The Twin City star. [volume] (Minneapolis, Minn.) 1910-19??, 1911-01-07

much; or si4,soo.00o form all sources
erai taxes: $3.50. 900. special taxes. etss.l al
taxes a on corporate earnings and inheritan re- z
| lands. royalties. stumpags. investments
interest. and miscellaneous Accordingly,
general taxpayers. the state government re-
imbursed this amount and collects s11,65o.-
bursting these collections the state govern
ment distributes to general taxpayers In the
IS counties s5.2oo,OoO for education, 400. 600
while the three main divisions Of state gov
eminent. legislative. judicial and executive.
supper IL Ssr S Sa q n.
collections
The total assessed valuation Of minnesota.
as equallised by the tax commission for 1910.
Is $1,222400.000. an increase OF $130,Iso.o0o,
or II per cent, over 1909 OF this yaiuatio on
property is assessed for 1910 at s1.o12. 600,
values over 1905 were $4,000. 900 on mineral
properties, s44.s00,0o0 on city property, and
Iron ore Saiust Gm f For 1915 Is
an increase of $4,000, 900 over 1909 and 49,
100000 over 1908. In 1906, before the organ
ization of the tax commission. iron ore valua-
tions were s64. AGO. 900. In four years taxable
iron ore valuations have been Increased by
per cent Omitting reference to the much
larger revenues which iron mines turn into
School Sstp tg than nso the state
treasury. the latter alone now receives from
the steel company and other iron interests.
as the states share of the 1910 tax, over
increase Increase Of s4ssooo or go per cent. in four
Minnesota may be interested in the fact that.
OF the total assessed valuation amounting TO
SiIsge lots 600 or nos Quite 10 per
cent, represents mineral land values. All
things considered. Minnesota under present
laws and administration appears to be maxim &
good In the direction of scientific and Just
taxation.
Your honorable body will receive from the
tax commission an exhaustive report on state
taxation. one of the ablest and most compre.
contains a number of excellent recommended
tons
July 81, 1910, were s2S4,0 compared with
$4,000 for the two wears ending July 81,
1908. an increase of $4,000. or as per cent
ment. pursuant to supreme court decisions.
recovered s22.S54 of net revenue. Under the
Joint administration ION Of I the tax Commission
and public examiners department. relative
to telephone accounts and taxes, resulted In
adding to the tax list for the year ending
July 81. 1910. as compared with 1909; total
of 1877 new companies, 81 :o47 $50 of additional
gross earnings. and $31,s6o Of increased taxes.
Further LEGISLATION is now desired giving
statutory form to the executive rules and
earnings act especially with reference to CO.
operative, mutual and rural telephone lines
and telephone accounting. IN order that q, a.,
Justly and in accord with their respective
business conditions.
At no time In the history of the state were
the finances in better condition. The
revenue fund is greater by nearly. a million
with the state auditor and the investment
board that $780, 900 should be appropriated
ficates. This viii reduce the interest bear
ing debt Of the state and place this amount in
the school fund where Il can be loaned IT., to
proved by the investment board are still
nnauestionably poor business policy to sell
bonds owned by the state on a. depressed
mend that the legislature Immediately auth
orize the retiring Of capitol certificates IN
shs 50 sns
can be granted to that extent.
Railroad and Warehouse Commission:
by our railroad and warehouse commission
is becoming more and more recognized, and
there is no one today who seriously questions
the effective work Of this commission. One
Of its most important acts in the past has
been the valuation Of state railroad properties
tute a fair rate, and the commission Is now
investigating express companies for the same
In the Minnesota rate cases, the master is
chancery seriously questions the authority Of
ton ths ana a as d sa
tute a reasonable rate. II there is. in fact,
any doubt ss to the authority given to the
commission by the statute. II should at once
The speedy development of our rural COM
trio lines opens up another field of regulation.
These electric lines will soon become active
their operation should, therefore, be subject
to the railroad and warehouse commission,
similarly with the railroads Again unit, until
phone and telegraph lines should also be
a1.ta ,taatA Ion, In Ina.
portant that these essential factors in state
development, upon which the public at large
is at all times dependent should be under the
Department Of Public Examiner.
As q check upon Irregularities In account
ing and Illegal expenditures. the legislature
Of Minnesota many. years ago created the
department of public examiner. to whose
scrutiny the great volume of financial opera
tions by the state are rubjected. The public
examiner is also required by law to check
and verify the statements OF all corporations
the examination Of about $50, 000. 900 Of cor
poration earnings annually. He also exercis-
ship, and village accounts upon request Of
the county board. The law creating the de;
other states are following Minnesota's ex-
ample. From financial standpoint, this
department has been an exceptionally GOOD 900
state treasury enormous sums OF money, but
even though It could not discover one mistake
accounting Office Is fully warranted.
State Banking Department.
The last session Of the Legislature. in, COM
pliance with the general request of the bank
ers of Minnesota, created separate state
banking department by taking the super
vision of these institutions from the departs
| ment of public examiner and placing them
under a superintendent Of banks. The new
department began business August 1, 1909,
and has been in operation one year and nve
months The result from every point OF view
justihes the wisdom Of the legislature. and of
the bankers association in creating the new
| department, which has at all times had more
than sufficient work to occupy the attention
of the entire official force. An exceptionally
gratifying showing, both as to the growth
of banking enterprise under the new regime.
is made by the records OF this department.
During the year ending Nov. 10. 1910 there
was a net increase of 40 new banks; of
in total bank resources, a gain of % per
cent for the year. On that date there were
in Minnesota $50 state banks with deposits
S9S o ana sgtn
than three times the number Of banks and
volume Of deposits and resources represented
by the state banking system In 1900. A
state banking growth OF 200 per cent In ten
years certainly bespeaks progress. Inefuding
national banks there has been an eiyht-fold
Increase In rs years until today there are
$40 banks In the state. with deposits aggre-
eating 10000. 900.
The federal comptroller OF the, currency ia
by law authorized to exercise his discretion
In issuing q charter TO bank where the
amount OF local business does not justify Its
organization. and In cases where the applica-
tion Is prompted by local spite or jealousy
In this state there IL demand for similar
authority on the part OF the superintendent OF
! state charters. such restrictive power. ther
properly to appropriations for state charters
Such restrictive power, then properly eXer
| cised. Is of value In safeguarding the inter
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