The Sunday telegram. [volume] (Clarksburg, W. Va.) 1914-1927, 1915-04-11
WEST VIR GIN A
NOT BANKRUPT

ling the. following biennial period.
temporary loans aggregatinE S266.-
10000 We're made. large part or
which remained unpaid at the end OF
the fiscal period
Ei855-'S6. during the term OF Auditor
r. u. Duffy s179,0O0.00 was Dor
ro#cd by the governor. ofwhich $59.-
100000 with interest remained un-
| paid at the end OF the fiscal term.
During 1887 and 1888. It became
necessary to borrow S142.000.00.
but this sum is reported paid at the
end Of the biennial period in the bi.
ennial period in the biennial report.
Again. in 1850. 1t was necessary to
borrow the siam Of s40.N0O.00, this
time. from banks.
It is shown that. during the term
of the Hon. r. w. Johnson. 1sN3'94
the state fund was subjected to EN-
barrassment because of the failure
OF shnriffs to promptly report their
collections. and the governor bor-
rowed. to cover the Temporary short
age. two sums OF $50 10000 each.
During the year 1897 to 1908. COW
ering the terms of the Hon1I4. NJ
LaFollette and the Hon. A. G..
Scherr. there appears to have been
no necessity to borrow money. nor.
does it appear that money was ut
any time transferred from the t.blanis
appropriations for the use Of cur
rent expenses. This same good for
tune has not followed the Ion.#J. S.
Darst throughout his two terms as
auditor for. IN October. 1914 the
sum OF s15n.00O.nO was borrowed
by the governor from the general
sch COL fund. and or November 30.
S100.000.nO was borrowed by the
governor from the workmen's COM
pensation fund The first named sum
was repaid on December 16. 1914.
an the last named sum was, in March
of this year, ordered paid by the gov
ernor. but owing to lack Of money
in the state fund. this sum has not
been repaid.
Thus. it is shown through long
line of history. then whenever re-
quirements justified such measures.
the governor and the fiscal officers
working in harmony, one or the other
of the expedients for covering tenn
porary treasury embarras:fments,
have been applied.
Preserving the UnbrOl1cn Credit
of the state and faith in its institu-
tions
From the day that the state of.
West Virginia was founded down 10
March II, 1915, never was it deem
ed necessary to suspend payment Of
of the current expenses Of the gov
eminent for as long as one day. Doz-
ems of times the state funN became
exhausted and as many times money
was borrowed, either from another
fund or out in the money market.
sufficient to carry on the business of
the state.
Let it be repeated. even during
the present state administration. the
practice OF borrowing money from
other funds with which to replenish
the general state fund, was applied.
AT late as October 80, 1914. the sum
of 100000 was borrowed on or
der OF the governor. from the gen
eral school fund One month later
1T was again necessary to replenish
the state fund. and. on order from
the governor. $1O0,OO0.OO was bor-
rowed from the workmen's compen-
sation fund. The first named amount
was paid on December 16. 49, the
latter amount has been ordered re-
funded. but is still owing.
The old, tried, unquestioned way
of taking care ola temporary or cas-
ual deficit. was quite as open on
March II as at any other period Of
the states history. According to the
April 4 statement Of the state treas
urer. there was in banks--'cash on
hand credited as follows:
To general school fund S 76.631.73#
To school fund 100000
To workmcn's compensa
5 ton fund 160, POSTS
To state fund Gncluding
trust funds) 47S,214-02'
Total balance s724.399.42
Any portion or all Of the above
set out amount might have been bor=
rowed on the order Of the governor
to tide over the three remaining
months OF the fiscal year. after which
time there would be funds accumu-
lated ingztlle treasury sufficient to
cover all demands. But. as it APP
pears III would not have been neces-
sary TO borrow any great amount to-
cover Tor this period In a letter adj
dressed to Governor Hatfield. and
printed on page "a OF the Journal OF
ts