White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1911-01-22
GOVERNORS MESSAGE
TO THE LEGISLATURE

erty returns by property owners.
Understanding the three mem
bers of the Nevada railroad commits
sion, at times not conflicting with
their duties as railroad commission
ers, and also said state fiscal agent.
by direction of the commission, to
act as special examiners, with all
needful inquisitorial authority and
and power to investigate and re-
quire evidence touching the rue val
uation of any porperty they may be
severally or collectively, directed to
investigates; and to report such evil
dence to the commission.
Sixth-Prescribing a new statu-
tory rule for the determination OF
property valuations. and prescribing
what uniform per cent of the appras-
ed actual valuation shall properly be
returned for assessment purposes,
and requiring all property valuations
In the state, as soon as practicable, to
be adjusted to such uniform per cent.
Seventh-Providing statutory reg
ulations for establishing the valu-
alton of all property which, by its
nature, may moi be taxed with rela-
tive justice and uniformity to other
property by the assessment Of its
purely physical and tangible assets,
and in all other cases where special
regulations, for any reason, seem
requisite.
Eight-Abolishing the mortgage
tax.
Ninth-Empowering said commits
sion, within a maximum and mini
mum tax rate prescribed by the leg
islature to declare the state tax rate
for each fiscal year.
Tenth-Providing that a taxpay-
er who has appealed to the courts for
remedy and redress from an increas-
ed assessment valuation of his prop
erty and whose cause is pending, may
pay his taxes In such a manner that
there will be two separate payments,
n of which representing the taxes
on such increased assessment valua-
ton, and which shall be receipted for
as a special deposit by the county
treasurer and held by him in a
special fund in the county treasury,
u~ndisbursed, until the court by It's
findings shall award 1t; and in which
case such taxpayer shall not be liable
for any penalty under the Delinquent
tax law.
Investment of School Funds.
The state of Nevada has $3.50
900 of the money belonging to its
school and university funds invested
in government bonds and the bonds
of other states, about one-half OF
which draws but 3 per cent interest,
and the remainder az and 4 per
cent.
There is no good reason why our
constitution should not be amended
to permit such funds to be invested
in approved county and municipal
bonds, both of this and other states,
which pay a higher rate of interest.
IL this sum were reinyested at 6 per
cent Ii would increase the interest
revenue 10000 per year over the
present income from these bonds
an item which is we'll worth the con-
sideration of the people of this state.
The state of Oregon goes even far
Their and loans its school funds at 7
per cent upon approved farm seeur-
ity. and. after many years trial,
without any impairment of the prin-
ciple.
II is indefensible that the state
should loan its money to the govern
ment or to other states at a low rate
of interest while our counties and
municipalities are compelled to bor-
row money at 6 and z per cent.
The last Legislature passed a pro-
posed constitutional amendment, am
ending section 3 of Article XI of our
constitution, permitting the investing
OF such school funds In the bonds Oh
any county In the state of Nevada.
/ do not believe that this proposed
reached the situation by
a sufficiently broad and
safeguarded field for investment OF
our moneys.
AS these county bonds are already
In the hands of private purchasers
the state would be compelled to en-
ter the market for them or to take up
additional bonds as the counties
issue, and which, eve on the
assumption that they might be APP
proved as safe security for such in
would afford little advan-
tage over the present method by ca
of their relative limited value al
with the amount to be in
Moreover, l believe any such con
amendment should pro-
vide safeguard in respect to prohibit
Ing the investment of school funds
In an amount, which, added to the
Indebtedness, exceeds a
prescribed per cent of the assessed
OF its permanent property.
With such a safeguarding provis-
lon, the states school funds might
be invested in the county ana
bonds of states other than
Nevada, as well as In our own, when
then afford a sufficiently
broad field of investment to enable
the entire amount to be reinvested
In 6 per cent bonds of unquestionable
security. In my view, therefore. the
proposed amendment of the last leg
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