The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1884-12-11

cent adjustment bonds, and.l, the fund
will be used in paying these bonds
when they mature The 1. board OF
Investment, consisting of the governor,
treasurer, auditor president of university
regents and chief Justice held meetings on
Aug. ~, 1888, Oct. "a, 1888, Dec. ~, 1883,
and March 20, 1884, and voted at the re-
spective meetings: to sell 200 900 govern
ment 6s, at premium OF 81 u per cent and
invest the proceeds in Minnesota 4 l2 adjust
ments; to sell 1900 Missouri 6s ana in
vest In Minnesota 4 l2s; to purchase Ito
4lo adjustments, exchanging therefor Mis-.
souri, 6s ut 10 per cent premium; to sell 3S1
Missouri 6s and invest in Minnesota 4 Los or
Unitad States bonds The net gain to the
state by these transfers amounts to over
800, OOO judiciOus Investment Of the
trust funds has become a difficult problem.
The law might be amended, permitting loans
to school districts and counties for erection
of school and county buildings only. Let the
issue be long time per cent bonds, limiting
the amount to or per cent OF the assessed
valuation.
COLLECTION OF TAXES.
The efficiency OF the law for the collec
ton Of taxes is attested by the promptness
attending theit payment, Our methods of
assessment eannot be as heartily commend
ed The constitution provides:
That all the taxes levied shall be nearly az
equal as may be, and such property shall have q
cash valuation and. be eqaIiZed and uniform
throughout the state.
The fundamental principles to be kept ip
view In making assessments are first, how to
get all the property listed; second, how to
obtain fair and equitable valuation. Prop
erty divides itself INTO two classes visible
property as lands, live stock, machinery,
merchandise, etc.; invisible property, as
stocks, bonds, money, etc. The former may
be easily listed, and the difficulty, therefore,
Is with the latter class correct assess
ment of the invisible property would add
many millions to the tax list, and re-
duce the unjust burden now resting on
the visible property OF the state.
The difficulties attending assessments are
Refusal on the part of the owner to properly
list his property; want OF knowledge re-
garding it's value on the part Of the officer,
and reluctance az to what may be considered
ceusorious inquiry concerning private
affairs are the stumbling blocks that are in
the way A thorough assessment is not in
quisitorial, and the disclosing of private
affairs is not the real objection. but desire
to avoid taxation lies at the bottom The
law permitting deductions of debts from
credits is radically wrong, to prove which
se' eral examples are given Nothing is
easier than to create debts for the purpose
of evading assessments, aud it is through
this door Of deductions that vast amount
of property escapes its fair proper
ton of taxation. The scheming adroit,
INSCRIPTIONS man who Unfairly re-
duces his assessment arbitrarily as
esses his more conscientious neighbor,
and transfers to other shoulders the weight
of an unjust proportion of public burdens.
This is not only unjust, but it has tendency
to lower the moral tone OF community by
compelling men in self-defense to subscribe
to property statements known to be untrue
A person having ten times as much property
as his neighbor should pay ten times as
much tax. The rule, however, is the more
property man may own, the less is his pro-
portionate tax. The assessed value of struc-
lures and OF thirteen classes OF personal
property. constituting the insurable prop
erty of the state, was, in 1884, valued at
$92, 600, 900, while the aggregate insurance
policies in 1888, and which, of necessity,
covered only portion Of this property,
amounted to $1SS. 900 900, demonstrating
that It's taxable value did not exceed per
haps one-third Of it's insurable value. The
question of how the difficulties at
| tending assessments can be overcome
are discussed, and the following recon-
mendations made: First do away with
deductions from credits on account of in
debtedness; second. substitute county
assessors in place of township assessors
Under our present system the judgment OF
over twelve hundred assessors must be har-
monized in the attempt made. A change to
county assessments is every way desirable,
and will secure greater uniformity without
entailing additional expense.
Suppose the law would not permit greater
insurance on property than it's assessed valu-
alton, or that the law required all notes,
bonds, securities, etc., to be stamped Listed
for taxation, 1885," and signed by the
assessor; then suppose the law should for
bid payment unless they bear such endorse
ment 1 am scarcely prepared to endorse
the last two suggestions. but believe such
enactments would add $50, OOO, 900 to our
tax lists. Such medicine is not palatable.
The disease however. demands heroic treat
ment. Perhaps we are drifting into that
millennium era advocated by Mr. George and
other economists, when all revenue shall be
raised on land only.