Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-22
Total cash available February /.


This sum, it will be observed, is not quite
sufnctent, and have no doubt that the sink
ing fund commissioners will dispose OF
securities sufficient to meet the require
sl75, ,OO0-to be applied to the payment of any
old overdue and non-interest bearing cer-
tifcates or bonds that may be presented, or
the advantageous purchase of any out.
standing loans that may be offered.
1t will thus be seen that the very large
cash balance that has been carried in the
sinking fund in years past is thing of the
past, and l think 1t well that it is SO. The
best interests of the State are thus SUBJ
served and the responsibility of the Treas
urer diminished This is to be desired with
regard to the general fund also, but OF that
The general fund has been and is very
large. A year ago it was nearly "a. 500 900;
it is how nearly s6 100000 and in {. few
months it win likely be q 100000. The reye-
increasing, and it is necessary that they
should if the Legislature continues increas-
ing the appropriations. Those Of last ses.
which were two years appropriations to the
public schools. Five million dollars of this
will be payable in June, 1892, and the pay
ment Of this sum will reduce the general
fund to moderate proportions.
No More Large Balances.
Indeed, I think exceedingly large bal
ances in the general fund are like those OF
Uuc sinking luuu, tuluHb VI tuo past, 64CcpG-
ing for short time prior to June in each
year, when the fund will be swelled by the
receipt of the capital stock tax. This tax,
the largest item of our receipts, estimated
at over 1900 ,0O0 under the new general
revenue act commences to flow into the
treasury at the opening Of the year, increas-
ing each month until about April or May,
when the receipts are the largest. 1t will
thus be seen that the heaviest balance will
accumulate lust before the time when it will
be most needed. l feel grateful that the
recommendations contained in my preced-
ing annual report have been substantially
carried out, and say with great coincidence
so good.a condition, and that our present
revenue system is the best the State has
ever had.
The principal changes and those that will
affect local taxation are: The Increase in
taxation OH corporate loans and personal
property from mills to 4, and the surrender
Of three-fourths of the personal property
tax to the several counties-in effect 3
mills tax on personal property for local pur-
poses. The retention in the local treasures
of the the entire revenues derived from re-
tail liquor licenses. The increase in the tax
to s, making it possible to appropriate 81. .OO0,-
600 annually to the public schools.
Relieving Local Taxation.
The progress made toward the relief of
local taxation during the recent years is
scarcely vet appreciated. Nor will it be
until after this year, when for the first time
S. OOO, ,0O0 will be paid for the support of the
public schools, and three-fourths of the
personal property tax will be returned to
county treasures The beneficial effects
But few years ago only $l,Oo0,0OO was ap-
propriated for school purposes, the State re-
ceived all the retail liquor license fees, all
the personal property tax, and contributed