Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1877-08-29
STATE FINANCES.

We find much satisfaction in reproducing
the following statement of facts, figures and
conclusions by the Eureka Sentinel Of August
20. This is all the more to be valued in view
of the fact that its writer, Senator Cassidy,
has obtained that superior knowledge Of the
affairs of which he treats by being las he
was) for two sessions of the Legislature a
member OF the Senate Commute on Ways
and Means.
The last official count of the Board of Ex-
aminers shows money and cash vouchers IN
the State Treasury as follows: Gold, S226,
1913 03; currency, S14 ,974 OF; State bonds,
100000 California State bonds, $50, 600;
United States bonds, S410, 800; grand total,
$3.50, 1852 O5. And it is a grand total when
we consider that the bonded debt of the
State, which is the extent of our liabilities,
is only about $3.50, 900 less that $500, 900 OF
which falls due in 1872, and the remainder
in 1887. Indeed, these figures are consider
able over the mark If 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 advance Of their
maturity, and at premium, something over
800, 900 of our bonds in order TO stop the
interest thereon. We are not finding fault
with the Treasurer and Controller for this,
because a statute of 1875 authorized them TO
do so, and the measure saved money for the
State, but we do object to 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 valuation Of taxable
property, land there is no reason to presume
that there will be any falling off in this regard,
on the contrary there should be material
increase), the revenues of this and next year
will place approximately 81 ,OO0, 900 of assets
in the State Treasury. This is simply
ridiculous, in view of the fact, which we
repeat, that the great bulk OF our bonded
debt does not mature for ten years We rail
ut the infationists,i greenback theorists and
other financial nincompoops of the East, with
reference to the question OF national finance,
while we are unable to regulate our own little
home debt in 4 reasonable and intelligent
manner. We start out first assuming Ter
ritorial Indebtedness of nearly $500, 900, then
we erect capital buildings, penltentlarles,
universities, orphan homes, etc, all of which
are ample for practicable purposes for gen
Grafton to come. Next we cast about and
tind men who loan us the required funds to
cover the cost of these permanent improve
nents at reasonable rate Of interest,
running a term of fifteen years.
This is all right, and not bad as a matter OF
State policy. But at this point we begin to
make idiots of ourselves. Instead OF going to
work in a sensible way to establish reason
able sinking fund for the redemption of our
promises to pay at the expiration of fifteen
years, we rush in and tax ourselves to the last
dime to accumulate the whole amount IN five
years We endure all the privatlons lnseper
able to 4 life in the wilderness, develop the
country, blaze trails, construct roads, form
counties, erect State, and then, to show our
unapproahable magnanlmity, we generously
tax ourselves and settle all the bills, regard
less of the fact that those who come after US
will be better prepared to meet and assume
fair share of these burdens. But to return to
some other questions of State policy.
Prior to 1875 the state rate of taxation was
81 % on each one hundred dollars valuation
of property. By dint of the hardest kind Of
work the writer of this article at the session
rs got bill through reducing tho rate to so
cents ON the one hundred dollars, thus saving
the taxpayers of the State to date not less
than $500, 600 We made another attempt
last winter to still further reduce the rate to
Go cents, but inasmuch as demagogues and
financial lunatics dominated that Legislature,
the effort failed That failure is costing the
taxpayers of the State $4,000 year, OF
which unnecessary sum Eureka countys pro-
portion is in the neighborhood of $4,000
That is to say that we are sending to Carson
annually 900 that we might just as well
as not have kept in our pockets. What is
true of Eureka county is equally true Of all
other counties in the State. The entire pol |
10y is idiotic. The State and county levies |
relatively are wrong. We impoverish the
counties under the present state of affairs to |
place money in the vaults Of the State treasury,
which will not be needed for ten years |
White Piue, Lincoln and Nye are tottering
on the verge of bankruptcy. Neither can
ever get out of the tolls without extraneous
aid That assistance can only come through !
rational legislation Had the State rate besn !