The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-11-20

nearly as possible an equal distribution
OF the amount drawn.
To make home bonds equal to Govern
ment bonds the amount OF taxes PAID on
bonds deposited should be deducted from
the interest TO be paid. A board OF de-
posits should be created from some three
of the State officers-say Governor, Treas
urer and Attorney General-who should
supervise the letting and settle all mat
tiers of dispute that might arise.
The county system might be almost the
same except that there could be but lit
tie use for County Treasurer. The Audi
tor could draw his warrant direct on the
depository, and the Tax Collector could
pay into the depository, or the offices of
both Tax Collector and Treasurer might
be consolidated thus doing away with one
Office. Did / expect to be active in politi-
cal life l should hardly dare to suggest a
decrease in the number of Offices, for 1t
is not popular suggestion. | am, how
ever, trying to- tell the people how money
can be saved. The Supervisors might be
the Board of Deposits for the county, but
1t should be the duty of the State Treas
urer to supervise the amount and kind of
securities presented and where necessary
the State board might have supervision
Of any matters arising out of the matter
of deposits.
To save the cost of so much transporta-
ton a system of checking should be ar
ranged between the repositories and this
might well be left to the State Board Of
Deposits.
The law should provide that in case of
municipal or county bonds those of coun-
ties or municipalities that had a debt
greater than a fixed percentage of the
assessed value of the property should not
be taken.
1 am of the opinion, from balances
taken from the books of the county treas
uries-I did not get all-that the monthly
balances in all the counties will foot up
over 5000 900.
1 have no means of determining even
approximately the cost of TRANSPORTATION
Of money, but $4,000 per month Is con-
seryative estimate
If we abolish one county office we will
have a saving of about SIPS, 900. The inter-
est on the States money at 3per cent would
amount to over S100, 000 and the county
money at the same rate to $3.50 900. making
a grand total of 1896, 600 per annum saved.
There are many millions of dollars of
bonds al.oat in this State on which no
taxes are collected, and yet when they are
sold every bid is made with the assump-
ton that the Assessor might get hold of
them or that the wear and tear or con-
science in making false statements under
oath is worth something. The plan pro-
posed would make demand Tor this
class of bonds. and the price would ad-
vance, making another material saving TO
the people. Neither would there be any
loss on account of renting taxes, Tor We
do not get any taxes on them now to
speak of. But great as the savings APP
pear. I do not regard them as of as much
Importance as letting the money out into
free circulation, reducing interest on
money to all people;
these ideas, l addressed letter to the sew
eral State Treasures, asking each what what
system was in vogue in MS state. l was
pleased to find that several of the states
were moving up to this. point, and that
some have nearly reached it, and in
those where a deposit system has been
inaugurated perfect satisfaction has been
obtained.
Missouri comes nearer to my ideas than
any OF them. There money is let out on
bids, and bonds are required to be de-
posted as security, but she only gets l.62
per cent for her money-Sesstons Acts,
1895, page 276.
Minnesota permits the State Treasurer
to deposit money IN banks at 3 per cent
on individual security. and the Treas
urers bond is also liable-General
Statutes, section 344.
North Dakota makes deposits of money
in banks and requires deposits of securi-
ties She gets to per cent-Statutes
1898, PIP 725.
Michigan makes deposits on good and
ample security, to be approved by the
Treasurer, Auditor General and Secretary
of State" From to per cent Is real
ized-HowelFs Annotated Statutes, sec
tions 356. 397 and 39S.
In Alabama the State money is kept In