Omaha daily bee., 1897-01-08

The ceIsus of 1890 dlscoses that the value
OF the property of the citizens OF this state
is esimated to be S1.275, 6S5,51i, and the
actual value of the assessable property in
the state at this time must be considerably
more, AMI yet, as shown by the assessed
valuation Of all taxable property for the
year 1896 the valuation is placed at but
little over one-clghth of the actual value
based on the census returns of 1890.
The large amount accumulated in the gem
eral fund mentioned above, $3.50 270.39 is one
OF the features seemingly calling for some
comment. II Is difficult to understand why
this large should be allowed to ac-
cumulate in the state treasury with so great
an amount of outstanding warrants unsatis-
fed. 1t would naturally be expected that
such a considerable sum as this should have
been applied to the reduction of the states
Indebtedness as rapidly as it ACCUMULATED, as
is provided by law. and demanded in the ex-
erclse of prudent business management in
the discharge Of public duty. In defining
the duties Of the state treasurer the law
provides that he Is Ito disburse the public
moneys upon warrants drawn upon the state
treasury according to law and not other
wise" II Is also provided In section OF
chapter 90 that "all warrants upon the state
shall be paid In the order OF their
presentation therefor" Section 4 provides
that "it shall be the duty of every treasurer
TO put aside in separate and sealed package
the money for the payment Of each registered
warrant, in the order Of It's registration As
soon as money sufficient for the payment of
such warrant is received to the credit OF the
particular fund upon which the same is
drawn such package shall be endorsed with
the number and description of such war
rant and the name and address of the per-
son in whise name the same Is registered and
interest upon such warrant shall thereupon
cease, and such treasurer shall by mail i'm
mediately notify the person In whose name
the same is registered and shall endorse the
date OF the mailing of such notice upon such
sealed package"
AIM TO PREVENT ACCUMULATION
Thus 1t viii be observed that It was the
intention Of the legislature that no fund
should be allowed TO accumulate when there
were outstanding warrants drawn against.
such fund. and that as soon as sufficient
money should be paid into the state treasury
TO satisfy each warrant in the order of it's
registration that interest thereon should
cease and the state be thus relieved from
further liability on account OF accrling in
terest, While II may be said that n literal
compliance with the provisions above men
toned would be very difficult because OF the
great volume of business carried on In CON
nection with the work Of the state treas
ury, yet its spirit could be fully complied
WIN by making prompt payments on gen
eral tnnd warrants as rapidly as funds ac-
cumulated in the state Treasury therefor.
This act OF the legislature both In letter
and spirit seems to have been entirely lg-
nored and the general fund, against which
u large amount OF outstanding warrants has
always existed, allowed to accumulate 10
tho extraordinary amount OF over $500 900
This method OF disposing OF the states bust
ness puts an additional burden upon the tax
payers by the accumulation of large
amount of interest on the ,mredeemed war
rants thus neglected. II also endangers
the states interests through the possibility
OF losses OF money which could properly
have been dlsbursed in cancelling this In.
dehtedness as rapidly as possible The
suggestion that the state lis receiving interest
on tho money thus allowed 10 accurnulate
In this unusual manner may properly be met
with the statement tina, such interest Is
only at the rate of 8 per cent per annum,
while the states warrants are drawing per
cent II may further be said that II is
the duty Of the state. through lis representa-
tlyes. to llquidate it's indebtedness as rap
Idly ms funds accumulate In the collection
OF revenues for that purpose and thereby
enhancing the value OF Its own obligations.
Likewise to the suggestion that II has been
a critical period for the banks OF the state,
as well as for business interests OF all kinds,
II can he replied that the state is under no
obligations, and that in fact, II is a per-
niclous doctrine to hold that the public rev