Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-03-11
A BANKRUPT STATE.

Eoretastc Of Minmes0ta's Fate With the
Merrill La,v in Force.
RICHMOND, Va, March 5.-The finances
of the Old Dominion are truly in bad way
John B. Davis, a wealthy and patriotic bank
er, has been loaning the State large sums
from time to time this winter, bit 50 hard is
the exchequer to keep up that even he has
gotten tired of making the loans. Now there
is not cent i'll the treasury. There was
$1O3.95 this morning on hand, but that was
soon drawn out, and this is hard upon the
legislators they can't draw their per diem.
Tie ''repudiators'' and "debt-payers' in this
can sympathize.
It was good, but nevertheless ridiculous,
to see the statesmen try to get their wages.
They have been flying around in the greatest
excitement to-day, trying to get some Shy
lock to shave their certificates and advance
a little cash. Washwomen, saloon-keepers
and livery stable keepers were clamoring at
the legislators for their bills. Tho ehagrin
was intense when the lawmakers and repre-
sentatives of the people had to pull out an
empty pocket-book.
There are sS964,4 worth of coupons out
standing and matured and liable to be pres
ented for payment at any time: The amount
due to banks, to mature this month, is 81
100000, and the banks peremptorily refuse
to grant further loans. On the LIST of next
July 100000 more of coupons will become
due. All of this is what the auditor of public
accounts laid before the joint finance COM
niittee Of the two Houses Of the general as
sembly to-day; and more too.
He said that he considered the common
wealth is really in deplorable condition,
stating that the balance of taxes due for the
last fiscal year we're only d little in excess of
$1 100000. He further stated that no taxes
were coming in, the people cannot pay, and
are not paying. County treasurers who had
hitherto responded with thousands are not
returning any thing in the way of money.
Coupons ars selling at thirty per cent. dis
count, and everybody was paying in ooupaRs
When asked how long he could run the GOV
erument the auditor responded: "Not an
hOuri" The esglums were behind even in
the support account, and we're calling for
help.
The legislature has been in session all day,
and bids fair to consume all night with their
everlasting chin-chin. Mr.. Fauntleroy, a
repudiator, made a motion this afternoon to
adjourn SINE die. This would leave the most
terrible chaos. The wheels of government
would stop then in d hurry, if, indeed, they
do not stop anyhow. There is o fear,, as it
stands, that the lunatic asylutns (there are
! two white and one coloreO will be thrown
open, and the lunatics turned loose upon the
public or sent back to their counties. It is
also feared by some that the pentitentiary
will be thrown open and the convicts set
free. This, however, is an extreme view.
There was conference this evening of
the joint finance committee, when it was
proposed to require all license taxes and all
the tax derived from the Motif liquor register
to be paid in money instead of coupons, as is
allowed by existing laws. This proposition
will be submitted to the general assembly to-
morrow. The general assembly has unit
the Nth to sit, but there is a probability OF
its breaking up in a row before that time.
There is no telling how this debt bushes.
will end. If the debt is readjusted, and set
tied at all, it will be at 81 or 355a per cent
That is to say, repudiating the 5 per cent
bonds to that extent, and adding to thos,
bonds at present bearing no interest.