Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-01-07
ECONOMY, EFFICIENCY, REFORM
Recreancy to High and Honest Principle Con-
denSed.
The Bettermen of the Public School SySmMoe Satisfactory
Methods of GOVernmentCarefu Attention to Daily LegiS-
aYe Work Will Be the Slogan.

General Assembly:
In conformity with custom I address
you today as a fellow servant with
Sou of the public, feeling, as 1 am sure
you do, the great responsibility of
the peoples trust. ] should be far
publicly express my appreciation not
only of the honor but the gravity Of
their confidence, and my purpose so
10 act as to merit their approval
For your part l am sure that you
TOO realize that you are responsible
TO the sovereign win for all your acts.
You are the elected representatives of
n highly intelligent and watchful pub
he, which viii not be slow to praise Or
blame as you shall deserve. Bearing
IN mind these things, we should re-
Rolve to subordinate all our private
aims or prejudices to the common
good and give the best that is in us
to the maintenance OF the proud tradi-
lions Of our beloved state.
Our tangible possessions and the
condition " our finances DO not meas
ure the well-being Of the COMMON
wealth. but the state OF our treasury
the opening of this new fiscal yedr
must impress upon us first the necessi-
~ of putting forth our greatest efforts
TO conduct the public affairs with the
gtrictest economy. This does not
mean that we should so to the extreme
~ denying our support to needful
agencies of government. but that we
should make every dollar Of our re-
sources count.
Never before was there more urgent
need OF watchfulness that we do not
as a commonwealth form habits of
extra vagance. The condition of orr
treasury warns US. We must give the
financial branch Of our administration
ahe same devotion that we do to our
private business. We are trustees,
and however easy we .nay find il TO
forget the fact the constituents VINO
have given US their trust viii not.
At the same time questions Of large
moral and economic Importance affect
ing the success. comfort and Charac-
Ter Of our people, will come before US,
and ia their wise treatment lies for US
q great opportunity Tor service as we'll
rs great responsibility. I invite
your attention 70 a reference to some
or these matters,
State Finances.
From the treasurer's last report. I
notice that the financial year ending
September 80. 1908. showed quite a
change for the worse in its condition.
The year previous the state was not
only able 10 meet all its obligations.
but had a surplus or cash on hand of
more than s265, 900 but the last year
showing net indebtedness Of S54S.-
1862. However, this is not all: the
appropriations granted for extraordi
nary expenditures were not fully
drawn last year and will he drawn
this year. II should be stated how
ever. that the greater part of this de-
Hcit was provided for by an act OF the
East general assembly authorizing the
ISSUANCE of bonds which have not yet
been sold. owing to the low interest
rate fixed by the act 1t will be your
duty TO provide for the disposal Of
obese bonds.
Looking over the financial history Of
our commonwealth for the last fifteen
Years. il Is very evident that We have
departed from our former policy Of
paying our bills. and have entered on
p career which. unless changed, viii
within the next few years contract a
farge bonded Indebtedness. In view
~ these facts. I appeal to you. gentle
men. TO practice the strictest kind Of
economy in the management Of the
states business.
As trustees Of the peoples money
st is our duty to decrease our expenses
or increase our receipts I am con-
WINGED that We should increase our
revenue. The state treasurer recon- |
mends a state tax and an increase in
our inheritance tax. Whether one OF
these two ways or some other way
would be most desirable will not |
stop to discuss. but 7 advise in the
strongest terms possible, legislation |
that will provide for an increase In |
the states receipts. as wen as rigid |
economy IN its expenditures.
Public Moneys.
The present methods or caring for !
the funds Of the commonwealth, It |
would seem, are capable OF much bet |
sermsnt. The state school fund is a |
conspicuous example. This fund is in |
control Of the commissioner Of the /
school fund. while that not invested IS |
In the treasurer's charge.
The state treasurer is by virtue OF /
dis ONCE treasurer Of the school |
fund and as he has control Of the UNI /
Invested portion, he is the of1cial log |
9cally to be placed in charge Of the |
ma ma cement Of the entire fund This |
der is that the dual management has /
not long since been done away with |
IN the interest Of economy and eff
cheney
Much OF this fund is invested out
side OF the state. I can see no reason |
why. as fast az may be ractioeble, |
such investments should not be grad |
ually withdrawn end placed in invest
ments within our own state, where it
could have a part in contributing to
our general prosperity.
Many OF our state institutions pur-
chase their own goods and pay bills (
through their own treasurers. In
some cases the institution draws
the entire amount OF the appropria-
tlon from the state treasurer. puts it
or deposit III q local bank and pays it
out through that institution. In some
cases. l am informed no interest is
received on the deposits.
r. would seem TO me more business
Ike 10 have common disbursing
oficer, preferably the state treasurer |
and SEQ that the state receives inter-
est on all moneys in hand. Such
plan would not prevent the state insti-
buttons from keeping on hand small
fund for emergencies. and they
could always have the privilege Of
making drafts upon the state treasur-
er for funds as needed.
A considerable part OF our state
funds is now on deposit at 2 1-2 per-
cent. interest. 7 am Of the opinion
that under existing conditions our |
current funds would be eagerly
sought by sound financial institutions
at per cent.
State Officers.
Under orr present system OF elect
Ing state pf3cers, the governor, secre-
tsry treasurer, and comptroller ara
elected at tho same time, and general
" hold for one term only.
z Falloo4pS..pLst tltis system. the board
81 oontrof ana the board Of squaliza
t10El age Sfrr1Tnsx coL1p.osed entirely u
nav men, IS was the case soon after
my predecessor rock ONCE. The boards
PERFORM. and some OF the members