Baraboo weekly news. [volume] (Baraboo, Wis.) 1912-197?, 1924-02-14
State Treasurer Says Wisconsin Is
Showing Sister States New Ideas
In Finance
PLACES MONEY WHERE
IT IS NEEDED MOST
Tells OF How Little Job of Aue-
pioneering Saved Neat Sum Of
$4,000

while other states are having
their troubles over the administra-
ton of state funds, Wisconsin which
has pioneered in so many other fields
is showing her sister states a new
idea in the administration of stats
finances. She is demonstrating that
state funds can be administered with
out politics and for the good of the
people"
So said Solomon Levltan, state
treasurer, in an address before the
kiwanis club of BQraboo Wednesday
at the regular luncheon at the War
rem hotel.
"Other states have invested their
funds in government bonds and 9TH
er securities that pay higher rates of
interest That looks like a stroke Of
good business when one considers
that state banks do not pay more
than per cent" continued Mr. Levi
tan.
tBut thnt is not the Wisconsin
idea. Wisconsin believes in placing
her money where it. is needed most.
Investing it outside the state may
mean the gain Of a few thoosand to
the state treasury but think of the
loss to the people! The farmer tries
to borrow money and finds his bank
er has none to lend, while the state
treasurer has sent millions out of the
state Wisconsin believes in serving
it's own people first and so its state
funds have ben made available to the
communities that need them.
"Of our 1000 banks, 638 have been
made state repositories. We have
tried to spread our state funds out
over as many communities as possible
n order to bring the greatest good
10 the greatest number. Placing the
state funds in these many country
banks has been a boom to the far
mer. These have been hard days for
our farmers. They have needed all
the credit they could get. BY placing
$4,000 here and 100000 there, all
over the state we have enabled our
bankers to greatly extend their credit
10 the farmers and we believe we
hav worked an immeasurable good
TO the entire state.
unlike officials in other states
who have been charged with man
ipulating state funds to their own
advantage your state treasurer has
entirely divorced his personal inter
csts from state affairs. Previous to
my election as state treasurer in
1922 our bank had 100000 Of state
funds on deposit. Almost my first
official act was to withdraw that mon
ey from our bank and place it in
smaller banks in the northern part
Of the state.
Another piece of service which
your state treasurer has performed
was to trim out the red tape in his
Office and to cut down the expense
Of administration so that there will
be more money to return in direct
benefits to the people. Just as an ex-
ample: it had been the practice pre-
viously to prepare separate voucher
in the Office of the secretary of state
Coz very item to be paid. This was
then presented to the state treasur-
er who made out check the exact
duplicate Of the voucher We devised
? system whereby the check is made
ont in the secretary Of states office
and then presented to me for coun-
tersfgnature. That one little detail
has saved the state $4,000 annually
N cost Of paper, printing and cleri-
al help. Another $4,000 was saved
IN eliminating useless replication
IF every letters sent out. There have
been many other places where cor
/ nars have been cut and the overhead
administration cut down SO that more
money could be returned to the peo-
nle-in improved highways, better
schools. extension of drainage and for.
est reserve projects. aid to ex-ser'
~ice men and many other public i'm
proponents.
we have also tried to keep an eys
Continued o. Page g;