The Russellville Democrat., 1889-01-03
State Treasurer,s Report.

al report of Hon. w. E. Woodruff, treasurer of State, to the governor, has been published. It presents a full and correct statement of finan- cial transactions of this department fer the two years ending September 30th, with such recommendations as the treasurer thinks pertinent The attention of the legislature is called to the fact that no provision was made by the last general assembly to meet interest on bonds purchased for the permanent school and six teenth section funds. The accrued interest on these funds is $29, 1925, while it will take $47 ,000 to meet ;n terest that will accrue from October 1, 1888, to April l, 1891. The total bond debt of the State is $4, ,S62, 015 principal, $5, ,029, 100; interest, $2,- 832,8I2. More than one half of this is held by the general government. The State holds in trust for the per. manent school and sixteenth section funds $423. .000. leaving outstanding in the hands of individuals about $2,090,000. He shows that this can be easily retired if the State will continue its present policy. From Jan. 13, 1881, to September 30, 1888, period of seven years, the amount of 1,747, ,360.25 of the bonded debt has been redeemed. Of this sum $1, ,103, 100 was principal and GA, 260 25 interest.
 Under the head of Amendments to Revenue Laws" Treasurer Wood ruff says:
 "The passage of act No. xcli, pp. 143, etc, acts 1887, covering many important amendments to the reve nue lave, and affecting existing laws as to manner of apportioning the school funds, is respectfully called to your notice, as it may or may not require the attention of the legisla- ture, according to it's intention when enacting it. For several years past the revenue laws fixed the last day on which collectors could pay the revenue into the State treasury with out penalty, at dates varying from the 18th of May to the first part of July annually. By section from A to S3, act of 1887, the period was so extended that it may fall as late as the middle of August in each year. By section 6,l40, Mansfield's Digest, the auditor is required to report, on the first Monday in October annual. ly to the governor and superintend. ent of public instruction "the condi ton of the school fund on the first day of July last preceding" and by section 6,l59, Msnsfield's Digest, the superintendent Sis required, on the first Monday of July and first Mon day in January in each year,to make pro rata apportionment to the sev eral counties of the State to the re, maining revenues in the State treas ury.
 For many years prior to the pas sage of the act of 1887 the school revenues were all practically in the treasury on the first ot July annual, ly; but in 1888, owing to the act oI 1887, about Sl00,000 of the schoo revenue of 1887 was not paid into the State treasury until between the lst of July (the date at which the super. intendent makes apportionment) and the 18th day of August. The opin ion of the attorney general was sought by the auditor and treasurer, and upon his advice the school mon eys were pad out upon the basis oI the condition of the fund on the 1st day of July-following the strict let ter of the law.
 If the legislature desired or desir' es . change it can be effected, either by requiring the collectors to pay over to the State at an earlier date than the lst of July annually, as has been the law for many years, or by deferring to a later date than the middle of August the time for mak ing the pro rata distribution of the school fund.