The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1903-02-14

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the school board and operated
against the best interests of the dis.
trict.
II IS reported that bill will be
introduced to cut off the northwest
portion of Oneida county and at
tach it to Bannock county. There
is said to be a large lobby in Boise
promoting this measure,
One Of the most important meas.
ures now before the legislature has
relation to the disposition Of public
money. II is generally understood
that, heretofore, State treasurers
have made from So, 900 to $1o, 900
a year out of the interest they de-
! rive from, loaniug State monies.
The perpetual funds of the State
are rapidly increasing and the late
treasurer turned over to his success
sor. now i'll Office, something like
$75o, 900. It is claimed that this
money can be loaned out at from S
TO 5H per cent and even as high as
6 per cent and, of course, the State
treasurer gets the benefit of all
that interest. It is probable that
the statements made respecting the
income of the State Treasurer are
somewhat exaggerated; yet, there
is no doubt that the amount re-
ceived by the State treasurer from
interest on public money is four or
five times larger than his legal sal
ary. The law provides that all
public money must be put on spe-
cial deposit, which means that the
money must be placed in a special
box or vault in bank and cannot be
used for any other purpose except
that provided by law. The plac-
ing Of public funds ON deposit is
we'll known to be impracticable.
No bank will receive large amounts
of money and take care of it mere
ly for the pleasure of having it in
the institution. Moreover, there is
no good reason for keeping large
sums of money tied up in that way
On the other hand, there is every
reason why the money should be
available for all the purposes O.
: trade and commerce. The propo
sition Of the public funds bill
which is a measure introduced BY
Senator Allen of Canyon county, il
to place those funds on deposit with
banks or other financial institutions
that will pay to the State the larg
: est rate of interest on daily balance
: 1t is believed that in this way tn
revenues of the State would be in
creased anywhere from $1,000 II
$1,000 per annum. 1t is not Il
be understood, however. that an.
of the present methods of placing
the public money are eliminated
The perpetual funds may be loane'
to farmers or may be invested il
National and State bonds. .a1ss Senate
u Aliens bill is meeting with stronI
I opposition, not in the Legislature
q but out of it. Of course, it is mai
l. ural that the State treasurer shoul
% do all in his power to prevent legis
It lation which will take from him a
IL income of many thousands of do
IS lars a year, but the strong ground
10 upon which this opposition
le planted must admonish the men
c. bers of the legislature that the tim
IL has come when it is dangerous t
10 permit any State officer to hand
< such enormous sums of money i
1e the manner in which the Stat
"a treasurer unquestionably intends
T. handle it. If the State treasure
+ does not design loaniDg this none
C. for his private benefit why shou
ID he and his friends make any opp
es sition to the bill. If he does inter
OF loaning it, then it is the business
e. the legislature to prevent him fro
to doing it. The official bond of II
IS. State treasurer is $6s, 900, while
is now has in his custody in IL
neighborhood of 100000 in ii
r. Stote money The discrenant