The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1879-07-17
rREAPuRER.s REPORT.

4
]. w. Renfroe, the able and faith
ful State Treasurer, in his report,
shows balance 10 the State Treas
ury, up to the 30th Of June, of $780,
227.l1. The concluding paragraphs
of his itemized report will be found
| interes.ing, and is as follows:
This is a matter Of congratulation
to Georgians to know that whereas,
eight years ago, her seven per cent.
bonds were selling at twenty-five
per cent. below par, or seventy flve
cents 10 the dollar, that now her tour
per cents are eagerly sought for at
par, while her higher rate bonds
command premium with the best Sc
curities of the world. The eager
demand for these bonds enabled me
to save the State the usual and by
no means small expense of commits
sions 20 agents for selling them, as
well as the cost of advertising; the
customary commissions to agents
alone being two and one half per
cent.
The experiment of these small
sized bonds at low rate of interest
has excited attention over the whole
country, and is being initiated by
the Federal Government, as well as
BY States, with success. And to
Geol gia belongs the credit of inau-
gurating in this country what seems
about to prove general financial
benefit to the people.
There are to be issued $500, 900
more of these bonds in January,
1880, and 100000 in 1881. These
have been engraved, and are in this
Office awaiting issue at the proper
time.
While in New York attending to
the preparation of these four per
cent. bonds, | was fortunate in being
able to make an arrangement by
changing our fiscal agent to have our
maturing bonds and coupons paid
without any expense to the State. -
Our agents before this have charged
the State one eighth per cent. com
mission for paying our public debt
and also for other expenses, such as
canceling coupons aud bonds and
other incidentals, amounting to con-
siderable. All this expense is now
saved under the present arrange
ment, which amounts to thousands
of dollars yearly. This arrangement
is another gratifying testimony to
the solid financial fame and credit o.
the State, the bank now acting al
our new fiscal agent, one of the most
powerful institutions of the country
esteeming the prestige and beneti
of representing Georgia as full com
pensation for the service indicated.
In reviewing the financial statu
of Georgia for the last two and
half yeas, under the existing admin
istration, the people will find tina
much to give satisfaction. Expen
ses have been reduced in every de-
partment. The large floating deb
of S350,000 has been entirely wipet
out, over 5000, 900 unexpectedly ob
tanned from claims has been pail
into the Treasury, thus relieving tn
taxes, the funding of high rate in
terest bonds in very low rate bond
has been SO easily done as to SHOW
that the State can adopt it as polio.
when she desires so to do. Thes
are valuable practical results, an
give augury of growingly brlgs'
future financially for the State.
1t would seem that our State fhan
ces are on a rock bed basis. Ever.
industry Of the commonwealth
prosperous and progressive, and tn
chances of increased income are sur
Our public debt is but one twenty
sixth of our property, and under tn
new organic law cannot be increased
/ but must steadily be diminished
The State has assets in her railroad
and other property, if sold, quit
ample to pay off her liabilities indie
pendent to taxation. With our credi
at the top, a debt so moderate an
limited, and offset by States prop
erty, resources beyond measure, an
prosperity where development ha
no bounds, we have reason to b
proud of our State.