The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-10-01
Fishers Plan For Over
coming the Difficulties.
THE BOARD MAY ADOPT IT
OBJECT IS To AVOID THE DISCOUNT
ING OF WARRANTS.
Much Depends Upon the Success Oh
the Bond SaIe-A Review OF the
misunderstanding of the Board
to BE Held This Morning.

County Auditor Fisher has q plan
which. if adopted by the board of coun-
ty commissioners, will in all probability
meet the financial difficulties now con-
fronting the county, the object of the
scheme being to place the county on a
practically cash basis and thus avert
the further discounting of warrants and
the natural loss 10 all creditors of the
county resulting from the present con-
dition of affairs. Of course much de-
rends upon the success of the bond
sale
Mr.. Fisher is probably the best post
ed man on the county's financial af-
fairs today. He believes that some
action should be taken Immediately to-
apply this years revenue to the can
collation. Of this years issue of war
rants. And if something is not done
at once with such an object in view,
the county cannot be placed on cash
basis and there will always be a dis
count on its paper.
The legislature last winter author
lied the sale of bonds for the purpose
of funding all outstanding warrants is
sued prior to Jan. l, 1896. There was
something over $425,00 in such war
rants outstanding on Jan. I, includ-
ing the warrants held by the Andrews
Furniture company and the Macadam
Rock company, the legality of which
is now in question. However, all war
rants issued prior to statehood have
been provided for by legislative en-
actment. and this Indebtedness will be
funded by the proposed bond sale.
Now the situation is simply this. I'm
der the present law the treasurer must
nav II
they are registered. The consequence of
this has been that out of this years
revenue $71,13S.07 has been used to re-
deem warrants issued prior to the be-
ginning of this year. And the condi-
ton which now cOnfrOnts the county
is that if more of the revenue from
this year is applied TO cancel old war
rants, the county will not be able with
its prospective income for the year. to
cancel all warrants issued since Jan.
l. One fact generally lost sight of is
that money derived from the sale Of
bonds can only be applied on warrants
issued prior to the beginning of the
present year. Thus it will be seen
that unless the redemption of old war
rants with his years revenue is imme-
diately stopped, there is liable to be on
the one hand a surplus after the money
derived from the sale of bonds has been
u9CeA ~ Lbll4 t4lC OlI Indebtedness WHICH
can not be used for any other purpose,
and on the other hand an insufficiency
In this years remaining receipts to
take up all warrants issued during the
year, and as the county could issue no
more bonds to fund any warrants is
sued after the opening Of the present
year. the necessity of prompt action, if
the county is ever to be placed on a
cash basis, is apparent.
The board of county commissioners
will meet today and it is more than
likely the proposition will be discussed.
Auditor Fisher thinks that if a fund
could be created into which receipts
from all sources were covered the treas
urer could be instructed to use such
fund only for the cancellation of war
rants issued during the present year.
This would also remedy the deficiency
in the county salary fund and would
place all creditors Of the county on an
equal footing while those holding old
warrants would be relieved when the
bonds are sold. There may arise a le-
gal question as to whether such a
change can be accomplished The plan.
however. meets with the approval of
the board, the members Of which recog-
nize the necessity for some immediate
action.