The Russellville Democrat., 1879-02-27

age. being now in it's fifth year.
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 CURRENT EXPENSES OF
 THE STATE.
 The most difficult question now before our Legislature and our State authorities, seems to be how to raise money to pay current expenses Of administering the State Government.
 In to-days paper we reproduce two papers bearing upon this sub ject--one from State Treasurer Churchill, giving his views of the only practicable plan in sight; and one from Auditor Crawford showing just what we have to meet.
 From Auditor Crawford's state ment it will be seen that when the revenue from the taxes collected for 1878 goes in- to the treasury there will be only $24,967 after paying the $200,000  loan and interest due July 1st. The expenses of the State Government have all been paid up to Jan. 1st 1879. From that time up to July lst the current expenses, Auditor Crawford estimates will be $l75,000 80 that there will be q deficit of about $150,033 on July 1st. This looks like bad showing, but it must be met, and the question is how to meet it so as to be best for the State. In our opinion the views of Gen. Churchill are entirely cor rect on this subject when he says there are but two plans which should be entertained for moment, to wit: either to raise the money by direct currency tax, or, to borrow the mon ey.
 To issue bonds or to return to the Scrip system is certain ruin, and we earnestly hope neither of these expedients will be resorted to. If the State Govern ment can be administered and the machinery of civil govern ment kept in operation until the taxes for 1879 are collected and turned into the State treasury, the best thing that can be done is for the present Legislature to raise the currency tax to five mills, and adopt the Mofiit bell punch or McMahan register. The five mill currency tax would enable the State to catch up, and the Sell punch or register system would absorb the outstand- Ing scrip.
 If money must be borrowed, how ever, to keep the machinery of civil government in motion, it is apparent that q different kind of loan should be secured. A loan for a year at time does no good only as a temporary relief. It leaves us ih the same condition when it is paid of, that we were before and it would seem, from Auditor Crawfords showing that we are even getting in a worse fix. If we negotiate loan at all we would do better to secure it for q period of ten years, the inter est and ten per cent of the principal to be paid annually. We could then with levy of three or three and a halt mills pay the interest and ten per cent of the principal, and create a sinking fund which would put money enough in the treasury by the time the loan expires, to pay the current expenses from that time for ward without agaln resoriing to the necessity of borrowing money. The amount of interest, under this sys- tein, would decrease yearly, and the joan would be paid off without any burdensome effort. If we cannot secure loan at reasonable rate of interest, say six per cent, and for such period of years as to be of some permanent benefit 10 us, we had better just clap on the five mills Currency tax at once.
 We agree fully with our contempo rary, the Little Rock Democrat, when it says we had "better endure heavy burden for two years and free ourselves, than to be clogged down and bound hand and foot for generation; better run through the fire that is confronting us and get singed, than to stand still and be roasted to death"
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