Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1901-01-10

sentatives:
In compliance with constitutional
requirements | have the honor to sub
init to the representatives Of the people
my third biennial message. During
the past two years there has been no
occurrance of unusual moment to dis
turb the tranquility of the state. The
seasons nave been fruitful and the peo-
pie have SO far adapted their lives and
commercial energies to the physical
conditions Of the country that the loss
OF one or two crops can no longer re-
suit in distress n immigration.
The tide of immigration has set strong
ly in our direction, the late census
showing an increase in our population
Of twenty-five per cent during the de-
cade. This increase of population rep
rdesents a steady, permanent growth.
1t represents a solid acquisition OF solid
people who nave come here because
they know the value of the state as a
place to make homes n are fully ad-
vised concerning the best means to that
end. The public health has been good
the public peace has been undisturbed;
the education of the youth has gone on
apace, stimulated by the school fund
whose total has reached 1882, 1926. l6
and which is now annually contribu-
ting an income to the support OF our
common schools a~ggregating owe
$3.50, 900. Physically speaking u peo-
pie have much for congratulation. So
far as their own efforts and a kind
Providence are concerned they have
proposed greatly. Blu the movement
OF civilization is not backward. 1t is
forward, and 1t Is to the questions OF
tomorrow the representatives OF the
people should address themselves,
faithfully seeking the path which will
most certainly and speedily lead TO the
moral and material advancement OF
those they a the high konor to rep
resent.
STATE FINANCES.
Despite heavy appropriations made
by the last legislature and the neglect
Of that body to pass measures to pro-
duce revenue equal to increased ex-
penses, the state is in good condition
financially. The receipts of the treas
urer for the past two years have ex-
ceeded 81, 600 900 per year. June 3Oth,
1899, he had a cash balance of $751;
110.44, and June Goth, 1900, he had a
cash balance of $685., 70l,37. State
warrants have been registered since
June 30th, 1899, owing TO the depletion
of that fund by appropriations in excess
of current %yenue An interest
charge OF $4,S9l,2S has been
paid on these warrants at the rate OF
z per cent per annum. h registra'
ton of warrants has no resulted III
their depreciation; they have beer
cashed at par at all times and would
be eagerly sought for as an investment
.,an nnYn Of nfnFnnt than thai
now fixed by law. Registering genera
fund warrants has proved a sigma
measure of economy Notwithstanding
this unnecessary high rate of interest
and | hope that the state officials viii
never be tempted to reinstate the form
er policy of issuing large blocks O
revenue warrants running for Ions
periods, beneitting nobody except TIT
treasurer who may succeed in drawing
interest upon his deposits or the bank
which handle the funds. 1t seems alb
surd that a state should tie its hands
by the creation Of separate funds anC
be forced to pay interest on It's owl
none or suffer depreciation OF It's pa
per. For two years the banks in which
the treasurer deposits his funds haV'
held nearly a half million dollars be
longing to the different state funds
still the state has paid the banks In
terest to keep its general fund war
rants at par, We have paid the banl
cashiers 7 per cent to transfer on
money from one state fund to another
What would be thought of the intelli
gence of business men who helplessl!
maid interest 70 some third party Il
transfer his money from one poke
TO another? Some method should b.
devised to allow a safe transfer o
funds and avert the further registra
ton OF general fund warrants.
IL would seem that some Legislative
measure sufficiently flexible a be en-
acted by which the school fund, nov
large and rapidly growing, could b.
invested more readily In our state OBJ
legations. see no good objection Il
the commissioner of school and publi'
lands buying registered general funt
warrants and he might prontabiy b.
authorized TO invest a portion OF tn
school fund IN that way. Thus tn
school money would be invested In
good security paying a higher rate thar
the constitution calls for. Under tn
present law, large sums OF school mon
ey lie idle, at least so far as the people
are concerned, while the state pays 9
high rate or interest on It's w money
believe the time has already arrived
when the question should be submitted
10 the people to amend the consti.u
ton, reducing the rate OF interest on
our school fund, that We may success
fully compete for first class securities
In large blocks; otherwise a large pro,
portion of our school fund must con-
tinue to lie idle,
The books Of the treasurer disclose
no interest paid 10 the state by these
depository banks, although there is the
best OF reasons for believing that the
practice Of receiving interest OF state
deposits INDUCED in by former treas
urers is still In vogue. u was proved
by the bank books that ex-Treasurel
Phillips had received interest on dali,
balances on state funds deposited IL
the Dakota National Bank OF Siou'