Waterbury evening Democrat., 1894-03-06
FINANCES OF STATES.
MOST OF THEM ARE NOT DEEPLY EN-
BARRASSED.


tional government has been forced by hard
times to issue loan of $50, 100000 and is
still stared in the face by probably large
deficit, the individual states are mainly in
good financial condition. The 10 or Is years
of prosperity that preceded the present de-
preston enabled those states that were
deeply in debt to pay in part and nearly all
to reduce the rate of interest.
1t thus happens that many of the states
approached the panic of last year with COM
paratively small debts at low rates of inter
est and with a handsome cash balance in
the treasury. This year will sweep away
many of these balances, but the return of
prosperity will not find the individual states
deeply embarrassed.
The western and southern states, which
have felt the strain more severely than the
New England and the middle Atlantic
states, are able to report a fair financial
condition. California has usually escaped
the worst results of panics. She had on the
LIST of FEBRUARY, 1894, more than g, $50, 900
in her treasury, and her debt was a little
less than s., 100000 at 6 per cent, u mod
crate rate of interest on the Pacific coast
when the debt was contracted. California's
neiRhbor, the fading state of Nevada, be-
gan the last fiscal year with S400, 600 in her
treasury, and she carried most of it to the
opening of the current fiscal year. Her bal
ance at the opening of the year was nearly
as much as her total expenditures for the
year before. Her bonded debt is $500, 900,
mostly at per cent, and the state holds
for the benefit of several public funds over
81, DOC, 600 in her own and United States
bonds.
Oregon has no bonded debt, and her float
ing debt of 1926, 900 is in treasury warrants,
to be redeemed as this years taxes come
in. If all can be collected, which is I'M
likely, the revenue for the year will be
5000 Meanwhile, because of slowness
in collection, the treasury is low. Few
states, however, are better equipped to
meet hard times.
Most of the new far western states have
started the world we'll from a financial
point of view. Montana has no bonded
debt, and her floating debt is only sos, 600.
She has eco, 600 in the treasury for general
purposes and 1928, 900 to the credit of sew
eral public funds. Her annual income is
$3.50, coo, and her condition seems whole
some as that of any state, old or new. Wy
onling has bonded debt of only $500, 900 at
6 per cent, an income of over $212, 900, and
early in the present year she had nearly
$500, 900 in the treasury.
North Dakota is not so fortunate, being
without cash in the treasury save $780,
pleORco 10 several 1unuS, anu having II
debt of $780, 900 at per cent. Her annual
income, however, is nearly equal to her
whole bonded debt, and she has already a
handsome school fund that will one day ex-
coed SIC, 900 COO in value. Washington also
has an empty treasury, but her bonded debt
is low, only $500, 600 at the low rate of 81 per
cent. Her floating debt Is $40, 900 in war
rants issued in anticipation of revenue, and
taxes are coming in slowly. She has APP
propriated nearly $2,000,00O on the fiscal
term of two years ending March 81, 1895.
The credit of the state has been and is ex
cellent.
OF the territories, Utah and New Mexico,
each ambitious of statehood, have consid-
cradle debts, and the former has long been
struggling with an annual deficiency of
over $4,000. Her bonded debt is 500, 900,
at 5 per cent. New Mexico is over 5000, 900,
at about 65S per cent on the average, and
her floating debt is $500 900 She began the
present year with Sl42, 600 in the treasury.
Kansas is n sample state of the middle
west, where stagnation seems to have done
its worst, but Kansas seems in good finan-
cial condition far the state govern
ment is concerned. She had on Jan. 20, 1894,
nearly $1,C00000 in the treasury, with no
floating debt, and a bonded debt of about
s., 100000, mostly at per cent Her neigh
Dor, Iowa, has no debt, funded or floating.
S152, 900 in the treasury and an income f
$S5O,000. Missouri has heavy debt of &c.
100000. mostly at 80 per cent. She is also
indebted to her seminary and school fund
to the amount of nearly 81 40 900, at and
& per cent. Her constitution requires, how
ever, that she pay off at least $250, 600 of her
bonds per annum, and the present rate of
taxation will enable her to pay from $500, 900
to $400, 900 per annum. There was in the
state treasury on Jan. "a over 81 600 900.
Kentucky is one of the most fortunate of
the southwestern states. Her debt of $685.
600 is mostly at per cent, and her sinking
fund exceeds the debt $4,000, while her
treasury balance Jan. was S550,OO. Ohio
is in like happy condition. Her entire
debt of 81, 900 will be paid by July /,
1900. 1t is at per cent. She has no floating
debt and cash balance in the treasury Of
more than 5000 900, Indiana began the year
with more than 81, 100000 in the treasury
and no floating debt. Her bonded debt is
S, 500, 900 at u per cent. Michigan is with
out debt of any sort, but her treasury is
low, partly because of bad times, but chief
ly because she is near the end of her tax
year
New Hampshire Is distinguished among
the New England states for financial sys-
tenn that makes her a borrower for six
months of the year. OF the other states
Vermont has a debt of less than $500, 900
and little balance of 5000 in the treas
ury. Connecticut began her fiscal year
with $1,000,000 in the treasury, and Maine
had on hand Jan. /, 1894, 1885,, 600 Each has
q moderate debt at extremely low rates of
interest
New York has cash balance Of over 81
100000 and proportionately one of the small
est of state debts. Pennsylvania net debt
is 81 ,4OO, 600 at 4 per cent, and her balance in
the treasury at the close of the last year was
more than 5,S0O,0O0.
Delaware'S assets are nearly 500, 900 in
excess of her liabilities, and she has atreas-
ury balance of Sl9, 800, with no floating debt.
Although three or four southern states,
notably Virginia, North and South Caro-
lima and louisiana, are still struggling I'M
der what they have not repudiated of their
debts, going back to the reconstruction
period, the financial condition of the south
ern state governments is, ON the whole,
good. Maryland began the year with near
ly $4,000 in her treasury and q net debt of
&, 100000. 1t will be cleared off in 1901
Georgia and Florida, among far southern
states, have each enough cash in hand to
meet all appropriations. The former has a
debt of s., 10000 at an average rate of ~
per cent. The latter has funded debt Of
1857 900, at per cent, and floating debt of
500 900. Georgia has an income of s., OOO,-
900 and Florida of 100000.
f. N. VALLANDIGHAM.
---=.-A= $4,000
A Reminder.
New Father-in- law-Well, sir, the
ceremony is over, and now that you are