The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-01-28
The STATES LAND FUNDS.

o Ak IMPARTIAL OBSERVER, it
looks as though an effort were be-
~ made to make a good deal out of
tie in order to weaken the state land
ard and former Governor Wells i'm
+ public estimation. Briefly stated,
f former administration has been
ucised by friends of the incoming
sime FOR making Governor Wells Gus
Plan without bond of the securities
#ndled by the state land board. There
no suggestion that these securities
is acknowledged by the critics that
custody of the bonds and mortgages
presenting loans of state funds has
en i'm competent hands.
Will be observed that the land
Sard was acting under the law which
fns:
vile board shall be the legal custodian
y All notes. mortgages and other evil
Anccs of Indebtedness arising from in
tments of state funds made by it, and
al collect all interest due the state on
Investments. Interest so collected
|aii DC paid into the state treasury. to
credit Of the fund 20 which il belongs.
the last business day of each month.
Hhenever the state board of examiners
II SO direct. the interest derived from
81 investment of funds belonging to the
pectiVe state Institutions shall from
4he 10 time. upon proper requisition
%refOr. be used for the maintenance of
- institution; and whenever the board
Ill order the use of said fund or any
.'llOn thereof. il shall notify the state
#itor OF such order. and the state audit
shall draw warrant for the amount
ted ia the notice, in favor Of the in
ution which Is entitled thereto: and
~ state treasurer shall pay such war
t out of the funds designated"
y pursuance Of this law. the board
& signated Governor Wells. one of it's
mbers. to handle the securities. and
i'm turn, placed them with the State,
nk for safe keeping and entrusted
bank with the collection of INFER
and general care of the business
tanning thereto Whatever objection
re may be 10 having an individual
ndle securities in lsfKe amounts
PH0S bond, the details of the ar
lgeinent were known TO all the mem
OF the board. there was nothing
ireet or secret about the matter,
so FAR as known there has been no
ssible ground for complaint or crit
SIN of the results following this plan.
pparently an effort is being made
produce a sentiment adverse to all
old state boards, particularly the
ID board. with a view to justifying
general sweep of offices which is
der contemplation and the creation
new boards which shall be entirely
tisan in their nature. II that is the
ent Of the criticism of Governor
ells and his associates on the old
ID board, it ought to fail and will
because the public is quick to rec
nize the difference between legitimate
nplaint and the merely captious crit
SIN which wells personal and polit-
! ends.
here can be no possible objection to
new provision i'm the law requiring
custodian of the states securities
whatever nature to give ample bonds
d make periodical accounting of trust
Ids; but the old law called for no
n action and the board, constituted
it was, gave guarantee in its per-
mel of responsibility and honesty
ich ought to place it beyond attacks
this nature.
While the matter is under discussion.
new administration might very
operiy arrange the states financial
tters so that the state would be
-en the benefit of the large sums of
ney on deposit most of the year out
e OF current receipts and which have
Interest value TO their custodian. 1t
uld also be well to require publica-
! n of detailed. itemized accounts OF
eipts and disbursements quarterly or
ni annually in such form that the
Dple would know exactly what the
ome and expenses Of the state are.
4 where the funds are placed Pub
~ Of that sort would be more valu-
e than all the audits and bonds that
lld be required, and it would serve
check on public officials who might
disposed TO extravaganza or loose
illustrative methods.