Show shows states stated cash handled under the law treasurer david mattson matison demonstrates on strates course followed was only one open to him favors change in the constitution would make board of examiners custodian of state funds so these might be loaned state treasurer david mattson attson Nl re be public all candidate lanto for secretary or of state in ili till an address tit it murray last night discussed tit at length tile caro or of t aliu to funds which liichi has iris bee it made fill an issue lit in tills this campaign campag cam pai mr air mutt matt soil and 1111 tho state administration have been criticized criticised for what was cl charych arge I 1 its as being ini suu of ati publia alic funds in lit that the alio money moncy was in ili largo lit in various banks all is anil and jio money realized to tile tho state as aa interest it oil these funds lit in his address adil roa mr mattson Matts clearly that the law nao ciol abo lit 1 1 1 no boer power to collect interest on oil tf 1 1 1 1 vs tho law tile tho seea scra lotary tit ry of aiato solo holo custodian of tile public funds and requires him to lur furd ilish it bond to indemnify tile tho state against the misu go of tile funds mr mattson read letters ironi front bonding bonnin with whom w lio lie lind corresponded anpo ed st stating a ting tit 11 t they thiry lid did not ciro caru to assume tile risk ris T of koine on oil tile bond of a state tr C insurer under the present laws 0 of f utah ito ilo showed t aliat a t various barthers whom t alio lie state funds avero deposited acio were on oil his it I 1 bond find and guaranteed tit alio state against loss WHERE STATE in ili addition to securing the state against loss of this money by their position on oil the bond of the treasurer mr mattson showed that alint tile tho bankers gr giantel antel to tile state other concessions nu no interest is charged on oil overdrafts and tills this item alone in ili the luyt last lour four years cars an amounts lounts to approximately another benefit resulting to tile tho state front from tile present SCIA method of depositing dethe funds was the of tile states bonds amounting to GOi at 4 por per cent ono one hit half 1 per er cent less in ill interest than alian was aski asked b by 3 eastern bond buying coin panic a for the ends bonds tit at 11 pr ar the increase in fit interest on oil bonds alius sold mild to banks ili ia which state funds funda were deposited makes it a gain to the state on tile tho twenty year bonds of tit this s makes approximately not net received by the state from froin tile banks the alio average anio amount lunt of state money on deposit during tho the past four years has alwen interest on this amount of 2 por per cent would net lica the state so that tile tho state lias ills ill in reality derived derive d moro actual benefit than if f nil an offer of 2 per cent which was ellade tho the state for tile tho uso of tile tho state funds funda ivas accepted SHOULD PLAN M mr r mattson lit in ills his address concedes that if would lie be much moro batis satisfactory is if solito provision were made for loaning tho the stater funds to bankd at a ati I 1 i interest but maintains that thiu this cannot now locally legally be done to this ond cad lio however wever tile tho last state legislate leg legislature islat re passed it a resolution providing for tile the submission to tile people of tit an amend ilont to tile state constitution junk making ng tho the state board of examiners custodians custodian of tho the state funds and nd permitting that board tu to arrango tor for depositing the state funds at interest this amendment will devoted ho be voted on oil at tile chinin coining election and I 1 air I 1 r mattson stron strongly gig urged tho the adoption of this amendment by tho people fit at tilt coin coming int election kolativa Kola oil t ivo tivo to tills subject mr mattson said lit in part 1 I full am pleased ilease to sop see the present Illeth methods for caring for tile tho state jends lunds inneo nil an issue in ili this campaign there fire aro certain individuals however who itro lire misrepresenting tl tho 0 facts con corl corned iod and I 1 think that they deserve to lie lid answered lit in tho first place I 1 desiro desire to say that I 1 take arido in ili tilt the record which 1 have allado its as your our state treasurer and in ili the second ill place ice I 1 desire to state that I 1 olee deeply lily resent tile inference that governor over nor spry or any other person lias has ever ee fit at any alnio lily iny official actions under tile tho law the state treasurer is the absolu absolute to custodian of tile public funds anil and tile tho disposition lispi of these funds while in ili liis its keeping is ia liis ills sole prerogative any criticism therefore concerning the tho present caro care of tile the public funds should I 1 IH he directed against tilt the state treasurer and in ili like manner ner whatever credit is life due because of the benefits which tho the state deri darhes ves through tile care of its funds should bo be given also to the state treasurer for in ili either instance lie alone is the responsible party NO PERSONAL PROFIT and now I 1 desiro desire to say pay further that tho the state of utah does docs not receive interest on oil its moneys deposited in tile the different hanks banks neither do I 1 rece recent i ve interest nor have I 1 ever received 1 interest or any in mothr compensation whatsoever i lt either directly or indirectly 01 account of tile the state funds so deposited ten Accor accordini dint to tile tho provisions pio visions of tile lie state law aw stich in an act would constitute it a felony on oil the part of if all parties participating tiei the argument how however evero tant the state shot should receive interest on oil its moneys cannot bo be disputed but under thu the cx ex istine istina laws I 1 do not k know of lily any possible manner in ili which tile the state treasurer can legally loan tile public funds it I 1 is truo trite that many of tile states ao 10 loan their moneys and receive interest on oil their daily cash balances but these states 11 leavo favo depository laws lawa nil and havo provided tile alio necessary mean where whereby liv their funds nifty may ho be properly and safely loaned it is evident t there bere iere fore that tile tho state of atall must 11 havo avd laws similar in ili ell character to those of other states before we ive can call hope to realize interest ou on the public moneys on deposit in ill tile several bans and it Is ia for this thia very reason that i most heartily approve of tho the proposed con coil it ill amendment intel nent which provides provi doi fur for legislation 1 e g isolation designating state de tories and thereby y I 1 suring tile payment pay I 1 I 1 I 1 e n t of interest iii terest on oil tile thu public ft funds lids AMEN AMENDMENT DIMENT the question of adopt hij tills proposition in ia now before tho the people I 1 0 aie the resolution providing for t alio j submission su bolls of this thin proposed wilt was hiim aled ed by tile lust hist I 1 with tile libarty carty approval and an L I 1 1 support port of alm tit present resent olli cial 4 while mille this I 1 lef eg anvils IVIl pending ding 1 I 1101 personally ho 10 limited alio ta to support of every member invin ber of tile aal tile house f in fit its behalf it is distinctly it a republican republic ill fi measure leasure advocated by republican state cassol hyt by a I 1 legisla legislature turc ancl and biant eiyind d I 1 bv it a republican governor at and A unless this proposed is adopted ft at the I 1 election there is i no ito remedy rei y ili iiii bight for alio ta I 1 0 relief of preM pro sent nt conditions under existing conditions condi tiona tho the law lav hold tile lie auito treasurer treta to a I 1 strict personal liability for tho Rafe safekeeping keepin g of tile public funds my y first and all greatest test concern roii cern therefore lias hit always inen been for tile alio safety of the funds in trusted to itie hiie Shoil lil 1 undertake under lalio at any ally liine to lu loan state statu Il loney I 1 kulil ou lil not only lie be jeopardy jeo I 1 par 13 to this money oiley Ill but wa would dayi likewise k h Q 4 1 11 II 11 g iacre ine reasel asod myself 11 it r risk 1 8 1 ati no lie stata ti treasurer ell I 1 aurer could afford to take in ili chiq connection I 1 propose now to refer di lir act etly 1 y to my fill 11 personal pe ronal rhonal experienc experienced eq in ili it le dc siline I 1 I 1 I 1 willi the conditions co it eions surrounding lily ollice BONDING A PROBLEM M I 1 was elected to tile the office of state ir er I 1 thought that tile tho state 0 of r utah should receive bottle aromo len beli elit front froin tile funds deposited lit in the different e I 1 I 1 t ba banks I 1 I 1 ka I 1 therefore ther eforo look up ill the matter of if obtaining obtain iii it a surety company bond with a view to avoiding the alie obligations ligat ions necess necessarily aril ni assumed by fol I 1 vint tile usual ell custom s toni of soliciting tile local bankers for personal pors onal sureties tapo upon i i my lily olli off leial cial bond I 1 felt that it if I 1 could coil 1 1 avoid such obligations ahli it ions I 1 would I 1 ho 0 I 1 1 in it ti it clear position to dictate with tile bankers in ili the matter of fco be iring curing interest fur for the state on oil its deposits my failure to accomplish this is fullil explained in ill tile fol owin owing quotation front from it a t tion ion addressed to mo file liy by mr wesley E kink king of oc the american america I 1 I 1 S surety tir ety coni lany dated december 2 1908 his 1 cettei stcl read rc adif in ili part 11 11 1 I havo have mado a 1 careful anve alga lion relative to the matter of bond for I 1 d state treasurer find and now bei be to advise you that out our company 11 would not care to consider nil an 1 application for the bond 0 or for any part of it for several most splendid reatone ecat ons TS these reasons are arc not because of 0 tile officer elect but by rca roii of the present condition of tile laws of utah relative to the beato treasurer treasurers treasur ers 4 bond my lity interpretation of such giuli law is that thai tho tb treasurer and liia his bondsmen bonda inen are ab so solute lute insurers of tile public funds hr bt longing to tile alic state if my interpretation be true trite you nil would bo e liable ns treasurer ami could be cal called led upon to return any funds mis appropriated ba b anyo any oilier i state officer or in n case of tile failure of the bank wherein you had deposited deposit eiL your funds or dr in rase case you oil or any other official were ivere held up tip 11 und 1 1 0 lica I 1 or of state moneys s or where you paid out state moneys on oil properly drawn warrants which were improperly secured or where you paid out funds on oil for forged ca warrants 11 1 I 1 till am of tile opinion that tile hie lawt hold you oil to too strict a liability and for these reasons alono I 1 balio believe c out coulta coul company pa would not care to consi consides dei your our bund bond MUST LOOK TO BANKS this letter represents tho the general atti attitude tudo of tit the reliable surety coln coin ananies respect illi tile the liabilities ill b filitich ahi bo treasurer of utah lloyc airily asquine r when lio lie takes office they re fuse absolute absolutely lv to consider tile great risks which they claim liis ills bond in ill vites I 1 wasi was therefore compelled to look to the local loc il bankers for my illy bonds litell I 1 found after careful hiar tiva tion that they were the only fico allen agencies cies who were ivere willing to acco ninio f date I 1 ate tile me I 1 found also as I 1 had antici that the bankers who servo on tile bond of the state late treasurer expect it ii substantial return of favors in ili other words each bond expects and usually deni demands ands ili his full fall share of the lie states deposits let tile me illustrate mr prank frank knox of the national bank of the republic was ono one of in ill first bonds bondsmen nian and during the cart early part of my administration I 1 favored 1 liis 18 bank balik avith a heavy deposit of tile states money now along alnus in ill the siring of if 1910 it happened that I 1 drew heavily I 1 caa upon this particular deposit until it decreased to a lower point than mr knox consid considered ercil fair because of the fact that lio lie was V as on oil my lily bond POINTED announcement ENT 9 consequently on oil juno june 21 of that ae year ar I 1 received the following contain communication ni mr ir david Matt matron Fon state treasurer stilt salt lake city utah dear sir you ire arc hereby notified to furnish another bondsman ho nd sin a n in ili iny 1113 place upon your hond bond it as tato treasurer on oil or before july j 11 ly 1 1010 1910 1 I refuse to bo be liable tin nn ler der said bond for any act committed by yon after that date and have so notified the 1 governor over nor and secretary of state of tile state of utah yours youra truly 11 THANK KNOX KINO na now I 1 have no fault to find with tile actions action of mr knox or with adv other banker who takes a liko like post position but I 1 refer to this incident merely to show you that your you r 8 tat 0 arcis I 1 reas ur urca r is is in ili no position to drivel a I 1 bar haiti gain with the banks in ili fact if there 19 is an all adv antao on oil one sido side or tile other in fit these transactions tho bank ers erg hold it and tile bbate tre treasurer is is always more or lesa acs it their mercy OFFER OF CUTLER in this connection I 1 desira now to read you oil it a letter addres addressed cd to tile me by ox ex governor john C cutler of tile the dei eret national bank of dato january 13 1912 11 mr david mattson utah state treasurer city dear sir wo wc beg bcd to submit you 0 1 I 1 tho flici following proposition we will allow il low tho state of utah interest on fhate deposited in ili this bank nt at the rate of 2 per cent per in an on oil till dully I 1 bala balances pees we will furnish nil fit individual lionil bond litis factory to tho state which bond will guar liar anteo tho mol colleys leys on ell diIo deposit bit with avith alua bank trusting that tills proposition will meet with the approval of yourself anil and tile hatate wo reni aill iiii yours vours t truly r if I 1 y JOHN 0 Q Ilesi delit NOT 11 ll fj 1 now please that amr cutler did not oller tu to act on oil my illy ulli ciul bond loi il lie merely cl to tu give it i bond to tile tor loir tile particular moneys tu to bu depos deposited ItjI ills his bunk his hiis va lor ler ther therefore etore genolous as it would appear ear begged tile the question lot the he state would nave beell already fall fully protected ly by my lily bond flail bondsmen it I 1 interpret the guv correctly it a bond as lie he offered to I 1 could not have heen lawfully law lully y accept accepted cd by thu the state awl and certainly it would nut not havo furnis lied me ino with NN tit protection under tins tills proposed arrangement ran gement and ami in ill tho the event or r loss 1 8 buth both myself and my lily hond bondsmen sillen would lle eIl to tile tho liable parties because ol 01 tills situation tit therefore find and jor or tile further reason that L did not feel guati tied hid in mr cutet r at it I 1 thu possible of losing tile bondsmen I 1 already hail had his propos i tion was its not acce acceded led in 11 t taking a il V g til 1 Is position I 1 was not only following 1 my own best judgil judgment lent and the text or of I 1 tho law its iia J it but I 1 was liko like wise vj c acting in ili strict with ith tile tho law its as mr air cutler expounded it it in his splendid to i tile legisla legislature turu if in cloak i exposition jn in tills this inea nies sago mr culler recent |