The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1854-01-31
aaOl.6lo OO s7l. .g97 as


Tho Auditor tieno-al rpakes some very prnt.
cd remarks relative to the University FuLd
in which " o cannot dp herwise than concur
If donation is to be made to tho Universe
ty by the State, give it that name, but do not
call it debt which the State is bound in hon
or and by right 10 pay If tho University needs
another 100000 to keepit up, let it be so sta
ted, but tho idea of paying interest to the
bond holders aud olso to tho institution which
has the use of the money borrowed, strikes us
as a new operation in finance, which may well
call for the following notice from Mr.. Swegles.
Ho says:
The total amount due the the University Fund
is S73, ,504 46. In addition to the interest this sum
the last Legislature Act No. COY required the Auditor
Gener raj to draw his the Treasurer
interest 100000 of bonds, heretofore issued by the
state, for the benefit of the University and upon which
the pays interest Ia the holders thereoflhus
king the pay donble interest that This
is the plain and SIMPLE meaning OF the act although il is
drawn up, as in disguise the fact. IL is
the limited 10 the period of two years and If il
only intended by those officers Of the University who
drafted the bill donation to the University Of Si4
000 relieve IL from present embarrassment 1t is well
but il il intended precedent for future egis
atve action it is wrong Ii will bring the in debt
the University Sl000 000 in addition the 73.504 46
above stated be due and the would also have
pay the 100000 heretofore assumed fths claim be
good one, then claim for the entire amount Of interest
from the issuing those bonds in 1889 the present aud
future time, would be good Are the people Of this
prepared sanction and allow such clami Are
they prepared TO take large amount from the
Treasury for institution whose annual income is
$4,000, and is rapidly ncreasingi-a in all
conscience amply sufficient for economical admins
tratiod Of its affairs. t.'
The supplemental act to tho law providing
for tho Saut Stc, Marire Canal comes in for a
sharp criticism from the Auditor General, in
which he exhibits the executive ability of the
late Governor and present Secretary of the in
terror in anything but favorable light. He
says referring 10 the provision which directs
the Auditor general to remit tho taxes on tho
Saut Ste Marine Canal lands, and which pro-
vides that tho taxes shall be reimbursed to the
State, from tolls on the Canal in case tho u.
s. Government will not pay them.
By this proyiso, before tho Auditor General
can give receipt, as above contemplated, it
must be- ascertained whether the United States
will reimburse the amount, and also whether
the Legislature shall provide for a reimburse
ment from tolls upon said canal. Inthe mean
time the lands may be returned for non-pay-
ment of taxes, sold and past redemption; thus
placing it beyond the power of the Auditor
Goneral TO give receipt. Had tho provisions
OF this supplemental bill beon we'll considered,
think it could not hive mot with tho appro-
val of tho Legislature and tho late G1vornorl
The contractors, to enhance tho valuo of their
lands, NAV procure tho taxation of them to any
amount, for tho construction of roads, and the
building of bridges and school. houses. and the
United States or this State must pay for IL, OF
it must become heavy tax upon the carrying
trade Of the upper Peninsula, in the shape OF
tolls on the canal. Thorc can DO no doubt