Show i. i GALIfORNIA IS NOW AROUSED S Wants Law Providing for Drawing Interest on Dei Deposits De De- De- De posits of Funds i J J WRITES J GOVERNOR PARDEE i S i Inquires of or Governor Cutler About ou Our lull What Utah's S tlc the t S California has become aroused to toi toX X i f t T the tho necessity It of or drawing interest on r ra public funds deposited In banks and Governor has written to Governor Governor Gov Gov- Cutler asking whether the state S of or Utah has any law regarding the thet 5 t and city depositing of or state county count and district school funds tuns In his lettel letter let let- tel ter Go Governor Pardee says the people S A. A of or his state are arc about to to- vote ote on a a. aS S constitutional amendment which will willS authorize tho the d depositing of money mone S 5 for Cor the tho state tate f nn and make it possible S J elt city count county or district district to derive o In In- In terest Governor Go Cutler touched upon this subject in his mc message age to the legislature legis legis- 1 lature In 1905 but no action was ns talc talc- tal i en on his recommendation He lIe said Another subject which r requires the prompt arid and careful attention of the legislature is a proper system 1 v for on depositing and safely keeping the f i public funds whether l' l school city county or state The con constitution S provides that thal the officials of or school S districts district cities counties and the thc state 55 shall received cd fixed an and 1 definite sums S as compensation for lor their services 1 and these should be in proportion to toI I responsibility anti and OIls of oC the 5 5 position This provision carried out in its It letter leller and spirit gives to the thel l J- J people a knowledge of ot what is paid S in salaries to public officers it is condemnatory con con- o of an any act or proceeding b by which as a side issue any public S officer is Js able to Increase his compensation com corn through tho the use of or public S. S 1 funds entrusted to his care A system S. S tem teni which enables any custodian of or public funds to accept employment t t S nominally as u clerk o or official in some ome 0 Institution and receive a n salar salary thereS there there- S for tor while the real consideration for tor l' l payment of nf such salary Is the use of or I public funds is pernicious in the extreme ex ex- 5 5 S ironic and Is e of or the tho spirit of or the constitution mIu n t- t 1 I Interest II In In conducting public business In Inthis Inthis this state 1 payment is made malIc by a system ys- ys 5 tern tem of or warrants These warrants S o S draw interest from flom the public treasury treasury treas trens- ury under certain conditions For il illustration ii- ii if IC presented to a county count treasurer when drawn against a count county fund and registered and stamped not paid for fOI want of If funds they draw Interest at 5 S pcr per cent This mal makes es It pO possible that 5 5 county count and other warrants warrants' may draw intent when at the same ame time l y ii r irm y have been the ba y dollar dol dol- lar Jar of ot Interest thus paid Is a direct robbery of the public treasury This system should not be permitted I r r realize that there h Is han is-an an antagonIsm antagonism on 5 5 ism to 10 a chan change e. e For Fot this reason I have llave dealt more fully with the subject 5 than han I would have done under other circumstances and anel have ha stated the S situation so clearly that I b believe no member of or your honorable bod body can enn canfall canfall fall to comprehend it From the standpoint of a public business adminIstration administration admin admin- S that IS s frank franl and anti honest with the tho public whose servants sel and agents we are I ur urge e upon you ou prompt and 5 5 S legislation to cover the ground l 1 indicated S Should Be Under u n Board hence I recommend as to the deY depositing de de- dc- dc Y positing of or state and other funds that f the law should provide that it be UnS under un un- S tier der a board either of et loan luan commissioners commissioners commis commis- or otherwise as In your wisdom S may designate nate who shall exercise disS dis dis- S ci as to to- tho the wifely safety of or the place 5 of deposit and silt s nJ let the public know knots the thu terms thereof and the bene- bene ilL to go to tho ho various funds on ell deS delo de- de S posit lo lt that in counties the power beS bo be S vested directly in the boards of ot count counS county coun coun- S t ty commissioners in cities in the city councils or the finance committees thereof and in school districts In the 5 I various school boards each to exercise its discretion and make male Its Us action a S matter of public B By this S method we will sareg safeguard the taxpayer tax tax- 5 payer as It Is our duty to do 10 In the theS judicious handling of oC public funds S The only existing law in Utah re regarding re- re 5 garding garlIng the handling of or public funds S In Jn a manner that will draw Interest is 5 5 found on page SZ chapter SI 81 of oC the theS these S se session slon acts of or 1001 1901 This In law w provides pro vides 5 May ay Buy u Bonds The city council of oC every city the r r board of ot county commissioners of every ev cv- 01 ery 3 count county the board of oC education of or every cil city the trustees of every very school S 5 5 district the directors of ef e every irrigation S tion lion district in the state of or Utah may mayS cause nu any amy sinking fund now existing S j S or hereafter created b by authority of S I tho the laws of oC the state elate to be Invested I 5 In an any Je legal al and lawful bonds bearing 5 Interest Issued d 1 Vy by an any city county or 01 school district in the state of Utah or 01 orby II by the state of ot Utah Whenever such 5 bonds hond are arc on oni the market at a failand fair fail fairand S and reasonable value and anel the money in any said faM sinking pinking funds exceed the theS S amount of any bond or bombs for ter S which said fund was created then such fund shall be bo used to redeem said bond or bonds at the market marketS S value thereof thet and the custodians of ot 5 an any said sinking fund are arc hereby auS authorized au au- au- au S S thon to buy such bond hond or bonds |