Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-11-02
Gureka Dailp Sentinel.
WEDNESDAY -. NOVEMBER ., 1881
A

The current expenses of the State
Government Of Nevada are, in round
numbers, S22, 500 per month, or S27o,-
600 per year. The total assessed vaiue
of all the property in the State barely
exceeds 1927, 900, 900, according to the
official returns from the counties, except
from Storey, the valuation Of assessed
nroperty in which is set down in the es-
innate at "a, OO0, 900. The present rate
of State taxation is ninety cents on the
one hundred dollars. This, added to
high rate county and town taxes, is
clearly about all that the people of Ne
yada can stand at this time, when there
is an almost universal depression in our
chief industries. But with the Com
stock slowly failing, the so-called back
bone Of the State giving way, it seems
clear enough that eyen worse times are
not far ahead. Let us see, however,
what our present financial status is with
out looking into the future at all. Let
ms take the middle ground between opti-
mist and pessimist-that is, let us neither
presume upon uncovering any more big
bonanzas ON the one hand, nor on the
other let us entertain the thought that
Nevada is e-sng TO "pet-- cut. on INC
hypothesis that our taxable values con-
tinue at S27, 900, 900 whether they will
be more or less can only be specialized
upon. and the tax rate for State expenses
remains fixed at ninety cents, let the
balance be struck between the revenue
derived therefrom and the necessary
governmental expenditures. Provision
has been made by law for the payment
of the States indebtedness, and for this
purpose twenty-one per cent OF the
ninety is set aside to redeem and meet
the interest on outstanding bonds. Place
the remaining available rate at sixty
nine per cent on the hundred dollars,
throwing out of the consideration the
cost of collection. On this basis the
yearly income OF Nevada will be $780,
300 per annum. This sum deducted
from the yearly expenditure leaves a
deficit of Ss3, 700. And this calculation
is made. without considering the heavy
expense of the biennial sessions of the
Legislature. The number and mileage of
this body were somewhat reduced by a
law passed last Winter; but it will be
entirely within bounds to say that every
future meeting of the Nevada Legisla-
ture, under the present law, will cost the
State at least $50, 900, or annually $50,
600. This will put the excess of debt
over income yearly at S1l3, 700. Con-
fronted by this unflattering outlook, the
query comes up, as suggested by one of
our contemporaries, what are we going to
do about it? When the next Legislature
~convenes, on the first Monday in Janu.
airy, 1888, there will be no money in the
Treasury and the limit OF the States
Constitutional borrowing power will have
been nearly reached. The Constitution
of Nevada fixes the limit of State debt
at $500. 600. which, by the time indi'
Gated, will have been exhausted te
within between 800, 900 and 800, 0G0.
After the adjournment of the next Legis.
lature it is certain there will not be a
cent in the Treasury, and what is Of in
fnitely more seriousness, the State will
not be allowed to help herself by the only
remedy left to the poor, that Of borrow
ing, for a commonwealth cannot steal.