Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1881-05-25
srArs FINANCIAL CONDITION.

WEDNESDAY, I: : : 6A1 40. iooA
STATE FINANCIAL CONDITION.
On Thursday last. In accordance with
their prescribed official duties. Governor
Kinkssd and Secretary Of State Babcock
counted the finances In the State Treas
ury, and found the same to DO sorrees.
according to the books Of the State Con-
trollsr, the statement being a. follows :
Coin, sl43. 100 az +; paid coin vouchers
not returned 70 Controller. $12A.4o6 &c;
i~rsdssmabls Nevada State School bonds.
1850. 900: Nevada State bonds. $26 1000;
Uni.sd States bonds. 100000; total.
STA. SIS IS.
And now comes ont the Carson hdsz
with the oold-bloodsd announosmsntt that
The State Il bankrupt. Yes. and II goss
ON to produce the evidence in support Of
it, disaersssbls assertion. The revenues
OF the State, the sources Of coin supply
for the State Treasury have been reduced
20 q very great extent during the last two
or three years. and at the present time
are NOT sufaeisnt to dsfrsy the current
expenses Of the State government. The
beat thing the Legislature did last winter
vas In providing for . considerable r.
ducton Of State government expenses IN
The future. but Il did not provide for any
increase Of revenue. On the contrary II
mot only allowed and provided for . still
further decrease. bat passed bills making
appropriations which were refused BY
former Legislatures on the ground Of
economy and unconstitusionslity. The
only definite idea seemed to bs to let the
State government work its way through.
and tide over the succeeding two years
until the next Legislature. which body
would have to do the grand wrestling
with the financial problem. But the
lndex In support Of its assertion that the
State IL bankrupt makes the following
editorial remarks. which commend them
selves to the confederation Of all inter
ssted In this important matter:
The 'decisisn Of the District Judge On
Saturday last. that the Law authorizing the
taxing Of $50. 900 from the State School
Yund for the building Of the Insane Asy-
lum at Reno 10 valid legislation, together
with the hurried action Of the Board Gre
stsd BY the Act In advertising for bids
upon the contract without awaiting the 90
ton Of the Supreme Court. calls attention
70 several facts that are Of absorbing in
tsrest 10 the people Of this State. Since
the incoming Of the present Stats Admin
istrstiou thore has been taken from the
irreducibls School Fund the sum Of $780,.
600, with which the bonds Of 1917. which
were issued for the payment Of the Terri
torial debt, were redeemed. As . subsu'
tuts for the money and securities 90 taker
from the School Fund there was placed ir
the Treasury an irredssmabls bond OF thu
Htats acknowledging an Indebtedness Il
the School Fund Of $3.50. 600. and bearing
interest at the rata Of Ave per cent. pei
annum. This transaction was completed
in April. 1873. The bonds 90 redeemed
were issued March ist. 1917. and were 70
dssmabls in fifteen years.
This Indebtedness to the School Fund
II attempted to be treated - though 10 die
not exist or 10 nominal. but the money Il
zone, nevertheless. II 10 conceded tina
q ws assess and collect taxes. enough rev
snus cannot DO obtained TO pay the cur
rent expenses Of the State. Hence at oul
late session Of the Legislature an Act VA
passed authorizing the State officers Il
take S2c0, 900 from the School Fund. Il
exc out the State expenditures during the
two years ending January I. 1883. and Il
substitute therefor bonds Of the State q
four per cent. per annum. The bond
have already been printed. and the takinl
Of money from the School Fund viii
shortly commence. a. there 10 but LITTLE
coin left In the General Fund. The Schoo
Fund 10 also about to suffer . further do
plstion 10 the extent Of $50. 900, which l,
the amount to which the Board are d
present disposed 70 limit the expense o.
building the asylum.
Assuming that all these amounts will b
taken from the fund. w ind an aggregats
Of 5000, 900 coin which will b missins
from our irreducible and sacred School
Fund. On the first Of January. 1879, the
School Fund contained Of coin and securi.
ties not far from $3.50. 900. A . stats va
have broken faith with regard TO the pres
ervation Of the school moneys. and arr
rapidly sxhausting the entire fund that BY
ths Constitution 10 saeredly devoted te
educational purposes. Something will OF
plode before long unless We can get SOM
adequate revenues from our great RAILROAD
and mining properties. Our railroad dig
arches have not only exhausted the pso
pie Of this State BY their rapscity. but II
conjunction with the mining pool hav'
denied the payment Of taxes TO such n
extent - makes them parties to the rob
bsry and depletion Of our State Treasury
New York Herald. May II: The Conk
" " 49,