The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1894-03-28
Finances OF States.


deficit, the individual states are mainly in
good financial condition. The 10 or 10 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 n 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 $2,s50.0OO
In her treasury, and her debt was little
less than 81, 100000 at 6 per cent, mod
crate rate OF interest on the Pacific coast
when the debt was contracted. California's
neighbour the fading state of Nevada, be-
gan the last fiscal year with $400 600 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 1860, 900,
mostly at per cent, and the state holds
for the benefit Of several public funds over
81 100000 in her own and United States
bonds.
Oregon has no bonded debt, and her float
ing debt of 1925 900 is in treasury warrants,
to be redeemed as this years taxes come
in. II all can be collected, which Is I'M
likely, the revenue for the year will be
$725,000 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 well from a financial
point of view. Montana has no bonded
debt, and her floating debt is only S25, 900.
She has 800, 900 in the treasury for general
purposes and sl2S, 900 to the credit of sew
eral public funds. Her annual income is
$780, and her condition seems as whole
some rs that of any state, old or new Wy
oning has bonded debt of only $500, 900 at
8 per cent, an income Of over S212, 200, 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 $4,000
pledged to several funds, and Having
debt of S800O00 at per cent Her annual
income, however, is nearly equal to her
whole bonded debt, and she has already
handsome school fund that will one day ex-
coed 500, 900, 600 in value. Washington also
has an empty treasury, but her bonded debt
is low, only $500, 900 at the low rate of SO per
cent. Her floating debt is $S400 in war
rants issued in anticipation Of revenue, and
taxes are coming In slowly. She has APP
propriated nearly S2,000,000 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 $40, 900. Her bonded debt is 800, 600,
at per cent. New Mexico is over 5000, 900,
at about 6H per cent on the average, and
her floating debt is S660,OOO. She began the
present year with S142, 900 in the treasury.
Kansas is sample state of the middle
west, where stagnation seems to have done
its worst, but Kansas seems in good finan-
cial condition SO far as the state govern
ment is concerned. She had on Jan. 20, 1894
nearly 81 100000 in the treasury, with no
floating debt, and bonded debt of about
900, mostly at per cent. Her neigh
Dor, Iowa, has no debt, funded or floating
$4,000 in the treasury and an income {
SS50,000. Missouri has heavy debt of &c,
10000, mostly at 80 per cent She is also
indebted to her seminary and school fund
to the amount of nearly a, 440, 900, at and
| 6per cent. Her constitution requires, how
ever, that she pay off at least $3.50 900 Of her
bonds per annum, and the present rate of
taxation will enable her to pay from $500 600
to 100000 per annum. There was in the
state treasury on Jan. "a over 81, 100000.
Kentucky is one Of the most fortunate Of
the southwestern states. Her debt of $780,
900 is mostly at per cent, and her sinking
fund exceeds the debt $4,000, while her
treasury balance Jan. l was $3.50 900. Ohio
is In a like happy condition. Her entire
debt of 81, 600 will be paid by July /,
1900. 1t is at 8 per cent. She has no floating
debt and cash balance in the treasury of
more than 100000, Indiana began the year
with more than 81 900, 900 in the treasury
| and no floating debt. Her bonded debt is
| $500, 900 at 80 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-
TEN that makes her borrower for six
months of the year. OF the other states
Vermont has debt of less than 5000, 900
and little balance of $1,000 in the treas
ury. Connecticut began her fiscal year
with 81 100000 in the treasury, and Maine
had on hand Jan. /, 1894, 1885,, 600 Each has
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 s., 400, 600 at per cent, and her balance in
the treasury at the close of the last year was
more than $5,S00,000
Delawares assets are nearly 5000 600 in
excess Of her liabilities, and she has treas
nry balance of SIC, 800, with no floating debt.
Although three or four southern states,
notably Virginia, North and South Caro-
lima and Louisiana, are still struggling un-
der what they have not repudated 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 net debt OF
S2660,000. 1t will be cleared off in 1901.
Georgia and Florida, among far southern
states, have each enough cash in hand to
| oil riofin ha T.