The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1895-04-30
THE TREASURY.
An Able and Patriotic Statement
Prom Treasurer Hale in Re-
gard to its Condition.

i STATE, spoke at Downing Ureeh
on Monday of last week in the course
of which he made the following ex-
PLANTATION of the present condition
of the State Treasury:
"My connection with the Treasury
Department for the past five years en-
ables me to speak by the record in
what 1 have to say on the subject The
receipts and disbursements of the
Treasury amount, annually, to some-
thing over four million dollars, about
one-half of which, or little over two
million dollars, coming from what is
known as the SnerifPs revenue, in
Guiding the taxes on real estate and
personal property listed by tax-pay-
ers to county Assessors, the remain
der coming from banks, railroads and
corporated institutions, license tax,
trustees of the jury fund, and other
minor sources of revenue. My pub
lished biennial report to the last Leg
isature, as required by law, shows in
detail the sources from which the rev.
enues are received, amounts in detail
so received and the accounts on which
they are paid out, but for the infor-
nation of those who may desire to
know. may say here that over w.
100000 of said receipts go, annually,
to the support of public schools, and
at least 100000 to the support of asy-
lums, charitable institutions and pau
per idiots, leaving, perhaps, less than
$I,500,0 900 to defray the current ex-
penses, proper, Of the State Govern
ment.
"The appendix to said biennial re-
port shows further that, notwithstand-
ing the frequent temporary deficits in
the general expenditure fund, the
daily average balance in the Treasury
from July /, 1890, to the 30th of June,
1898, was, in round numbers $3.50, OOC.
"Said appendix also shows thai
while there was no authority of law
to place the public moneys outside Of
the vault of the Treasury, the Treas
urer, personally and officially, assumed
the responsibility to deposit said
funds with banks OF his own selection
at an agreed rate of interest which
resulted, for the period of time named,
in net saving or profit to the State
Of .$26, S9l90, thus lifting the bur-
dens of the 5lArieS OF the Oil 80 fir ON
the shoulders of the yeople and max
ing it a revenue to the State. Rut /
referred in the outset to the present
crippled condition of the Treasury.
"This, fellow citizens, is, in a meas
ure, the result of unforeseen conditions
aud circumstances.
sit is well-khOwn that one of the
cardinal principles OF the Democratic
party is to make the burdens of gov
ernment, both State and National, as
light as possible upon the governed,
and in keeping with this basic prin-
ciple, Understanding the probable
cost of the Constitutional Convention
and the legislation made necessary
thereby, and unable to foresee the de-
preston in business and shrinkage in
values which have resulted from the
, stringen,y in money matters through
: out the country, the Legislature in
1890 so reduced the general rate OF
taxation as to make the receipts to the
: Treasury from the ordinary sources
of revenue, since that time, inadequate
t , detray the authorized expenditures
o the State Government, and the
present condition of the Treasury is
: the n tura result.
"The diminished receipts to the
Treasury, by the reduction of of the
tax rate referred to, amounting for
the years 1891, 1892 and 1898 to 500,
900, were supplemented by the special
lax check, in 1892, from the general
: government for $606,64103. Hence
the ability of the Treasury to hold up
and continue to pay as long as it did
on the reduced rate of taxation,
through the expensive period of the
Reorganization of the State Govern
ment by the complete revision and re-
inactment of the entire organic and
statuary laws at a cost in round num-
bers of $4,000. But in addition to
the $750,000 loss to the Treasury for
the years named. by the reduction OF
the general tax in 1890, the Treasury
has lost $4,000 annually for the last
Ithroa uaapS NV tho pa1uction nr tbn