Ashland tidings. [volume] (Ashland, Or.) 1876-1919, 1912-07-11

The Portland Trust Company, /
am informed, allows 2@c on the dairy
balances of all depositors, which in
cludes the treasurer of Multnomah
county. So far as | am informed,
this is the only instance outside of
Jackson county where the county
treasurer receives interest on bank
balances, publicly.
In state treasury finances several
state treasurers became notorious,
and are said to have accumulated
large fortunes by privately loaning
1 the state funds remaining in their
hands. This is one of the abuses to
which the practice leads, and the pol
icy OF the law discourages this prac-
tice.
There seems, at the first glance,
should not receive such interest. But
this proposition will not stand scru-
tiny. If the public money is to be
loaned out at 29o and county war
rants are outstanding at So, it does
not require much calculation to see
where the county would eventually
find its finances.
When the treasurer receives
$1,000 in the general fund, not 9TH
erwise appropriated, it is his duty,
under the law, to issue a call for out
standing warrants, and Mr. Crone-
miller has been doing this.
| know of one county treasurer in
Oregon who habitually calls war.
rants in excess of his general fund
on hand for redemption, in order to
save his county interest on county
orders which are slow in coming to
him for payment. But this is a bad
practice, for the reason that he
might find all his called warrants
coming in at once.
The treasurer has plenty of advis-
ors who contend that he only has to
account for cash received, exclusive
of interest. This is correct But
they go farther and claim that he is
entitled personally to all he can
make out of the idle money in his
hands, in the way of interest.
1t do not believe it is a good nor
safe practice for any treasurer, un-
less especially authorized by statute,
to loan any county funds, or to re-
ceive any interest thereon.
To illustrate a form of the abuse
this practice would lead to, will say
that Mr.. Cronemiller has been ap-
preached with a proposition to place
all the county funds in single bank,
which would pay him 500 a month
in addition to his salary for this ia
vor AS county balances are ordi-
narily quite large, it is easy to see
how a bank holding all the funds,
knowing that they would be reason
ably inactive as to large part OF
them, and getting so out of them,
could very well make this kind of a
proposition. Mr.. Cronemiller prompt
ly declined thsi proposition.
The county funds of Jackson coun-
ty are safely deposited in ten differ
ent banks within Jackson county
If | were to make a suggestion
along this line, it would be for the
treasurer to exact guarantee bond
from each bank in which he carries
county funds. Many county treasur7
ers do this. The banks themselves
ordinarily propose it, and furnish the
bonds. 1t is a general custom.
Respectfully submitted
J. H. WILSON.
OIdIe OF oregon, county OIL JACK
SONS.
|, w. R. Coleman, county clerk Of
the above named county and state,
and clerk of the circuit court of the
county of Jackson and state of Ore
gon, do hereby certify that the fore
going copy of report of ]. H. Wilson
has been by me compared with the
original and that it is transcript
therefrom, and of the whole of such
original report of j. H. Wilson as
the same appears on file in my office
and in my care and custody.
In testimony whereof, have here
unto set my hand and affixed the
seal of said court, this 9Th day OF
July, A. d. 1912.
w. R. COLEMAN, Clerk.
BY FLORA THOMPSON, Deputy.