THE STATE FINANCE LAW. [This bill was not passed by Legislature.] REVISORS' NOTE EXPLANATORY OF THE STATE FINANCE LAW. This chapter of the revision, to be known as the state finance law, embraces all the existing statutes relative to the fiscal affairs of the state and the powers and duties of the comptroller and treasurer in respect to the care, management and disposition of state funds, and such other statutes of a general nature as provide for the management of such funds, the investment of their capital and the disposal of their incomes. Slight changes have been made concerning the management of state mortgages. Under the existing law, the attorney-general has the execution of the laws relating thereto. It seems more in accordance with the present financial system of the state, that the comptroller should possess all the administrative powers relating to this species of property. The comptroller is properly the custodian of these mortgages and he should institute proceedings for their foreclosure and enforce all the provisions of law relating to the sale of mortgaged lands. Many of the cumbersome provisions of chapter 150 of the laws of 1837, relating to the care and management of the United States deposit fund have been omitted. The office of loan commissioner is retained; but all moneys received by such commissioners on account of this fund are to be paid by them to the comptroller, who is empowered to invest such moneys in the same manner as other funds. This is the present practice as established by the comptroller under his general power to make regulations for the management of the several funds. (L. 1869, ch. 50, § 81 of the revision.) This change renders unnecessary all the sections of the act of 1837 (chap. 150), providing for the loaning of money belonging to such fund, and the execution of bonds and mortgages therefor. The foreclosure of mortgages belonging to such fund has been made to conform to the practice in the case of other foreclosures. The many sections of the original act providing a special method of foreclosure have, therefore, been omitted. In case of a disagreement between the commissioners of a county, a speedy review of their differences by the supreme court is provided. (Revision, § 84.) The contents of the commissioners' annual report to the comptroller have been prescribed. It is also provided that the comptroller shall audit the accounts of the commissioners presented with such report. The report to the board of supervisors of the county contained in the present law is not to be reenacted. (Revision, § 90.) In sections 17-21 are contained provisions relating to forms of accounts of state departments and institutions, the accounts of public officers, vouchers, inspection of supplies furnished to state institutions and the entry of the purchase of such supplies, the deposit of moneys received by state institutions in banks, to be designated by the comptroller, and annual inventories of all articles of maintenance on hand in the several state institutions. These provisions have been repeated either at the beginning or end of every annual appropriation and supply bill for a number of years. By their enactment in this revision, a like repetition in future appropriation or supply bills will be unnecessary. It is not proposed by this revision to make any radical change in the present financial system of the state. It is recommended, however, that the methods of disposing of the income of the common school fund, the literature fund and the United States deposit fund be simplified. The proposed change in respect to these funds is contained in section eighty of the revision. The reasons therefor are stated at length in a note to such proposed section. A large number of superfluous and obsolete statutes have been included in the repealing schedule and not re-enacted. There is appended hereto a table showing the disposition of the laws, in a general way, which are repealed by this chapter. At the end of each section is a note showing the derivation thereof and the changes made in the law, with the reasons therefor. CHARLES Z. LINCOLN, |