Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1866-01-20

cities anu towns tor war purposes, up to
June LIST, 1866, 81, 752, sos. 81. Total
expended by the State, $1l, 652. sos 67,
S762, 400. 90 of which has been reim-
bursed by the General Government.
A large sum has also been paid by
localities, by tax levied last year, of
which the State has no account. In
consequence of this vast expenditure of
money for war purposes, 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
1t, and will expect all in authority to
comply.
Make no appropriations which are not
actually necessary, and insist that all
who are empowered to expend the pub
lie money shall do so with an eye single
to the public welfare.
FIVE PER CENT. FUND.
The five per cent. due the State from
the United States, on account of sales
of land within this State, SO long with
held in consequence of an unsettled
claim against the State of money re-
ceived by the Territory of Wisconsin
for lands sold, heretofore granted by
Congress to aid in the construction of
the Rock River Canal, has finally been
paid and u full settlement obtained.
The amount received on the 18th day
of May, 1865. as balance due to that
date, was S148, 7S406
On the 18th day OF November last S.
670,28 was received, being the amount
which had accrued since the date of
settlement, all of which has been placed
i'll the proper funds.
TRUST FUNDS.
The State has the care ana custody
of the various trust funds, and it is its
duty to so invest them that they may
yield yearly income. Until recently
these funds were loaned TO individuals,
upon what was supposed to be the best
class of securities, bond and mortgage
upon real estate. But notwithstanding
all the care which was exercised by the
State officers, II was found, by actual
experience, that large sums of money
We're lost each year, by reason of insult
fcient security. The report of the
IF school and university
Ian Is shows a state OF facts which may
we'll cause you to seek for some other
mode of investing these funds.
The safest, hest and most convenient
mode of investing them, is in the bonds
of the State, which under existing laws
is COW being done.
Before our State bonds are all absorb
ed, which viii he within this year, steps
should be taken to change the Consti-
tuition of the State as to enable the
State to constitute these funds, as they
are received, an irredeepnable and irrev-
ocable debt, upon which the State
shall forever pay interest ut the rate of |
per centum per annum.
This plan has the advantage Of per
feet safety for the funds. while that |
which has been heretofore followed GER
tainly has not No loss can possibly |
ensue. 1t is cheaper than any mode |
practiced. 1t has the further |
advantage of being u loan to each in- |
in the State, in proportion to |
the amount of his taxes, instead of be- |
ing distributed to a comparatively few |
persons. Being thus disposed of, these |
funds cannot be used for political pur
poses; no party III power can use them |
to perpetuate its power. The amount |
in these funds will soon be so large as |
to be dangerous element i'll the hands
of any political party; larger. think,
than should be at the disposal of politi-
cal officers for the p1rpose OF loaning to |
individuals.
This plan may be objected to because |
of the extent OF the State debt which |
would in time be created, and which |
would entail large State tax yearly to |
pay the interest thereon. LII the money |
was to be borrowed from abroad, and |
the interest paid To parties outside of
our State, the objection would be a |
good one. But this viii not be the |
case. The people would only borrow |
and use their own money. The state |
tax they would pay would be imme1i- |
ately distributed throughout the state |
and used for educating their children, |
aud it is entirely immaterial whether |
the citizens of the state pay the money |
required for educational purposes as |
state tax, a county tax, or school dis. |
trict tax.
The tax must be paid in any event. |
If any plan can be devised by which |
the whole people can have the use of |
these funds, save them from loss, save |
the expense incident of their care, when |
they are loaned to individuals, and last, |
though not least. keep these large sums |
Of money ont of the reach of politicians, |
that plan should be adopted at as early |
a day as possible. The plan 1 have |
suggested, seems to me to be one more /
likely to produce the result sought than
any other.
III it does not meet with the approval |
IF the people, then would recommend |
these funds in United States
stocks, which the Commissioners should |
now have authority to buy, whenever
hey cannot purchase our State bonds
1t par or less. No mode can be found |
10 unsafe as the one which the State
has heretofore adopted. earnestly |
recommend this matter to your careful |
believing that no more
question can be brought be-
ore you. r.-..et fo
Chapter 2S2 of General LAWS of 1865,
requires immediate payment of all dues
20 the State for lands or loans which, &C.
,ordiDg to the terms of the contract, |
rave been due for one year or more. -I
This Legislative action was required to /
enable the State to meet the unexpect- /
I'd demand upon the war fund, because
If the large number of soldiers sent to
he field in obedience to the last calls /
IF the general governments. Most of
hese. soldiers We're supporting families,
md are entitled to. receive from the
State five dollars per month, extra pay. /
sufficient amount was voluntarily
)aid into the Treasury Hby persons in