Daily capital journal. (Salem, Oregon) 1903-1919, 1915-04-07
Balance In Funds Exceeds
That Of Last Year By
Nearly 100000
3 PERCENT REBATE RE-
PEAL RETARDS TAX PAY
General Fund Balance Shows
Increase Of $S5,OOO Over
Same Quarter 1914


excellent condition, notwithstanding the
heavy draft upon the funds incident to
the session of the legislature is shown
by the report of State Treasurer Kay
for the quarter ending March 81, 1915
as compared to the conditions of the
funds at the close of the corresponding
quarter the year previous This report
shows that the total amount in all
funds on April of this year was 1885,
392.32, or nearly 100000 more chan
for the end of the quarter last year,
which was $6l3,39724. The balance in
the general fund at the close of the
past quarter was $14S,320.62 as com
pared to $62,949.54 a year ago
While there is healthy balance in
all of the funds in the hands OF the
treasurer at this time this year the op.
Grafton of the new tax law has already
begun to show its effects in the tardi.
ness in which county taxes have been
coming in and this, in the estimation
of Treasurer Kay, is due to the repeal
of the per cent rebate feature Of the
old law. Under the old law State Treas.
urer Kay states that the counties began
paying up the first half of their state
taxes early in April when approximate
ly so per cent of the taxes would be
collected at this time of the year,
whereas County Treasurer Drager
states that not to exceed 60 per cent
of the taxes have not been collected
under the new law, in consequence of
which none Of the counties have for
warded any portion Of their state taxes
to date.
cit was a serious blundef on the part
of the legislature to repeal the 3 per
cent rebate feature of the old law, -
said Treasurer Kay in discussing the
situation this morning "and | fear that
il is going to cause us a lot of trouble
in the long run. Under the rebate law
the big taxpayers could afford to Dor.
row money from the banks and pay the
first half or ali of their taxes on April
and do so in order to get the benefit
Of the rebate and save the interest. As
it now stands the only penalty attached
for not paying the first half Of the
taxes on April il the interest rate Of
per cent per month and the taxpayer
would rather stand this penalty than
take the trouble of borrowing money to
pay up.
"The rebate feature was Of particu.
lar benefit to the small taxpayer, who
always pays up in full when the first
half is due and he will now be in no
hurry to pay his taxes if there is no in.
ducement | tried to induce the legis.
lature TO attach the rebate feature to
the second half of taxes but they failed
to see the wisdom of it and | would
not be surprised If we did not suffer
considerable Inconvenience and may
run out Of funds altogether on account
Of the change"
While there is very substantial gain
in the balances both in the general fund
and all funds in the treasury at the
close Of the last quarter, there was also
a noticeable increase in the disburse-
ments of the general fund in particular
over last year, the increase amounting
to s430,Gs4.l5 The total disbursements
from the general fund for the last quar-.
ter, due 10 the legislative session,
amounted to s759,72s.54. The balance
in the general fund on January /, 1915,
was Sl,4ll, ,li549 as against but $40.
3l4.14 year ago. The disbursements
in all funds for the last quarter amount.
ed to Sl,472,GG3.33 ns compared to
1921 1893 the year before.
There is $lSS,3ll.O7 credited TO the
industrial accident fund this year. how.
ever, which fund was not in existence a
year ago, and the increase In this fund
since the first Of January has been s34,
54s9s. The segregated accident fund
is also n new creation since last year
the total amount credited TO this fund
on April being Sl33,s73.5O, of which
sl04 800 is represented in bond invest.
ments and sg,373.50 In cash. This fund
has increased from 500, 9,660.07 during
the last quarter. The several irreducible
educational and trust funds show little
or no increases in the principals during
the past year, the common school fund
principal being credited with s04ll,.
sl5.4i on April / this year, az compared
20 4,s3G.G4 last year; the agricul-
tural college fund principal amounts 10
s2O2, 2,OG3.ea; the university fund prin.
cipal, sl03,G35.36, and the A. X. Bur.
bank trust fund principal, s2iASl.30.