FINANCING THE CAPITAL REQUIREMENTS 269 
deficiency in capital requirements would arise while the 
existing one was being eliminated. In order that the financ- 
ing of the present accumulated deficiency might not interfere 
with the financing of the future needs, it is believed that a 
bond issue should receive serious consideration as a means 
of financing this deficiency. 
Of the expenditures recommended by the State Survey 
Commission for capital outlays and extraordinary repairs 
$16,178,000 are for educational institutions. Of this amount 
at least a considerable portion would seem to represent an 
accumulated deficiency. There can be little doubt that the 
educational needs of the state are less imperative than those 
for penal and eleemosynary institutions. The lack of edu- 
cational buildings cannot cause the physical hardships that 
may ensue from crowded and unsanitary conditions in a 
state prison. In view of this difference much might be said 
in favor of spreading the financing of the buildings for educa- 
tional institutions over a period of years and confining the 
bond financing to the amount necessary for penal and 
eleemosynary institutions. 
Such a plan would be practicable if there were reason to 
believe that it would be put into effect and carried through 
without excessive delays. Past experience has indicated, 
however, that such a result would not be achieved. To 
avoid such delays the state, of course, might resort to 
borrowing in order to meet the needs of institutions. That, 
however, would involve a departure from the non-borrowing 
policy upon which a plan such as that recommended by the 
State Survey Commission is based. Moreover, if the state 
should endeavor to finance the deficiency in ‘educational 
buildings over a period of years, it is very likely that it again 
might fail to meet the building needs that at present cannot 
be foreseen. When these factors are considered, a bond 
issue as a means of eliminating the accumulated deficiency 
in educational buildings seems worthy of serious consid- 
eration. 
In addition to the capital expenditures for penal, eleemosy- 
nary, and educational institutions, the State Survey Com- 
mission, as has been seen, recommended a total of $2,750,- 
000 for a state office building, a new governor’s mansion,