The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-13

1870 ieSllIQdl ffi 9.vVt W
Bountfes on wild animals......... 1000 90
Estimated deductions on taxes. 1854 20
Estimated amount held back on
1 account of tax sales for 1885, ~, 594 %
Apportionment of taxes due from
counties to school fund.-......-.. lO4.s6I IS
Excess of resources. ...........-.... SO,SS0 3
ss94.471 Il
That is to say. when all the revenue
resoV.'ces are available and all the cur
rem Indebtedness eXtinguished. there VIII
Ner remain ii balance in the treasury or
$%-SS6-2S. This extremely gratifying show
Ing may be largely accounted for III the
excess over last years calculations OF
revenue from ices in the ONCE OF secre-
tary of state paid by corporations and
insurance companies, and in the TACT
that some of the large APPROPRIATIONS.
notably for the courts, the state board
OF land commissioners. and Tor extension
OF surveys, have only been medSuredpiS
drawn upon In ordering these balances
ana All other unused balances co-eteI
| into the general fund, which | recommend
as the correct course to pursue. care ,,
should be exercised TO provide lot ..u
Obligations incurred during the year TOT
which the appropriation was MADE II IL
should be corroborated. by later invesu-
cation. that these figures are accurate
wise financial policy would direct IN view
Of general depressed conditions that the
taxpayers be relieved of Il portion OF their
burdens BY a decrease in the rate OF
taxation. Considering in this connection
the funds that will arise from sale OF
lands during the years 1896 and 1891 the
interest of which will be aNailable Tor the
support Of the schools and state 'nstltu-
tions and which VIII, in all probabllltY.
amount to 4 considerable sum. a reuuc-
lion Of one mill. at least. in the taxes
may ! think be counted upon with
reasonable safety. Such Il consummaton
would, perhaps. be unprecedented; put
/ am sure il would be hailed with ac-
Carnations of rejoicing by the taxpayers.
A CASH BASIS.
While it is apparent that the revenues
of the state from all sources viii be SUM-
cient when fully collected. to meet all
obligations and leave a surplus on hand,
the fact remains that the treasury is rot
Yet on a cash basis. 1t is my earnest
hope that measures may be adopted by
you that will accomplish this end and
make the state warrants good lOr cash.
no matter at what time of the year they
may be presented. The present difil-
Guilty is easily explained. Expenditures
are necessary at the beginning of the
year and during the year, and warrants
are issued therefor under the law. These
are presented to the state treasurer. and
Il he have no cash in the treasury ap-
plicabie to their payment the warrants
are registered and marked. not paid for
want of funds and must then he
hawked about ior perhaps ten or twelve
months before the taxes provide sufficient
Such procedure nectSssitate conducting
the various state institutions largely upon
credit. and works a hardship also upon
ali holders OF state warrants me war
rants are discounted al excessive rates,
or in case of state institutions. pledged
to the various banks collateral secur
ity. and loans made thereon. bearing in
terest. usually at not less than per
cert per annum. and the result is a sur
prising loss to the state. the aggregate
amount 50 paid in interest last year
having been 9i.52S.l2. In Il word, we
spend our money before we get II. 1t may
be possible when present financial ad-
IustmsntS are completed that this dis
advantageous condition viii be materially
imprlVe but a permanent remedy should
he found and enforced Immediately TO
this end the following suggestions are
submitted: \ helpful expedient would
he to authorize the collection of taxes
in semi-annual installments. the first half
PAYABLE III May and the second half i'll
November, with the added privilege. per-
haps, to the taxpayers of obtaining
small discount for the fun settlement be-
fore the date of delinquency. To put
such plan into execution would neces-
state changes in the revenue law that
would provide for assessment OF prop
crty earlier in the year. and that would
hasten completion of the assessment rolls,
but the results could not be otherwise
than to provide revenue more nearly the
time when it is needed. and thus ac
complish. at least approximately. the OBJ
ject sought. Another meritorious plan
which. in my Judgment. would mitigate
and. perhaps. correct the existing evil.
would be TO authorize the state board
of land commissioners to invest the pro-
ceeds arising from sale of lands in loans
secured by state warrants, at say I per
cent per annum interest. The law now
in force authorizes the investment of
these funds in state. county. municipal
or school district bonds. or in first mort
gage loans On farming lands at Z per
cent. Opportunities for the proper in
vestment of these funds in any of these
securities viii not be found adequate. and
IL viii be developed that moneys belong
ing to the state will he lying idle. while
the very institutions sought to be benefited
by such investments are borrowing money
from the banks for maintenance. If the
law be amended as proposed. tho state
would become its own banker. the in
StitutiOnS would secure loans at less
rate. the various land funds would de-
rive a better interest rate upon unques-
uOndble security. and present anomdl- I
Gus. unbusiness-Iike and disadVantaseOus I
conditions would be done away. Whether
the authorization of this additional in
vestment of the land funds Would wholly /
accomplish the desired end of placing the 7
treasury upon cash basis or not. ] rec I
ommend II as = proper thing to DO, on I
thc ground thct strict business mdNiTnS /
should control the administration of pub Z
lie finances. and il is nanifestly foolish 1
20 store moneys for difficult and perhaps .
remote investment, when such perfectly .
gilt edge security as cur own warrants /
may be within orr grasp. The first state /
legislature WAS careful To provide ample (
resources to cover all liabilities. Let us /
not adjourn this session until. by the 4
adoption of some of these suggestions or I
such other as your united wisdom may /
determine the problem of making all .
state paper as good cash shall have I
been permanently solved
INCREASE OF REVENUES.
The legislature at its last session pro- /
rided for the collection OF fee of - /
cents per $1,000 on the capital stock or /
each corporation Incorporated after the I
passage of the law. and the same fec for .
each company filing with the secretary 1
OF state amended articles increasing its /
capital stock. These fees have yielded (
$6SSS.9o in nine months. Another law [
authorized the collection of tax on the I
gross annual premiums of foreign in /
surance companies doing business in the .
state. This tax yielded $S.645.25. Such .
collections are in no sense oppressive. but
tend 10 equalize the burdens of taxation
IL the state TO bear a Just portion of the +
expenses OF the government.
1 commend to your consideration the
proDrietY OF further increasing the rev
enue by legislation that viii authorize
moderate Inheritance tax TO be paid by
wealthy estates in probate. In other
states such tax Is productive OF mucn ,
revenue, which lessons corresDondingly
the direct taxation. 1T seems 10 me also
to be only lust. considering the we'll es-
taDliShed fact that a very large proper
ton OF the crimes committed are the re-
suit of liquor drinking. and the state IS
charged with the expense of criminal
prosecutions md he maintenance of the
state prison. that the state ought to get
a percentage OF the revenues resulting
from liquor licenses. now collected en-
tirely by cities and counties. This view
receives further emphasis in the fact that
q large proportion of the insane. sup
-.