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A Handsome Balance

A Handsome Balance image
Parent Issue
Public Domain
OCR Text

The balance in the State Treasury at the close of the month just passed was $1,212,558 95, showing an increase of $50,000 during the month. This is certainly a very handsome balance, and the State Treasurer probably feels rich. The banks in whioh it is deposited probably feel rich also. During the month they have not been called upon for auy portion of the deposita, the receipts at the treasury being largely in excess of the disbursements ; and the oommand of a large cash capital at the low rate of four per cent. per annum, with no risk of being suddenly calied upon to rei und, is a pleasant thing for a bank to have. No wonder that the State Treasurer and his favorite banks contémplate this balance with immense satisfaction ; but what do do the people think of it ? More than half a million dollars of this uioney has been drawn f rom their pockets inonths before it was needed, aud while it is loaned out to the pet banks or the State Treasurer at four per cent. per annum the people are compelled to pay ten per cent. and soHietimes very much more for money to replace that which has thus been taken from thein. This is a matter which the people of every county in the State can bring directly home to themselves. To the people of Wayne County, lor instance, the statement of a handsome balanoe in the State Treasury means that somewhere from $50,000 to $80,000 of their mouey has been wrested from them under color of law to be loaned to the banks. When they apply to these banks for a discount it is their own money they borrow, and the rate of interest they pay is more than doublé if not five times what the bank pays. Under proper management of tbe State finances the State tax for 1873 in Wayne County might have been, reduced at least $50,000, and probably much more. These facts the people of the county can aee muoh more clearly than they can the desirabüity of having a larere balance in the Ktate


Old News
Michigan Argus