OCR Text |
Show H WHAT IS A MORTGAGE? H Under the above heading tho morning apologist for Governor H Spry and the miserable slute of Utah's finances, says: " 'Xow. if a man owning a big farm, and needing monev, H ahould decide to mortgage his properly should H suddenly discover that n rich relative had died H leaving' him money, and that he would hae all he needed H for the work contemplated, conolnded not to make the loan H would you say that ti had mortgaged h!R uroportv? Because he H had thoucht of making a mortsage, would you siy that he had H done M The morning sheet, in printing-the above, is simply trying to fool fl fhe people. The facts are the governor proposed to build a $3,000.- 1 000 eapitol building after the people of Utah had voted it down. On H February 20th, 131, the Governor signed a bill, which the legislature H passed at his request (see laws of Utah. 1931. Page 9) which directed B arid authorized the state board to loan commissioners to sell one mill- Hj ion dollars worth of bonds and giving the whole slate of Utah as H security for the same. Jt is true the bonds have not been sold bc- H cause the construction of the eapitol building has not yet started and H it would have been a crime to sell the million dollar bonds when the H governor had three-quarters of a million dollars in cash in the eapitol M fund 3 in his banks. Why should he sell bonds, when he had so much M money that he did not know -where to keep it, and had to put it in H his own bank for safe keeping? m "What would a big farmer do, after he had received, $750,000 in H cash from relatives; would he go on mortgaging his farm for more H money? You say, no. But the state of Utah did. On March 4th, the H State of Utah, received $793,000 from the llarriman estate on the H came day the governor approved the bill mortgaging Utah for $300.- H 000 to erect a building for the university (see page 14, laws of Utah. H 3911) and on March 9, 1911, the governor signed a bill to mortgage H Utah for $260,000 more to build good roads. (See page 62, laws of M Utah, 1911). H So it will be seen that, if we even adopt the fool argument of H the Examiner, we find the State of Utah actually mortgaging Utah H for two more bond issues even after the Examiner admits the state- Hj had received the three-quarters of a million dollars inheritance tax. H The governor may well say, "Lord, save me from my fool H friends' H Think of it, people of Utah, even after $798,000 had been received H and the million dollar eapitol bonds had been voted by the governor H and his federal bunch ring., the governor deliberately signs two H more mortgages on Utah, one for $300,000 and one for $260,000, and Hl the Governor aud his apologist deliberately say, "Yes. we did this H knowing all the time that we had this $798,000 Harriman estate H money in our pet banks. 1 "Think of it, the state is paying interest on these two bond is H buck with money in the bank enough to pay off both bonds and the H state getting no interest on its money. 1 Yes. good people, the governor's bank loaned out your money. H The governor's bank got interest nil right, and the people can pay 1 te taxes to pay interest on the .bonds, while the governor's bank H grows rich. |