The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-08
AN EXHAUSTED TREASURY.
The State Auditor Refuses to Issue
Warrants Upon the General Fund,
And the Members of the General Assembly
Can Draw No Salary Until They Leg
islate for 1.-THE Loan Bill.


There was something OF a panic among the
employees and some of the members of the Gen
eral Assembly yesterday morning when clerk
Brought the news from the State building that
Auditor Rice had refused to issue any more war
rants upon the general fund, for the reason that
there was no money in the Treasury. The or
ders for salary warrants which had been taken
20 the Auditors Office by the clerk were
returned without money and with the news that
$here was none available, which caused almost
rs much excitement among the statesmen for
revenue as if they were depostors in bank
which had failed. The alarm was augmented by
The reports concerning the condition of the
Treasury funds which have caused the agitation
of the question regarding the necessity of an in
vestigation of the affairs of the Office and it was
supposed that the trouble had some direct con-
nection with the alleged unsound condition of
Che Treasury. The report became more and
more sensational in character as it
spread. Many of the employees and
members of the Legislature hurried down
TO the State building and anxiously endeavored
to get whatever was due them, evidently afraid
that the Treasury was about to collapse.
EXAMINING THE TREASURY.
The condition to which it was found by the
State officers, yesterday morning that the State
funds were reduced is extraordinary. An ex-
planatory statement was sought by Journal re-
porter.
'"There have been extraordinary demands
upon the general fund.-" Auditor Rice said, land
che result is that it is exhausted, with the ex-
eeption of balance of about $780, A week
ago there was about $l20 900 to the credit of the
fund, but the regular monthly allowances for
The maintenance of the Insane Hospital, the
other State institutions, and the expense of the
Legislature have reduced it to almost nothing.
There have been heavy demands upon the fund
on account of special appropriations which were
made two years ago, and the present condition is
simply the result of the Legislature having
failed to promptly pass the bill authorizing
temporary loan They don't seem to under
stand the condition of things. There can now
be no more money paid out, and the members of
The Legislature cannot draw any more salary
until they authorize as to secure loan"
DO you think there will be any difficulty in
borrowing money at 81 per cent INTEREST,"
'Tf the Legislature had passed the bill for the
temporary loan of 100000, as it ought, this
morning, could have the money in the treas
ury Monday evening. The bonds are already
printed, and the mere enactment of the bill
authorizing us to issue them is all that is neces-
sary to get the money"
Has the general fund ever been exhausted
beforel"
I'm 1873 the State was in about the same pre-
dicoment 1 was then a clerk in the Treasurers
Office, and found that the general fund was re-
a dub t" ahont 40 600 There yes than sink
ing fund of 500, 900. l told the Treasurer that
we would have to refuse to pay any more war
rants for the salary of the members of the Legs-
lature, until there more money to
the credit of the fund Within two hours
we had 800, 600 in the general fund. bill was
passed with rush loaning the sinking fund to
the general fund have prepared a bill, which
ought TO have been passed to-day. providing for
Che temporary loan, in similar manner, OF the
State University fund, which amounts to $780,
COO so that it may be available in the future If
an emergency should arise. 1t may now be used
to pay the interest on temporary loans. but it
cannot be borrowed by the general fund"
THE CONDITION OF THE FUNDS.
There is no money due the Treasurer from any
of the counties, except Marion. There is" Mr..
Cooper stated to Journal reporter, ''only about
Treasurer WATSON. Although it is DUE the set
Element is delayed no longer than usual. The
local county officer hardly ever settles promptly
unless it is required"
''What have been the extraordinary demands
which have exhausted the general fundv was
asked Mr. Cooper.
''We began the year with heavy demands on
the fund About $780, 900 has been paid out on
the construction of the new insane hospitals; for
the completion of the female department of
the Insane Asylum $40, 900. the Ohio river flood
sufferers $50 000 the Coughlen bonds $l35 000
the Female Reformatory and Northern Prison
sewers $40, 900, making an aggregate of about
$780, 600 of extraordinary expenses which were
drawn from the fund, the total amount of which
was about ST, 800, 000."
The monthly statement of the condition of the
Treasury on the 3lst of January, which was pub
lished on Friday, showed balance in the
Treasury of 81 O44, 494 80 on the first day of the
year The disbursements during the month
left $459, 974 80 on hand The amounts to the
credit of the different funds were To thA90.-
eral fund, 1923, 954. 08; school revenge fund
1892; new State house, 81 ssII:tafest, $7lz29;
principal. $l.47z13. 40 a-s1sai97, ard sales of
lands under 'fibs treasurer states that he has
of Feht si70,6lO, which, deducted from the
+H59, 9As9 on hand a week ago, leaves balance
of 1885, 1884 SO in the Treasury. The school
fund. the Treasurer states, has been heavily
drawn upon within the last few days, about
$50 900 having been paid out
"Since the session of the Legislature began
Mr.. Cooper says. Its expenses have amounted
20 about $50, 600. The Insane Hospital warrants
have largely reduced the fund during the last
week"
Are any of the other funds likely to be in
sufficient
''Oh mol The special funds are not likely to
be exhausted. During the next week we will
pay out, in tho distribution of the school fund.
about $40, coo, and with the other demands we
are likely to have to meet, it is probable that at
the end of next week the total balance on hand
will be about 100000 The largest amount to
the credit Of any special fund is $l2O 600 belong
ing TO the Stated house fund
No TEcISI ATFoy NO pAv
During conversation. while the Journal re-
porter was present Treasurer Cooper suggested
to Auditor Rice that he was willing to borrow
sufficient upon his own credit to pay any war
rants for the salaries of the members and en-
ployes OF the Legislature. That's well
enough so FAR as You are concerned" replied
Audi sbvk T Oh