The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-02-05
ISSUES REPORT ON
IDAHO STATE FUNDS
STATE TREASURER EAGLESON
SHOWS MARKED GAIN
IN EARNINGS.

Earnings of the state treasurer
Office were 343 per cent greater in 1871
than those of the previous year. &C
cording to the official report of Stat,
Treasurer John w Eagleson During
the year just closed the receipts %.
the treasurers Office were 81 per cent
greater than the 1918 receipts, while
the office handled more than $1,000.
600 in state funds during the same
term
A report showing these items has
been filed by Mr. Eagleson with the
governor AMI as the matter is one in
which every taxpayer in the state is
interested, the Miner herewith pre-
sents some Of the salient points of the
report.
This department is measured
mainly by it's receipts and disburse-
nents and while these transactions
were quite nominal at the beginning
of our statehood. they have now at
tanned magnitude of considerable
proportion. The increased receipts
and disbursements during the past
five years evidence the remarkable
growth of the state during this period.
The total cash receipts of the office
for this past year are -$9,3434 1870,
while the total receipts of the office
for 1914 We're only 1926, 4O3.34 which
means an increase of POO per cent in
the business of the treasurers office
during my incumbency of the past
five years, and lit is interesting to note
that the past years receipts are ap-
proXimately 81 per cent greater than
the 1918 receipts, which were $5,153,-
692O6.
The personnel of the treasury de-
partment consists of the treasurer,
his deputy one bookkeeper. stem
ographer and clerk. and by adopting
up to date banking methods, and Sc
curing the services Of competent and
efficient assistants, the same number
of assistants employed in 1914, with /
the addition Of but one clerk, has been |
able to handle the work and take care /
Of the increased business Only for |
time, to keep the work from piling up. |
has an extra clerk been employed.
State on Cash Basis.
THE expense of state government /
is paid chiefly with moneys derived |
from direct taxation. The board of I
equalization fixes the tax levy in
August of each year to pay the ex-
penses of state government for THAI
same calendar year. However, this
money is not collected until the fol-
lowing year, and in order to keep the
state on a cash basis, it has been ne
cessary to pay the state expenses each
year, with the taxes levied for the
previous year, and for some years
past this has been the working plan.
However in 1919, the taxes levied
for 1918, which would ordinarily be
used to pay the expenses for 1919,
had been expended in that warrants
had already been drawn and claims
filed for more than the amount of the
1918 taxes that would be collected,
and while the state had a balance of
S2O,911.25 in the general fund, and
there were taxes due to come into this
fund during the year amounting to c
100000, these out :
standing warrants and claims amount @
ing to considerable more than this in t
come made it apparent there would a
be an actual deficit when all outstand- ?
ing warrants and claims We're pre- [
scented.
New Law in Effect.
This condition made it necessary
to either register warrants on which C
the state has to pay per cent inter o
est, or to change the states plan of b
financing. To avoid registering war v
rants, l made the suggestion to you C.
and to members of the Legislature, "
that a law be passed authorizing the b
issuance Of one year treasury notes. 81
based on the tax levy. Such a law ic
was passed by the legislature and in G.
order to keep the state on a cash ba- II
sis and maintain it's credit $1,7OO,OOO Il
IF these notes were issued July L. OF
1919. bearing AZ per cent interest NJ
md s65O,OOO on November Is, 1919 in
bearing Az per cent interest So
Through this method Of financing pI
he state was saved the difference in 81
interest between the notes and regis es
cred warrants, which amounts to re
$1,000. These treasury notes are -
considered the same as warrant in in
lebtedness and mean that instead Of Is
Waiting a year for the tax money,
nd registering the warrants during
hat time. the notes are issued when in
.eeded and in that manner the state 10
POS the cash to pay its bills. or
'"The fact that S65O,OOO of these tn
reasury notes were sold to some Of tn
he banks Of Boise Nampa and Cald- tn
veil. is worthy Of more than passing lii
.otice for it means that the state tn
vas able not only TO place it's obliga- to
ions at home, but that the banks Of tn
he state were in a financial condition tn
such an investment. which te
hows that they had confidence in the pL
tate and in this plan Of financing he
Suspense Funds Earn Interest. tn
I'D