Semi-weekly south Kentuckian. [volume] (Hopkinsville, Ky.) 1883-1889, 1885-07-17
State Finances.
[Ieonan.l

State Finances.
Woman.
Mr.. Fox, the Third Party candi-
date for State Treasurer, has, with
Reynard-like cunning, borrowed the
figures of the late Thomas Iantzinger
Morrow, Republican candidate for
Governor and is rehashing the stale
and oft refuted charge that since the
Democratic party came into power it
has squandered the money in the
Treasury, If this were so, it might
be charge with which TO assail the
Democratic Legislature and the
Democratic party, but no legitimate
weapon against Mr.. Tate, who, as
Treasurer, has nothing to do with
the laws regulating receipts and eX-
p mixtures. His relations TO the State
are simply those of a cashier. lie
cannot and does not receive a dollar
except he gives receipt to the Au-
ditor, nor can he pay out dollar eX
ccpt upon an order or warrant from
the Auditor, and is in no way respOn-
sible except for the safe keeping of
the States money, for which lie gives
bond in 100000.
But the charge that there has been
waste in the management of the
States finances will not hold good,
and the allegations Of Mr.. Morrow
have been over and over again refuted.
Mr.. Fox demands that it shall be
gwen again, and revamps all the
miserable twaddle of the Republicans
for the past eighteen years. lie even
arraigns the lass Legislature for fund
ing the debt due the banks, and in
Inmates that it was more than $500, 900.
We will state for the information of
Mr.. Fox that it did not exceed that
amount, and is now represented by
bonds which bear only four per cent,
showing higher credit than the State
ever had.
AS TO the State debt generally, we
have prepared the following from
official records, showing how the
balance sheet stood in 1866, and how
it stands now, for which we ask the
persual of all unprecedented minds.
In 1865, the Sinking Fund
Proper was. ..... YT,63S, 493
TO which is added the war;
claim of. ............ l,9G3,359
Making total. ......... $9,GOl, 1852
Deducting our then indebt-
cdness of. ......... 5,347,5OG
$4,254, 34G
The item of $9,60l, 1862 is treated as
cash in Treasury, or actual available
assets equal to cash, when in truth
there was but little over $2,000,000 in
cash or assets convertabld into cash.
The war-claim of $l,9G3,3j9 was
not collected for years aftarward, and
more than quarter ofa million of it
remains unpaid now.
The States interest in internal I'M
provements is put down at actual
cost, instead of estimated cash value.
The Auditor, in his report of 1865,
says that the present value of States
stock in internal improvements is
uncertain, and gives the aggregate
amount of same at 81, S30,475 90. This
immense sum is estimated as a part
of the Sinking Fund as cash, OF availa-
BILE assets convertible into cash, and
it had real cash value of but one
tenth the amount estimated. This
was not invested as speculation by
the State to produce direct income
in dividends, but was intended to
develope our natural resources, to
open, lock, and dam the rivers and
water courses to build roads and
turnpikes, and create highways for
commerce, to develope our resources,
and enhance the value of our taxable
property. The State owns as much
to-day as she did in 1865, with the ex :
ception of what has been disposed of
under the law. The only difference
being in reporting in 1865 at actual
cost, and in 1881 at actual Udlue; the
State is now receiving an income
from all her investments, as well as
from the effects other increased val
ues, caused by such improvements
having been made by the State
The Sinking Fund in 1865
was. Observation-Disclosures. $I93S, 493
Deduct internal improve
ments. ............... 1880, 475
$2,SOS,0lS
And we find the above amount of
$2,S0S,0l8 TO pay off an indebtness of
$5,254,346 so, which left an indebted
ness at that time, in 1865, of $2,44G,-
1928 S0,instead of a surplus as claimed.
All of the debt named above has
been paid of, except the sum of $l74,-
GOO, and the further sum of &c. 1874 in
old bonds past due, to meet which an
equal amount is always kept in cash
in the Sinking Fund, in addition to
bank stocks and internal improve
mcnts, which amount to $J59,l
In 1884 the financial condition OF
the State was as follows
ASSETS.
Cash in Sinking Fund. 80. .$l74,00O
Turnpike Stock, market value 100000
40G shares in Bank of Louis
vile stock. ............ 1850