Year: 1875

STATE BOARD OF FINANCEl


LITTLE Rock. ARK, June Is, 1915. (


A. the time of the meeting Of the constitu-
tional convention. there was debt due to the
Union Trust company Of New York. for
money borrowed by the state of Arkansas, to
pay interest on the public debt. for which
1896 600 of the state were pledged as collate-
raj security Since that time this debt has
been paid oil. amounting in all to Sill 6 36,
and the bonds thus pledged have been re.
turned into the treasury and cancelled There
is in the treasury at this time ample currency
to meet the July interest on all bonds that
have been issued since the beginning OF the
year 1871. Owing TO the failure of crops last
year. and the excessive taxation Of previous
wears the legis'ature at its last session made
the payment Of taxes for the previous fiscal
year permissive rather than compulsory. Un-
der these circumstances 1t is gratifying to he
able to stat- that the people have voluntarily
paid scventy.tive per cent of the entire taxes
due in 1874. The present stringcncy in mon
ev matters had led itS to expect a much less
favorable result result which We think
may be attributed not only to the economical
desire Of the people not to he behind in the
pa yment of their taxes. but also to disposi
ton to assist the state in her financial stand
ing.


In answer to numerous inquiries. we wish
to say that We see no reason why the tundn .
of the state scrip as now allow cu by law Is not
the best investment Of it which can he made
by holders The present price Of scrip makes
this a self-cvideRt fact provided that the in
tcr-st on the bonds shall be hereafter prompt
~ paid. The limited number of the bonds
which can thus be issued, the circumstances
under which they are issued the absolute and
inviolable right given by the law to have the
money at any time in the treasury applied by
judicial proceedings against the state officers
| to the payment Of the interest, the frugality
Of the adm nistration Of the government
| which is ono of the most insuperable features
Of the present constitution. render it. In our
Judgment. impossible that the interest on
these bonds shall not be at all times promptly
paid Under these circumstances. we cannot
but think that the funding o fthe scrip in these
bonds offers secure and profitable means Of
investment.


We would also say that the scrip issued
since the twcntv-third day of December, 1874.
is not by law fundable.


No one can have been anywhere in the
state during the last few months and have
failed to observe that the recuperativc ener-
gies OF the people have manifested themselves
IN q very surprising manner. This has been
felt, and will continue to be felt. In the i'm
provcment of our finances so that We may
confidently trust in short time. to see a
great and marked change in this respect.
Great as have been the disadvantages under
which the state has laborrd general and wide
spread as has been her financial distress. We
believe that a few years Of prudent ec"nomv
will place the state in as grand condition as
that Of other states which have not suffered
from the same mislortunes.


A. n. GARLAND,


L. NJ. Rose.


GORDON n. PEAY,


State Board Of Finance.