The State Treasury

Before tha adjournment of the ' ture a communication was receivod trom - the State Treasurer in reply to the a lution of the Houso asking tlie names of l the banks which have State tnoney on , deposit, and tha amount of iscurity , en and nams of' the bondameB. The Troasuror naid : ' "Whiletho publiontion of tliw inforination sought cuuld not effeot this office or rae porsonally, it miglit, tor roasons that are apparunt to every businoss man, be productivo of groat personal in jury to ' dividuuls. In ovory caso tho sucurity is i at least tour times, and in SOSM caaos 20 times, the amount of moiiey deposited, i and the obligations are of the strongost nature, holding oach bondsman individually tor the entiro amount. But to revoal thoir naines might injuro their k(!"eral credit, and injure, with it, the socurity of the State, whilo it is not apparent how the public interest oould be in any way promoted by such publicity, any more than the welfare of a business community could be promoted by pubftshing the names of every indorsor and the amount for which lio was liablo on notes giveu to a bank." The ïroasurer states that he has no iesire to withhold any information in relation to the business of his offico, and asks that a committee of tho Houso bo appointod to look into its affairs. Ho ref'ers to tho fact that moneys only come iiito the treasury in accordance with acts passud by the Logislature, and continúes : " During my throe year's service as Treasurer I have purchased $140,000 of Statu bonds not yet due, biuug $180,000 more than have been purchased of this class of bonds in any previous four years. I have also paid $313,000 of bonds at maturity and $7,157 14 of past due bonds. - More unmatured bonds would have been purchased but for the legal restriction on the Treasurer that he shall not pay a price above par and accrued interest for suoh bonds. A large balance is necessary to purchase boudB in lots of $133,000 and $9ö,000, as I have dono. Great labor, watchfulnoss, and perseverance have been required to find these bonds in the hands of parties willing to sell at par, and in this work I have been constantly and materially aided by Gov. Bagley. " With money plenty in New York on cali at one per cent., and large sums offered at two per cent. without borrowers (as stated by the W all Street Journal of March 14), j.t is plain that the difiiculty of taking up Michigan 6's and 7's is greatly enhanced, while tho further difiiculty of obtaining more than four per cent. for funds of the State loaned on cali in perfectly secure hands is also enhanced. " xne specmc taxes ot tne otate are oecoming more and moro productiva and the Legislatura ia devising now sourcos for specifio taxes, whioh rapidly increase the revenue. Our people have paid their taxos more promptly than ever before. - No State in the West coliects its taxes with so little loss. While othei States are renewing their old bondn or negotiating new ones, and ome of them cannot sell thoir bonds at half their faoe value, Michigan stands roady to-day to redeem 1500,000 of hor debt not yet due, if she could only find men who would accept pftr and acorued interest for her obligations." The Treasurer states that, contrary to the old practices, the appropriations to institutions receiving money from the treasury for new buildings or running expenses are not now paid over to the officers of suoh institutions in a lurap, but are kept in the State treasury and paid out in amounts as wantcd, on vouchers through the Auditor (ioneral's office. - The money thus remains where it will bring money to the people, instead of being scattered all over the State and in the hands of parties who give no bonds. This explains a portion of the balance retuaining in the treasury. He also states that many of the taxes are now paid six months before the money is needed. All these things combine to créate large balances at certain peiiods. The remedy for this, if the balances aro considerad too large, is to be found iu soma chango of legislation. The Treasurer gives a list of appropriations already made, due previous tojjanuary 1, 1876, amounting to $790,521 12. - ■ Added to these appropriatious due May 1, of nearly $100,000, making a total of $],- 367,621 12. There are additional liabüities amounting to $190,335 64. The Treasurer further alludes to the fact that appropriations, as soon as made, become a debt due against the State, and that provisión must be made for meeting such demands. He oloses with renewing his assurance of the utmost readiness to offer to any committeo of the House of Eeprosontatives, or any joint committee, the fullest opportunity for investigation of any matter whatsoovor pertaining to tho department.