Salt Lake Herald-Republican | 1913-04-10 | Page 2 | Interest on Public Funds Now Allowed

INTEREST ON PUBLIC fUNDS NOW NOVI ALLOWED ALLO ViED Treasurer Arranges for Payment Payment Pay Pay- ment on B Balances lances by Most of List Just pr previous to starting for the southern counties for Cor a day ton trip In his s capacity as ns road commissioner Jesse D. D state treasurer announced announced an- an an an- yesterday e ter a that nineteen banks In the in in which t f funds nde have e been placed during his incumbency have ha mae al already already al al- rend ready agreed to the payment of 2 per percent percent percent cent Int interest resL on state funds Since first the subject was broached th tha he state treasurer has hai been ben working on the lie securing of or interest Now all hut Ix sI ot or the banks In ln which he has d i deposited during lurIng his Incumbency have agreed Ced to pa pay tho lie interest he Fays says and n are going on with those i six Ix lie JIo expects that when whon he returns the matter will be adjusted T I I have lisen n advised Je d d sn says s 's Mr Ir that the taw law providing pro for Cor the payment of or Interest b by banks banke on state fun funds is 18 unconstitutional so 80 far as al It affects J my 0 office But regardless or of l this and t lIn 8 feeling tha that the of at the state stale wish such Interest I J have ha conducted wi with th the banks Which have o n anly ry all a agreed tee a to pay nay Y the Interest The amounts will mainly bo be computed from the first part of at Janu- Janu any an h or etch ch time as 3 tb tho deposits were made with tho lie individual banks This I Is the first In Interest rest turned turne in to the Un state on bank hank deposits The balances of th the state each mon month make malc estimates of ot the n aggregate mount amount of or The rho annual interest al mist Impossible but ft It is Js believed that It amount lit In the gross to to ton 2 o 0 Th The teen nineteen bank Sn in n question ar are alfI a nIt Over th the tho state F Four ur of ot Jewkes them are In SnIt Salt Lake although Mr Ir considers that naming them Would u h ho premature itin