Show Interest on State Funds A LL POLITICAL parties partie in Utah are fire agreed A that the funds of or the state should draw interest inter inter- est ost that the banks which have the use nse of them shot should pay tho the commonwealth a reasonable compon- compon Ration Each of the three platforms upon which the candidates of these three parties stood in the cn campaign cam Cain of contained a plank a affirming firming f support of tho the principle and pledging its enactment into law b by this Legi Legislature laturo Two wo measures providing pro for the collection n of interest on the states state's moneys are lre pending pending pend pend- ing and as but a a. few days of the session remain remain it itis itis itis is obvious that action must begin at once if anything is to be accomplished As s the dominant party in inthe in inthe the tho lawmaking body the R Republican publican organization organisation of this state must assume responsibility for an any failure to redeem that platform pledge The plank in t the he Rep Republican declaration of faith with ref reference to the subject is as follows vs A system of or taxation In Utah which is unequal unequal unequal une une- and ant antiquated IH Iti undergoing investigation n nb b by a a. revenue ro commission created by tho the last Legislature Th lh leVin levying of taxes on an equal basis an and TIlE TUB DEPOSIT OF FUNDS UNDER SUCH RESTRICTIONS S AS 5 TO SAFEGUARD THESE MONEYS MONNY'S WHILE E BRINGING G THE TIlE BEST RATE HATE OF OJ INTEREST I ON DAILY BALANCES BAL ANCES ARE MEASURES TO rO WHICH THE PARTY IS ALREADY COMMITTED The defeat of the constitutional amendment with reference to the deposit and handling of state tate funds I rather complicated the situation but has by no means meane made it impossible for the Legislature to adjust b by proper statute The lack of constitutional w warrant wan nant renders it essential that tuat enabling legislation shall bo be Properly drawn but does docs not orect erect an insuperable barrier ier- ier to its its its' enactment Tho Tim city of Snit Salt Lake collects interest on its daily balances in the banks and aud that without aid in law or in constitution None has que questioned its right to do so and the tho banks were ere more than willing to accept tho the funds under that arrangement In view jaw of that condition it seems certain that the state after legislative action IDa may maj maydo do as aswell well clI as ns the city The Republican majority in the Legislature may mayas mayns as ns well recognize the situation to the fu full If this session adjourns without having adjusted the matter the legislators may rest assured that the state funds will vill be no more a n source of income for the state during the next two years than they have e been in inthe inthe inthe the past Whatever may be the attitude and desire of the state treasurer any private arrangements he lw ma may make necessarily are arc at the tolerance of tho the banks I I In the tho absence of any statute requiring such a transaction trans trans- I action it requires no capability for forecasting tb the future to know what the banks will win do clo They will win pay interest on state f funds only when they are required required re re- re to do 10 so they are not organized for philanthropic philanthropic philanthropic phil phil- purposes This question of interest on state funds was the most embarrassing s ng the Republican party was forced to meet meet- during the last state campaign Much 1 that was charged hinted and insinuated by the party's opponents was far from the truth But the conditIon condition condi condi- tion hon of public sentiment is too plain to be stood The people of the state wish their money to be e ea earning ning an income when it is lying in the banks they wish it because it is merely a good business principle and they want it because- because it will willaid willaid willaid aid in decreasing taxes If the Republican party does not respond to public public pub pub- I lic Hc sentiment at this session the problem will arise again in the state stat campaign of 1914 to plague those responsible Tho The load is too great to carry arid th the party should not be compelled to bear it during another campaign PE ica Pa |