The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1908-05-02

two banks, ans when collected l call |
upon the banks for the cash If it be |
in the Educational fund and place
the cash in the safe. If it belongs to |
the Current funds then 1 check on
the bank for the amount and deposit |.
it in the various banks turnout the
State. This is the procedure and the
custom of this Office regarding the
collection account.
Now suppose did not carry col
lection account, let us see what it
would cost the State. We could not
expect and I question If we could get
any bank to make these collections
for us for less than ten cents per hun
dred dollars, that then would mean
an expense of $4,000 year for ex-
change. Now this vast sum of mon
ey, if sent by registered mail, would
have to be insured, the average rate
of insurance of money transported
thru the mails ranges from Is cents
per thousand to $1.00 per thousand.
The rate from Salt Lake to Boise
from which point we get most all
! our currency is SO cents per thous-
and Upon stage routes the average
price in Idaho for insurance is 81 90
per thousand so let us call the av-
erage expense of this insurance 40
cents per thousand. This would mean
an insurance account of $4,000 per
year. 1t would cost at least 5000 a
year for stationery and postage. 1t
would mean an additional man in
this Office and I certainly could not get
| competent man for less than $1,000
year.
Then without a collection account
as we now use it, and collecting these
checks thru our own collecting agency
would cost the State of Idaho $11,-
10000 per year, and if this money
were sent by express it would cost
almost double the amount it would
if sent by mail This would entail
upon the State during one term Of
Office an expenditure of $4,000. The
way it is conducted it does not cos
the State one cent.
Permit me to state again, that thu
balance of the cash I had on hant
last December was not to exceed SO,
1 600, that is the cash in the safe
Since that time the banks of the Cit
: of Boise with the exception of tn
First National Bank and the Capita
State Bank have furnished me wit
: 100000 in gold and it has not cos
Q the State one cent to get that vas
: amount of money. Furthermore, tn
Bank of Commerce, to my persona
d knowledge when we had to pay il
e terest on the State Bonds due at tt
I Hanover National Bank, in New Yor
r City, was required to pay $500 p'
n thousand for currency with which
n meet the payment of the coupon
d and yet they never charged the Sta
n one single cent, and it cost the ban
1. $4,000.
l. Again, last April, we deposite
y with the Bank of Commerce and tt
y Boise City National Bank, 1919, 90
If worth of bonds which were author
Y. zed by the recent acts of the Legi
I lature and 100000 worth on tt
Is first day of September, making 1899
,r 900 worth of bonds which they CO
If lected for us at total expense
ve the State of Idaho of not one cen
A. If these bonds had been lost or ste
Is en- the banks would have been r
at sponsible. Does this explain Il
OF Collection Account satisfactorily
in you?
ts The Statesman, in January, eG
8. torially made this statement:
ne Treasurer Hastings announc
OF that the State received little mo
Id than $4,000 during the past year
he interest ON money on deposit
'st banks. This Is splendid record. N
lis Hastings has administered the law
IN its spirit and is able to make A
nix showing. That is the natural resi-
on of living a law administered by
a official who is in sympathy with
nd principle"
rec In last weeks lengthy editorial t
Il. Statesman attempts with vague
e. nuendo not definite enough to fou
N. a suit for libel upon, to impugn t
est official conduct of my office. l ha
an frequently published thruout
| l length and breadth of this ST.
ate statements regarding the interest
bly, count and permit me to reiterate Il
| the interest derived from the use
the the public funds since beca
for State Treasurer will reach appro
Ion mately on May list, 1908, 1910