The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-02-05
FLoRIDA's BONDED DEBT.
Big Appropriation VIII he Required
for Pensions.

Tallahassee, Fla, Feb. 4.--The report of
Hon. w. II. Reynolds, controller of the
state of Florida, for the fiscal year ending
Dec. 81, 1898. which is now in the hands
of the printer, calls attention to the fact
that for the year 1898 reduction of one
half mill was made in the levy for state
tax proper. and in addition TO the reduce
ton of taxation. il has been possible 20
retire obligations of the state amounting
TO $4,000, by taking up notes TO that
amount, which were issued under author
ity of an act Of the legislature Of 1891.
THE bonds issued by the state under
the act Of 1871" says the controller. will
become due and payable on Jan. /, 1901
and II will be necessary for the leglsla-
ture of 1899 to arrange for the payment
thereof by providing for the issue and sale
of state bonds, or otherwise.
There are now outstanding in the hands
of individuals bonds of 1871 to the amount
OF $4,000, and the educational funds of
the state hold bonds of the same class
amounting to S2O3, 500 The state bonds
issued under the act of 1873 will mature
Jan. ], 1903. and of that class of bonds
there are now held by individuals $500 600
and by the educational funds of the state
S5O4 200
The fact that the state of Florida has
such small bonded debt win be a great
factor in floating the new bonds at a re-
duced rate of interest. This Is shown bv
the present market price of the bonds of
1871 and 1913, which, although issued to
draw six and seven per cent interest. re-
speetively. are now being sold at such
prices that the purchasers can not realize
per cent. on the amount of money in
vested therein"
Under the head of pensions, Controller
Reynolds sets forth a state of affairs
which will receive exhaustive discussion
and probably be the subject of definite
action at the approaching session Of the
legislature. The appropriations made by
the last legislature for pensions have been
sufficient to meet the pensions allowed I'M
der The law in force prior to the act of
1897 but IL has been impossible for the
state board of pensions to carry out the
provisions of that act without depriying
the pensioners, who were already on the
list. of the payment of the pensions al
lowed by law.
The claims already presented under the
act of 1897 would have been sufficient. II
allowed, to exhaust the entire appropria-
ton for pensions In a short time, and the
pensioners, who have been accustomed 10
rely ON the amount allowed them by the
state at the end OF each quarter, would
have been subjected to great hardship.
There are now on file 1881 applications
for pensions under the act of 1897 and il
Is estimated that there will be about 500
additional applications filed within the
present year if an adequate appropriation
Is made by the legislature. To meet these
claims, as well as to pay the claims al
ready allowed under previous acts of the
legislature and appropriation of about
S265 600 will be required, and to meet such
an appropriation il win be necessary to
make an additional levy of 81 mills on the
aggregate value of all the taxable property
in the state.