The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-01-20
$1,26O,16 So

81, 26O, 16S 80
At the beginning of the year there was in
the treasury belonging to this fund balance
of 1925. 531 80, but the disbursements having
exceeded the receipts, this balance was re-
duced to 81, 1858 on the 30th of September
1876
TRUST FUNDS.
At the beginning OF the last ifs
cal year, the trust funds held
by the state amounted to So, 996, $50 %
The increase during the year was. SO, 397 45
Making total at the close of the
year or -. ...........-.... $4, O5S, 1898. 60
Divided among the several funds as follows;
School fund. ...............$2 50, 624, 239 55
University fund. ......., 222, 255 SO
Agricultural college fund 800. 236, 1873 80
Normal school fund. ......... .. 976, 1854 81
"a, 058, 993 6s
GROSS RECEIPTS AND DISBURSEMENTS.
The gross receipts and disbursements by the
treasurer during the year were as follows:
RECEIPTS.
Balance Sept, 80 1874 ...$ 1878, 344 50
Received during the year. ..... 1,750.8O6 48
s2,129, ISL 46
DISBURSEMENTS
As per secretarys report. 81, 1851, 40 OF
Balance September 80, 1876. $277, 681 A
STATE DEBT.
On the Both of September, 1875, the state
debt, for which bonds and certificates of in
debtedness have been issued was 50, 252, 057,
as follows:
State bonds outstanding. =. S $4,000
10 the school fund. 80. ,.,.,,.... 1859, 700
To university fund ........,...,.. 111,0O0
TIC agricultural college. .........,, $1,000
10 norman sehooA. .t'ssss.,s..s..s. blb;7O0
Currency certificates .,,,.,t,..,,, 81
$2,252,057
ESTIMATE OF REVENUE.
The secretary Of state has prepared for
your consideration, al estimate Of the ordi.
nary state expenses for the year beginning
January l. 1877, and OF the revenues OF the
state for the same period, from which it ap-
pears the sum of $l89, IT'S will have to be pro-
vIded for in addition to such further appro-
priations as you may make, not included in
his estimate.
TAXES AND APPROPRIATIONS.
It is provided by chapter 1853 of the general
laws of 1869, that when the appropriations
shall exceed the amount of state taxslevied. it
shall be the duty of the secretary of state to
levy and apportion such Additional amount as
may be necessary to meet authorized demands
upon the treasury up to such time
as the succeeding state tax shall
be payable Section of article of the
pTOf1u0S JLdJ whenever the 6X-
penses Of any year shall exceed the income
the legislature shall provide for levying a tax
for the ensuing year sufficient with other
sources of income, to pay the deficiency SIS
we'll as the estimated expenses of such ensu-
ing year. The authority thus conferred ought.
in my judgment, to be used as little as possible
The tax levy for each year should be sufficient
to cover the aggregate OF the appropriations
for that year, together with such other sppro-
priations as itmay be necessary to pay before
the collection of the state tax for the next en-
suing year, so that no deficiency will be left
to be added to the next levy. This is the
only honest and business like system of dis
tributing the burdens of the government.
The state having been led into departure
from this sound and safe policy, your duty is
to.briDg it back. For this purpose, recon-
mend That you levy tax sufficient to cover all
the appropriations, so that there will be no
deficiency at the close of the year, and no oc-
casion for resorting to the very doubtful prae-
tice of borrowing from the trust funds of the
state.