Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1879-01-14
Warrants redeemed in two years, on, ~.
file with auditor. 500

HE WlCh audltOr... S20,14O, 81
Deduc,lng the amoupt paid on warrants
issued IN the years 1874 aud 1875, 81, ,937 "a,
and i, would leave $27 .2O3 10 applicable L,
The cancellation of warrants issued during
the TWO wears ending the 3Oth Of November,
1878. This amount deducted from the
whole issue OF the two vears, leaves $2l,-
$50 SS as the amount Of outstanding wai-
rants, exclusive Of interest. ON the Both Ol
November, 1878. -
The treasurer rephrts warrants paid (now
in his otfice) and notified 10 be raid, to the
amount OF $4,000, 90, also $3.Oa9S9 paid by
hlm Tor interest, tor which he has taken
credit. making u total OF $9.l5D47 Assum.
ing this To be correct, aud deducting the
81, 6,lOO.5S, IL should reduce the amount Of ou,
standing warrants 10 SIS, ,1SO3O, exclusive
of accrued intert st GU the same. estimst, d by
n,m ut u, 500. Ats
This should make our entire Indebtedness
upon outst 1ndlnx warrants for principal aud
interest on the Both OF November, 7,2SO 80.
Instead OF $23. .233 Al as by the statement Of
the treasurer.
The error Of the treasurer seems to arise
BY bis reporting warrants redeemed and 10
his office to the amount OF $2.463OS, and
the further sum OF $3 .g37 SO as not fed for
redemption. amounting to 5000 So, aud
taking creuit for having paid this aggregate
amount, aud using it to account for the
money be has received, and then reporting
them AS outstanding warrants
On the item of Ss,463os lie has charged in
And on the item of S3,G3i 80, accrued in
terest, lie has charged ACKNOWLEDGEMENTS. 52u55
used III accounting for the money re.
celved. ............ $e4913
Tue treasurer reports the total amount of
receipts from all sources Tor the two wears
ending November 3Oth, 1873, as amounting
tO $33, ,SO5 55. aud he gives the amount re-
ceived from each county, but he docs not
give the date OF the receipt Of any portion
Of it. The full amount OF ,u,erest claimed
to have been paid is $3,O49.49, but no dates
are given when any purtion OF this lute rest
was paid. To test tue accuracy of such sn iD.
terest account. it would seem to b. essential
10 know when the interest 90 eacn warrant
commenced, and when it was paid recon-
mend that your honorable body take SUCH
action as Will secure full report from the
territorial treasurer aud u settlement ut his
account.
A large portion of our expenses has been
for the care and confinement of our convicts
aud lunatics and the expenses OF transporta-
tion to prisons and insane asylyms outside
of the territory; and, rs our warrants were
at q heavy discount, 1t was found im apostolic
to use the warrants except with the UNDER
that, when certified, they should
draw zen per cent interest until paid This
rate has been regularly paid on all warrants
duly certified. The general law makes the
rate of interest per cent, except by special
when it may be increased " any
rate not exceeding " per cant. Blu, it is
equitable and just that the outstanding Ger
titled warrants should be paid as agreed up
on, and that the treasurer be allowed the 10
per cent which be has paid. l recommend
that you legalize the paymen, of 10 per cent
interest on all certified warrants now ont
s'a %*- ttA
The heavy discount on our warrants has
heretofore proved a heavy burden upon our
tax payers. Our warrants have ruled from
80 to 80 cents. If they float on the average
one year before payment, and we sell one
for IS cents, or make all contracts Is per
c Mt higher than we would for cssb, We pay
interes. on one dollar for every IS cents. ana
pay principal and interest in full at the end
of the year. In this way we pay what is
equivalent to 29.41 per cent interest on all
outstanding warrants. With our greatly
increased and increasing resources, and in
the present state Of tae money market, all
our warrants can be cashed at par, and a, a
rate Of interest not exceeding 10 per cent,
with the privilege Of paving as fast as our
funds will permit; so that no funds need lie
idle, but may be applied as fast "a realized
from our taxes. sIu this way, without, ID.
creasing our Indebtedness, We may be abe
to save to the tax payers at leas, $4,000 per
annum. 8& u Z sA8 ME-
Forced loans are of the most expensive
kind. And warrants that float below par
are among the worst specimens. l recom-
mend that you authorize aud direct the
board Of equalization TO take such action az
will, without incre sing the debt, bring our
warrants TO par and maintain them, pro-
vided the means can be had at rate of in
te,est not exceeding ten per cent
,. EDUCATIONAL 1NTEHEsTs-scnouIs.
In view OF our increased population and
the increased demand for educational f;,cili-
tics, and in view Of the certainty that the
IL eral provisions made by congress for the
future support of common schools within
nlR HoAA