The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1922-11-07
OF
. STATE HAMILTON
State Treasury Shown to Be
in Good Condition in
October Report.

The grand total cash balance in
/, the state treasury on November 1
was S14,s65,6s5, while the grand
total balance, including invest.
ments, was s24,sS1,Os5, accord
ing to the October report of W. s.
Johnson, treasurer, copies of
(which have been received in Fair
mont.
The funds invested included
1919, 900 Of the school fund and
/ S9,4S6,400 Of the workmen's
Compensation fund.
The balances In the various
funds at the beginning OF the
month were: state fund, general
revenue, $54S,195.31; state fund,
special revenue, S264,722.23;
state fund, moneys belonging to
counties, districts and municipali-
ties, $1G5,52S.11; general school
fund, S47O,530; state road fund,
t$12,101.S3; the school fund, S21,-
600: state road sinking fund,
$293,304.7S; state interest and
sinking fund, $2S,473.23; sinking
fund, Virginia debt, 1854, 4OS.39;
workmen's compensation fund,
$40, 434.93.
"Splcndld" Condition.
All of the important funds are
in splendid condition." said
Treasurer johnson, commenting
on the report. He continued, in
part:
1.-THE law requires the treasur.
er to redeem S675,O00 of the ga
per cent Virginia debt bonds each
year. have not only redeemed
this amount for the calendar year
1929, but have redeemed $4G1,200
on our 1923 quota. leaving only
$213,S00 to be paid before Janu.
airy /, 1924. Up to the present
time l have redeemed $3,161,2O0
of these bonds.
In the campaign in 1920 for
the ratification OF an amendment
to our state constitution authorize
ing the legislature to provide for
the issuance and sale Of $50, 0O0,-
900 OF state road bonds for the
construction of system Of state
roads connecting each county seat
in the state, there was consider
able opposition to this amendment
to our constitution OIL account Of
the fear that the issuance Of these
bonds would cause a large in
crease in taxes. So far these
fears have been proven 10 have
been unfounded. The 1921 legls-
!lature authorized the governor to
issue and sell 100000 Of 5
per cent state road bonds. These
/ bonds were issued and sold. The
law required 100000 to be set
aside each year in a sinking fund
! as they matured and provided
further that the interest amount
ing to $4,000 each year should
be paid seml-annually, making a
total OF $1,35O,000 to be paid
each year in connection with this
issue of road bonds.
No State Levy Laid.
rul LuG h3CaI yChk AOS AO
state levy was laid for this pur-
pose, but the entire amount Of
$3.50, 900 was paid out of the
revenue received from the sale Of
automobile license tags and the
same amount will be paid from
the same source for the fiscal year
ending July 1, 1928, therefore, Il
will e seen that for the first two
year, of the operation of our
good roads law the tax payers will
not be called upon to pay any
thing in taxes towards the COLI
struction of our state system of
highways.
II am confident that the in.
crease in the revenues from the
sale Of automobile license tags
will, within a few years, be sui
ficient to take care OF all of the
redemption and interest charges
| on the entire $50,00O,000 state
road bonds when issued. II the
tax payers are called upon at all
to pay any part of this expense,
1t will only be for a small amount
and for short period of time"