, 1900-10-10

the date of the admission OF the terri
tory to statehood almost every coun-
ty in the then new state, was burden
with a large floating Indebtedness.
Under the provisions of the constitu-
ton of the state, this indebtedness
was funded and bonds bearing not less
than six per cent per annum were is
therefor.
More Debts.
In some of the counties these securi-
ties were disposed of at a premium
and all were sold at not less than their
a value. but in some instances a
large andliberal commission was paid
for their handling. Such was the con-
dition of the financial affairs of the
counties in 1890.
Thereafter many Of the counties
proceeded along the same line that had
characterized their administrator pre-
vious years and as a result a second
floating Indebtedness was created.
This debt was in eXcess of the reve-
nues for the current year and was
became a menace to the successful
operation of our laws and the credit
of the state. These conditions contin-
ued to exist until the year 1898 and in
perhaps two counties .Atil 1895 at
which tlaic 2le Legislature passed "the
certificate of Indebtedness bill" and
provided that any certificates of in
debtedness, warrants or other obliga-
ton in excess of the receipts for cur
rent expenses for the year should not
Operate as a debt of the county. This
was an advanced step in county finan-
ciering. The law, however, failed to
provide a penalty for the violation of
the provisions of the act and one or
two counties took advantage of this
defect.
Liability for Obligation.
A further recommendation was made
to the legislature and resulted in the
enactment Of a law fixing the liability
for any obligation in zee of the rev
enue of the current year wholly upon
the officers and their bondsmen, Gre
ating the same, and provided in dis
tinct terms that the county or other
government should not be RESPONSE
BILE in any manner for such indebted
ness. The wisdom of the legislature
in passing the laws referred to is ap-
parent and has assisted in establish
ing a financial basis for the conduct
of every department of county govern
ment that embraces sound business
principles.
The establishment of these princi-
pies has aided in decreasing the eX-
penses of county governments annual
ly until it would seem that a minimum
had been reached.
The cost of maintenance of the
county governments of the state for
year 1899 was, in round figures $685..
600; a decrease of more than Sis, 0O0.-
90 compared with the expenses of 1892.
Decreased Taxation.
With the decrease in county ex-
pense has also come a decrease in the
rates of taxation. The decrease of ex-
pense has not diminished the effective
ness of the government, but rather has
increased it and we enjoy more real
benefits under the present reduced ex-
penditure than existed during the time
that economy did not enter into the
administration of public affairs. These
have not been the only benefits at
tendent upon the business policy OF
our state and county governments.
Our valuations have increased, our re-
sources are greater and new interests
are being developed each year. Our
banking deposits are more than twice
as great and bank have ire
bled. There are other venues that
bear evidence to the changed condi-
tons in our offairs. This has been
done at a lower rate of interest than
we are entitled to, our population be-
ing considered.
Laramie and Evanston have each
efunded their school district bonds at
a rate of four and one-half per cent
interest per mum. In the case of
Laramie such %refunding resulted in
tho Snuinu in intnrnsf nf nnn onI nnn-
half per cent per annum, while in the
case of Evanston the net reduction in
interest is three and one-half per cent
per annum.
Uinta County.
Uinta county refunded her bonded
six per cent Indebtedness at a rate Of
four and one-half per cent interest per
Iannum and received a premium upon
the bonds offered approximating one
Iper cent.
School district No. 2 in johnson
county offered, August LIST last, her
building bonds amounting to $11, 900.
These bonds to bear interest at not to
Exceed five per cent per annum, pay
able annually. The state Of Wyoming
being successful bidder purchased the
bonds at a premium of 500.
Big Horn county offered August 25th
last, her funding bonds amounting to
$37. 900 at a rate Of interest not ex-
ceeding five per cent per mum. These
bonds were sold at the ONCE Of the