Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1891-01-24


custody Of so large sum of money, If re
CURED TO keep it all together, both from
IRE and robbery, is such as would seriously
interfere with that officers obtaining
sureties for the high liability imposed by
his official bond. 1t would be some dis
advantage that 80 much currency should
be Withdrawn from common use, and es-
peclallY Is II convenient TO the creditors
OF the state that payment be made by drafts
Of the treasurer payable at commercial
centers. These considerations have oper-
ated to check criticism Of violation of the
law, among those to whom the facts be-
came known, and seem, With others, TO in
dictate that the policy declared by the legis-
lature Of 1876 is not the wisest for tie state
TO pursue.
During many years the average amount
81 public moneys available for deposit
has probably been above 800 900. and
banks Of the most approved responsibility
are ready and willing to carry these de-
posts, subject TO check on demand. and
pay the usual rates Of interest common to
those institutions where large sums are
Kept by depositors for a length Of time.
lhls rate Of interest ranges, as am in
formed, from two to three per cent. and it
Is obvious that the deposit Of these funds,
under proper restrictions, might therefore
not only subserye the useful purposes in
dicated, but rightfully and properly az
ford 10 the state a moderate source Of rev
enue, which would be to that extent a
relief to the people from taxation. To
secure the safe operation Of such a policy
careful legislation is necessary. Among
other things it should require abundant
security from every bank admitted to the
list Of public repositories; it should make
tho state a preferred creditor, and provide
every other reasonable safeguard to pro-
tect the funds from loss and insure paw
ment TO the treasury Of all interest arts
ing from them This implies, of course.
a radical change Of policy from that here
tofore prevailing In our law. There APP
pears TO me, however, no reason why that
change should not be made. Even larger
sums than the state would be likely TO de-
posit IN any one institution are often en-
trusted TO banks by private parties, and it
need not be said that loss, more especially
among the well established and approved
banking institutions Of the state, is q
thing Of very rare occurrence. Properly
guarded. cannot think any risk will
be encountered which the state cannot
wisely accept. The practice prevails with
authority of law in some other states, and
more often still With municipalities, and
has a favorable experience to commend
4.
In the public discussions preceding the
recent general election the right of the
state to all the interest which has been
collected by the state treasarers,
or Others under their direction, was earn
estly maintained among the people, and it
!, believed has the support Of sound prin-
clples OF law. The attorney general will,
therefore in due time, institute such pro-
ceedings in the courts as he shall regard
proper to recover such interest moneys.
The amount at stake is considerable. The
labors involved are likely to be great, and
lt may be desirable that a moderate sum
for contingent expenses should be provided
to further the prosecution of these proceel
ings.
Investment of Trust Fcnds.
The state holds large amounts os money
belonging to what are known as The trust
funds, Gnd the sole rightful purpose TO
which these funds can be applied is to
gain interest. Necessarily, in order best
10 promote tins end there should be as
wide an opportunity for investment as can
Ne safely left open to the officers charged
sith this duty. At present loans can be
made only upon the bonds of this state, of
which none exist upon the bonds Of the
United States and certain specified states
u which few or mono are practically avail
lble, or upon loans to school districts or
within the state which do
not require so much, An unfortunate
experience has shown that the state cannot
.afely undertake TO make loans on these
'uuds 10 individuals, but believe that
here are other securities 20 be obtained
n which the funds OF the state may safely
q placed so that all may be made avail.
lbe to the ends for which they were pro- !
'ided, if not better rates Of interest gained.
Your attention Is respectfully invited to
hIs subject.
Semi-Aunual Payment Of Taxes
The taxes which are annually exaoted /
rom the people are not needed at a par
ocular time, but are expended from time /
O time throughout the entire year, not |
My hy the state but by the counties and /
subordinate municipalities. ItappeaTs to /
ne plain that all the public needs would /
,e rs well subseryed 10y payment of these /
axes semianuualy instead Of annually, /
IS at present required and that a con I
iderabIe relief would iusue TO the tax /
layers of the state by thus leaving in their
lands for six months one-halF the total an
.ual leyies for all public purposes This /
would require some changes in the present /
tatntes for the collection of taxes and for 4
he sale of lands delinquent for, non-pay /
leut Of taxes-a change not difficult 70
make in entire harmony with the present /
vstem. Another advantage whiChmight Ue
aimed, would be the relief Of the Treasury
rom the congestion annually experienced
ud-r the present system during the earlier
iorths of toe year.
The mill tax for the support Of the com
ION schools, amounting 10 nearly SIX hun
red thousand dollars, is now
1Ilec'ed more than six months before the
priod for its distribution, and necessarily /
'msins not only without benefit TO the
lN-payer. but also at a certain risk.
These various advantages seem to me- So
Important that respectfully commend
his reform to your careful attention. and
commend the proper changes in the
.atutes to afford this relief to the people
The Public schools