The river press. [volume] (Fort Benton, Mont.) 1880-current, 1906-11-28
WEDNESDAY, NOV. "a, 1906.
A LESSON FROM MISSOURI.

\ LESSON EXON M1SSOI Nj.
While a few individuals are inclined
TO regard the suits to recover the 10.
terest money on public funds as a
campaign joke on the voters, it is not
noticeable that any of the defend ants
have been ~c0nvulsed with merriment
at any stage of the proceedings to
date.-Butte Inter Mountain.
The owners of public funds believe
these suits were brought in good faith,
and hope to see them prosecuted with
absolute fairness to all parties con.
cerned. Personal friend ship or politi.
cal considerations should not have
the least influence in matters that at.
feet the welfare of the community at
large.
1t is a reproach to Montana that
nine legislative assemblies have neg.
lected to provide for the deposit of
public funds in a manner that is most
profitable to the taxpayers. There are
only thirteen states in the Union that
are without a state depository law,
the necessity for such legislation hav-
ing been recognized by all the others,
and more or less effective provision
having been made for the proper dis.
position of public funds.
Among the states that have deposi.
tory laws is Missouri, where it has
been in effect for several years. Nine
years ago, the Missouri state treas.
ury received in twelve months a little
over Sl7,0O 0 as interest upon deposits
of public funds, while last year its
revenue from this source reached the
large sum Of 5000. The state treas.
urer OF Missouri, of course, has o
post than is available in Montana,
the amount ranging as high as two
million dollars, but the result ia that
state indicates the benefit that may be
derived from such legislation.
What has been accomplished in
Missouri in this connection is told in
a dispatch from Jefferson City which
was printed by the Globe Democrat of
recent date, and which was in part to
this effect:
The telegram sent from this city to
the Globe.D Democrat a few days ago
that under the first year of republican
administration In Missouri the inter-
est received by the state from its de-
%positories lacked but 1881 OF being
sufficient to pay the salaries of all the
officers in the statehouse and the cleri.
cal force Of all the departments there,
has created widespread interest.
So much attention has been drawn
to the telegram, and so many inquiries
are coming to the treasury depart
ment concerning it, that the matter
has been made one for fuller investi-
cation. The interest paid to the state
on its deposits during 1905 was &c..
Ols.Sl. Examination shows that this
is nearly 80 per cent. more than has
been paid to the state during any
year, going as far back as 1897, and
the further disclosure is also made
that the $54, 2lO.76 received by the
state as interest on its deposits during
the first eight months of 1906 is 81 SAL
80 greater than for the entire year
1904, which was the banner democratic
year, beginning with 1897, up till the
republicans took control.
The figures by years, showing the
amount of interest received by the
state from its repositories, beginning
with 1897, are as follows: 1897. 49,
09s. IS: 1898, ST., 6S3. "a: 1899. 1923, 36l.-
45: 1900, Sl9, O96. 80: 1901, $33, 800. 30:
1902, $42, 76S. 81: 1903, $50, 594. -: 1904,
$52,367.S6 l905,-the first year OF the
republican rule-$76, DIS 81: eight
months 1906, $54,2l0.76 The splendid
increase is not wholly due to the
larger rate Of interest which the re.
publican treasurer succeeded in secur-
ing from the repositories, but is due
in part to the fact that it Is the policy
of J acOb +. Gmelich, the present re-
publican state treasurer, to require
the treasurers Of all the state i~nstitu.
tions to remit to the state treasury
promptly all amounts received by them
instead of holding such sums to be re.
mitted once q month. In this way the
state receives the benefits of the inter-
est those remittances draw, and the
local banks where these institutions
are situated do not longer carry them
as deposits to the credit of the state,
without paying for the privilege of
nSinv the money.