The states-graphic. (Brownsville, Tenn.) 1???-1984, 1916-10-06

/ lndt We might Know the true STATUS
of the states finances, a committee
was appointed to investigate and re-
port. This committee fixed December
10, 1908, as the starting point of their
investigation; this date represents the
end of two years financial period
the date by law, or custom, for the
comptroller and treasurer to close
their biennial reports.
THE committee reported that on
December 20, 1908, there was a cash
balance in the treasury of S1,l32,-
9O0.40, and the receipts of the state
from that date to January 10, 1915, the
day of my Inauguration, amounted to
amount on hand December 10, 1908,
Sl,lS2,9 00.40, would make S26,551,-
4lO.l9, and yet, on that date, we were
in debt to the amount of S1,022, S66.31.
During this period but two payments
has been paid on the state debt.
in l909-l0, S424,2S2.96; and in
September, 1914, S2OS,OO0 was paid.
The important question was to pro-
vide for a settlement Of this indebted
ness; the current revenues were fall
ing below the rate Of governmental ex-
penses something like 100000 per
annum. 1t was obvious that it was an
utter impossibility to so reduce expen-
SEES of the state as to pay this indebt-
edness out of current receipts, at a
time when the growth of the state in
wealth and population naturally and
necessarily called for additional gov
ernmental expenses. 1t must be rem
embered that business and financial
conditions were far from satisfactory,
and therefore diminished revenues
would necessarily be delayed from all
parts of the state; in fact, bill was
then pending in the legislature to ex-
tend the time of paymen of all taxes
until May, 1915. This bill passed
March 4, 1879. In view of all these
facts, | recommended to the legisla-
ture that we borrow money to meet
and discharge his floating Indebtedness
Thereupon the legislature authorized
the funding board to issue 60-day
notes for 81 100000. The funding board
hadthe assistant state auditor to COM
pile an estimate of revenues and nee
essary expenses for the next biennial
period-for the years 1915-16-based
upon the natural annual increase. In
other words, we made budgetary es-
innate of expenses and receipts for
said period, which estimates showed
that even upon settlement of the
Sl,OO0,O00 deficit, unless our revenues
increased beyond natural expectations,
we would still face deficit, though by
the practice of strict economy and re-
stricting our demands to sheer neces-
sites, as far as possible, without Grip
ping our industrial growth, or impair
ing our moral development, we hoped
to prevent such an emergency. With
these facts before the funding board.
acting under the authority given by
the legislature, they issued and sold
these notes, at the rate of 8 per cent.
We are criticised by some, who were
evidently unfamiliar with the eonai-
ton Of affairs, but upon examination
of the daily balances ia the treasury
p VI be found thGt haA aAs-..-ssV3ssas,p
3 ere would have been times we
would net have been able Is meet lbe
current expenses OF government and
wuld have faced deficit, necessitat-
ing the expense of an extra session of
the legislature long before the i'm
parchment trials. | think this question
was settled right, and settled upon a
basis that should be satisfactory to
the most critical"
In reviewing his record on the pro-
hlbltlon law enforcement, he closed as
follows:
whether we can agree about this
or not, permit me to say that have de-
hberately chosen this course. first be-
cause the party platform directed it.
and secondly because / believed in it.
FOR these reasons | have pursued the
course | have with no consideration mr.
thought of the future save to indulge
the hope that because of the effort
made along these lines some blessings
might come to the state; some home
heretofore shrouded in gloom because
OF the liquor demon we are fighting.
and because of laws neglected, might
ENJOY Gods sunshine, while happv
children played about the door again:
that some innocent, injured and out
ragged human being, mildly knocking
at the door of our legal tribunals, seek
ing redress of real wrongs, might be
admitted into the portals of Justice
without money and without price, and
that some man heretofore respected
but now reeling and staggering to dis
grace, degradation and ultimate ruin
might walk erect and again assume
his proper place in the home. society
and the busipess world. These are
some of the things l have fondly hon.
ed would follow respect for law and
its enforcement. care not for the loss
OF revenue to the staet, about which
some complain, for what are a few nal
try dollars to a great state like Ten
nessee compared to a sober citizenship
who respect and obey her laws ?"
II blame is attached to anyone for
conditions resultant from an effort 70
carry out these policies let it fall on me
shall be glad to assume such blame