Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1877-08-26
EUREKA DAILY SENTINEL.
SUNDAY, AUGUST Is, 1877.
STATE vINANCH.

STATE F1NANCES.
The last official count OF thu
Board OF Examiners shows money
and cash vouchers In the State
Ire uury 40 follows: Gold. $685..
e7s os; currency. ti4,974 o.; State
bonds. 100000; California State
bonds. $4,000; United States bonds,
S4lo,soo; grand total. s756,352 o5. And
n IL . grand total when we consider
shss the bonded debt OF the State,
which il the extent Of our liabilities. Is
only about ESQ. 900. less than 10000
OF which falls due in Issl-2. an d the
remainder in 1887. Indeed. these
figures are considerably over the
mark. II our memory serves us, the
financial officers of the State, having
more money than they knew what to
do with, have already taken up IN adj
q of their maturity, and at q pre-
MUM, something yer 100000 OF our
bonds In order to stop the interest
thereon. We are not finding fault
with the Treasurer and Controller for
this, because . statute of 1875 author
lied them tn do so, and the measure
saved money to the State, but We do
object 10 the rushing policy which
provides for the payment Of our total
outstanding debt ten years In advance
Of its maturity. At the present rate
of taxation, with an undiminished val
uation of taxable property, land there
Is no reason to presume that there will
b any falling off in this regard. on the
contrary there should be . material in-
crsase), the of this and next
year will place approximately $1,000
900 Of Assets In the state Treasury.
This n simply ridiculous. in view Of the
fact, which we repeat, that the great
bulk Of our bonded debt does not ma
ture for ten years. We rail at the in
~flationists, Rreenback theorists aud
other fna,cial nincompo Ups Of he East,
with reference to the question of ma
tional finance, while we are unable TO
regulate own little home debt in .
reasonable and intelligent manner.
start out first by assuming a Terri
torial indebtedness of nearly $500, 900,
then we erect capital buildings, peni-
universities, orphan homes,
etc.. all Of which are ample for all
practicable purposes for q generation
to come. Next we cast about and find
men who loan Is the required funds to
cover the cost of these permanent inn
provements Ut . reasonable rate Of in
terest, running q term Of fifteen years.
This Is all right, and not bad as matter
of State policy. But at this point we
begin to make idiots Of ourselves. In
stead CT going to work in . sensible
way to establish Q reasonable sink
ing fund for the redemption of our
promises TO pay ut the expiration of
the fifteen years, we rush in and tax
ourselves to the last dime to sccumu
late the whole amount in five years.
We endure all the privations insepera-
BILE from life In the wilderness, de-
velop the country, blaze trails. con-
struct roads, form counties, erect a
State, and then, to show our unap-
proachable magnanimity. we gener-
ously tax ourselves and settle all the
bills, regardless of the fact that those
who come after us will be better pre-
pared to meet and assume a fair share
OF these burdens. But to return to
some other questions of State policy.
Prior to 1875 the State rate Of taxa
ton was 81 25 ON each one hundred
dollars valuation OF property. By
dint Of the hardest kind Of work the
writer OF this article at the session Of
us got . bill through reducing the rate
TO 90 cents on the one hundred dol.
lars, thus saving the taxpayers of the
state to date not less than $500 900. VIZ
made another attempt last winter to
still further reduce the rate to
IS cents, but inasmuch a. demagogus.
and financial lunstics dominated thai
Legislature, the effort failed. Thai
failure 10 costing the taxpayers Of the
State 3l50. 900 . year, of which unnec'
essary sum Eureka county's proper
ton II In the nsighborhood of $500
That 10 to say, that We are sending tc
Carson annually $4,000 that we nigh
Just a. well ~ not have kept in oul
pockets. What il true of Eureka coun'
" u equally true Of ell other counties
in the State. The entire policy Is idiot
il, The State and county leviea rela
lively are wrong. We impoverish the
sounties under the present state Of af
fairs to place money in the vaults o
the State treasury. which will not bt
needed for ten years. White Pine, Lin
coin and Nys are lettering on the vergs
Of bankruptcy. Neither can ever ee
ont Of the tolls without extraneous aid
That assistance can ouly como through
rational legislation. Had the State rate
q