The south Kentuckian. [volume] (Hopkinsville, Ky.) 1879-1883, 1883-07-17

belonging 10 the resources u tha'
fund has been corruptly misapplied
or illegally appropriated to any 9TH
er purpose than that for which 1t was
intended, it is equally untrue.
MYTHICAL SURPLUS IN 1865.
Now, fellow citizens, what are the
facts?. When the Democratic party
came into power in 1867 the debt of
the State amounted 70 $4,61l,l99 46,
with an annual accruing interest of
$262,249 q. 40 meet this'nliability
the resources of the, sinking fnnd
were set down at $S,022,344 81, Our
Republican friends seize hold of
these figures, and exclaim in piOus in
dignation, "the Democrats went into
power with surplus of assets in the
sinking fund over the liabilities of
the State of$3,2ll,l4 75-what has
become of the money! But let us
see if we cannot puncture that bub-
bic for them. When we come to
look at those assets we find this item !:
"The State owns stock in internal i'm
provements, the present value of
which is uncertain, amounting in the
aggregate to $4,S39, AIS, and this, con-
stitutcs the larger part of that hand
some showing Of over 100000. But
while the par value Of these stocks
was $4,S39,475, what pray, was its
real value? The Auditor says it is
uncertain, and well he might. There
is not an intelligent man in the Com
monwealth, who knows anything
about the market value of the stocks
which the State held in number of
decayed turnpike companies, who
does not know that itwould not have
averaged ten cents on the dollar, if
indeed it could have been sold in the
market for half that price.
In point of fact am informed that
this stock was, after several years,
dropped out of the usual estimate of
the resources of the sinking fund be-
cause it had no market value; but
putting it at twenty-five cents on the
hundred dollars, we find that instead
of over eight millions the Democrats
had only $4,422,344 assets with which
to pay $4,6ll,l ,l9O 46 debt, an actual
deficit of $lSS,S46. ~ H
But to come down to actual cash
resources, there was balance be-
longing to this fund on hand on the
llth of October, 1865, of $330,666, SO.
To this sum there has been added va
rious large amounts from year to
year, aggregating, with the balance,
up to October, 1881, the sum of &c.
57S,S4 73. During the same period
there was paid out in liquidation of
the principal and interest as it ac-
crued, and for the other purposes for
which the fund was set apart, the
sum $9,409,900 46, leaving balance
to the credit of the fund on the 1lth
of October, 1881, of $l6S,954 q.
Now my distinguished friend
knows, as well as l do, that there has
been an account kept year by year,
showing from what source every
cent which went into that fund was
derived, and showing specifically the
various purposes for which it was
paid out. He knows, moreover that
this account has not only been kept
in the Auditors Office in Frankfort
but tnat 1t has been printed and pub,
lished to the world from time to time
and can be found in any clerks Office
in the State, and if one mill of tht
sinking fund has been misapplicd, il
one mill of it has been wasted, lei
him step to the foot lights and show
1t. If he cannot, let him like an hon
orable gentleman, cease his insinua
tions of mismanagement and corrup
ton in connection with it.
4. THE ACT OF lSSU. it
In 1880, however, there was sur
plus of this fund ON hand over an,
above what was required for its lie
gitimate purposes, and the question
was presented to the Legislature
what disposition was to be made o
it. The conclusion arrived at by tn
Legislature and their reasons there
for, will both appear in the act whic
passed for it, and which will ,no'
read:
WHEREAS, The outstanding in
debtedness Of the State, in gross
amountingto $l80,395, and wherea
| $8.394 of this is past due and unpre
sented and the bonds probably acci
dcntally lost or destroyed, leavin
bonds not yet due and for which
permanent sinking fund is needed
: amounting to $l74,0OO, and d
WHEREAS, The amount of cash o
hand in the sinking fund amounts :
$22,67l u as shown by the Auditor
} report, which leaves surplus o
$6l, ,67l 70 in said fund, therefore
BE IL enacted, ETC., That the Com
! missioners of the sinking fund be an
they are hereby authorized to diret
! the Auditor of Public Accounts 7
transfer to the revenue proper, tn
said surplus and anyother surplu
that may arise from time to tim
from the resources of the sinkin
: fund over and above what may b
( needed TO pay the interest upon tn
| said bonded Indebtedness, and upo
/, the school debt, which is pcrmaner
and lrredeemable loan. This act I
be in force from its passage. Al
0 proved April Sth, 1880,
{ From this II will he sncn that thcl