The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-01-04
|. 5. AYRES & CO.

appropriated about half million. But il 10
hardly to be supposed that future general as
semblies VIII be so prOdiIGi, IN we" OF me
absolute necessity OF hquldating the paollo
debt as IT natures We should now tegl1
seriously and earnestly the ardUous Work or
debt paying, before the crrdit Of the state be-
comes Impa red through failure 10 promptly
meet our obligations upon maturity
attn thoroughly convince that the only GER
tain plan for the eKtinguishment OF the public
debt lies in a sinking fund. 4 tax OF 4 cents
the 500 would yield IS o,oJ0 per Annum,
and at this rate the putlic debt could b. entirely
wiped out in seyente years. | lave suS-
gested that the state school tax levy be reduced
5 cents and that the state tax be reduced =
cents. This WOuld Q a toa tax rtduc ion OF
cents. or an aggregate OF SS7S 60 sunualy
suggest that a sinkiug-lund tax OF 4 cents
on the SICO be I vied for the extinguishment OF
the public debt principal. il ths we're zone
the general burden of taxation wOnld sill BE-
reduced cents. aud the payment of he state
debt would be safely provided for With" sew
eut.en years ] also suPgss, ~ Ills connecIlOns
that the state finance board be authorized to
apply such balances as may exit IN the gen
era lUnd OF the state treasury, not otherwise
appropriated to assist in the quldatOn OK the
bonded Indebtedness as It shall become due
IL il should be determined that any reduc-
ton in the state tax levy would at this tune De
nnwise, then / would sugg st that The state
school tax be reduced cents, and the state
sinking-tund levy De fixed AZ cents on the
800 thus reducing general taxation cents 10
the aggregate.
\ minor featue of the report is a rec
ommendation OF a snecific appropriation
of so coo for printing the appellate
court reports. As 10 the Insurance oe-
partment the auditor states he collected
for the state from insurance companies a
larger revenue than was ever before coll
lected, had compelled strict
obedience TO the laws aud had
blacklisted one hundred worth
less and unauthorized companies.
state Banks.
tie gives a paragraph to the state banks
in which he suggests that the original acs
be amended so that the bank department.
of the auditor of state be made q
complete bureau tor the efficient super
vision of all matters relating 20 incorpor-
ated banks, and with power to enforce the
same. The law should define as part OF
tie duties of the boards OF directors the
passage of bylaw authorizing certain
officers, or a committee, TO make loans to
q certain limit in the absence OF the board:
TO require daily statement book to be
kept, showing under proper ledger titles,
the balances OF the resources and liabill-
ties of the association ut the close OF each
business day; TO maintain as cash re-
SOURCES not less than thirty per cent of all
cash deposits: banks should not be per-
mitted TO make loans Tor a longer period
than twelve months, nor to discount paper
having more than three yeais TO run be-
fore maturity; mortgage loans or
discounts should be fiinlted to-
propertv within the state; banks should
yertible L. :, state. municipal and
corporate securities having a market
value, even il the maturity is deferred
several years; the boards should not per
INIT checks TO be certified in excess of the
drawers actual deposit then on hand sub
ject to check; semi-snnuai statements
should be required to be published IN
January and July. based upon examine
tions made by the boards OF directors,
and no other statements should be re-
ouired 10 be pub ished except as directed
bv the auditor OF state. who should be au-
thorized to call for them at any time
Dupicates OF articles of association and
al other papers should be filed in the
| Office of the auditor of state.
Tn regard to savings banks he suggests
| that the present law be 80 amended
as to make them stock associa-
/ tl00H DIV lAl45 ulNGNC ktNoC wv
active in the management receive some
| compensation for their services Under
| the present law the trustees OF these in
stitutions are required to act without ad-
| eorate reward, aud il is difficult to inter
| est those who are competent TO manage
them in their organization. He alec sug-
% ats that The law governing investments
| OF these banks be so amended that they
! may make loans upon real estate secured
bv mortgage anywhere within the state.
| In conclusion Auditor Henderson gives
estimate of receiuts and expenditures for
the wears 1898, 1924. 1895 as follows:
II the value Of properly tor taxable purposes
! remains the same during the years 1894 aud
1895 as now, viz: 81 2j5. 25j03S, and the present
tax levy of Il cents on tie 500 valuation Tor
| state purposes and cents for benevolent In
! stitution fund is continued, and the receipts
from all other sources remain the same, which
is probable. the total amount OF reyenae col
| iected Tor each a. the years 1919, 1873 ana 1879
| will be g o.. 1851
| II the current expenses Including Sl25.OOO
for legislative expenses la 1898 aud 1921, which
means the expenses actually necessary TO pay
| the permanent officers, departments aud lnsti-
| tutions and the interest on the pubic DEBT, 70
will requ re the sum OF S2o65.so5, leaving .
balance OF S557, 00S5l.
| For the year 1894 this balance will be $l25.-
600 larger. for in that year there will In al
| probability tie no legislative session.
There will become due april 1, 1898, the tenn
! porary interest loan bonds issued April !, 1855.
| amounting 70 1890 600. This will reduce che
balance to S2l7, OOS5l. by n decision OF the
supreme court The incidental expenses OF the
| state soldiers and sailors monument commits
sion are chargeable against the general fund
! aud not against the appropriation OF S2OO OOu
for that structure made by the general Assem-
| blv OF 1887. This expense amounts 20 sb1u'
| $4,000 year. There is also an uneKpended
balance of the original appropriation OF $40
COS. 50, which will probably be used during The
fiscal year OF 1898 This will still further 70
dace the balauee OF that year to sl6s.30S62.
There will become due on April !, 1894, th'
temporary interest loan bonds issued April /
1889. amounting 20 SS7u 900. This, with the in
cidental expenses of the soldiers aud sailors
monument commission. will reduce the balances
for the year 1894 10 1902 0OS.5l.
The estimate of expenditures submitted doe
not include a dollar for extraordinary ex
penses II is based on the actual necessary en-
pensss of the state government