The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-12-13
How Institutional Needs
May Be Met. 4.
A GROWING SURPLUS
Deductions From the Report of lie
State Auditor Show Within Year
an Even Million of Dollars Avail
able for Permanent I'm
pIOvements.
piOvements.

last the advance sheets of the audi
tors report to the Legislature show
that there remains ON hand a balance
of $4,000 up to December list
The actual balance Of receipts
over expenditures for the present
year WAS $219,245.1t, the larger sum
arising by reason of the balance of
1903 o. $4,000.
When it is remembered that in
1902 the balance was only $4,000,
and in 1901 there Was Il deficit. the
showing is II most gratifying one.
The particular cause for gratitca-
ton is that with tho surplus Oh hand.
the state Will be enabled To make
certain permanent improvements
which have been long needed but
impracticable heretofore except by Il
bond issue. which is contrary 10 the
desires of the people.
Tho condition of the State flnan-
cial)y. may be roughly stated as fol-
COWS:
The total debt is $6,579,45o. the
interest charges on which are SIN
37S.
Against this. however. must be Zig
ured the $4,000 stock Of the
State in the North Carolina Railroad,
which pays Il dividend Of per cent
ON $2t0,o00 annually, and the 81
26G. soc Atlantic ana North Carolina
stock which pays for this year
S13.4,9 and SJ3,9Is for each OF LNclI-
~ years beginning January 1st 1890.
The interest return Of the State
from its investments IS therefore
$2GS.9l6. against interest charges on
MS debts of S31S,27S. leaving interest
charges to be paid out OF the general
funds accruing from taxation lonly
, $53.462
As the North Carolina stock is
worth $175 per share or $5.250.00O,
and the Atlantic aud North Carolina
stock is worth $50 per share or $635,-
soc. the value of the States railroad
holdings is S5,SS3,S00 leaving the
net debt OF the state only $7l5,650
Although the expenditures last year
amounted to S1,S96. 603.9o, Auditor
Dixon states that they were unusually
heavy for the past year OWING 10 UNI
usual demands III the way of pay
nent OF debts made necessary by the
fusion administration and by emer-
gencies such as the burning OF the
dormitory building at the state Nor
mai and Industrial College at
Greensboro. Normally says he, the
current expenses of the State govern
ment for all purposes. including the
payment of interest charges in bonds,
rs III round figures about S1,50O 900.
Both receipts and expenditures, says
he are swelled apparently by certain
funds which are audited from various
sources outside of ordinary taxation
for certain specific purpose 10 Whlch
they are at once converted by the
Treasurer. In such class are the
earnings Of the States Prison, Sl52,-
394: the United States appropriation
~ Z "A 4 h,..
tonnage tax Of the Agricultural De-
partment. S97,S00: the shell fish COM
mission $500 the private donations
to the ST. Louis Exposition, S10,0O0,
and insurance collected for the urn
ing of the Normal and Industrial
College building, $4,000.
The total Of this class of receipts
aud disbursements will be seen,
therefore to have been for last year
s34o,94A. which deducted from the
total receipts and disbursements for
the fiscal year shows them to have
been respectively $1,774,905.0l and
S1555 $500. as the actual receipts
from state taxetion and actual eX-
penditurcs for all purposes.
Making the very conservative esti-
mate, then. that the expenses OF the
state government for next year VIII
be as large as for the fiscal year just
ellUeu ana lIldl tue -IGttAptS Niht 1ttt iV
smaller. il can safely be asserted that
there viii be during the forthcoming
fiscal wear the sum OF at least $3.50
esq. fthe present BALANCED and $209.-
245. the excess of receipts for the
past vear---or u total of S35S.92S--
over and above the ordinary running
expenses aud appropriations of the
State for all purposes.
If Auditor Dixon's estimate of
81 100000. as current expenditures
proves correct, as is likely the sur
plus for the next year will be $685.
53i, which with the proceeds from
the States stock in the Atlantic and
North Carolina road ($13.479 from
September last to December 3lst and
$5391e for the next YEAR, Will make
the total amount available for per-
inanent improvements over $1,000
900. subject only. to the possible pay
ment of the 10 bonds of the State.
sued over by the State OF South Da-
kota.
So. that with this sum actually in
sgili, and With The reasonable assur
ance of Increased receipts which is
given. by safe and economical ad-
ministration and general growth and
prosperity the States resources
should be found sufficient during the
next aud several successive years to
make the necessary appropriations
for permanent improvements at the
various charitable and educational
institutions without either the issue
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