The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-01-15
The total disbursements have been,

Inc L0t3l OlSDurS6uCutS UovC Uccus O(O,COS CZ
Leaving balance in the Treasury,
Dec. 1, 1858. 63....................$1 1926 50
The disbursements of this balance un-
der different heads have already been
made or provided for, except $34, 799. 46
of the q. S. War Fund, which is now sub
ject to the disposal OF the legislature.
While the balance in the Treasury is
much larger than at the close of any pre-
vious fiscal year, the taxes collected have
largely increased, and at the same time
there has been corresponding reduction
in the amount of our floating indebtedness.
A comparative exhibit of the several years
since 1860, under their different heads, is
the most fattering tribute which can be
paid to the skill and prudence which have
marked the administration of State Fl
nances.
Bal. in Treasury. Floating Debt. Taxes collected.
1850, $S757s sSs.SS6.55 s11l,91 IS 5S
1862, 36,555.S7 65,19O4S 133,0O1. II
1868, 119,325.5s 59,2O2.42 177,17O 43
When it is remembered that the taxable
basis of 1868 was diminished about 25
per cent. below that of previous years, or
from over thirty-nine millions in 1861, to
less than thirty millions in 1868, the large
increase in the amount of taxes received
during the past year, and the hourishing
condition of the treasury, are certainly
matters Of agreeable and hopeful congrat-
ulation. Although the temporary contrac-
| ton of the taxable basis without any cor
responding increase In the tax rate, had
the good effect of compelling the collec-
ton of the delinquent tax, and Of largely
increasing the receipts from that source,
would nevertheless ask you to consider
whether some means cannot be devised to
correct the false standard of valuation
which has been adopted throughout the
State, and which, it is notorious, does not
by any means represent the actual value
of the property assessed. Otherwise the
arbitrary reduction of valuations which
has been resorted to by different counties
to diminish their respective shares of the
general tax, will compel a corresponding
increase in the tax levies, and thus bring
upon the State the double odium of an
apparent depreciation of its taxable prop
erty, and an exerbitant rate of taxation.
Iwould suggest whether some amend
ment in the law regulating the equaliza-
ton of taxes might not be made, 80 as to
al ow the State Board of Equalization to
correct manifestly erroneous valuations of
personal property, which, it is notorious,
evades its share of taxation, and throws
unjust burdens upon the owners Of real es-
tate.
The amount of Treasury scrip outstand
ing, December l, 1862, was $55, ,918. OS;
on December l, 1868, $45, 1899 So; show
ing reduction of over ten thousand dol
lars in that portion Of our floating indebt-
edness. The existence of this debt,
amounting in sll to $50, ,202.42, which con-
sists of the unpaid treasury warrants, is
sued for the current expenses Of the State
Government, and the estimated defcien-
cies, for which no appropriation has been
made, is blot upon our financial credit
which no efforts should be spared to re-
move.
For this purpose, the Treasurer sug-
gests the reduction of the interest tax from
two mills to one mill on the dollar, and
that the difference be added to the reve-
nue. tax.
The shortening of your session would
also aid in efecting the object by about
$4,000 week.
In addition to this I would recommend
more stringent provision for the collection
of the poll tax, which, from the failure of
town treasurers to comply with the law,
has this year produced scarcely more than
a third of the amount due from this
source.
These measures, while adding nothing to
the present aggregate tax rate, will, with
out doubt, furnish ample resources for
meeting the present floating debt, and put
ting an end to the shameful necessity OF
issuing deprecated scrip for the current
expenses of the State Government, and
thus taxing the meagre salaries of State
officers, to cover the deficit in the Treas
ury.
Your attention is also respectfully called
to the necessity of providing means for
meeting the principal of the eight per
cent State Bonds for the $3.50, 900 loan
L