The Caucasian. (Clinton, N.C.) 188?-1913, 1903-12-17

leaves balance on nanO now O1
S12O,438.l9, fine showing, con-
sid.ring what has been accomplish
ed during the year, as well as the
fact that the 100000 borrowed last
wear has been paid back in full.
AS for the literary fund of the
State Board Of Education, which is
of course not included in the above
figures, the receipts during the year
amounted to SlO1,997.74, and the
balance on hand December 1st, 1902,
was s48, 9O9.18, making altogether
Sl5O,9O6,92. Out of this was paid
for the public school szo'7OO SO.
Accordingly there Is a balance on
hand to the credit of The State
Board of Education of $50, 1O7,O9.
A considerable portion of these dis
bursements consisted in loans to diff
frrent counties for the building OF
new s"hoolhouses and the improve.
III. mt OF old ones.
The News and Observer Of FRI
day, Dec. 4th, published the above,
which is go calculated 20 deceive the
taxpayers of the State that we think
little explanation is necessary. 10
a man who reads this statement and
does not stop to consider what 1t
means, it would s. EN- that the State
has an income now sufficient to pay
it's running expenses and leave a
balance of over one hundred and
twenty thousand dollars. What are
the real facts? To begin with. we
sold three hundred thousand dollars
of bonds, for which we received
about 3 per cent. above par, or a
total of S31O,OOO, and we borrowed
one hundred thousand dollars from
the school fund, making total OF
$4,000 that we borrowed. This
was part of that net receipts which
are put down at 81, 269, 638.S6 as
our legitimate income. Our ex
penses are given as S2,2O1 ,6O4.31 ;
deducting this $4,000 from 1t
lie Ultimate income, that is, all we
received except from the s'le OF
bonds and what we borrowed, from
this it shows that we collected ir
taxes just 341,965.45, or nearly
three hundred and forty-twO thous
and dollars less than we spent. Thi:
is bad enough, but still the whole
story has not been told, for there i!
special appropriation of 5000,
600 for free schools and 100000
for pensions, making total of fou
hundred thousand dollars, not
cent of which had been paid up tt
Dec. 1st, the time when this state
ment was made out. Adding thi
3 four hundred thou>and dollars t
3 the S341,96 As, We have a defici
in our revenues of seven hundre'
and forty-two Thousand dollars Blu
we had borrowed 100000 and tn
: interest made that debt $4,000
r deductIng this amount from tn
r State expenses, as it is not legit
o mate and will not have to be pal
this next year, we still have dc
felt of five hundred and twenty
two thousand dollars, or more tina
! half million dollars, and the New
and Observer calls this a fine show
ing.
i Now compare this condition wit
the report made by the examintn
y committee, of which the preser
State Auditor was a member, whic
~ examined the condition of til
Is Treasury Dec. LIST, 1898, the la:
year the Republicans ran the Stat
y aud see the difference. They say j
l. their report:
II "The committee find that aft
o. all the appropriations made by tt
. General Assembly had been pai'
IL there was in the Treasury on tt
~ 3Oth day of November, 1898, II
ic sum of $195, 1891. The amour
ID shown to be in the Treasury by ii
e Treasurer's books on Novemb
Goth, 1898, was verified by actu
u count.
y This shows there was owes OF
hundred and eighty five thousar
dollars in tire treasury and not
be dollar Of legislative appropriate
ne unpaid and not boAd sold or de
H. lar borrowed, and yet that was Ca
ed bad government and the Dem
A Gratis were allowed to steal the Sta
1g to give us good government. T
On Fusioni-t spent that year in ru
is ming the State S1,2S3,971.11,
in part of which were the special a
propriatiions TO schools, the bull
." buildings for the deaf. dumb al
ur blind, the special appropriations
Chapel Hill, the Girls Normal
Greensboro, and every other spec
nd appropriation, every dollar of whi
r. had been paid when this report "
made.
The States expenses this We
We under the Democrats are 1920
1st 6O4.31, an increase Of SO17,633.:
M or nearly a million dollars. and J
n.y. there are 100000 of school a
pension appropriations unpaid, a
A'' yet these are the days of good &C
ne ernment, and this is called a E
ahOu inO