Show FULLY A YEAR IS GIFT mfT TO AMERI AMERICAN AN PARTY lEADERS lEADERS' BANK BANI Two Per Cent Interest on Deposits to Which City Is Fully Entitled Would Relieve Embarrassment and I Leave Bank Profit OTHER CITIES DERIVE GOOD INTEREST INCOME I In n Many of Them Banks Are Permitted to Bid for Deposits and nd City Treasurers Treasurers' Bonds Are Not Affected I Excuse Is Too Weak Wea cH I Sail Sall Luke City under the present or of management Is losing thousands thou thou- sands or of dollars each year yeal because the bank In which the city's monc money Is lle- lle r does docs nut pay a cent or of Interest to t the le city Tho rho National Dank or of the tho Republic at al Second South and Main streets Ite keeps ps upwards of of oC the city's cilY's fun funds s on c all the tune time Franl A. A Swenson the thc ell city treasurer In whose keeping the money is placed has cn given bond to the ell city with directors tors of the bank nn and others as ily Il The Thc directors are Frank I Knox nox 11 r. r Adams John S. S of burg G. G S. S Holmes Stephen J. J 1 Murray of Butte Mont J J. J C. C Lynch an and Thomas Thuma K ns The va- va vacancy cancy caused by the tho death or of S S. D. D Milner has not been filled rho city's funds d deposited In the J earns nox hank bank oft August 1 06 to divided as follows General fund E lund fund 1 GS fund I clai funds Meter 7 OS Bond fund Total fG I In n to tilts thiH the eft cloy had In Iii I t cash In the treasury vault a at the IlL city t ng G la In tho bu lie II 1 sand nd Count II II o aro red cr e 1 m ll fh r In jy in Hi JQ I i U n n r u Ul U 1 ruit l t the hc UP-C UP or I has t a lh t Q b 5 ells th the unc noncy Thu r to Ian bawl nUe y c It S r t l the t has chance 3 ou l J l 0 l y Cs U at ac J tale c the tunas 1 k Rt nt health Y the ba U L n e n hy ank gets is h tho a si t an that lat hil money At f rated t c I the ct a aL an the t. PoA not 4 city y re- re Tic Thc 1 U used Cl Th Y he tta 1 Y tor or all c. W t L e n th b hank Is wade made IY by urt urr turn torn hY bY the h o The rhe r del s IJU K i money 1001 the lrea iron the b llY f t J 01 10 r 0 a mo s 1 I It 4 c r d dra ra wo ona a for or on tre hr bo is 0 rO real than ban 4 yo std no moro more hO alt o city no Is paid lacer funds eng city ellY ma mono l competent us awls stan IS is not no halt 50 00 rose whose CitY it o. o exact ct r M a t. t Salt Lake r great gr Dark of no n r does oos Kearns arns 1 11 h the hO rom front of o st verge verGo yes the bc Is on bOrrowe I. I city dY s 's rho sO s santi another P ti fund rUf to the 10 bank anti d 00 is In nl fr ron v the be b. b bank loner IG a t tl I Is 13 b own at 0 at lit th C 1 ro no ve Y alit cl Y to undo na d is Is I hO t case co Iser surIs oil ap t Is an a er eflY sur r a city l C a ibel her herI tun rund C i I general the U a ur rt in nth lOnt t nl l L. L t P 1110 uP u ale s h til S i city ell forced ti into ito aSI aSIn n S. S Y 1 c was vas meet IMe growing the be tax laX levy r w IV t t t ral In n- n this ibis n cover the maul mo beinG not of ore are the 11 the lito he lX oft ruto rac lures 11 t the hc hY by In funds WA t rhO Illy ellY i council oller 1 th e into Inlo J rw evy nue t I be Inere n for tr o 0 f halt pr roW tv made u 6 aft lire fund ul anal Into lute Ibe general ol o 0 P- P half bal tut la f on n a rop pr alt r other total 1001 Iner to s t shun n 00 rhO tc I. I S of m mertY c assets ertY erlY a not nol In t cant nl Will t ee this Ibis s In ind An obOn a aU It ch U fl a c l' l provided for the sinking fund ruml would b paid Into the ell city through the In- In 1 In figuring on a a. way to solve sol the financial problem the thc elt city fathers lid dill not stop to consider that at lea least t OOOO could he be turned Into the city treasury every elY year ear b by forcing forcing- the bank to pay interest on city deposits And bankers would be glad slad to do It Mayor Ezra Thompson and aud the frenzied financiers or of the ell city council my Eay It Is up to the city treasurer that lie hl can n do as he pleases with the city funds Treasurer Frank Swenson says the same thing lie He says his bondsmen will not be liable If he tlc tlc- his money In other banks which will guarantee Interest on either dally lances l or quarterly deposits Other banks In Salt Lake and there are ue enough other responsible banks besides besides be- be sides the National Bank of oC the Republic Re- Re public to make an investigation atlon worth while say H they will bo be glad slad to pay J per pel cent Interest on en elt city deposits They are nrc glad to handle the money moner Cities Get t. t To convince the publIc that there Is Isa Isa a a way wa in which the city can tn derive C Interest from its H funds on deposit In fn local banks and to disprove C the statement of the city treasurer that iris his bond will be lv h- In- In lini lia The Republican banks tere t from written to other eHl s to thou method of handling the elt city funds runds and how much Interest t they d deIve de- de Y- Y Ive In most I 11 ec the he treasurers have 0 slated gal gal f ua q r r 1 1 pt p- p nh l i J tug for a L anfor 01 an bank o. no the t. n to u lt t F il ur l J that J In l' l for o Uns is U aked o of ro I aM The have beef been of ofa o at issue i u cities t n 1110 ot of it 6 Sa Lt c tko c as ar a C and the larger lanet near ot ar l e ot of mU- mU or tho art seine tSO o the thc farther advancement II vancel 1 n cina nl ln 1 l' l to your vout city cilY on l U S u. u Io hoS ho'S s t epos epos- CH CHt J CItY dIy's s tile daily froth rO ing on exact cent cot interest the r 00 reap 0 J e would lory unc c ell y Y and P V I I balances exact l q a ago ut failure t 10 ui oe that liy l Y yc Car Is 1 ore Ibe citY ellY th he I loses will oPi that thol l e he itO ely T lie t It Ill 1 J year i ant 1101 t 2000 this bl moneY moncY h lose eye Remo to 10 aIford s cannot 01 ue the 1 shOwn not nO tutu moncY Tito rhO city ellY Is losing r ellY tY tue he bank o of moteY onCY the In the oust which 3 not 00 only M al lOoneY cY favor too IY'S city's ln hit Ion l In the lIe tho t s' s st st from nn and o of of 01 G C t t c th II c Ile ai a ce reas on n the wog e Dank ell city t. t ee t interest If If the be I. I o of I rate P lOr r 0 it 01 n the M soul I cst at won hn c j IY c It A now navy O I un 0 I 10 Dolan Increase tt o the h. h i iA 10 nt per ur o rY to to toti city ellY I t ti nol net be on y m Tn I much itch money hanks banks vc tr local d n OCI interest do yell ou much lo 1 you ou et n iL t tro rom th wh l rate o bood 11 l Ix 1 the tbt that How w o pOS tl in ht hunk h. follow OW Jy by lu tt t. t nl ulan clo you o nn it l osh is y i funds unU gen t rom from 1st 1 tor or tV a l I vh Interest Vh l i S 'S She c aking he governed l Tn or of Is on t by stale s laW I nom Bond Nol l S Y has on onto N N. T he c 13 or of AlbanY rom from city to toT citY where rue rhe doP l banks 00 In local t hala e s per cent on the u end tWO at cl the money is credited Interest polo tl to and month T Tile Thc test on the e er of ofis the helps l Pay th the Int interest Is t ed h haid bY bYi city lY and ana r aid this way to n b to tl be paid t is P pot t i d alit alite ordinance o of the thc Il The e X 1 nil l' l la l' l 1 FULLY A YEAR IS lIFT GIFT TO AMERICAN PARTY LEADERS LEADERS' BANK j Continued I From Pa c One lime fixed by law un and time tho treasurers treasurer's I bond is 18 not hot affected J Louisville Ky derives tour four per pee cent front from rom the money moncy on deposit In time the local b banks TIme The method o of Interest collection tion lion there Is out of tho the ordinary the city being protected l by a double doable bond hOnl one from tho banks ant and ancl the othe from lom the lie treasurer The Time city treasurer r. r explains explains ex ex- plains time the system stem as follows s 1 T TIn In reply to yours o of A August 10 JO balance hal bal ance In hi bank this day Is Largest balance during present year was Feb leh 17 11 Interest derived L front from rom Jan 1 to Jul July 31 31 is lLIO Vo o are arc receiving this thu year four OUI per percent cent on dally daily balances TimEs This Js the limo largest l. l Interest yet received Three per cent Is iii usually the time amount ed eti The Time banks bid annually for r time the deposits Th The treasurers treasurer's bond Is riot not affected af ur- ecle by bank hank deposits The banks s give S J to the time cit city a bond bout protecting the timp city The rime treasurer also gives g an unlimited UI bond to the lie city The Time Interest goes pes o s to toa toa toa a und fund called cash from rom city meats This fund Is annually I ed ell by council cOUl ordinance to tho the s separate city departments It Is 18 an Income the time sumo sniDe as ns taxes o We 0 collect Int Interest rest by my byan myan an act aeL of or the time legislature Sec See 13 as Collow follow Tug mayor comptroller and treasurer treasur treasur- er or ershall shall annually select a n bunk bank or orban's banks bans which will give the time highest hl hest rate of Interest for Cor tho the current deposit of the city's funds and anti which shall give g giveand and maintain a L bond to be by bythe bythe the time unanimous vote ote of or the time mayor comptroller and amid treasurer said bond to tobo tobo bo lio conditioned for or the time keeping sate and prompt payment o of said funds buds or 01 any I part thereof when demanded by time the treasurer When several banks bid the time I same we wc select two Yours ver very trulyE truly E T. T Schmitt City Treasurer Xe v 1111 11 Advances Theory New Haven Conn Coon while not havIng having hav hay ing lug the time population possessed by Salt Lake Lale advances a u theory on the treasurers treasurer's treasurers treasurer's treasurers treasurer's treas treas- bond proposition which will be bel l pondered here S. S Fred Strong ong the cit city treasurer says MYS Replying to your our letter of or Inquiry P of or August 10 10 the tIme matter maller of ot the lie depositing depos of or city funds uns is Js covered by Sec See 2 29 i o of time the charter of at the time city of or New Non haven en passed b by the general assembly of or time the state of or Connecticut which Is Isas Isas im as follows All Aim rut ell funds ho 10 lr In I- I i such suell iJ bank or or banks lis as 8 shall l i I be designated by the board of or finance whose duty It shall be bo to obtain the highest E Erate rate Q of Interest consistent t with the lie safety of or the time deposits All in iii interest In- In terest upon said deposits shall belong to said elt city Tho rhe elt city at time the present time lime has om on onha m hand ha nel a about out which is hs considerably considerably consider ably more than lout Is customary that amount being due to tho time fact tha t taxes for or time the year ear have Just been col eel Time The city received from rom the time ban bank It tot for r Interest In 1901 1001 and anti in lOJ 2 2 Interest is is' is paul paid at time the rate o of or f wo two per pOl cent per annum In him designating ing a city depository some few years year I ago time the board ioard of or finance asked of or the iii a banks on what terms they imey would re receive re- re the time cit city funds up tip to 0 o that hint time ira 0 no Interest having be been n received A At t that time time the Merchants National bank bid two per cent anti and was the time only bank ban Je offering anything Since Sinco then the tho Mechanics bank has bos been na designated tell a n. city depository on tho time same Rame terms Crams and the time money ht hi equally divided cd between tho timo two the distribution being left loft to the time city t l treasurer As to 0 how this Isis designation or of a depository de the- may affect the time r's rs bond lots has n nver ver been settled It would Seem Unit the time board of finance having de designated l the tue bank bani the time treasurers treasurer's bond not miot be held for an any loss sustained through tho time failure Calibre Of r that bank This however is a 11 personal opinion only The Time Interest to be received is Included ed cd in the lie estimates for ne year and arid andis andis is appropriated for general purposes Had Tumble at nt 1 C C. S. S Hulbert city treasurer of oC Minneapolis Min Mimi neapolis Minn Mum tells of trouble he had with banks before he could the time payment nl of Interest on on city de tie- po posits Hs Ills IDa loiter letter is as follows l Minneapolis Minn Minim Aug Dear I Sir SirI I will answer your questions in the tho ort ord order mr r named 1 I. Cash on hand one million 2 thanks Danks pay two per cent on daily balances 4 I. In case of or loss in n bunk brink I cant can't say ny how the lie treasur treasurers treasurer's rs bond would be he af at lr- lr Our charter is lii a l. l state law which says the city council shall shuB dr designate nato nate as the time depositories such bunks banks mi aswill as us s will give bonds and amid pay Jay three ime percent per r cent on Oil drill dall dally balances At the time date o of or orthe f the time law Jaw interest was high and mind bunk banks s would pay three three now now will not nol By Dy tim the e advice of or our city attorney the time council i refused to designate because they cannot cannot can calm not comply with the time l letter of ur thu law This throws limo tho entire responsibility on oi m tho the treasurer In Interest collected I is s charged to o In interest acc account un t. t I hind hall trouble with our banks at ut tim the e start They did not want to pay hay In jim In- In tort terest I therefore kept the time money i In n Chicago till I brought them to time I am aln Just completing my tenth ye year ir irand and have collected in In In iii- crest terest I am nm allowed to lend money to our board of or education I charge them tour four per cent Very truly yours C. C S. S City Cily Treasurer Our Omit Tren Treasurer nl 1 When Mayor Thompson was asked e the time other day If JC there was not someway some someway way in iii which Salt Lake could collect Interest for tOI the time money moncy which It hason has luu hason on deposit in the time National Bank Ban of the thc Republic he lie said he ime would like JIlo to sc see sec the lie city get et all tho timo Interest It could He added that he lie would talk tall to City Treasurer Swenson about the matter matt l' l The Time city treasurer is not keen lot for turning turning- money into the time city treasury treasur from the Interest on deposits He lIe says say s his bondsmen would withdraw if iC the they hey had to pay interest Yet other cities clUes are arc drawing vas t sums as the Interest on the time deposits its and the time city treasurer Is not affected l in iii any W way The Thc council cnn can ly c lc a cit city depository depositor as Is done thone in man manof y of the cases cited in the time foregoing t k-t- lers |