St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-12-27

acted by the state is too high is worthy
or attention. submit it 10 y0u for such
consideration as you may deem for the
pest interests of the state.
Revenue Fund.
Detailed statement of all operations
through this and the other funds are
given IN the body Of this report. For
the hscal year 1895. ending July 81 of
that year, the following total estimated
receipts into and disbursements from
the revenue fund are given, as well.
as IS the custom, for the fiscal years 1895
and 1897:
1895. 1865 1907
Receipts
1854, ,461.1s s9,O84, ,689. 10 s3, ,762 G9s. 76
Disbursements
S29O3,07l.43 1,7S5. 10000 2,O23. 10000
Inc tax receipts for the year 1896 and
1877 are based on I.5 mills lew.
hr amount of outstanding warrants
July 81, 1894, 1914. COZ. .88, includes S242.-
$40 issued on account OF the new cap-
ltoi site and payable, without interest.
one.fOurth on Aug. in each of the
years 1895. 1896. 1897 and 1898.
IL VIII be noticed that in the foregoing
taDle IT Is assumed that at the end OF
the fiscal year 1895 all outstanding
warrants and available appropriations
VIII have been paid. 1t is not likely
mat Such VIII be the case as to appros
prlations. and, as to outstanding war
rants, all OF the capitol site war;
rants Will be outstanding on the 3lst
Oh July, 1880, with possibly $50, 900 or
oO,OOO OF the regular issue in the regular
course OF business. In fact, the cash
on hand will be more nearly 81. 200. COO
than the s73S, ,689.76 given in the
taDle, but. as 1t is purely mattel
OF conjecture 10 state how much Of the
current appropriations will he unpaid
at any stated time, and what the amount
OF outstanding warrants will be at the
same time, it is thought best to assume
all current obligations Of the state paid,
or payment provided for on Aug. !. 1897.
In order to emphasize the necessity OF
tax reduction. The estimated receipts
or revenue from state taxes for the fiscal
years 1896 and 1897 are based on ins
creased taxable valuation Of all prOp-
erty and reduced rate of taxation.
Inc revenue tax for the lists Of 1893
ana 1894 was levied at rate of IL mills.
Ii seems TO me that this
May BE Safely Reduced.
My estimates are based on is mills
rate. The taxable valuation of all prop
erty on the lists of 1893 was. in round
numbers. seas, 100000. That for the tax
great as might be expected, owing to
inc great falling off of the taxable valu.
atlon or personal pTOperty-Some S12,-
OOO, 900, as compared with the figures OF
the state board Of equalization of 1893.
III my opinion, a conservative Gstf.
mate sf the taxable value of all prop-
erty IN the state for the tax lists OF 1894
would be $3.50. 900, 900. That for the
1873 and 1896 lists at S6G0, 600, 900 aud
GctI tsoix
RailrOad Earnings.
Owing to the heavy decrease in the
gross earnings of our railroads the re-
ceiptS from this source have fallen
away since the end of the fiscal year
1898, but in the Datural order or things
this condition will be bettered. The
estimated receipts from this source, as
given in the preceding table, are
thought 10 be entirely within the
bounds of probability.
The amount of the credit to the reve-
nue. fund on July 81, 1890, was S37O,-
2.I6. With reduced levy and in,
creased expenditures this has grown to
81 ,09S. 46ll9 on July 81, 1894. MAKING
allowance for ali probable cOntIngen<
cles, 1t would seem that large proper
tion of this sum might be left in the
hands of the people as the result Of
lower taxes.
| respectfully call attention to those
of the recommendations of my report OK
two years ago which may now be per-
tInent. A tax commission. whose duty
1t shall be TO cOdify our somewhat in
vOlved tax laws on that subject, is a
growing necessity. The manner of Sc
lection Of such body is a ject de-
serving Of careful deliDeraIiOn.
Loan and Trust Comprehensive fol-
lowing loan and frHSt POmn90ipC
complied with the law, and have on de-
pOsit mortgages and other securities in
the amounts Indicated:
Minneapolis Loan and Trust company,
Minneapolis, Sl01,050; Metropolitan
Trust company. Minneapolis, Sl27, 500:
Minnesota Title Insurance and Truss
company. Minneapolis, 500, ,375; Minnee
apolis Trust company, Minneapolis,
Sl01, 800; st. Paul Il Minneapolis Trust
company, MINNEAPOLIS. slO0. So. 10; st.
Paul Title Insurance and Trust COM
pany, St. Paul. 500, 200; St. Paul Trust
company, ST. Paul, 100000; Security
Trust company, ST. Paul, S102, $500:
Duluth Trust company, Duluth, S1OO,<
612; American Loan and Trust COM
pany. Duluth, 800, $50. Total, S1,O34,.
7l0.S3.
Internal Improvement F und Five
per cent of the net proceeds of the sales
VI puOllC IdIlOS 10 pdlQ W tue SthtO DY
the general government, and forms this
fund. At present there is a balance OF
81, ,72S. 65 in This fund, with unpaid apA
preparations amounting 10 16.956,03.
State Dabt-Ihe total funded debt of
the state on Aug, l. 1894, was as fol.
lows:
Minnesota Funding Bonds
1S92), 314 per cent. S1,659,O0O 90
Minnesota Revenue and
Building Bonds QS94
per cent...-....... ...... 100000 90
Total....:... -. ...... S1.959.O0 90
Deduct cash IN redemption
fund ....................... S4O 1S4 so
Deduct amount in sinking
fund ........... 26. .6S2 %
"
S66,S16 SO
Actual state debt. .S92, 1888 Is
Loans to School Districts and Coun-
ties-These loans are constantly in
cressing, and have been made as folS
lows:
To l,69O school districs.... 81, ,274,430 So
10 II counties. S............. 10000 90
Total. l................... $l,440, $50 So
Owing to the difficulty experienced
by the commissioners for the Investment
OF moneys received from the sales Of
state lands TO find suitable investments
for the cash accumulatlug i'll the per
manent school fund, under the restric-
tions Of the constitution and legislative
enactment, l would suggest the consid-
Grafton of some plan to enlarge the
scope of powers of these commissioners
that loans might be made to municipal
within the state. thus to
nc ftYn Ir