The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IX. Financing the capital requirements of the State

Collection:: Economics Books

FINANCING THE CAPITAL REQUIREMENTS 263 always available, and the banking system was not properly organized. The finances of certain states were not admin- istered in a wholly satisfactory manner, and as a result public borrowing came into disrepute. This was particularly true after the close of the Civil War, when industry and regard for the future were at a low ebb. Immediately after the Civil War, Missouri, like many other states, put into effect a plan for liquidating the indebtedness of the state. The results accomplished under this plan have been described in a previous chapter. From the close of the Civil War period until approximately 1920, the incurring of indebtedness by the State of Missouri was narrowly circumscribed. Since 1920 Missouri has resorted largely to borrowing, for +he purpose of constructing a highway system comparable with that of other states. The pay-as-you-go principle is no longer applicable, for it has been recognized that to con- struct an adequate highway system out of current revenues would impose a tremendous tax burden and would also defer the attainment of the goal. There was thus a rather sudden transition from an almost rigorous adherence to the pay-as- you-go principle to a policy that has led to the financing of a large proportion of the capital needs of the state out of bor- rowed funds. It should be recalled, however, that the con- stitutional amendments that have been approved, other than those which authorized the issuance of soldiers’ bonus bonds, gave the state authority to borrow only for highway purposes. On the whole, the restrictions concerning indebtedness still in force are drastic, and any recommendation involving the financing of capital needs in connection with other govern- mental functions out of borrowed funds must be predicated on the understanding that a constitutional amendment would be necessary before bonds could be issued. EsTiMATED PRESENT NEEDS FOR CAPITAL ADDITIONS AND FXTRAORDINARY REPAIRS Table 82 shows the capital needs of the state as estimated by the recent State Survey Commission. A comprehensive survey was made of the various state institutions by the experts employed by the Commission, and it was found that

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