc specie,
of State revenue, which appears to be in the
Treasury, subject to draft for expenses oil
the government, is feallynot there, because
that amount is greatly less than the deb
due from State revenue to the available
school fund. The constitution requires that
one-fourth of the revenue receipts shall GO
to the available school fund, and the fact is,
that since the commencement of the present
fiscal year, only $17,513.S9 has been paid
to that fund, when abOut 500, 900 should
have gone to its credit; and after placing
the $50, 07S.75 currency, and $94. specie,
alluded to above, to the credit of the avail
able school fund, State revenue will still be
indebted to that fund nearly $50, 900 SC
that the report of the Treasurer shows when
he come into possession, and now, not only
not one dollar in the treasury subject to
payment of expenses of the government, but
part Of the constitutional school fund,
used for general revenue purposes, which
must be replaced out of the State revenue
when collected.
commend to the consideration of your
honorable bodies the statement of the Treas
urer, with reference to payment of interest
on bonds falling due March 1, 1874, an6
will add interest falling due September 1,
1874, on bonds, for payment of which, sc
indispensable to preservation of the State
credit, we can only look to State revenue.
The report of the Comptroller shows the
amounts to be paid respectfully in March,
and September. have directed the Treas
urer to make immediate arrangements fol
the prompt payment of the interest falling
due on first of March, which must be done
from any State revenue which may be paid
in.
That the treasury is empty, we know tc
be fact. We are informed by the Treas
urer that he fears we will have to look tC
some other than the ordinary sources of rev
enue for the means to pay the interest or
the bond debt as it falls due. How and
why this Is so, time and an exploration Of
the confused mass of records in the Treas
urer's and Comptroller's offices, may develop
However this may be, we have the facts, as
they now exist, to deal with, and tits proper
that we understand we'll what we have
| to do. a
Your honorable bodies must provide no
only to meet the interest as it accrues, anC
such of the principal of the public debt al
is now due, or will fall due before the meet
ing of another Legislature, but must pro
vide for the expenses of the government
| during the next fiscal year, commencing OF
the first of September, 1874.
Referring to the Comptroller's report, W.
find: ~
Comptroller's warrants outstand
ing, on sixteenth of January
last, amounting to. ... 1886, 90l
Deficiencies in appropriations for
the present fiscal year, and war
| rants estimated to accrue to Sep
TENDER 1, 1874. .......... SOC, 00t
Interest falling due on bonds, Sep
TENDER 1, 1874. ........... SO, no
Estimate of amount due available
school fund. ................., 60,00l
Adjutant Generals estimate of
cost of maintaining frontier
force to March /, 1874 (see Re
porO.- ,.a.3... ............... los, Gil
81, 2s6, IL
This amount, except, perhaps, $1OO, 900
is due, and Its holders arc entitled to de
mand it now, at the counter of the treas
ury; and the balance will be due In Marcl
and September next. To meet it, as wei
as the expense attending the session of tn
| Fourteenth Legislature, and that to be in