The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1858-03-02

Average valuation, for seven years $co,s5Z,oSo
per cent. MT or fI mills per dollar, 1K mills.
For the second period of three years;
Average valuation for three years $lSl ,s9o,lot
rate per , cent or mills per dollar, 4s-lOO Of a
During the first period of seven years,
from l648 to 1854 inclusive, the total
valution of property for the whole period
was 1920, 900, ,92e.
The total amount of State tax assessed,
$622,s92.
And tho average rate per dollar, II
mills.
During the first three years of the pres
ent administration, the total assessed value
Of property in the State was sS95,ess,4e2
Total amount of State tax l90,065
The average rate per cent. 4s-l00 of q
mill.
Showing an average annual tax Of $25,.
629 less than during the former period;
and that upon valuation Of $96,04s,S46
greater-being difference Of over one
hundred per cent. in the rate of taxation
in favor Of the present administration.
This fact alone, if allowed its full weight,
is conclusive as to the comparative ccono-
my Of the present and former administra-
tions, when contrasted with the increased
population and magnitude of the interests
within the range Of governmental care and
supervision.
The sum Of receipts or expenditures fur
nish no criterion by which to judge Of the
extravagances or economy of the agents
through whose hands they pass; but the
objects upon which such expenditures arc
made, and the fidelity with which the
funds are applied to those objects are the
only true and reliable tests.
Since the salc of our works Of internal
Improvements, there has been I'm apparent
reduction of outstanding State indebted
ness, and most of the time surplus in
the Treasury; and it may not be insppro-
pirate to inquire into the causes of this
sudden and seeming improvement in our
financial condition.
Till within short time there has been
large amount Of outstanding patt-pnid
State bonds, upon which tho State paid
no interest; and thus, while We had a sur
plus fund which could have been applied
to prevent tho annual increase Of our La
bilitics, it WAS used for other purposes,
and the interest upon our bonds suffered 10
accumulate until the bond holders would
surrender them and take new for the a.
mount actually due from the State.
Another source Of the largo surplus in
the Treasury, was the system adopted in
relation to our Trust Fuuds, by which the
principal was loaned to the State as fast as
received, and used for tho payment of cur
rent expenses or outstanding liabilities.
This system, established early in the
history of tho Government, has remained
in force TO the present time.
Up TO the 30th November, 1854, the
amount thus borrowed from the various
Trust Funds, was s676,2ss 80, upon which
the State must pay interest at tho ratio Of
seven per cent, which interest must be
raised by taxation, or resort to tho accu.
mulating principal Of tho Trust Funds, and
thus increasing the principal upon which
interest must bc paid for the ensuing year;
SO that our Trust Funds, Instead of being
large amount Of money invested, upon
which the State has only to receive the in.
tcrest, consist OF ledger balances in favor
State must pay interest annually.
The amount of the Trust Funds receiy-
ed into the Treasury since 1854, is $780,
res 10, which, in accordance with the
former policy Of the State, and Of exist
ing laws, has been applied either to the
reduction of State liabilities, payment OF
current expenses, or for the objects of the
trust.
So long as the State is borrower, the
wisdom Of this policy will not be question
ed, for the reason that the State can as
well pay interest TO these Trust Funds as
to other creditors. Nevertheless, the ten
dency Of such policy is to increase the
expenditures beyond the actual ability of
the State TO pay. And there can be no
doubt but sound policy would dictate that
the State, without resort to this source,
should, at as carly day as practicable,
make full provisions from its ordinary row.
enue to meet all its expenditures.
Your Committee present the following
statement, exhibiting the condition of the
Treasury on the 2eth of the present MONTH,
rs appeared from the books and vouchers
in that Department:
Balance on hand Nov. 9oth, 1857, slBs6oo "a
Receipts 10 date, 1915 or
Making total Of si77,s4s 10
DISBURSEMENTS.
Journal Of Education 4 652
University interest Aple %
I Cooley, for compiling laws 1900
Salaries aois 40
State Priso building 1000
Agricultural Collegs 2yOOo
State Pnson expenses 5000
House Of Correction aO0o
Redemption certificates ax26 10
Award OF Board Of state Auditors ol6 20
,. ,.asisIss