The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1885-01-13

Tt nuur4 uf TIE o1ate Tnasnrsr. Whsch hns
- l1zd hsfsss she readers ~ he EI0uxnExK
= ~ mna gratifying exhibit ever made At ~
nn9neiAi cansiisiou af the 6saae - IL embuun
the nsOsi pcusperuus period Ia her history.
On the La at lsauxry instant. there Was . bai-
ance Ia the Treasury Of eIz2.s7.30 applicable
10 the Srdiuzry expenses OF government, which
amount YVES ample 10 meet all obligations ma
turing nj that date such as interest On the public
debt, salaries. etc. and tn cnver ali defzcien-
ciea
| The School Fund shows an increase for the
four years ending December 81, 1854. OF ESQ
~ % equal 10 about seveniy-fiye per ceutum
Of MI Accommodations from 1915 90 1881, making
in the fund January l. 1885. grand total of
e476, % The character of It's investments, as
well rs the financial Judgment exercised, is de
serving OF especial commendatioiS. Ii Is eviden,
that the trainers of the funding acts of 1871 and
1873, never contemplated period IN the history
OF the State when the purchase o. these bonds
flor the School Fund, could onlr be made at the
expense OF the permanent fund; but such a De-
Rod did arrive and Treasurer L'Engle seems to
have promptly met the emergency by The exer-
else OF sound discretion. From his report we
infer thar the statute authorizing the investment
OF this fund in the bonds of our own State ey;-
IDENTIFY contemplated the holding Of such pur-
chases until maturity. For the past two wears
the seven per cent. bonds OF 1871 have been
worth 81 %, and the six per cents 1873. 81 TO
$l-15. and it was PLAIN that loss must result:
to the permanent fund BY the purchase OF these
securities. for bond costing one hundred and
twenty-fiv dollars would only yield one hundred
dollars al maturity, and to equalIze any losses
resulting from premiums paid. bonds OF other
States were purchased which have preserved in
tact the principal of the Fund, and it is but
just tribute to the Judgment of the Treasurer to
say that all foreign securities purchased nv him
have market value in excess of the amour,
they cost the Fund
As to the Sinking Fund for bonds of 1871 and
1873 while showing accumulations. save from
interest, ills safe To assume that the accretinns of
this fund will nearly extinguish all bonds in the
hands OF individuals al maturity.
While the limit OF AZ editorial is sufficient for
bu, partial review Of the report AMI barely AZ
fords space to refer to points 10 which due credit
should be awarded to the wise management OF
the Treasures Office, we think thai portion Of
the document referring To Insurance Is deserv-
ing especial notice This department Of busi-
ness Is vet in the infancy of its Management; in
tins State. and attention is directed IT, some verv
desirable Changes in the present Jaw Treasurer
l. Engie suggests that al companies snail be
required To deposit with the Insurance Depart
men; an amount sufficient 10 cover any clam
that company may contest with policy holder
growing out OF Il contract o. insurance This DE-
P''sli IS not - be required As q condition
precedent 10 their commencing business but onIy
When claim Is Sued anG then 10 cover bu, the
amount involved. TINS is proper for the reason
thai DOW the prospect q reiet under judsri,en
i only improved By the penalty that t.ie com
pany IL sui: viii nor be allowed t. continue
business IN the STATE unless III i'll gmen /, sal
isneu. while the suggested Chang proposes that
whenever z citizen Of the State i forced "a Al
PEA 10 the courts against company Il mus,
bring sufticieni property within jurisdiction Of
said courts 10 satisfy ludgmen, i ,iecree,.
Il Is also suggested a. i Measure Of protection
10 companies that nave complied with the in
surance laws, that all contracts ol Insurance
made with companies no authorized L. DO bus
ness be declared Invalid This Is but an act OF
justice. for certainly those 10 whom the State
ISSUES license should be protected n their prvi-
lege.
Corporate suretyship, or " fidelity insurance. -
mas been given prominen; mention and the sug
gestion OF lis recognition by appropriate legisa
ton is timely and in keeping with the progress
of the age. This Class Of insurance has long
been recognized in business circles, and makes
the giving OF bonds 30; a matter Of friendship
but purely business, and We are glad to see thai
Senator Mallory has SO promptly recognized the
utility of the suggestion bv introducing bill o
carry il into effect