Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1898-02-26
STATE FINANCES.
Treasurer Kendall Lets Light Into
Dark Places.
From the CharIeston MaiI


1.-THE concise and comprehensive report
prepared by Treasurer Kendall, COW
ering the receipts and expenditures
OF the State tor the fiscal year ended
the goth of last September. A re.
porter had pleasant interview with
the Treasurer.
Mr.. Treasurer, there has been con-
siderable talk among our Democratic
friends throughout the State about
the splendid condition of the State s
finances when the treasury was turned
over to you. What are the facts
in the case?"
Mr.. Kendall replied. 81 have Just
issued little publication which gives
the facts as shown by the books at
the end of the last fiscal year OF the
late Democratic administration.
"Mr. Treasurer, do you consider
that fattering showing'"
81 can not say that l do. 1t ism t
particularly bad, of course, but under
the circumstances think it might
have been; yes, will make it strong.
er, and say it ought to have been
better"
But does it not show that there
was healthy balance in the treas
ury?"
"No; if you will analyze those fig
ures carefully you will discover that
that balance was not as healthy as it
appeared to be. That balance, you
will see, is made up of the items:
The State fund, the general school
fund, and the irreducible school fund. ,"
Now, the public will understand
that no part of the irreducible school
fund is ever available for the purpose
of paying the contingent expenses of
the State. The principal can not be
used for any purpose, and the interest
can only be used for school purposes.
To see large proportion of that fund
lying uninvested in the treasury is
bad, rather than good, indication.
This uninvested portion only draws J
per cent interest, while if it were iu-
diciously invested it would draw
much more. "
Then the general school fund is
never available for anything but
school purposes, and the total amount
of this is distributed at stated inter
walls. The only available balance
that was in the treasury at the end of
their last fiscal year was the $233,-
446.74 in the State fund. According
to their own confession there were
debts payable out of this fund amount
ing to $22I, 228.I6. They reported
this amount to the legislature and
deficiency bill'' was passed covering
the amount reported"
"Was this all they owed at that
timer"
ut was not. There were some de-
fciencies that were not reported. Be-
sides there were several items put
into the regular appropriation bill
which properly belonged in the de-
ficiency bill. In addition to these
there were at that time several thous-
and dollars due the various counties
and districts of the State on account
of redemption of land"
"Well if all the debts had been
paid where would they have been?"
They would have been following
one of their time honored customs,
namely, borrowing money from the
irreducible school fund to pay running
expenses. have said this was a
custom, for, as nearly as | can ascer-
tain, they borrowed money to help
them over the hard part of every year
until 1894; and were only saved from
borrowing in 1895 by the fact of their
receiving that year from the U. S.
government the direct tax, which was
refunded, amounting to $I53,97S.75.
Every dollar of this went into the
State fund and helped them over
that year"
did the present administration
have any trouble in getting through
its first fiscal year,"
mo, sir; we did not. We were
warned that if we paid that large de-
ficiency appropriation we would have
to borrow money before the end of the
fiscal wear, but we met every demand
and closed the year with $247,74S. So
in the State fund"