The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-09
STATE AUDITORS REPORT.
Recommends Reduction in School
Levy and Increase In Sinking Fund.

The report of Auditor of State Hender-
son came from the printers hands yester-
day The first sentences felicitate the
State on the fact that at last the time has
come when the State has quit borrowing
money to pay interest and has reached
debt paying era. He points cut what Re-
publicans told the people year after year,
that the State was in a condition in which
the treasury was running behind from
half to three-quarters of million dollars
every year. He shows, however, that I'M
der the operation of the new law, and the
federal refund, the debt has been reduced
$4,000 in two years, leaving the total debt
$780, 615.12. He recommends that the
State school levy be reduced "a cents; also
that the State debt sinking fund should
be increased to cents. 1t is now cents.
The general fund levy, he says, should be
reduced l cent, and the benevolent fund
should be merged into the general fund.
The Auditor REFERS to the fact that he has
driven from the State $50 of the insurance
companies that did business without the
proper responsibility. Concerning State
banks, he states that nine failures occurred,
the first since 1875. He urges that the law
be amended so as to provide for some one
to take charge of broken bank until a
receiver be appointed; also. that, the
Auditor be authorized to notify bankers,
when found to be observing unsafe
practices or unsafe methods, to desist. An
other recommendation effects the method
of paying the State bank examiner. The
recommendation is also made that the law
be changed as to permit savings banks
to be organized so that the promoters may
find profit enough in them to start them
The estimates of receipts and expenditures
for the next two years are as follows:
Should the value of property for taxable
purposes remain the same during 1896 and
1897 as now viz: 81 1902 $40, $50. and the pres
ent tax levy of 10 cents on the 500 for the
general fund of the State treasury and
cents for the benevolent institution fund is
continued, and the receipts from all other
resources remain the same, the total
amount of revenue collected for each of the
years 1895, 1896 and 1897 will be ST. 772. 81.
And should the current expenses Qncluding
$105 900 for legislative expenses in 1895 and
1890, which means the expenses actually
necessary to pay the permanent officers,
departments and institutions and the in
terest or the public debt, it will require the
sum of 81, 064,950, leaving a balance OF $780,
so 81. Specific appropriations made by the
last General Assembly, payable in the
year 1895, amounting to $4,000. should be
deducted from the balance for that year.
For the year 1896 the balance will be $685.
600 larger, for in that year there will, in
all proba bility, be no legislative session.
by a decision of the Supreme Court the
incidental expenses of the State Soldiers
and Sailors Monument chargeable
against the general fund and not against the
the appropriation or fund for that Struc-
ture. This expense has amounted to about
S12 900 a year, but may be increased, as I'M
der the Supreme Court decision, there is
no limitation to this expenditure"