The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-11-02

that he avors law compelling future State rrcasurer to
obtain interest this money,
If the present system satisfactory in making money
for the State why change?
And, although the Governor show that pol
icy of charging the banks interest public moneys they
has not been satisfactory where tried he nevertheless
declares for the plan.
Having proved that system bad. he approves of it,
Having stated another system is good he rejects it.
We told that hope for change lies in the proposed
amendment to the State Constitution,
Section H. Article l. is be amended read as
follows
''17 The Auditor shall be auditor of public accounts
The public moneys shall be deposited by the Treasurer
der the supervision of the Board of Examiners and pro
vided by law"
That is all there to it, provides for nothing ex
eep the continued control of the State funds by we'll
known bank officials
Concerning Official Bonds
The State Treasurer he at the mercy the banks
because surety company will go his he quotes
Wesley E. King saying
AS matter of fact Mr. King has hesitated TO So
heit heavier bonds under the laws but where
business methods followed
lie secured bond for the City Treasurer of Salt Lake
City higher than that of the State Treasurer
The City Treasurer requires interest deposits His
bond costs only $1,000 per year
The city earnings not large because surplus is
small but If the city had the $2OO0OO0 the State has on
deposit would be receiving $4,000 per wear and the risk
TO oondsmen would not be increased a pennys worth
The City Treasurer and the State Treasurer operate
under exactly the law and the moral obligation
Here Is what Manager Wesley E. King of the American
surety Co OF New York has written City Treasurer Frank
Godbe, under date Of September @ 1912:
" 1t gives me great deal of pleasure to advise Won
That our Auditor, Mr.. II J. Douglas, advised me after 60
ing through your books and that he found them
IN Just little better shape than that of any treasurer
whose office he examined
The State Treasurer's bond is $75OOOO
The City Treasurer's bond is $SOO0Oo
The bond of the State Treasurer on the lowest rate for
The money the banks for nothing costs the taxpaycrs
OF the State $400OO00 per wear
The bond Of the City Treasurer surety bond oos-s
The taxpayers of the city $1,000 per year
Under the proposed amendment, under anv p]an sur
gesed how the State Treasurer released from the
clutches of the bankers?
NO amendment proposed law advocated Inv tbe
Governor and State Treasurer changes situation in t
least III reference to official bonds the State Trcasnr
cannot give surety bond conno under an leot
proposed
Moral Obligations Sufficient
Elect the Democratic State ticket get relief from
this intolerable system ~
lhe Democratic candidates are pledged to correct tbe
ABUSES and to turn the searchlgh the doings of tb
State Land Board - "
Are the Taxpayers afraid of the disclosures made mos
slole only by change of administration?
lhe favored bankers dread change and the official,
are quite desperate IN their efforts prevent it.
Are the Taxpayers of Utah going to invest IN Et1
more pohf1cal saWdus and keep quiet another for
years? e' 'o'"
TURN ON THE sEARcHL1GHT