Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1897-02-18

determine whether 4 recurrence OF the
deficit referred 10 shall be prevented
by the levy of an adequate tax for
/ that purpose, or the treasury shall pc
protected in the future as in the past
by advances from the railroad corpor-
ations and overdraftS permitted by
the banks. A levy OF a two-fifths
mill tax upon the assessed valuation
of the state for the years 1897 and
1898 would, believe, furnish an
amount sufficient to restore the gem
eral fund TO its normal condition.
I'm this connection cali your at
tention to the law providing for state
repositories and the deposit of public
moneys therein. This law is known
as chapter 273 of the laws of 1891
II creates a board of deposits, con
sisting of the commissioners of public
lands and the governor This board
designates the repositories and gives
to the state treasurer the power 10
deposit with any such depository, it
having given the requisite bond and
complied with the requirements Of the
law. any public moneys in his hands
or under his official control, not eX
ceedng the limit prescribed by section
8 of the act. provides that any
sums so on deposit shall be deemed
to be in the state treasury One hun
dred and tifty-eight thousand dollars
of the funds of the state are now.
under the provision of this act. on
deposit with various banks through
out the state. OF this money, $43
576 .05 are deposited in banks which
have failed. l am advised that. not
withstanding the preference given 6y
the law to the state, the amount which
the state will recover from these
banks is uncertain. 1t is MOI the
theory of the law that these deposits
shall constitute loans for any given
time. The money is on call, and the
purpose of the act is to enable the
state, while there is no public need for
the money, to obtain a low rate of in
terest upon it. 1t needs no argument
to show that the money of the state
should not be loaned, except under
circumstances which shall certainly
secure its prompt return when needed.
1t is perhaps worthy of your attention
whether the law may not be much i'm
proved in the matter of security to be
required from repositories. Under
the law as it now stands the board of
deposits, which keeps a record of it's
votes and acts, designates repositories
by a majority vote. | recommend an
amendment of the law so as to pro-
vide that no bank shall be made a
depository of public funds without a
unanimous vote of the officers consti-
tuting the board of deposits,
THE recent destruction by fire of
the state capitol Of Pennsylvania, to-
gether with all the state records, has
directed attention to the unprotected
condition of our own state records
now stored in the basement OF this
building. | recommend that some one
of your committees be directed TO
make investigation of the condition
of these records and the vault in which
they are stored, and If it be found
that they are not sufficiently protect
ed, provision be made for the con-
struction of thoroughly fire proof
vault, in which they may be stored
with safety"
The governor also submitted a re-
port he had received from Secretary
Casson and Treasurer Peterson rela,-
ing to the expenditures for 1896 The
substance of II is appended:
rHhp inrpnl,n ~ pS,,, DJ;tryrnc re
342 As 'G fns,ll" for as follows.
Payment ;iUs, t,lu 'oons. $3.50, 600,
one mil AK paid from teaeral fund
surplus, S60000 pa,t O, 40 mill tax
for university paid from general fund
surplus, $l32, $40; taking of census as
required by the constitution and laws
OF the state, $40, 1925 d5; printing census
report, 1852 % increase for main e.
nance Of chronic insane in county asy-
lums, caused ~ an incl eased number
Of insane, $l02 59G IS; paid to chart
able and penal institutions, NJ. C.
Clarke, treasurer, but refunded by said
treasurer to the general fund, under
chapter POP OF tAe lawc of 1895, sac
252 IL money received from and cN
/
tuiions. under ch&p,cr G02 % The laws
{. lSt5, 1906 81 balance, SlA ,S95. A.
To exp. IN me-. fully as j, vas
aEprcher lee a. ,ag The session Cf
1895, that tn general land Il, ipts
would not be sufficient to meet all the
current expenses of tho STATE and the
appropriations OF the Legislature, pay
able from the genera fund chapter ~
of the laws Of 1895. was enacted, an
thCrizing a loan frCn, the trus funds
Of the state to the general fund, in case
1t became necessary tc meet the ordin-
AIRY and current expenses Of the state
government and the appropriations Of
the Legislature, Of a sum sutficien, for
that purpose, 10 be re paid TO the trus;
funds from the general fund revenues
of the state for tie fiscal year ending
September 30, 1896 Accordingly 500
600 was transferred from the trust
funds to the general fund which
amount was re-trarsferred 20 the
trust funds, as provided by Jaw. and