The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-08-24
TREAT ALL ALIKE.

The opposition of the church parties
to the American party and the objec
tlons to American party admlnistra-
ton in this city having been fully
met and absolutely defeated on every
other contention, that opposition is now
concentrated on the point that the city
ought to be drawing interest upon the
city's bond money now in the banks.
While disposed to agree that there is
basis of justice in this contention
Of the church opposition parties, we
wish to direct attention to the fact
that it is not the American party's
fault, nor is the American party unique
in this, that interest is not paid to
the public on public money deposited
in the banks. We all recall the show
ing made to the last Legislature of the
vast sums Of money and valuables in
the hands of the secretary Of the State
Land Board, the deposit Of which
money was of no advantage to the
public, and the State treasury draw
though tho value was shown to amount
TO very large sums constantly. The
total valuo of the securities, notes, etc,
were shown to average considerably
over a million dollars in securities and
bills, and Of ready money somewhere
from $15000o to 100000 constantly;
and yet there has never been any in
terest money accounted for TO the State
on these moneys deposited in the
banks.
Likewise, the State has never drawn
any interest from the State funds
proper, although these at times amount
to very large sums deposited in the
banks and usable by the banks in their
business. So, also, the county funds
are often very large in amount on de-
posit, but we have never seen any re-
turn of interest coming to the county,
although the county pays very LARGE
sums in interest on overdrafts in the
form of warrants that the banks cash
from time to time when there is no
money to redeem them, and which bear
interest.
Now, all of this certainly is not the
fault OF the American party. The
American party ought, as q matter of
fact, to set an example to all the par.
ties in this, as in other good works.
If, however, it temporarily finds itself
unable to do so, there is no reason why
it alone should be blamed for not re-
turning interest money to the public,
when there are many large amounts of
public funds deposited in the banks
by the State in it's various capacities,
by the county, and in the form Of va
rious special and trust funds; the pub
lie Of the State, of the county, or as
beneficiaries Of the special or trust
funds. never receiving any interest on
these deposits. Rather the blame must
lie with the law, which makes no re-
quiremeht Of public advantage with re-
spect to these deposits.
Both the Republican party and the
Democratic party have been in control |
of the Legislatures in this State, but |
neither has ever required that the of |
icials shall account in the form of in |
terest to the public for money of the |
pubic which may be deposited, and |
while the American party may be |
blamed justly or otherwise for not OBJ
tanning interest on public funds of this
city on deposit, the injustice of holding
this party to be a sinner above all |
others is manifest
Until there is a law regulating the
subject, it is evident that the interest
which the public may draw upon the
public funds deposited must depend
upon the arrangement which can be
made from time to time by the officials
in charge Of the public funds; and If
al any time the officials are unable to
make such arrangements, then the pub
ic does not derive any benefit by way
of interest from the deposit. 1t is q
matter that should be regulated by
aw, and until it is regulated, there is
40 reason for holding one party to ac-
count on this matter and allowing
'ther parties and other officials in other
branches in the public service to es-
ape censure for doing precisely the
'ame thing that is complained OF as
lgalnst the American party officials
Let there be in this as In ofhar r,,t |