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Show 1 JUDGE AGEE IN A I STRONG ADDRESS B Points Out the Vicious Methods by Which State Funds Have Beeu H 'Jsed to Enrich Private Individuals at the Expense or the H, Taxpayers of Utah Prons Knocked from . M in Under Spry and Mattson. 5 H Judge A.'"W. Agee, in an address to the voters of Ogden, made H the following appeal on last Friday night: B Ladies and Gentlemen: It is iin- K possible for the supporters of Presl- WBL dent Taft to longer disguise the fact I that his defeat at the polls on Tues- day next Is as certain as the ilfling Hi nnd setting of the sun. It is equally HI as impossible to disguise the fact that HI the tide of Progresslvlsm has not yet Hf reached Its flood, but Is rising higher HT and higher as we approach the dtfy of PJVj, election, and bids fair to engtilf all Blr opposition on next Tuesday, and once MW more to call to duty, as the chief ex- H ecutlve of the nation the most daunt- K less, the most courageous man of the H age and the one who has done more H( than any other living man to arouso i the people of this country, aye of tho Hr cMllzed world, to higher Ideals and V to more earnest effort for civic right- HK cousness, and Industrial freedom H Theodore Rooser'clt. HT Barrier Against Lov Tariff. T The Progressive party, with this f matchless leader, stands today as tne L barrier against the low tariff doctrine Hf of the Democmtlc hosts, which has so f threatened and sometimes" retarded H our Industrial advancement, ov tne t ne hand, and ngalnat the rcprcenta I Uvea of tho great special Interests. I which have their nerve center In v an Hx street, nnd which have for years been Kf fattening oft the people through an Hi unholy alliance between corrupt pou- H; tics and crooKed business. These 1 representatives of the money power L of the east arc leading to certain de- jf feat and destruction a minority " K remnant of the once great Kcpuuu- hr can party, which In Kb former dajs zMr was the hope and Inspiration of millions mil-lions or freemen who fought for equal human rights. But now alas! this great party has been broken and shattered shat-tered by the gTccd and lust of uhe Galllngcrs, the Pcnrosos, the Cranes and the Lorlmers, and by tho theft of a nomination for tho presidency. Upon tho tariff question the Progressive Pro-gressive part and Its great loaders btand today for practically the Bame principle that was enunciated in the Republican platform of four years ago, viz.: A protectho tariff sufficient to represent the difference botween the cost of production at home and abroad. It was upon this declaration that the Republican party won Its great vlctorv and Mr Taft was elected elect-ed President In 190S, and had the party par-ty and the president redeemed their pledges, there would have been no great revolt such as wc see today, hut every pledge on this subject was v o-lated o-lated ruthlessly and Instead of revising revis-ing the tariff downward, the congress led by New England senators assisted by the senator from Utah, and by Cannon and Payne In the house, actually ac-tually raised tho tariff on nlnoteon different dif-ferent kinds of cotton cloth manufactured manufac-tured In the cotton mills of New England Eng-land and which are ubed extonslvoly by the women all over the union, on an average oer 31 per cent. One Eccape Only. Today tao people who honestly believe be-lieve In tho protective policy, but In a turlff that is equitable and fair to both producer and consumer, have onlv one way to escape from Dem; lcratlc rule, and that la by supporting Theodore Rooseelt and the Progressive Progres-sive part And I bellee there aio thousands of earnest, thinking inesi and women all over this countrj. who, i fearing the consequences of Democratic Demo-cratic success and realizing the Ira- , possibility of re-electing President Taft, will on Tuesday next turn to the hero of San Juan and Milwaukee. . Utah's Political Machine. j But the great national struggle will be little affected by the elecllon In j Utah What (he people of this state, I Democrats, Republicans and Progressives Progres-sives alike, are really most Interested In Is the overthrow and repudiation of tho political machine In this state, which has stolen tho livery of the Republican Re-publican party to serve the devil in, aud which has been Juggling with tho money of the state and exploiting tho peoplo for their own feelfish gain Much as wo would like to sec Itoosovelt aud Johnson carry this state It is Infinitely Infin-itely more Important that Xephl L Morris, that able, fearless and uprlgh defender of the rights of all tho people shall defeat William Spry, that apologist apolo-gist for greed and graft. With Nophl L. Morris for governor of this stato the scandals of the state land board and tho juggling with public monoys of the state will cease. Prior to the last Bession of the legislature leg-islature the people of the state had voted against bonding of tho state for the building of a state capttol, but during that session Governor Spry induced in-duced the legislature to pass laws providing pro-viding for bonding tho state for over a million dollars to raise money to build a state .capitol. Shortly after this law was passed and approved by the governor a check for over $798,000 was received by the state treasurer rrom the estate of the late E II. Har-rlman, Har-rlman, as an inheritance tax. This check was datod March 1, 1911, and was deposited by the stato treasurer in bank on tho tth day of the same month, and on tho same day the gov-1 ornor approved a bill providing fori further bonding tho state for ?noo,000 for the Improvement of the roads of the state. Five days later the governor gover-nor approved another bill authorizing the Issue of $2G0,00Q of stato bondB for a university building. Thus In loss than thirty day6 tho legislature passed and Governor Spry approved bills authorizing the bonding of the state for about $1,750,000, al) bearing 1 per cent Interest. Now, at thlB very time the state treasurer had on deposit In certain banks more than a million and a half of cash, upon which the state received no iutercst, and jet, instoad of drawing draw-ing sorao of this money from tho banks to use in tho Improvement of the roads and the erection of a building build-ing at tho university the present administration ad-ministration of which Governor Spiy Is the head issued and sold ?nC0,000 of the bonds of the state bearlns 1 per cent interest, pajable semi- an-nuallv an-nuallv And to whom were these bonds sold? In a speech at Murray State Treasnrpr Mattson said: i sold every dollar of them to tho vory banks which held the Btate deposits." That was, no doubt, easy to do since tbeso banks had more than double th.it much money of the state, for which they were paying no Interest tit least nono to the state with which to buy these bonds. And when these banks bought these bonds not a dollar dol-lar vv.ib drown out of the banks. Tho stato treasurer was simply given crotl-It crotl-It for that much more, which swelled tho deposits to over $2,000,000. Now why did they borrow this $5CO,000. nnd issue tho bonds of the state for that amount bearing -J per cent interest, when the treasurer already al-ready had over a million and a half of cash in the bnnk3 subject to check and drawing no interest, and a portion por-tion of which could hnve been used? Let us see. After Governor Spry was elected there was organized the" Merchants' Mer-chants' bank of Salt Lake City, ;n which tho governor became a stockholder stock-holder and director and Mr. Mattson became assistant caahler I do not know how much of tho state funds were In this bank at the time tbeso bonds wero sold, but in a roport mado by the state treasurer he shows that there wero on deposit In eleven different dif-ferent bauks Septemlcr 30, 1912 $1,-550,125.34, $1,-550,125.34, of which $510,08-1.19, or nearly one-third of the entire sum, was In the bank of which the governor gover-nor was a stockholder and director and in which the state treasurer was, or had been, assistant coshler Can you see any reason why thoy did ndt use this monoy Instead of Issuing Is-suing bonds? Borrowed Money. Now as September 30 la Just before tho annual payment of taxes begins, no doubt tho amount of cash In the banks at that time was much loss than In March, when these bonds wore sold. At anj rate, 4oiv,uv oi i 4er cent bunds were sold Instead of drawing monei out of the governor's bank 'or immediate use Now the early Interest In-terest on $500,000 at 4 per cent amounts to $22,100 Therefore, by taking these bonds to tho banks and simply getting credit for $560,000, the oanks began to draw interest on tho bonds, but the state got no Interest on the money, which It left In these banks. So In a year the banks that bought these bonds would collect Trom the state $22,100 Interest which tho people must pay In taxes and at tho same time bad the use of more than that amount of money, which thoy could loan out at 8 per cent, but on which the state received not one penny pen-ny of Interest Eight per cent on $5CO,000 Is -4 1.S00. So these banks would receive In Interest from the state on the bonds $22,400 per year, and In Interest from other borrowers on the loan of $560,000 or state money mon-ey at S per cent $44,S00, making a total of $07,200. which would all be velvet, for tho banks paid not a cent of Interest to the 3tato. Now, do you catch a glimpse of the African In tho wood pile? Do you understand un-derstand why these bonds were sold, thus placing a burden on the taxpayers taxpay-ers when the stato had a million and a half or two millions In ensh in the banks' If not, you do not know enough to vote Intelligently. If $560,000 had been drawn out of tho banks, Instead of borrowing money mon-ey on those bonds, the banks would not have had the use of that money to loan at 8 per cent Interest and thus making a profit of $44,S00 per annum, an-num, nnd thoy would not have collected col-lected from the taxpaers of the state $22,400 in lntorest on these bonds each year. Drives Them Into a Corner. Rut this Is not all. Judging by the fact that there was $1,550,125.34 be-loing be-loing to the stato, on deposit in the banks on September 30, 1912, just before be-fore the annual payment of taxes begins, be-gins, It Is safe to say that there would be an average for the year of $2,000,-000, $2,000,-000, and on this vaBt sum which these banks have, the Btate does not receive av Interest. But tho governor and Mr Mattson say it would be unlawful to loan this money to the banks at interest. But do not these gentlemen know that when the money Is deposited depos-ited In bankB It Is loaned to thoso banks, whether the Imnks pav interest inter-est or not I concede that there is no law that expressl.v requires the stnto treasurer to collect Interest on state monoy deposited in bank, but. if he doposits the monev there Is no law which prevents him from accepting accept-ing interest for the state. Now on January 13. 1912, when the stato no doubt had more than $2,000,-000 $2,000,-000 lying In the banks drawing no interest, in-terest, ex-Governor Culler, president of the Doseret National bank, wrote to Mr Mattson Btatlng that his bank would pay 2 per cent Interest on dally balances of money of the stato that might be deposited with it. Here waj a voluntary offer to pay Interest. But this offer was Ignored and the monoy was left In tho govornor's bank and lu other favored banks without Interest. In-terest. Scandalous Manipulation. Now 2 per cent Interest on $2,000.-000 $2,000.-000 amounts to $40,000 per year, so that by lcjectlug Governor Cutler's offer the stato loses 340,000 per year, while the banks continue to loan tho money at 8 per cent, which would give them $1CO,000 a year in interest Now do you see any Senepamblan hiding about tho wood plle7 But this Is not the worst of this scandalous manipulating of slate funds. Tho board of education of Ogden City gets 4 per cent interest on dally balances of money In bank, and the bank pays tho salary of tho treasurer besides. During the past year this bank has paid to the board of oducatlon of this city a large Bum In Interest on dally linlonra Rnf nn Soiltfimber 30. 1912. this same bank had over $324,000 of stato monoy on which tho governor and state treasurer did not even ask It to pay Interest to the stato. Now, surely the state 6hould be able to get as good a rate of Interest on a large sum as the board of education of this city can get. Taking, thon. 4 per cent as a basis of Interest which tho state should receive on deposits, tho state should rocclve annually on $2,000,000 deposited In banks $S0,000. So you see that under the method of handling the state funds, by the pres-ont pres-ont administration tho stato loses the Interest which It has to pay on the $560,000 of bonds neodloasly and recklessly reck-lessly lbsuod and also 4 per cent Interest In-terest on Its average balance of money mon-ey on deposit. These two sums amount to $102,400 per annum, which the jeople lose una ine taxpayers jH must make good. IH Now, ladles and gentlemen, do you im call that a good, honest, business ad- jH ministration of the affairs of this M H But Governor Spry and Mr. Mattson IjH sav it would be a felony to loan this IH monev aud collect Interest on the use IB or It. Now. since In law depositing IB this money Is a loan of it to the bank H I suppose they think that requiring IB banks to pay Interest would be the VM act which would constitute a crime H Strange Coincidence. H Now, I do not blamo any bank that H has been organized on private capital H for the purpose of doing a fair and lc- H gltlmate banking business, accepting IH a deposit of rtate money without pav- IH Ing Interest on It, when our governor H and state treasurer aie so , -nereis H as to ask no Interest. But w seems H passing strange that soon after the IH Hon William Spry, United States H marshal, waB made governor of the H state of Utah, by the grace of the H "federal bunch." that a new bank IH should be organized in Salt Lake City. H when there were a hulf score or more of good strong bauks In that city and H that the governor should become a H stockholder nnd director and tho H state treasurer should become as- H slstant cashier of this bank, and that H soon after wc find that about one- third of all the stato money, depos- jH lted in eleven different banks, has jH found Its way Into this particular bank and that the governor and state trcas- urer do not even try to get interest H on any of this vast sum. H The governor vociferously declares 1 that neither he nor Mr. Mattson hns received one cent of Interest from H any of these banks. But tho gover- B nor is n stockholder In this now bank, which It would seem must have been H organized to tnko charge of the monov H of the state. Qui faclt per allum faclt H per so (what one does by another ho H does himself) Is a maxim of the law. H Therefore, what the bunk rccelvos In B Interest the stockholders receive nnd HBHJ the governor as ouo of the stockhold- H crs receives his share. .H An Explanation. H Now, I havo shown that tho gover- nor's bank had $550,084.19 of stato H money on September 30, 1912, which It could loan at S per cent, which would amount to more than $40,000 In (Continued on Pace Fourteen.) H JUDGE AGEE IN A STRONG ADDRESS (Continued From Page Seven ) one year, or ?1GO,000 during tho governor's gov-ernor's four years in ofTIce. Of course the governor will get his share of this Can it be possible that this is the reason $500,000 bonds of the stato boaring Interest were sold, instead of usng the cash which was on deposit in the banks drawing no Interest7 Mind youf these bands woro issued and sold after the $793,000 had been received from the Harrlman estate and been deposited In bank without Interest. This is what might bo called call-ed "frenzied finance." But in a, speech at Murray Mr Mattson claimed that by depositing tho money without interest, ho had been able to arrange with tho banks to charge no interest on overdrafts, and in this way to save, in four years, approximately "$30,000. Just how the state could havo half a million or moro on deposit and at the same time havo an ocrdraft he does not explain. But ho says he also secured other concessions conces-sions from those banks. That he sold to them S560.000 of 20-year state bonds bearing only J per cent interest, inter-est, when oastern bond buyers wanted want-ed i 1-2 per c t Interest and in this way saved fn 20 years $5G,000. He then eaj'B that the stato has an average av-erage of $1,000,000 on deposit (which is entirely too low an estimate), and sinco the Interest on this sum at 2 per cent, the rate offered by ex-Governor Cutler, would amount to only $80,000 in four years, he claims that the benefits received from the banks exceed thp interest that wpuld have, been received by $6,000. Figures Juggled, it 13 said figures will not He, but they may be so juggled as to deceive a great many people. Now note, will you, that Mr. Mattbo' takes the alleged al-leged saving In interest on the bonda for twenty years, but figures interest on the million dollars of state money In bank for only four years. If we figure the lntorest which he claims to have saved on overdrafts at $30,000 In four years, In twentv years the saving sav-ing would he $150,000. Now add the $56,000 which hq claims to have saved In Interest op thc bonds In 20 ycara n' " and we have $200,000. But 2 per cent Interest on $1,000,000 for 20 years amounts to $400,000, so that, taking Mr Mattson's- own statements, the state would lose $19-1,00 And If wo calculate interest pn the $1,000,000 at 1 per cent, tho rate paid to our board of education, the inteiest on tills $1,. 000,000 would amount to $$00,QOO in 20 years, showing a not loss to the state of $591,000 Glasmann Not an Issue. But the goernor and tho .Morning Examiner of this city aro belaboring Mr. Glasmann for saying the stato has been niortgaged for ovor two millions of dollars, and aro trvlng to draw attention at-tention away from the real facts by abusing Glasmann. But Mr. Glasmann Is not a candidate for any office and Is not an issue In this campaign The mismanagement of the offairs of the people of this state, by tho Spry administration, ad-ministration, Js the all-important issue. is-sue. Do not lot your attention ue drawn away from It. This is what the Examiner says' "But the death pf E II Harrlman Just at the close of the legislature and the certainty that Utah would receive a large sum of money under the operations op-erations of the inheritance law showed to the governor that the capitol bonds would not bo needed So those bonds authorized by tbe legislature, never were issued." Mortgaging the State. Now the death of Mr Harrlman did noC occur just at the close of the session ses-sion of the legislature, but some months before, and If his death mado It certain that the state would receive re-ceive such a large sum from his estate es-tate that capitol bonds would not bo neddod, this fact was known to the governor when the legislature convened, con-vened, and yet the governor urged the legislature to authorize the Issue of capitol bonds, and only ten dajs before the check for $79S,000 waB received re-ceived approved a bill providing for the Issue and sale of $1,000,000 In bonds. Tho governor actually knew" of the receipt of this $793,000 several days before the adjournment of the. legislature, and if ho then knew that bonds would not ho needed, why did he not call the attention of the legislature legis-lature to this fact and' ask them to ropeal the act requiring one million dollars in bonds to be Issued " It is true these bonds have not yqt hoen Issued, but will the goernor or the. Examiner dare to say that It Is not the intention to Issue them to build tho state capitol? 1 understand plans for a building that will cost $3,000,000 haVe been approved, and bids are now being Invitod for the erection of this building. Does any one suppose that those bonds will not he issued? Let me predict now that theso bonds will not onlv be Issued and sold, but that in addition to tho million dollars thu. raised and the ?7fi0,000 In cash that has already been Appropriated for I that purpose, thc people of this state will be called on to pay $2,900,000 additional. ad-ditional. Governor Spry may go up and down the state, denouncing Mr Glasmann and Hon. Ncphl 1 Morris, but he will not be able to detract attention from the bad record he has mado. Lady MoBoth, having procuied the murder of Duncan pacing the floor of her chamber at night, Imagining that she saw the blood of the murdered Duncan Dun-can on her fair hands, wringing them, j cried, "Out, damned spot, out, I sny! I not alLthe perfumes of Ara- I bla can sweeten this little hand." And I so the governor ot this state, seeing ' the stain upon his administration ex- ' posed to public view, may cry, "Out, dartmed spot," but he neer can remove re-move thifl stain. |