Year: 1859

The Debts of the State of Arkansas and of

 the State of New York

 On divers and sundry occasions, the New York Tribune, and perhaps other papers at the north, have referred to the State of Ar kansas as repudiating State; have charged that we have made no provision for the pay ment even of the interest due or accruing on our bonds, and have labored under, or tried to create the impression, that our people and government were disposed to evade payment. The actual State debt is about twelve hundred thousand dollars, and reference to the reports of the State off cers will show that, during the past few years. large payments have been made and every effort used to reduce it. Until very lately the true amount of our indebtedness could not be ascertained, or rather, what available assets there were to offset it. It is true that "a bill to create sinking fund fail ed to pass at the late session of the General Assembly, but this was, because under ex- isting laws, 1t was unnecessary. Several of the papers of the State have found fault with the action of the Governor in pocket ing the bill to reduce the rate of State tax from one-sixth to onetenth of one per centum, being unaware that by existing laws portion of the surplus revenue in the trea- sury can be so applied as to wi ipe out DOT tion of the debt even before it becomes due Those papers at a distance that have refer red to our State as a repudiating one are not aware that the bonds are not yet due and that many of them have already been redeemed and cancelled Very few of the States are improving as rapidly as our own. The value of taxable property is doubling in few years and with population fast approaching half million, our State ex- penditures keep inside of eighty thousand dollars. It takes nearly if not quite as much to carry on the government of the State of New York one week, as it does to carry on that of Arkansas for a year. Or as a still stronger contrast, the expenses to carry on the municipal government of New York city for seventy-two hours equal our expenses for year. The amount paid for public printing by the State of New York in one year, is nearly as much as the whole expenses of our State government, for two years. NVithan economical goven- ment, a surplus fund, revenue exceeding our expenditure by about fifty thousand dol lars year, and provision made by existing law that answers as we'll and better than the creation ofa sinking fund it is believed that our debt can be gradually extingushed, the interest paid and the matter so arrang- ed that when the bonds become due they may be paid with but little effort and per haps without an increase of the rate of taxa ton. To this end our State authoritie. are now directing their energies and are conf dent of success Admitting that we shall have to pay two millions, when we look at the prosperous condition of our State, our ample and growing resources, and the fact that years will elapse before all the State bonds become due, it will be seen that there will be no necessity or excuse, as we know there is no disposition, to repudiatethe pay ment of dollar justly due or to become due.

 A friend has handed us the report of the comptroller ofthe State of New York, trans mitted to the legislature in January last, and called our attention to some parts of it. Mir. Church, the comp troller, appears to be an able and honest man, and in the course of his report draws some unfavorable con- trasts between the expenses of the State un- der former democratic rule and under the present black republican misrule. In ten years, the State expenditures have increased ten-fold In 1858, it exceeded four millions of dollars. But while the immaculate Horace Greeley and others of his sort were reviling the State of Arkansas-falselv charging us with repudiation and failing to provide for payment of the interest on the State debt let us see what the State of New York was doing under its black republican government The comptroller, after show ing departure from the principles and economy of former administrations, on page 29 of his report, says:

 "Thus it is seen that the debt of the State has swelled to nearly thirtv-four millions, with the almost certain prospect off its reach ing forty millions, while the entire revenues are not sufficient to discharge one half the interest; that a large portion of this debt has been incurred without providing means for paying interest; that loans made under questionable authority have been resorted to for this purpose, and floating debt of two millions of dollars created, in violation of the constitution, the drafts for which, exc cuted by public officers, and bearing inter- cts at six per cent in plethoric money market, are being hawked about for sale at a discount of from five to ten per cent! and taxation has become necessary for internal improvements.

 It is believed, also, that abuses of gross and scandalous character exist on the canals, induced partly by this lax system offinance, and involving, it is feared, the integrity of some of the servants of the government Besides, the property of private citizens, to large amount, has been taken and appro- priated to public use, not only without pay ment, but without any estimation of its value"

 Nothing in the darkest days of the histo- " of Arkansas ever equalled that. Our readers will agree with us that when the Tribune next talks ofrepudiation, of failure to make provision for payment of interest and want of faith, it may level its sneers and denunciations, at its own black republi- can rulers of it's own misgoverned State.- And it would be we'll for these revilers ofeve- rything democratic to take pattern from us in economy and try to emulate our hon. esty and good faith.