The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-21
CONDITION OF THE STATE FUNDS
FOUND SATISFACTORY BY
COMMITTEE.
THE BONDS OF TENNESSEE.
HOUSE COMMITTEE rs IN FAVOR
OF THE PROPOSED CHANGE
IN FORM.
Repairs and New Buildings Call for
Chunk of MOney-Business OF
Saturdays Session.

Saturday at best is not a good day
for the house, and yesterday was no
exception to the rule. A good many of
the members were either excused or
left Friday night or early yesterday
for their homes to spend Sunday. leav-
ing hardly a working majority. Sew
eral oils yesterday on the calendar re-
CURED call of absentees before placed
on their final passage, and the result
was the work proceeded slowly. Even
under these circumstances the day
was not without it's humorous flashes
and several of the representatives took
part in the witticisms. Altogether it
was not very good day.
Inc committee on state accounts
made report upon the state treasur-
er's office. finding the money Of the
state properly accounted for. The
state has $643,21S.13 on hand and in
solvent banks, and 1854, S12.68 in in
solvent banks, The amount in insoI-
vent banks Is double what it was two
years ago. being only s132, 272. 70 at the
last report. Nevertheless. the commit
tee reports that, with the system of
suretles by which the state funds are
hedged about and the fact that the
state Is a preferred creditor, insures
the state from any loss by these in
solvent banks. This Is also the sub
stance Of a statement of Attorney Cen
eral Childs, which accompanies the re-
port.
Inc only interesting feature in the
report aside from this is that relating
10 the investment of the state school
ana university funds, which have been
invested IN bonds of Tennessee. Ala
bama and Virginia, upon which the
market quotations of the securities
have fallen since the bonds were mr.
chased. The committee recommends
that some Of these bonds be sold and
other securities bought. so as to dis
tribute the investment among a larger
line Of securities. A bill to provide for
such action Is now pending in the
senate. The committee also specifcal-
~ denies the statement made bv Mr.
jacobson upon the floor of the housa
several times to the effect that money
has been withdrawn from country
! banks In order to bolster up city banks.
IL pronounces this statement abso
lutely false. The committee was given
further time to report upon other de-
partments.
State Treasurer Koerner exn1ainod
to reporter that The Tennessee bonds
referred to by the committee report
had been stamped Non-transferable
except by order Of the governor. treas
urer and auditor" 1--WE aim AT ca fatv
however, in our attempts to secure q
reissue from Tennessee" said he. IF
registered, the bonds might be burned.
lost or stolen, and the state would still
escape loss. Tams Bixby went to Ten
nessee some little time ago on this
matter and the message brought back
| was that the people down there were
| inclined to take a very favorable view
or the proposition for a reissue. The
bill to that effect was introduced there
! the last day Of his stay Tennessee. if
| 1t registers these bonds, will do so for
all the securities represented in it's
bonded indebtedness. 1t can do so as
we'll as not. for. after ALL the most
serious argument to be urged against
the action would be it's cost. This
would be about $500 If we secure
this reissue, II will save us considera-
VIC CAPCiiSc dHu lIOuDle, Tor with the
coupon bonds we are required to send
the coupons down by express"
The state now holds So, liz, 900 in the
Tennessee securities. The first were
negotiated in the sos, and the last in
1894. They bear varying rates of in
terest. They were all purchased at
from 60 to IS cents.
NORMAL, SCHOOLS s. NEE,DS
Representative Hill introduced a bill
asking an appropriations for the Winona
and other normal schools, covering ex-
pense of repairs and new buildings d,
the various schools. Here are the
items:
Completion of building at st. Cloud $35 600
Repairs on old building at St. Cloud 900
Ladies' home at Winona ....... 80 900
Replacing old seats at Winona ~ 200
Basement, pavement and sewer con-
nection, Winona ........ ............ 1900
Addltion TO Mankato building. ....... 10 900
Aoditlon to Mankato library. ........... 800
Addition to museum and library at