Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-09-11
rong; but Of course they should be

or wrong; but Of course they should be
right.
So, the total amount of cash on hand
together with all the moneys due the
State, is not enough to pay the current
liabilities as shown on the other side OF
the sheet; and these THE STATE MUST
PAY. Hence, the statement shows
plainly that the ASSETS ARE SHORT
$75,7S764
Now take a look at the balance sheet
and notice the current liabilities. Does
any one question that the State owes the
amount there set down? The obligation
is unquestionable; and there's no way Of
getting around the fact that the total
amount of liabilities is more by SIS. 81
than the State had the current assets
to offset.
There is no iugglery. nor attempt here
to pull the wool over the peoples eyes.
1t is a plain, cold fact that the State
cannot pay s2,747.3s1.S3 with 1851, 5o4.19.
There is shortage of s75,7S.64
Someone may question the item
Land Reserved for Public Uses listed
under Current Liabilities. and someone
may say this is not liability; but it is,
positively, because II must be paid some
time even if not in the immediate future.
READ THE LAW-R. S. Chapter I,
Section 16:
THE Treasurer shall keep separate
account with the reserved land in each
such township. in which account ne SHAH
enter all sums by him received and paid
on account thereof; and THE BALANCE
SHALL REMAIN IN THE TREASURY
,yynttt ynh y,ohi i'm, no q
authorized to receive it: and thereupon it
SHALL BE PAID TO THE PROPER
OFFICERS THEREOF"
Is there a liability OF course there
is. See the Law Court Decision.
81 Me. 447-44s:-The land agent is
required to keep an account with each
township and tract, of his receipts
and disbursements. and pay the bal
ance over to the State treasurer. who
is to keep the same until such town
ship or tract is authorized by law to
receive it.
The money arising from the sale of
timber and grass is set aside as a
fund for school purposes: and pro-
vision is made that the interest shall
be added to the principal Of such fund,
until the inhabitants Of such township
or tract are incorporated into town.
or organized as a plantation for cleo
ton or other purposes.
81 Me-, 336-337:-The first general
designation of public uses was made
in 1886 by C. 247, by which it was pro-
vided that the proceeds Of the sale of
timber. or from trespasses on the re-
served lots in unincorporated places
ho inf
ury and constitute funds for school
purposes. Of which the income only
was to be used.
In 1S4S, c. 80, it was provided that
the proceeds Of the sales Of timber
and grass on the reserved lots should
be paid into the State treasury. in
stead of into the county treasures.
And the above named statute pro-
visions, so far as they relate to the
designated use of these funds, their
creation custody and manner OF ex-
penditure, remain practically I'M
changed down to the present time r.
S. c. 5, SIS. II to 10 inclusive.
1t would therefore appear that the
State. according as it reserved to it
self in the Act Of 1928 the power to
direct, has directed that the use for
which reserved lands are to be held
is the support Of the schools. and this
use follows the proceeds Of the sales
of the lands themselves, r. S. c. IL,
IS. 40-46.
And while the funds arising from
the reserved lands are used for school
purposes the income is to be expend-
ed like other school MONEYS
This fund Land Reserved for Pub
lie Uses" is School Fund and 1t has
been used for other purposes.