The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1915-01-04
THE FINANCIAL CONDITION
OF FLORIDA
BY Tampa Tribune.

Gus readers to know something of the
financial condition of our State.
The people of Florida have ample
reason to congratulate themselves up
on the splendid condition of the States
finances. There are many States in
the Union whose treasury handles a
much larger volume of business than
does Florida, but am confident in the
assertion that the finances of no State
In the Union are in a more satisfactory
condition than that of Florida.
In the first place. Florida has no
bonded Indebtedness of any great
amount. the entire bonded indebted
ness of the State being only $601,567
all OF which is held by the educational
branch of the State government; one
might say, one branch of the State
government owing the other
On the first of November, 1914, the
cash balance in the State treasury, as
shown by the books of this department..
was $1,503, 1880. OF this amount
$531, 501.07 was contained in the pen
sion fund, $243.695.19 in the general
revenue fund, $75.953.12 in the State
prison fund $62,695.63 in the State
board of health fund, $547, 724.27 in the
several educational funds, and the re-
manning $42,220.52 distributed among
the drainage tax fund, railroad COM
mission fund, shell fish industry fund,
game and fish protection fund, and the
Florida national forest fund: $685.
054.S3 of $547.724.27 of the general ed
vocational funds on hand is principal
for investment and is being invested
in bonds in the counties, cities and sub
school districts in this State as rapidly
as safe investments of this character
can be secured, about $4,000 of this
$306,000 having been invested since the
first of November.
On the first day of July. 1918, the
principal educational fund held $491,-
900 and the seminary fund $4,000 of
Tennessee three per cent. bonds that
matured on that date. The State of
Tennessee offered to take up these
ponds with Az per cent. refunding
bonds. This proposition was deci ned
and the cash received, which was tenn
porarily placed at int. est at per
cent, pending the permanent invest
ment of these funds when proper bonds
drawing and per cent. interest
could be obtained
On the first of January, 1914, $104,-
500 of State of Louisiana bonds held
by the school fund matured and the
cash was obtained and is being invest
ed in proper bonded securities of this
State, drawing 5 and 6 per cent. inter-
est. Pending their permanent invest
ment, these funds are also drawing in
terest at per cent. AS shown above,
the bulk of these funds have already
been permanently invested, drawing
and per cent. the school fund paying
In no instance above par for any of
the per cent. bonds, and obtaining the
per cent. bonds at considerably Tess
than par. In the past eighteen months
foreign securities to the value of S604,-
500, 100000 of which drew only per
cent interest, and $104,800 4 per cent.
interest, have been cashed, a large por-
ton of which have Deen invested in
safe Florida bonded securities, draw
Ing and 6 per cent. interest, in no
instance paying above par for the high
est interest rate of Florida securities
purchased. This practically doubled
the interest secured on this $604,S0
Good Financiering.
believe the people of the State will
05AOO Will int lildl llllS Is pretty SOOu
financiering, in addition to investing
these hundreds of thousands of dollars
in our own State, thus giving our own
people the advantage of the use of
hundreds of thousands of dollars.
l know that every F'loridian feels
proud of the fact that no State in the
Union has a better financial standing
In the money world than our own, and
feels an equal pride that every warrant
or obligation issued by the State is
taken care oE promptly upon presenta-
ton at its face value, and that the
State practically owes nothing.
The State tax last year was tx
mills. The State tax for this year is
only 5h mills, the Governor, by the
authority vested in him by the Legis-
lature. having reduced the pension tax
from mills to ~ mills, and the gem
eral revenue fund tax from mills to
" mills. The present levy of taxes
is for the following purposes:
Two and one-half mills is levied to
pay pensions to the old Confederate
soldiers, Florida paying by far the
largest amount to each individual pen
sioner of any Southern State. One
mill is for the public schools of the
State, one half mill for the State board
of health. and one and one-half mills
is levied for the general fund. Out of
this general fund is paid the salaries
of all officials of the State, the main
tenance of the thirteen hundred in
mates Of the insane asylum. all the
circuit judges of the State, together
with the solicitors and jurors and wit
nesses of these courts. and all the ex-
penses of the State colleges and other
State institutions.
Businesslike Government.
When one reflects that the general
State government is being run upon
direct tax of one and one-half mills,
and every State warrant issued being
paid promptly upon presentation, at
its face value. / do not think any
one can find ground for feeling that
there is any extravaganza in the man
agement of State affairs as at present
administered but on the contrary, will
unite in the assertion that the present
State government is being managed
about as economically as possible con-