Omaha daily bee., 1902-12-05
STATE TREASURER REPORTS
Recommends Legislation for Investment Of
the Permanent School Fund
HAS NO FEARS OF CATTLE coNTAeION
uDvernor-EIect Announces There VIII
BE No Change In Management
of some state IBstitu-
lions.
CFrom a stan Correspondents

CFrom a Stan Correspondent
LINCOLN Dec. A. Special) - State
Treasurer william Stuefer has filed his
biennial report for the period beginning
December 1, 1900, and ending November 20,
1902, together with the following remarks
and suggestions:
There is now a balance OF S5.O74.iO in the
normal school library fund which is not
available on account Of the failure OF the
last legislature to make the necessary. APP
prOpriatiOn. The penitentiary land tund
also has a balance of A,OSs which Is un-
available for the same reason as the above.
Under the provisions OF the inheritance
tax law passed by the last legislature 1914
has been paid into the treasury, but as
the law does not designate the fund to
which this tax shall be credited, 1t Is held
subject to the disposition of the coming
legisla ture. These matters should be
brought to the attention OF the Legislature
early In the. session In order that they may
not be overlooked or forgotten.
Many inconvenience arise from the fact
that the fiscal year commences on the first
day OF December, instead OF the day upon
which the treasurer assumes the duties OF
the office. This males 1t necessary for each
treasurer to report more than a months
business OF. his predecessors, which Is
bunglesome and unbusinessiike. At the date
of the biennial report as now fixed by stat
ute the temporary school fund has not
been apportloneJ and distributed, thus
rendering the grand total balance on hand
unnecessarily large. / therefore suggest
that section 9. article iv, OF the compiled
statutes OF, Nebraska be repealed and that
a legislative enactment be passed fixing
the commencement of the fiscal year on
the same date as the Installation OF state
officers.
funds of the state I'm Understanding secur-
tiles is an intricate and perplexing problem
which should receive the earnest and care
full attention of the legislature. until a wise
and practical solution Is obtained. II such
solution is within the range of its power.
Under present constitutional limitations
municipal bonds and school district bonds
are not available for purposes OF inNeSt-
ment. The recent decision of the supreme
court holding that bonds of other states
are available securities has temporarily re-
lieved the situation. and as a result prac-
tically all of the educational trust funds
are now invested. This has been accom-
plished by my own unceasing efforts and
the active aid of the other members of the
board OF educational lands and FUNDS.
Investments of Two Years.
During the biennium just closed the total
Investments amounted to s., s39, 1884, a sum
more than $1,000, 600 larger than was ever
Invested before in the same length OF time
during. the whole history OF the state But
Notwithstanding those record-breaking In
vestments, 1t has been absolutely impossl-
bile to keep all the trust funds invested at
investments will Increase rapidly in the
near failure unless some immediate action
8 taken. The remaining principle on school
lands sold will soon be paid into the treas
ury, many bonds now hold Will soon be OPP
Ilonal and every call of general fund war
rants for payment returns a large amount
10 the permanent school fund, hence II is
yery evident that these trust funds will be
largely Increased in the succeeding bien-
hium. What shall be done with them?
CHS is a great question. A constitutional
amendment authorizing Investments In mu,
Hicipal and school district bonds, coupled
With a provision for the deposit OF any un-
Invested balance in depository banks, would
u least be a partial solution Tor TINS ditn-
,,ral trust funds hold as investments bonds
md warrants to the amount Of Si466, So 80.
which amount is $9S2, 1886 larger than ever
,.efore held by these funds.
The floating Indebtedness of the state Is
'sow s., $3.50, S2S.6S, consisting Of warrants
~.ational trust funds hold $,45 ,3ol.56 OF this
mount and the balance Is held by corpor,
,,tions and individuals. This hoating debt
mas been. created by making appropriations
larger than the amount that could be col
.ected from the state levy upon the as
qessed valuation of property in the state.
either the assessed valuation or the rate
4 taxation must be Increased II this large
.ebt is to be paid. This subject Is OF vast
nd increasing Importance and well worthy
II the candid and conscientious consldera-
ton OF the legislature.
The financial report will be compared
with that of the auditor before it is given
to the governor.
Jacobs Gets Long Term.
Confirmed criminal though he is, GeorgC
Jacobs, alias Charles Williams, shudderet
perceptibly when Judge Frost sentenced
him to twelve years in the penitentlary,
Williams was recently convicted OF highway
robbery. alleged to have been committed
upon Edward Geisler in this city one nigh
last March. At his trial Williams tried tc
prove an alibi and sought to refute thu
testimony of the police, which went tC
show a confession by him Of the crime
charged. The fact that he had been II
prison three times before evidently counte'
more with the court than did the prisoner
rather prepossessing appearance.
Mrs. sechreHt VIII Attend.
Mrs. Sechrest, the missing witness In tn
Zorn murder trial at Kansas City, will vol
UNFAIRLY attend the postponed trial whel
Il comes up January 6 next. She left thi
city, where she had been stopping with he
parents since 1t was discovered that sh'
did not commit suicide by drowning a
Leavenworth, today for Glen Rock, Kan,
where she will visit with her first husband
whose name Is Shitfer and who is a tele
graph operator. Mrs. Sechrest SAYS tina
she was prompted to the deception b
means OF which she sought to lead people L
believe that she had drowned herself. b
fear Of Zorn, who had murdered her hus
band before her eyes. and who had threat
ened her life II she did not leave Kansa
City. She has been In correspondence wit
the prosecuting attorney at Kansas Cit
for some time and goes back voluntarily.