OCR Text |
Show PROFIT FROM PUBLIO FUNDS. Ohio has a treasurer named D. Slalcy Creamer, who is about to go out of office of-fice upon tho election of hiB successor in Novcmbor. Wo find tho story of Mr. Creamer's custodianship of Ohio's Slate funds in tho Cleveland Plain Dealer, which says that when ho retires ho will turn over to his successor tho sum of $000,000 received as interest on Stale funds on deposits in various banke during the four years ho has been 'in offico. This, says tho Plain Dealer, "is probably more than all other oth-er interest paid in to tho treasury on deposits since tho formation of the Slate." Tho administration of Treasurer Creamer is an illuminating ono as a precedent for other Stato officials. Wo do not recall at tho present timo another an-other instance of a public officer getting get-ting so much money as this for tho public pub-lic treasury, from tho deposit of Stato funds. Tho interest received by Mr. Crcumer amounts to $150,000 a year. His plan was this Ho had promised while n candidate that if ho wero elected elect-ed Treasurer ho would put all the Stato funds out in bank3 that would pay for iho use of thoso funds. Accordingly, when ho was elected, he invited bids from all banks in the Stato for the deposit' de-posit' of State funds with them.- Ho got bids offering iuterost roturns far above anything the State had ever received before. Gradually ho put out theso funds under competitive bidding until now he has Stato money in 210 banks in Ohio in 73 counties. Tho rale of interest in-terest he Teceives is from 2.55 per cent to 3.55 per cent. Th result is tho enormous enor-mous interest accumulation mentionod. Uuder old conditions, the officials receiving re-ceiving the interest as their "perquisites," "perqui-sites," tho rate of interest would havo been less, as involving a soerofc and guilty transaction, but tho public would havo got nothing. Tho rule of competitive bidding for public monoys ndopted by Mr. Creamer is precisely tho sarao as that adopted by the municipal commission of this city; but he receives returns greater in proportion than received hero us much as the accumulations of money in tho State treasury of Ohio exceed the accumulations of money in tho city treasury of Salt Lake. Tho example of Mr. Creamer is a good ono to follow, and it ought to havo been followed in Utah from the first of Statehood. But unfortunately It has not been followed, and this failuro haa hco.n mm-li n,. disadvantage of Utah's taxpayers. It is indeed, fair to say that tho practice here has been "on the contrary, quito tho reverse." |