Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1886-01-28
STATE TREASURY BUSTED.
The Balances Gone GIimmering.
{ From o. s. Journal, 2l.]

From o. s. Journal, 81.
For some time there have been rumors
bankrupt There were statements of
mismanagemeBt during the summer that
we're discounted largely as campaign
literature, but they will now be found to
be true. The present administration has
been in power but two weeks, and it has
already found that the income of the
state has not only been exhausted for
the past year but largely anticipated for
the present year. The credit of Ohio has
been first class. There was always a sur
plus in the treasury. but now the state
is not only broke" but greatly in arr
rears. Hon. Seth W. Brown, chairman
of the House committee on finance, in
seeking to comprehend the full scope of
his duties and to unders and the true
financial situation of the state, was con-
suited as to the reports current, and the
result of his investigation is alarming.
The talk with Mr.. Brown will give
clear statement of the insolvency:
Have you ascertained what truth
there is in the reports of a cramped con-
dition of the state treasury?"
"Yes, most unfortunately there is too
much truth in the talk, mostly hitherto
in an undertone, which has been heard
on the subject. The people of Ohio will
probably be astenished at the fact, but
fact it is, that the situation has been go-
ing from bad to worse in the matter of
the general revenues of the state until
few months ago the treasury, which
ought to have contained q magnificent
surplus, was really reduced to straight
ened circumstances. Surprising and
mertifying as the statement is, it is true
that some time before the last December
collections were available on the drafts
which the state auditor is authorized to
draw on the county treasures during
that month, the treasury was virtually
empty, and the credit Of the state was
only preserved by appealing to certain
county treasurers to cash drafts drawn
upon them far in advance of the usual
time Some of the taxes due and paya+
BILE December 20 last were in fact paid
as is usually the case during the moRths
of October and November, and by rak-
ing in these moneys, and the December
collections as fast as possible, the crisis
was tided over until the end Of last
year."
"What was the situation when the Re-
publican Legislature and Governor For
aker came into power?'
"Bad enough. The Republicans have
had handed over to them the empty
vaults of the treasury-simply the holes
where the money ought to be. On the
18th of November, 1888, the Republicans
presented the incoming Governor (Hoad-
ly) and the Democratic Legislature with
the magnificent legacy of S61S,S75 as
balance in the general revenue fund with
which they could commence housekeep
ing. 1t now appears, by. the official state
ment of the auditor of state, that the bal
ance to the credit of this fund in the
treasury on the 18th of November. 1885,
was only sos, ,13s.47 and that was pre0a+
bly, exhausted before the close of last
year. And what is still worse, it is per-
haps entirely within bounds to say that
at least S5OO,OOO. which ought now to be
in the treasury to help meet the expens-
ss of the new year, has already been
drawn and used to pay appropriations
made by the last General Assembly. At
this very time the Legislature and the
new Republican administration are star
ed in the face by the alarming fact that
the estimated wants to be supplied out
of the general revenue fund for the next
year amount to $4,156,755 %, while the
estimated receipts into that fund are
placed at only S2.792 ,S342s. In short,
the estimated needs are $l,S64.421 above
the estimated receipts. With the bal
ance that was in the treasury tive years
ago, and which ought to be there now,
the way would be clear enough"