History of Kentucky volume 2

Cover History of Kentucky volume 2
History of Kentucky volume 2
Charles Kerr
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Io. 6 The financial strength of the state, so vividly shown in the stand- ing of the banks, extended with equal force to the state government itself. In 1873 the commissioners of the Sinking Fund (money set apart to meet the state's bonded indebtedness) were directed "to invest so much of the means at their command, and under their control, in five-twenty gold-bearing interest bonds of the United States, as may be amply and fully sufficient to redeem the whole amount of the re- deemable bonded ...indebtedness of the state, with the interest thereon, not exceeding $1, 000, 000 in amount and not less than $350, 000. "" The next year the finances of the state were reported to be in an excellent condition, despite the fact that the people generally were suffering under a panic. The commissioners of the Sinking Fund had already bought $246, 000 of United States bonds, with the redeemable bonded indebted- ness of the state amounting to only $184, 394. At the end of the fiscal year 1874 the state had a surplus of $36i, 6o4.

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