The fiscal problem in Missouri

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. State and local indebtedness

Collection:: Economics Books

CHAPTER II STATE AND LOCAL INDEBTEDNESS (Gros oa i policies in respect to public bor- rowing vary widely. Some governments take the stand that the pay-as-you-go policy should be ad- hered to strictly except in extreme emergencies. Others take the opposite view that borrowing is justified, provided that the credit of the government does not become unduly im- paired and that the purposes for which the borrowed funds are to be used warrant recourse to this method of financing. Continued financing on the latter basis frequently results In an embarrassing situation, unless full provision is made for the funds required to meet interest and redemption pay- ments at the time the indebtedness is incurred. If such pro- vision is not made, the result in some cases may be an eventual impairment of credit, for few governmental units are so fortunately situated as to be able to finance any con- siderable volume of indebtedness without providing addi- tional sources of revenue or augmenting the amounts ob- tained from existing sources. On the other hand, extreme adherence to the pay-as-you-go policy may restrict the de- velopment of governmental activities to such an extent that government may be charged with failing to make adequate provision for the well-being of its constituents. This is particularly true in a period of rapid social and economic changes. As will be seen, government in Missouri has not followed either extreme. The state government throughout its his- tory has at times been almost on a pay-as-you-go basis. At other times borrowing has been resorted to freely, and even constitutional limitations on the borrowing power have been modified when circumstances seemed to warrant such a change. Similarly, the borrowing policies of local govern- ments have undergone a series of changes, although the changes cannot be traced so readily as in the case of the state government.

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