The agrarian system of Moslem India

The fiscal problem in Missouri

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Monograph

Identifikator:: 1804119261

URN:: urn:nbn:de:zbw-retromon-188010

Document type:: Monograph

Author:: Moreland, William Harrison http://d-nb.info/gnd/172263670

Title:: The agrarian system of Moslem India

Edition:: 2. ed. Reissue (d. Ausg. Cambridge) 1929; [Reprint]

Place of publication:: Delhi

Publisher:: Oriental Books, Munshiram Manoharlal

Year of publication:: 1968

Scope:: XVII, 296 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. The 13th and 14th centuries

Collection:: Economics Books

272 THE FISCAL PROBLEM IN MISSOURI of the highway system, which has been financed very largely by means of bond issues, and the failure of the state to provide for its institutional requirements. Perhaps the difference is attributable to the fact that in the latter case financing by means of a bond issue has not been considered. It is easy to postpone the construction of institutional buildings on the ground that the revenues are inadequate, and strict adherence to a non-borrowing policy under such conditions must in time result in circumstances that will make it necessary to consider borrowing as a way out of the difficulty. While it is not always easy to obtain sufficient current revenues to meet capital needs, there can be no question that after a bond issue had been floated a state enjoying a credit position as excellent as that of Missouri would meet the necessary payments required for debt ser- vice. In other words, strict adherence to a pay-as-you- go policy may result in a considerable degree of pro- crastination, while payments for debt service may be pro- vided without great difficulty. That such is the case in Missouri is indicated by the rather sharp contrast between capital provision for highways and that for penal and eleemosynary institutions. Revenue NeepeD UNDER Pran or Bonp Financing The discussion in this section is based on the assumption that Missouri will seriously consider the issuance of bonds in the amount necessary to finance the present deficiency in institutional and other capital needs. The computations which comprise Tables 84 and 85 are based upon the amount of $40 million.! These computations, however, are just as applicable to any other sum as they are to $40 million. For example, if it is decided to issue $20 million or $30 million of bonds, all that is necessary to obtain a picture of the amounts required is a proportionate reduction of the amounts shown in Tables 84 and 85. If bonds are issued, the period of maximum maturity will probably not be less than twenty years nor more than forty years, and Tables 84 and 85 have been compiled on the 1 See Appendix B.

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