Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1874-01-22

4
No question as to the profit and ex-
ency of a further loan from the trust
funds to the state can, under present
circumstances, be entertained. 1t is
sufficient for us TO know that an in-
crease of the state debt beyond its
present limits is prohibited by the
constitution we have sworn to sup
port mat this prohibition was wise
~ Intended as restraint upon the
legislature, and protection to the
people, and that it cannot be honest
ly evaded nor safely dcfied.
lnasmuch as the disbursements
from the general fund during the
las; quarter of the Acknowledging
the first quarter of tue present fiscal
year-are compensated by no cor
responding receipts into that func
during the same quarter, the def
cheney which existed on the 30th 0t'
September last, is much larger AT the
present date. In his annual report
the Secretary Of State estimated
that his deficiency on the first day
of January instant, would reach the
sum of $l68,62l 20. | recommend
such legislation as shall radidly re-
pair the present deficiency and pre-
vent, in the future, the continuation
of those practices which necessitate
this legislation.
THE STATE DEBT.
The legal debt of the State, de.
nominated the "bonded and irreduci
BILE debt" at the close of the fiscal
year, was 50 252,057 OF this sum
81 233 900 consists of certificates of
Indebtedness to the various trust
funds, Sl8 100 of outstanding bonds,
and S57 of currency certificates.
THE TRUST FUND.
The total productive accumula-
tions Of all the trust funds OF .he
State, on the 30th of Septem Der, 1873,
were So, $40 653 II, showing an in.
crease during the last fiscal year of
1874 46S Sc. At the same date those
funds were thus divided
School Fund ..."..S2 0lS112
University Fund 2l6,5l93s
Agricultural College Fund ................ 225 3U973
Normal school fund.- 9S,6I3 4S
STATE TAX.
The State tax levied for 1871 was
1929, l43 10; for 1872, S765 z9l.55; for
1873, $67l.58 80. The rate per cent
of this tax upon the assessed valua>
ton for the three years named, re-
speotively, is as follows: 1871, / 38
100 mills 1872, / SO 100 mills
1873. l 72-100 mills. The assessed |
valuation for 1873 was $500 454,-
875.
Under existing laws, taxes on rail- |
way companies are added to the tax
on the assessed valuation of other
property, and form considerable |
portion of the annual revenue.
Whether tho amount paid by these |
conn anies fully acc 1rd with the n
ciples Of justice and the requirements
of our State Constitution, is to me q |
matter of grave doubt, and deserves
your earnest and careful considera-
ton. The facts set forth and the |
suggestions made by the Secretary |
of State on this subject, in his annual
report, should noS escape your at
tentiOn.
Another matter Of great import
ance 10 our people, claims your con.
sideration in this immediate connec-
ton. ! refer to the taxation of tele-
graph and express companies. |
know Of no sufficient reason why |
these foreign corporations should
not be made fully amendable to the
laws OF the State which furnishes
them protection, and be required 10
bear full portion of the burdens of
government. IL is a notorious fact
that tho owners of stock in these
companies, enjoy special privileges,
realize large incomes from their N
vestments within the State, and that
their business is prosecuted to the
practical exclusion of private enter
prise in the same direction, on the
part of our own citizens. While not
questioning the fact of their necessi
ty and utility, | am not prepared to
concede that the benefits they confer
are so far 10 excess of those confer
red by other corporations as to en-
title them to any exemption from
the ordinary obligations of corpora
lions under similar circumstances.
TINE OF PAYING TAXES.
1t is worthy Of serious reflection,
whether the time now provided by
law for the payment of taxes, could
not be changed with great adVan'
tage to tax pay ers. Every prudent
business man eqnalzes his pay ments
with reference TO his available re-
sources. In business circles custom
requires the adjustment of annual
balances in January. 1t is appar-
entity, unfortunate that the pay ment
of taxes should DO added TO all the
other pecuniary burdens of the pop.
ulaion at this period Of the year, es-
peciaIly as the State derives no ben
eft from any accumulation of sur
plus funds in the treasury. In the
State of Ohio the law provides for
semi>annual payments,-.in June
aud December. | am reformed by
executive authority that no inc0n-
venience has been experienced in
that State from this arrangement
since the first year or two of its OPP
GRAFTON. Shou the present annual
system continue, the alternative
question should be carefully coDsid-
cred, whether the State ought not TO
derive considerable income during
portions of the year, flom the use OF
its surplus funds. In the city of
Milwaukee interest is required and
received on all deposits by the city
treasurer, calculated upon daily ball
ances. | learn that the receipts OF
that city from this source the pres.
| Il