Salt Lake Herald-Republican | 1913-02-20 | Page 1 | Deposits by State in Banks Drawing No Interest, Says Jewkes

DEPOSITS DEPOSITS BY STATE IN IK BANKS DRAWING NO NOI I INTEREST SAYS JEWKES U I Treasurer Fears That That Interest Demands Will Entail Much Bookkeeping epin I S Im late have been made for tor forthe forthe torI I the pa payment m nl of or 2 P pet per l' l cent Interest t tIn on In stalo funds b by holding banks Jf it such uch Interest is desired b by the stat state aC according to State Slate Tr ir Jesse D D. More lore than sixteen banks h have been n Interviewed on the the- subject and of the tires the majority have signified wIllIngness willingness will wIll- to pi pay the I required d amount on stale slate funds One In the southern part of or the state has hns voluntarily announced I It would pa pay The plan has not nol noty nolI I y vet H t been ben placed place in iii effect I It was orl originally announced d this would b be bedone bedone done done- doneth the th- thIrst first of 01 the month The fhe matter mattl is on one onn that presents inan many all angles les says ays Mr dr es The hc essary banks ar are A to pa interest If Ie necessary nee nee- essary but bUl the pr present sent status 0 of the question Is such uch that it l Is ls hard to lO determine determine de de- de- de is II 1 do- do termine whether or not Interest The rue state stale treasurers treasurer's office will willbe he be placed d In ht the position f of C f ln ha having more work worl than It ll can car do Q If Interest I Is demanded for fOl all the ent different funds In ht our charge It would require t H a bl blI bigstaff big I staff to compute each ach da day the financial standing of or the state stair If tC the mone moneys S SIn in lit the genera general fund are arc placed ced at in interest Interest In- In terest tho the matter will wilt bo be simpler The state te it t. t must mut lie he jal said Is not lOt In the position of ot a business concern or ora ora lr a 3 capitalist who can sa say to a bank bailIe Here Heie I Is or that 1 I will keep koep with you OU for tor exactly one year ear Th The slate state cannot do the it Wf We may have today and tono tomorrow rott our mone money ms- ms hn he dr drawn wn out nut II Hour 0 can call W wo we com om- noon the Interest on that sort of or a de deposit deposit de- de posit without a 1 big Jg clerical force torce th would be different different dif dif- E Every daj dal our amounts ferent on c cr every r one o of the tho largo large numb number num num- b her ber r of or different fund In Ire order to be ready in case interest is demanded on state fun funds 1 ha have e written 1 many banks over the state slate and have received a assurances that the they will pa pay th the interest Tho Tiro larger city hanks banks are more mOl reticent so far nr If Inter interest lit must be paid it t 1111 may l result s in th the depositing depositing de de- de- de positing of ot state it tc funds in ire a large e num num- number her bet of oC institutions all an o over or r the state thul snaking making ln the matter mattor Ver very complicated but bUI If It th the people uC of this statE want vant Interest I 1 am assured th they can call have it it II