Show iL I Local Fin Financing ing 1 TN N THE absence of conditions which would 1 IN preclude the need of f Salt Lake issuing tax anticipation notes a plan to negotiate these loans with the greatest possible benefits to r. r local interests is to be encouraged Robert N. N Young city treasurer r recommends commends a d departure depar depar- par par- y ture in local city financing which- which will have this effect urging that the city arrange for financing at four local banks hanks instead of disposing disposing disposing dis dis- v posing of ta tax anticipation notes in the East at the beginning of the year Mr Young believes that the departure n would t result in a saving to the city of at least a year In addition it would serve as ts a local stimulant keeping the earnings earnings earn- earn ings lings of the transaction at home iome instead of sending them outside the state In this condition condition condition con con- the public is s vitally concerned for the reason that the benefits are distributed in local channels When everything else is equal there would seem to be no good reason why City patronage should not be distributed among mong local financial institutions Moreover the departure conforms with a theory which promotes the welfare of the state sate Utah has valuable undeveloped resources resources resources re re- re- re sources as welt well as s active industries In the past we have depended upon outside capital capitalI I 1 f for r development with the result that today t I the profits of many projects are taken out of I S Ithe the state Wh When n the profits of industry are re distributed elsewhere we fail to share in the earnings of industry which are available for fors s f. f newer developments We We need the faith to put put our own money into Utah projects so that when the time for profit taking comes C I f the profits will be Ibe kept at home f f Perhaps we lean too much on the outside j world for our future welfare Achieving Achieving- a I I state slate of sufficiency self-sufficiency should be the ultimate goal of our 1 people o The more financial earnings earn earn- ings we can distribute and keep here the better it is for the public To this end the theS S proposal of the city ity treasurer is a step in the theS S right direction At Atno no cost to the public it J would seem to offer an art opportunity for local interests J terest to share in the benefits of the loan |