The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1866-01-18


Transfer to other funds .............. EOS 8l6 x
Interest on ar bonds .:...,.....-. e 1o,O40 .,
Labor in State Armory ...-......... 9l1 81
CLERK hire, printing, Surgeon Genera,&c % 457 5:
. ~ $l340,669 i!
Balance in fund Sept. 80, 1865 25 1888 81
There has been paid out of the State
Treasury for war purposes, since the begin
ming of the rebellion to the LIST day of Jan
uary, 1865, not less than $4,000 90. sire.
There bias been raised By counties. cities,
and towns for war purposes up to June LIST,
1s65,$T, 1852, 500 66. Total expended by
the State. $11, 652. 800 67, 1892. 4O2 90 Of
which has been reimbursed by the General
Government.
A large sum has also been paid by local
tiles, by tax levied last year, of which the
State has no account. In consequence Of
this vast expenditure of money for war pur.
poses, the burdens of the people have been
heavy. In all of our State affairs we should
practice the strictest economy consistent
with the public good. The people demand
it, and will expect all i'll authority to com
ply.
Make no appropriations which are not en-,
tirely necessary, and insist that all who are
empowered to expend the public money
shall do SO with an eye single to tile public
welfare.
FIVE PER GENT. FUNDS
The five per cent, due the State from the
United States, ON account of lands sold within
this State so long Withheld in consequence Of
the unsettled claim against the state for mon
ey received by the territory of Wisconsin 70,
lands sold, heretofore granted by Congress
to aid i'll the construction Of Rock River
Canal has finally been paid and a full set
Element obtained. BEEaH
The amount received on the 18th day OF
May, 1866, as balance due to that date was
$14S, 1874 06. as .-.+..- rs 81. FL
On the 18th day of November last, So
67O.28 was received, being the amount
which had accrued since the date of settle.
ment, all of which has been placed in the
proper fund. -a ,.s.# .t-.
..s ...f H.. TRUST FUNDS.
The State has the care and custody of the
various trust funds, and it is the duty to So
invest them that they may yield a yearly
income. Until recently these funds were
loaned - to individuals, upon what was
bond and mortgage upon real estate. But
Notwithstanding all the care which was ex-
ercised by the State officers it was found, by
actual experience, that large sums of money
were lost each year, by insufficient security.
The report of the commissioners of school
and university lands shows state of facts
which may well cause you to seek for some
other mode of investing these funds
The safest, best and most convenient
mode of investing them, is in the bonds Of
the State, which under existing laws is now
being done.
Before our State bonds are all absorbed
which viii! be within this year, steps should
be taken to SO change the Constitution Of
the State as to enable tie State to consti-
tute these funds, as they are received, al
irredeemable and irrevocable debt upon
which the State shall forever pay interest
at the rate of seven per centum per annum
Thisepau has the advantage of perfect
safety for the funds while that which has
heretofore followed certainly has not. Nc
loss can possibly ensue. 1t is cheaper thar
any mode heretofore practiced. 1t has the
further advantage of being loan to eact
individual in the State in proportion to tn,
amount of his taxes, instead of being distri
buted to comparatively few persons. Be
ing thus disposed Of these funds cannot be
used for political purposes; no party in pow
er can use themto perpetuate its power The
amount of these funds will soon be 80 large
as to DO dangerous element in the hands
of any political party, larger think, thar
should be at the disposal of political officers
for the purpose of loaning to individuals
This wlan may be objected to, because %
the extent of the State debt, which would
entail large state tax yearly to pay the
the interest thereon If the
money was to be borrowed FROM abroad .anc
the interest paid to parties outside of oul
State, the objection would be good one -
But this will not be the case. The people
would only borrow and use their own money
The State tax they pay would be imme
diately distributed throughout the State anc
used for educating their children, and it il
entirely immaterial whether the citizens O
the State pay the money required for sucl
purposes as State tax, a1county tax or {
school district tax. =
The tax must be paid i'll any event l
any plan can be devised by which the Who'll,
people of the State can have the use O.
these funds, save them from loss, save tn,
expense incident to their care, when they
are loaned to individuals, and last, though
not least, keep these large sums of none,
out of the reach of politicians, that pla1
should lie adopted at as early a day as pos
sible. The plan have suggested, seems t
me to be the one more likely to produce tn,
results sought than any other.
If it does not meet with the approval O
the people, then | would recommend in
vesting these funds in United States stocks
which the Commissioners should now hav,
authority to buy; whenever they canno
purchase our State bonds at par or less n,
mode of investment can be found so unsaf
as the one which the State has heretofor,
adopted. / earnestly recommend this mat
ter to your careful consideration believin!
that no more important question can b
brought before you
Chapter 2S2 of General Laws of 1866, re
quires immediate payment of all dues to tn
State for lands or loans which according t,
the terms OF the contract hsve been due 70
one year or more. This legislative actio
was required to enable the State to meet tn
unexpected demand upon the war fund, be
cause OF the large humber of soldiers sent t.
the field in obedience to the last calls of til
general government. Most of these soldier
were supporting families and were entitle
to receive from the State five dollars De
/. month, extra pay. A sufficient amour
was voluntarily paid into the Treasury b
persons indebted for lands or loans, to NEE
the requirements of the State, and the Com
missioner Of School and University lands de
cided wisely not to render the law unneces
sarily oppressive to the people by declariu
forfeited the lands of those who could nc
conveniently pay consequently no land ha
been forfeited under that act The ex
gency having passed, and the State havin
no further immediate use for these dues.
recommend the repeal of so much of the La
cited, as required their Immediate pay
ment.
Section of Article 10 of the Constitute
of this State provides that certain revepu,
accruing to the State shall be set apart AS
iseparate fund to be called the School Funt