Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-02-08
THE OUTGOING CONTROLLERS
REPORT.

MIL
We are in RECEIPT Of State Controller Ho-
bsrt's report, made at the close Of his Off
cial term 10 the Legislature. 1t is the most
complete and valuable document ever
Given 70 the public by sn official in this
State. We may also say, in all sincerity,
In this connection, that Nevada never had
= more able or efficient Officer than Con-
troller Hobart. 1t is but simple justice to
sdd hat he has during his official term
saved thousands Of dollars to the people
and taxpayers Of the State. The report
before us gives a concise statement of the
financial condition of the State on the
first day OF January, 1871. and also a SINH
lar statement Of its condition on the first
day Of January, 1879.
On the first mentioned date, the State
owed, over and above all Of its applic-
able assets, $603, BOG 90. On the first day
Of January, 1879, its applicable assests ex-
ceeded its liabilities $3.50, 65S %. In other
words, in tho past eight years the State has
met all it's expenses, and it is better of to-
day BY 1897, 465 81 than it was on the first
day Of January, 1871.
The amount Of the educational funds
held in trust by the State land forming no
part Of its applicable assets) on the first
day Of January, 1871, was s77,522 40.
The amount in the same funds on the first
day Of January, 1879, was s461, 7si 81,
showing q gain for these funds for the
eight years of 1884, 12 IL. While conced-
ing that the principal factor in the causes
Of this prosperity has been the large yield
OF our mines, and the consequent increase
Of assessable values in the State, Mr.. Ho-
bart claims that something is due to the
exertions and recommendations of the out
going financial officers. They assisted in
preparing and urged the passage OF the
State Loan bills in 1871, and also of the
Bullion Tax law, passed at the same ses-
sion. So far as legislation is concerned,
these measures were the foundation of our
present plethoric treasury. The Loan bills
funded the State debt at 10 and Ga per cent.
per annum, interest, against Is per cent,
interest paid before, and also reduced the
rate Of State taxation for Interest and
Sinking Fund purposes from seventy cents
to'ffty oonts.
The Bullion Tax law increased the rev.
enue derived from the mines very largely.
In 1915, on the recommendations con-
tanned in Mr.. Hobart's report for that
year, the Legislature passed laws trans
S196, 900 of the large surplus then
in the General Fund Of the State to the
State Interest and Sinking Fund, for the
purpose Of extinguishing the State debt
proper, and also to reduce the State tax
from 81 as to ninety cents. 1t was neces-
sary to provide for the payment of the State
debt, in order to be able to reduce the rate
Of State taxation. This reduction has
saved the taxpayers over half a million of
dollars in the past four years.
Mr.. Hobart recommends the reduction
Of the rate of State taxation to fifty cents,
and says il the Building Fund is to remain
las il has for the past six years) unused,
he recommends that the money in that
fund be transferred to the General Fund,
and says in that event the State tax can
safely be reduced to forty cents, thereby
saving the taxpayers over $40e 900 in the
next two years.
Our space is too limited to give more
than o reference to the tables in this very
full and comprehensive report. Mr.. Ho-
bart has prepared two tables, or exhibits,
that must have cost him a great deal of
labor and time, and that are especially
valuable for the condensed information
they contain. One shows, under appro-
pirate heads, and by years, the receipts
into the State Treasury from the organiza-
ZION Of the State government to January l,
1879 ; and the other, in like manner, the
payments. by warrants, out of the Treasury
the same time. From these tables,
Il appears that during the past fourteen
years taere have been paid into the State
Treasury ss.2l9. sa9 30, from the following
sources