The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-30

maintenance OF detail connected with ueldyS
in payments of interest, foreclosure, etc.
With half a million dollars loaned over
the State-quite a banking business within
itself-from fund that Is certainly a sa,
cred trust the auditor should be provided
with authority to incur whatever legiti-
mate expense is necessary TO protect 1t
should an exigency arise Every precautlon
and the morale of borrower is considered
in connection with the value of security Of
f6ere IS e4f from m time to me Necessity for
personal inspections and examinations.
Indiana, with its matchless geographical
location, it's unequaled railway facilities
and it's vast subterranean ocean Of natural
gas. is becoming an industrial world In
itself. so rapidly are diversified manutact-
uring interests taking advantage or these
priceless inducements. A sterling public
credit. with financial colicy that restricts
expenditures within the bounds of neces-
dermining our bonds and interest is an
added and appreciable invitation for cap
ital to locate in our great and growing
State.
The report of the insurance department
of this office will show that there are now
authorized to do business in the State fifty
life. accidental and surety companies. 1O3
fire and plate-glass companies and eighty
eight assessment life and accident compa-
MES organized under the laws of other
States or nations. During the year nearly
ten thousand semi-annual licenses have
been issued TO the agents of these COM
panies. There are also operating in the
State forty assessment life and accident
companies incorporated under the act Of
March 9, 1888; two mutual fire companies,
incorporated under the act of June II. 1852;
| one stock fire insurance company, incOrpor-
ated under the act of March IA, 1885,
These companies have paid into the State
| treasury taxes and fees S156, ,220S6.
m n
| companies there are seven companies doing
| business under special charters granted by
the present Constitution, and over which
| this Office has no supervision.
| In the administration of the department.
| it has been my endeavor to protect the
people against impositions by unauthorized
| and irresponsible companies. and during
the year fifteen such have been publicly
refused admission to the State during the
| year
The insurance laws of the State are
| largely patchwork. being made up OF
amendments to laws and supplemental
| laws to meet special emergencies. This fire.
| quently makes them difficult of interpreta-
| ton and the authority of the department
| uncertain. AS questions have come before
| the department for decision and action.
| the query has often risen whether it
would not be wise to authorize the appoint
| ment of a commission to thoroughly revise
| and codify them.
| As will be seen elsewhere I'm this report
there are ninety-seven banks of discount
| and deposit. five savings banks and four
| trust companies under the supervision of
| this department.
| The changes made i'm the State bank law
| at the last session have enabled the de-
partment to exercise more effective SUPER
! vision. The fixed fees for examinations
| have proved more satisfactory to the banks
| than the old method
| The General Assembly of 1895 authorized
| the appointment of q commission to revise
| the building association laws. This COM
| mission has made its report to the Govern
| or. and with it submitted the draft of a
| law. That part of the proposed law reat-
| ing to supervision is virtual re-enactment
| of the present law. There is no provision
for compulsory examinations. 1t is a ques-
| tion whether. there can be effectual super
| vision without at least annual examina-
| tiOnS.
In the land department are contained
| the records showing the disposition made
by the United States of all the lands in
Indiana. Many Of these records are in
ing them is I manifest I'm NJ 1859 % an a. appropria
| tion was made for the purpose Of copying
and indexing them. but the amount was
insufficient to complete the work.
Current work requires the constant serv-
ice of the assistants allowed this office.
aud if these records are to he preserved
special provision must be made for doing
the work.
The State has claims amounting to about
| $4,000 pending against the United States
| sequent to the swamp-land grant of 1850.
| These claims cannot he prosecuted to a
| conclusion unless provision Is made for col
| lecting the evidence and presenting the
same to the General Land Office
ESTIMATES FOR THE FUTURE.
If the value of property for taxable pur-
poses remains the same during the next
three fiscal years as now, viz 81. .2S6, $50, ,531
and the present tax levy of cents on the
800 for general fund of the State treasury
and cents on the 500 for the benevolent
institution fund is continued, and the re-
ceipts from all other sources continue the
same. the total amount of revenue collect
ed for the support of the State govern
ment and its benevolent institutions for
each of the fiscal years 1897 1898 and 1896
will be 2,276 091.51.
Should the current expenses Gncludine
s105.000 for legislative expenses in 1S9Hand
1899, which means the expenses actually
| necessary to pay the permanent officers
| departments and institutions and interest
on the public debt. it will require the sum
of 81 946, S65, leaving a balance of 1929 226. 81
| For the year 1898 this balance will be in
creased $780, 900. for there will be no session
of the General Assembly in that year.
The estimates do not take into considera
ton any extraordinary or statutory appro
priations. They are also based on the tax
able value of property remaining as now
fixed. For several years there has been
| depreciation in value of personal property
returned for taxation. and if this should
continue, then the revenues will not be a.
great as above estimated.