The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-09-23
Mr. Steele Is Next.

On page of book c of Records OF
Investments appears:
September 6. 1908. Note of NJ. Nj.
Steele & Sons OF PanguitCh, Garfield
county, secured by first mortgage on
aSO.O2 acres of land in Garfield county +;
5000. Dated August l. 1908. Purchased
September 8. 1903 from the FUNDS OF the
school OF mines.
1t is but iust TO say that the interest
on this loan has been promptly met
and in a busnesslikc manner, but never
tbeless Mr.. Steele $ hand has dipped
into the cash drawer. of the state and
ITS lnstltumons
A brief citation Of law might be very
apt at this point:
To permit officers of a banking cor
poratou who are entrusted with the
power TO loan, etc, with the moneys
deposited by the public for saiekeGplnS
10 themselves is 10 open wide the doors
TO fraud ana embezzlemcnt. And the eN-
perience of the past has shown that
whenever the officers of banking IN
stltution take advantage. which is too
often tho case, of the opportunities thus
afforded them TO use without restriction,
for their own private uses, funds en-
trusted to their care. it almost Invariably
results in the wreck and ruin OF tho
institution Itself
3Of
Also:
Mecham on public officers. cases cited
$50 and $40. Officer cannot deal Win
himself without principals knowledge
and consent IT Is rule OF universal APP
plication in the law dealing between
principals and agents both public ana
private, that The agent shall not be
permitted in the course of tho execution
OF his agency To put himself in posi-
tion that his own interests shall he an
,asonistic 10 those OF his principal. By
accepting tho undertaking he Implies.
agrees and 1T becomes his duty TO uso
all his cndeayors for thc benefit aud
advantage Of his principal. This duty
cannot he performed IL the agent is to
be permitted TO take advantage of his
position and its opportunities TO gain
something for himself Public pol Icy.
therefore, demands and the law requires
that except with the knowledge and con-
sent OF his principal the agent shall not
I'm the execution OF his trust deal win
or for himself either directly or iudi-
rcclly. Without such knowledge or con-
sent. therefore. an agent, II authorized
To grant contracts. cannot grant them to
himself
This rule applies also 10 public of
iicers such as administrators, executors,
guardians. trustees. county treasurerS.
school trustees, commissioners 10 sell
land and boards oC health. who arc not
permitted 10 purchase or lease property
winch AS such officers they arc author.
lied To sell or lease.
An OF which applies rs directly 10
Mr.. Caudland. Mr.. Thain, and MIR.
Steele rs tho active participants, rs to
Mr. Giauquc and Mr.. TX President and
now Secretary Mr.. Lynch. With "a
board as guilty of using their Office for
their private advantage, what assur
ancc has tho public Of the proper in.
vcstment Of its sacred funds? In fact.
the records themselves show that many
of the securities held are absolutely
valuclcss and that many thousands ol
dollars may never be recovered, either
IN interest or principal.
What Is tho Remedy?
What j.. tho remedy for the cpndi.
tious shown? Governor Spry should Il
once proceed to remove both the active