The river press. [volume] (Fort Benton, Mont.) 1880-current, 1907-01-09
WEDNESDAY, JAN. 8, 1907.
INTEREST ON PUBLIC FUNDS.

II the members OF the tenth legisla.
tive assembly fail to enact q law pro-
viding for the proper use of public
funds, they will deserve the condem.
nation of every decent citizen In Mon.
tana. Every member of the state sen.
ate and every member Of the house OF
representatives is pledged by his party
platform to favor legislation that
shall give the owners Of public funds
such profits as they may earn. and
the people OF Montana have q right to
expect necessary and effective legisla-
ton upon this subject.
Let US refresh our memories as to
what wac promised by the party plat
form In this connection. Here is the
republican promise:
1--WE are opposed to the use of pub
lie moneys for priv ate gain, which is
forbidden by our constitution and by
public rights as we'll, and we demand
that all sums which may have been
obtained by private individuals out
of the unlawful use of the public funds
be recovered for the state. And we
insist upon the passage Of such legis.
lation as may be required to prevent
such misuse of public funds"
The democratic state platform was
no less emphatic in demanding that
the rights of the people be protected
in this matter. 1t said.
"Pro6ts on public moneys belong to
the people and should be paid into the
state, county, and city treasures. We
pledge democratic candid ates for the
Legislature to work and vote for a law
or laws which will turn such profits
on public funds into the public treas
ury. We denounce the republican
legislature of 1905 for its willful vic.
lation OF its party pledge to turn the
interest on public money into the
treasury and we demand that the at.
torney general of the state bring ac.
ton against any state treasurer who
may have violated the provisions Of
the constitution, prohibiting the max
ing Of profit out of public money
Nearly every state 10 the Union has
been confronted by this problem of in
terest money, and most OF them have
enacted laws that work satisfactorily
The matter is at the present time
live issue in the state of Washington,
as we'll as in Montana, a recent dis
patch from Olympia referring to thu
subject to this effect:
In its discussion of the advisabilit,
of adopting q depositary law il
Washington, the state tax commits
sion, in its forthcoming biennial re
port, under the caption "Depositar,
Laws Of the Several States" will say
sit is surprising to learn the mum
Der of states that have adopted de
positary laws. The commission, after
persistent mail inquiries sent to otfi
cials throughout the Union, succeeded
finally in compiling Il table of infor
nation that will prove of value to tn,
legislature in considering the subject
"Washington is one Of only thirteen
states thai have no depository law
OF the remaining twelve, Alabama
Arkansas. Illinois. Indiana and Ne
vada, keep their funds in the stat,
vaults, while Tennessee, South Caro-
lima, North Carolina, Wyoming. Ore
gou, Montana and utah-togethe,
with Washington-deposit with bank:
without profit to the state.
THE cash balances OF the state, II.
reported, range from $50, 900 in Dele
ware TO Sl4, 800, 900 in Pennsylvania
and sixteen states are in the million
and-more cash balance class. Wash
ington with au average quarterly bal
auce of S92S, 442 for the fiscal yea
ending June 30, 1906, and with u casl
balance of 81, OO7, $50 October /. 1906
for purposes of comparison may b
included with them.
1.-The rate of interest obtained OF
daily balances varies FROM l per cent
I o l per cent, though the aim of leg
islation on the whole is to secure OF
st ate balances with which banks freel,
operate, at least half the legal rate.
''Some states, like New York, Mich
igan, sachusettes. Minnesota, Col
orado, Kansas and Rhode Island
have a minimum interest for open &c
counts and q maximum for other fun,
accounts. Arizona territory has tn
lowest depository rate, l per cent.
while its neighboring territory, Ne,
Mexico, has a ) per cent. law. Michi
gan gets IL per cent. on open account
and It on others. The open accouu
rate of New York is II per cent, wit
a 3 per cent. minimum. In the > pc
cent. class, with q varying maximum
there are fifteen states. In the ;. pc
cent. class are sever states. ST,
states aud Observation-Disclosures
Missouri, New Mexico, North Dako
ia, Oklahoma and West V~irginia-se
,., 2 oou cont nm oosh ho0ouros