The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-12
STATE FINANCES.
They Are in satisfactory Conditions
lamentations as to Refundtng.

Rec0mm mendations to Refundtng.
OF the financial condition of the State
the management of its public institutions
and of the several State offices during the
past two years. it will not be expected
that 1 should. in this paper, go into fullest
details, and I would. therefore, refer you
for this more extended information to the
several reports, which will be submitted
to you.
1t affords me unqualified satisfaction to
announce that the finances of the State are
in a sound and healthy condition. Notwith-
standing the fact that the last General As
sembly reduced the levy 2ia cents, greater
revenue was derived than under the old
levy. This was largely due to the assess
nent of property under the tax law of
1891. l am of the opinion that a still further
reduction can be safely made-at least OF
cents in the school tax levy. The State
institutions have been generously proyided
for under their judicious and economical
management; there has not been the an
nual ae1cit. 1t has not been necessary 70
borrow money to meet the annual interest,"
upon the State debt; but, on the other nanu,
during the past two years. demands upon
the treasury have been promptly honored,
paid upon the state debt, and the further
sum OF 100000 called in and viii be can
celed in a few days, making total paid
on the State debt of $1,310,000.
In the creation of State debt sinking
fund by the 3-cent levy, means have been
provided for the sure and gradual ex-
tinction of the State debt. The sum pro-
duced by this levy of cents, together with
what may reasonably be expected to, be
available from the general fund, unless there
should be a heavier reduction III the reas-
& OF pranerty lece IN 'gi be .nh debt = nearly
if not quite, one-half million dollars. AS this
debt was, in a great measure, incurred Tor
purposes from which those coming after
us viii derive an equal benefit 1T is but just
that they should assist in liquidatins 1t.
Therefore, / do not recommend an increase
in the levy for the sinking fund.- but it
should remain at it's present rate
The present indebtedness OF the State Is
as follows:
Five per cent. State stock certifi-
Gates due and interest stopped. $A46s.W
Two and one-half per cent. State
stock certificates due ana inter-
Three and one-half per cent. reg
istered funding bonds, tempo
rary loan, 1885, due April ], 1893. 5So.OO0W
Three and one-half per cent. reg
istered bonds, temporary loan.
1885, due March /, 1895 (will be
Three ' and one-half per cent. new
loan aaenS9se iss5. due May May j. 1885. 5oo.ooooe
Three per cent registered tenn
porary loan bonds, 1889, payable
at pleasure of State after April
/, 1894, due April l. 1899 700,O OOOOe
Three per cent. registered tenn
porary loan bonds, 1889. payable
20 60 iss'e issa. due Sept 20. 1899 7oo,oOoas
ing school bonds, 1882 payable
Is Is. ss lsss. due June 1s 1908 % @ 1905 90
Three and one-half per cent reg
bonds. 1881. .pd, due March 2, 1896. 100000
Three and one-half per cent. reg
istered refunding bonds, 1892.
payable at the pleasure of the
State after April 1. 1897, and
due April 1, 1901. 01.................. $40, 10000
Total foreign debt bt........... 81, ,4ss, si5 ls
FL, inf 70 ha aaf hn
14th inst. ......................... 100000
s7oas,si5l2
Domestic Debt
due ha fS University. due April /, 1sOl s4o,ooooo
Five per cent. permanent endow-
ment fund, Indiana University
bonds, held by State University,
Bloomington .....................~ l44WwW
Total domestic debt. ............. s4s4. 10000
mes mestc ''e ......................... 7.sao.sl5l2
inst ................. ..,......... 100000
aa4 s7,52osl5.n
Annual Interest Charges
Foreign debt 1888. .525 90
Domestic debt. ACKNOWLEDGEMENTS. "A, 900
Total 1851, 200
During the past two years it is matter
for congratulation that the necessity has
not existed for the issuance or temporary
interest loan bonds, nor for the increase
of the State debt. In fact, this debt has
been reduced since April /, lS93 to the
extent of $4,000. thus making saving
in the annual interest charge of $4,000, viz:
Three per cent. temporary inter-
est loan, 1888. Due April l, 1898 S34o,0OoOe
Three per cent. temporary inter-
est loan, 1883. Due April !, 1891 3f0,0o0O0
Three-and- -one-half per cent. tenn
porary loan bonds, 1885, Re-
demption Nov. ], 1891, under
States option ................... 20J.t0Oc0
Total reduction State debit. 1910, o0000
To which must be added the 3is
per cent. loan bonds of 1888,
called in for cancellation and
money deposited for their pay
nent fuoun
Grand total reduction State
debt in two years. Sl, $40, coo 90
The State now has an option the re-
demption of the following issues of bonds,
viz:
Three-and-one- half per cent. tenn
porary loan bonds. 1885,. Si05, ,e0o00
Three per cent temporary loan
bonds, 1883 ..-................-...- |, o.hua00
Total .....................5.. 81 $50 0o00o
On March 2. 1886, the 3is per cent. tenn
porary interest loan bonds OF 1891. amounts
Ing 70 $4,000, viii become due On April !
(Continned ON Fourth PmgeA