The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1905-04-14
STATES GOOD CONDITION

Sioux City Journal: LII the opening
of the year 1906 finds South Dakota in
the list OF states burdened with
bonded debt it will be the fault OF
the creditors, not the debtor. State
Treasurer Collins has just called in
b outstanding balance of the $780,
600 bond issue negotiated TO reim-
burse the school fund for the TAYLOR
defalcation. The balance amounts
to S52, 900 and its liquidation cleans
up a 'sdead horse transaction of I'M
pleasant memory. With these bonds
out OF the way the aggregate of the
states bonded debt is reduced to
1921 900. OF this 1874. 500 is due May
i, 1907, and s152, 500 natures May /,
1909. There isnow in the bond sink
ing fund about 5000. 900 available to
take up the unmatured bonds. BY
January /, 1906, the sinking fund will
be plethOric enough to cover all out
standing bonds. The treasurer will
make an effort to have the holders
surrender the bonds in advance OF
maturity. If this can be done South
Dakota's bonded debt may be wiped
out within..the year. If, as is not I'M
likely, some Of the bondholders shall
prefer to hold on to so satisfactory
an investment the state must con-
tinue to pay interest on some of the
bonds for four years to come. The
money will be in the treasury for the
payment of these bonds at any time
In owners may care to surrender
them, and to all intents and purpose
South Dakota may be included in the
class OF debtless states after the close
OF the present year.
South Dakota is not only about to
get rid Of its bond incubus but is
looking forward confidently to losing
the worrtment caused by the recent
failures of current revenues to meet
current expenses. While no new
revenue legislation Of a radical ma
ture was enacted by the late legisla-
lure the new assessment laws are Civ
ing promise Of excellent results. One
law requires the various county aud
ltors to meet at the capital in the
spring and agree upon a uniform as
sessment of personal property
throughout the state. At The recent
meeting at Pierre only one county
was unrepresented. In consultation
with the state equalization board
the county auditors agreed upon a
schedule of assessment for all classes
of personal property, the valuation
to be uniform in all counties. Par
ticular attention was directed to an
other new law giving county equal
izatlon boards the right to 90 behind
the returns Of the assessors and call
for the assessment of any personal
property which may have teen omit
ted from the rolls as returned by the
assessors. The state board urged
that a strict observance of this stat
ute on the part OF the county equal
izatlon boards would result in a gen.
eral increase in the amount of person.
al property listed for taxation. Dere-
llctiou Of duty in this regard by the
county boards may be corrected by
The state board. Both Of these laws
we're enacted in response to Gov. FL
rods plea that a strict enforcement
OF existing assessment regulations
would do away with the necessity
for devising a new revenue system.
1t is expected that after the assess
ment has been completed under the
new REGULATIONS a material and per-
manent increase in state revenues
will have been provided.
An inheritance tax law, also
adopted by state Legislature, is ex-
pected tn produce considerable new
revenue each year The amount to
be secured from this source cannot
readily be estimated.
In the course OF another year South
Dakota will either have her bonded
debt paid off or have the cash in the
treasury to ply it, and will also have
revenues enough in sight to meet
ordinary expenditures. This Is as 1T
should he. The state, although young,
is enjoying the healthiest Of com
mercial and industrial prosperity, and
there is no reason why the public IT,
nances should not reflect the condi-
tion Of private business.
Mavor-elect Dunno, of Chicago, is