The Osceola times., 1875-07-03
The Board of Finance,

We take the following from the
Gazette of the 24th inst, in regard
to the present condition Of the Fl.
nancc5 Of Arkansas:
STATE BOARD cE FINANCE, J
LITE Rock, ARK, June IS, rs. !
At the time of the meeting oi
the constitutional convention, there
was Il debt due the Union Trust
Company Of New York, tor money
borrowed by the state of Arkansas,
to pay interest on the public debt,
for which S39j,000 Ofthe bonds OF
the state were plegcd as collateral
security. Since that time this debt
has been pald of, amounting in all
to 81 ,l26,36, and tho bonds thus
/ pledged have been returned INTO
the treasury and cancelled. There
Is in the treasury at this time ample
currency to meet the July interest
on all bonds that have been issued
since the beginning Of the yeal
1913. Owing to the failure OF
crops last year; and the excessive
taxation OF previous years, the leg
/ islature at its last session, made the
/ payment of taxes tor the previous
fiscal year permissIye rather than
compulsory. Under these circum
stances, 1t IS gratifying to be able
10 state that the people have vol
unfairly paid seventy-fve per cent.
of the entire taxes due in 1874
The present slringoncy in money
matters had led us to expect u
much less favorable result; Il re.
suit which we think may be attrib,
uted not only to the economical de,
sire of the people not to be behind
/ in the payment OF then taxes, but
also a disposition to assist the state
in her financial standing.
In answer to numerous inquire.
We wish 10 say that we see no rea
son why the funding Of state scrip
as now allowed by law Is not the
best investment Of it which can bC
made by holders. The present
price OF scrip makes this a sclf-evi
dent fact, provided that the inter
est on the bonds suall be hereafter
/ promptly paid. The limited nam
Der OF bonds which can thus be is
sued, the absolute and inyiolablt
right given by law to have the mon,
ey at any time in the treasure ap.
piled by jud cial proceeding,
against the state officers TO the
payment Of the interest, the
lrugaiity Of the administration
OF the government which is one OF
the most lnsuperaDIe features oflhC
present constitution, render it II
our judgement, impossible that the
interest on these bonds shall rot
be at Al! times promptly paid
Under these circumstances, we can
not but think that the funding o
the scrip in these bonds offers Sc
cure and profitable means OF in
vestment.
We would also say that the SCRIP
issued since he twenty-thlrd day
Of December. 1874, is not by law
tundable.
No one could have been any
where in the state during the las
few months and have failed to OBJ
serve that the recuperatiyc power O
the people have manifested them
selves IN very surprising manner
/ This has been felt, in the improve
mcnt OF our finances, so that We
may confidently trust, in shor
time, to sec great and marked
change IN this respect. Great a.
have been the disadvantage under
which the state has laborcd, genera
and WIDE spread rs has beer hcl
financial distress, we believe that ,
few years Of prudent economy vii
place the state in as grand a condi
ton as that OF other states
which have not suffered from thu
same mlsiortuncs.
A. II. GARLAND,
[. N. Rose,
GoRDoN n. PEAY.
State Board OF Finance.