The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-11-05
TRUE F|NANC|ERING.
Ex- Comptroller Heppenhei-
mer Exposes the Duplic-
ity Of Mr.. Hancock's
Statement.
DEMOCRATS MADE THE SURPLUS
The Million Dollar Balance Is
No Credit to the Repub-
licans--s Should Have
Been More.
DEMOCRATS MADE THE SURPLUS

Been More.
| No man is more familiar with the finan-
| cial condition of the State than General
| William c. Heppenhemer who was LOT
| three years Comptroller Of New Jersey
/ called at General Heppenheimer's home
last evening to ascertain II he had been
\ able to solve the financial riddle which
| Comptroller Hancock sent out last Mon
| day Mr.. Heppenheimer smiled and re-
marking that was peculiar report, said
/ that he had been reading in the jour
nar' wilful misstatement Of facts Il. sofl-
nection with this report
..In this evenings ISSUE" Mr.. Heppen-
heimer began, t'the Journal says In
1894, when State Comptroller William e.
| Heppenheimer, now member OF the Demo
cratic State Committee, was in charge
| the Democrats were able to show sur
plus Of only 100000. This, too, was only
an apparent surplus. Against these ssuo.
600 there were outstanding bills which the
Democrats had left unpaid, and Whlch
| when they were paid by the Republicans
| not only wiped out the balance OF Ssoo,eo3,
but caused deficit besides
"How utterly reckless this statement IS
becomes apparent when the facts are
krown," Mr. Heppenheimer continued
II was not Comptroller after March 1874.
IN that month Mr. Hancock assumed the
office and it was III possession OF the Re-
/ 2uhlicans for nine months of that year.
| The surplus at my last fiscal year was
nct 100000, but $724, ,0sS. z, and that was
an actual balance in the bank after every
just claim against the State had beer
r f4nf he
Journal to show that there were any
outstanding just bills unpaid at the end
Of my term and I defy the Journal to
show that there was at any time during
my term
Now wEat ere the actual facts in the
case? When the Democratic Comptroller
and.Treasurcr tnck charge of the finances
of the State, after fifteen years of Repub-
lcan management, he found balance in
bank to the credit of the State of s4Ss,-
76oS7. Against this was on out
standing floating debt of $780,
900, represented by notes discount
ed in banks, so that the actual
balance was So, ,77ec.S7. The reports made
by NE show that on October 81. 1898. mis-
eaiIng debt Of 500, 900, as appears BY Mr..
iiarc3ck's own figures. had been paid ct;
h
ton. repairs and Improvements Of State
institutions, including armories: 800
Of the principle of the State funde.l debt
had seen paid Off, and there was a bona
fde balance in the bank to the credit Of
the state of S724o3s.12.
.sdr. Hancock and the Republican lead
ers all claim much credit for what they
call the unprecedented balance little
over 81 100000, which Mr. Hancock claims
to have on hand Even admitting that
this may be a bona fde surplus, the
Democrats, and not the Republicans, are
entitled to the credit It was made posi-
BILE solely by Democratic legislation in
spired by the genius of the late Governor
Leon Albeit. The Railroad Taxation act
OF. 1884, the miscellaneous corporation tax
act of the same year, the collateral in
heritance tax of 1892, and the act of the
same year compelling foreign corporations
to pay their taxes or lose their charters,
were all passed through the efforts Of
Governor Albeit and by Democratic Leg
islatures, except the laws of 1884. which
were forced through in spite Of a hostile
Republican Senate. The amounts re-
ceived by the State from these acts, es-
peciaily the corporation and railroad
.axes, increase every year at an enor-
nous rate During the years the Republi-
cans havehad charge of the finances of the
State the amounts received from the col
lateral inheritance law have been very
large. These receipts did not begin TO
come in until the terms of Messrs Hep
penheimer and Gray had nearly expired.
Notwithstanding these facts n the three
years the Democrats were in power they
;,,oroa eod tha s,1rnll1S from S33 76e 81 -e-