The times. (Owosso, Mich.) 1882-1897, 1882-11-03
INTEREST ON TREASURY DEPOSITS.

might be obtained. There are $780,
600 in U. 5. bonds drawing Az per
cent interest. Three per cent is paid
on funds deposited In various banks,
all Of which IL subject to call, and
with that condition three per cent
is all that can be obtained at the pres
emit time. Under the democratic law
the state treasurer was required to OBJ
tain not Tess than one per cent, and in
no instance was greater sum paid for
the use of the funds of the state al
though interest at that time was nearly
double the present rates. Under 10
years of democratic rule the total
amount of interest on state deposits
which found its way into the treasury
was but 81 ,553.S7, while under republic
can rule the interest from this source
up to Sept. 80, 1882, was $693, 2S5.40, on
an average annual balance of $685., O73 %.
Yet the average annual balance of funds
in the treasury during the democratic
period was one-quarter as large as dur
ing republican control.
DEPARTMENT FEES.
During democratic control not one
cent was ever paid into the state treas
ury as fees for abstracts, tax histories,
etc., while the republicans have turned
into the treasury from this source alone
$S0,397.27.
THE TRUST FUNDS.
1t is claimed that the trust funds are
being increased, and that they consti-
tute portion of the state debt. The
state constitution (Sec. 2, Article XIII)
provides that "The proceeds from the
sales of all lands that have been or here
after may by granted by the United
States to the state for educational pur-
poses, and the proceeds Of all land or
other property given by individuals or
appropriated by the state for like pur-
poses, shall be and remain a perpetual
fund, the interest and income of which
toge ther with the rents of all such lands
as may remain unsold, shall be inviolably
appropriated and annually applied to
the specific objects Of the original gift,
grant, or appropriation" Under this
clause of the constitution these funds
are a perpetual trust, the state being
trustee thereof, and it is in no sense a
state debt.
Mr.. Webster defines debt as "that
which one person is bound to pay to
another" Now, if this trust fund is a
debt against the state Of Michigan, who
is it going to pay the money to? These
lands cost the state nothing. The
money received from their sale can
never be paid by the state under the
provisions of the covenant, and hence
no one can ever be taxed for that pur-
pose. The money that the state pays
as interest on these credits lessons To-
cal taxation by just the same amount.
TO put the matter in different words,
the princi pal of the trust fund is never
to be paid and the state simply guaran-
tees the interest to the several benefi-
ciary objects or institutions. Up to
Sept. 80, 1892, the interest paid by the
state on these trust funds was $4,28l, =
l72.l4. OF this amount 5 iS5, 566.35 was
paid prior to 1866, and 81 ,095, 605.79 since
that period. The total net receipts to
the trust funds up to Sept. 80, 1882, were
$4,032 ,S67.1l. OF this amount $706, 7l2-
AT were received prior to 1855; and
50, 326, l54.64 since that time. The in
terest paid by the state since 1856 in
excess Of principal received during that
time was $769,451,l5.
NEwsPAPEsss Ar STATE EXPENSE.
Another chord on which democratic
journalists and speakers tune their harps
is the charge that republican officials
provide themselves with newspapers at
the state expense" The Detroit Free
Press has been foremost among the
confplainants in this regard. AS early
as 1887 we find that democratic legis-
lature at the regular session appropri-
ated for newspapers $75.75; and at the
adjourned session Of the same year are
two items for newspapers aggregating
$1S6. In 1888 there were four appropri-
ations for newspapers amounting to
$462; and in the following year the
total appropriations for this object
were $53l.59 And so the democratic
record runs. A glance at the reports OF
the state board of auditors previous to
1866 will show that democrats were
much more liberal in supplying their
state officials with reading matter than
republicans, while republican legisla-
tors have never supplied themselves
with newspapers at state expense. AS
sample Of the many awards made by
the board Of auditors under democratic
rule under date Of Dec. 20, 1854, appears
the following: "For Michigan State
Journal, volumes 3, A, B, 6, and z, for
com. state land Office, $780," and under
same date "subscri ption State Journal,
vols. 3, A, 5, 6, and Z, for secretary Of
state, $780," and again: ~ for subscrip.
ton to daily Free Press, 2 years, for
commissioner land office, $l2.00." DEM
ocratic officials confined their subscrip-
tions to newspapers Of their own party
in those "good old democratic times"
but republicans have taken such news
papers as would be of general benefit to
the state. AS an illustration the Free
Press has been taken at the state library
since 1869. At the present time copy
of the Free Press is also taken In the
executive Office, and an examination of
the awards Of the board of state officers
for the past several years will find 1t
taken In several of the various state
offices. Without going into detail a
general statement will show how news
papers are of benefit to the state:
/. In aiding the financial officers of the
state to collect the specific taxes on our
mineral products, which are required by
law to be reported to the auditor gen.
eral, but are frequently not so reported,
while they are mentioned In the news
papers, and so can be followed up and
the taxes collected.
2.s1n aiding the land Office to keep
the run of congressional legislation or
executive decisions which affect that