South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-09-29
ALL DUE BILLS ARE
PAID BY THE STATE
Finances of Indiana Are in Best
Condition in Eighty
enc Years.
Special to The News-Times.

Special to The News-Times.
INDIANAPOLIS, Sept 20. - Next
Thursday the state Of Indiana viii oc-
cupy perhaps aS enviable a position in
the financial world as any state in the
union The commonwealth, after a
long series Of financial operations. cul-
minating in the raising OF the state tax
levy in 1913, Will not owe a dollar
TO any creditor that is due. In other
words the state Will close its fiscal
year Sept. 90 with every cent OF It's
foreign and domestic debt paid off and
no temporary loans in sight
Dale J. Crittenberger, auditor Of
state, representing the state board Of
finance. authorized the announcement
that the states fiscal year-for the
first time in 81 years-will close with
the state out Of debt. The situation
IS said TO be remarkable in view Of
the tremendous burden OF debt that
other states are known to be carrying.
There is less than One-haf million of
bonds outstanding that are not due
for a number OF years. Some of these
bonds are continuing in nature, be-
ing grants OF moneys from the federal
government on which the state pays
interest that goes To some Of the
states schools as an aid to their main
tenance.
Each Blamed the other.
For years republicans and democrats
in Indiana have wrangled at each other
over the financial situation each charg-
ing the other with extravaganza when
In power and with bad management
OF the states finances. The situa-
ton IN which the state finds itself to-
day does not materially side with
either OF the contending parties be-
cause the bonded Indebtedness of the
state during the past few years has
been Indebtedness that accrued at for
mer times. There is no question, how
ever, that with the increased tax levy
for the states general fund and the
educational fund. there seems to be
little doubt that the state can carry
its present financial burdens and per
haps amass a general fund balance at
some future date If legislatures. with
extravaganza appropriations, do not
again ravish the treasury
Approximately $500, 600 Will be paid
out at the auditors Office at the close
OF the fiscal year to settle the bills
that have accrued in recent months
Besides this amount the three Indiana
educational institutions have large
balances in their building funds, which
have accrued because of the increased
tax levy Of two years ago. The Pur-
due building fund is we'll over $780,
600 and the two other institutions have
lesser amounts.
The state distributed approximately
one-half million dollars TO the coun-
ties OF the state few weeks ago from
the automobile license fund
Pay Temporary Loan.
The state, earlier in the summer.
paid out a temporary loan which the
Frenzel banks in Indianapolis had
made the state at a 215 per cent. in
terest rate. George A Bittler. state
treasurer, negotiated this loan. his
friends say, because Of his personal
friendship with the heads of the banks
involved. at rate of interest lower
than any In the history Of state loans.
In the past three months there have
been no advance payment calls on
county treasurers. according TO Mr.
Crlttenberger, and this too. he saws.
breaks financial record in the states
history. Mr.. Crtttenberger when oues-
toned as to the possibilities that ad-
vance payment calls would have To he
made between the close of the present
hscal year and the December settle
ment period, wOuld only say that he
believed there would have to be mono
IN the month OF October. BY Deem
Der or this year state officials hone
10 nave the state in a position. unlike
3ly II mas been in for many years
They hope that from that time on
barring extravaganza legislatures. or ex-
travaSant otiice-holders-the state will
not have 10 anticipate its revenues as
mas oeen the case for many years
me financial history OF the state
LOT the past years has been one in
when temporary or bonded loans. ad-
vance payment calls ana other Tpan-
cial Juggling TO make revenues meet
expenses have WED with each otb,r
Tor monthly precedence.