Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-02-05
SWEEPING ACT FOR
SAFEGUARDING
Of PUBLIC
MONEYS
Bill introduced by Senator
Clark Of San Miguel Subject
of Discussion All Morning in
Senate.
MAKES DEP0sITO1IEs
GIVE ADEQUATE BOND

1t Is Believed Will Remedy
Many Defects in States FL
nancial System.
special Dispatch % EveniaE Herald
Santa Pc. y. NJ. Feb. 5-rhe SEN
ate put in tho entire morning IN the
discussion of senate bill 40. 20 "a
sweeping act providing Tor the safe
keeping OF public funds aud requiring
that authorized dopositors give adc-
quate bond and pay Interest on the
moneys of the state. its various cuuu.
tleH, municipalities aud Institutions
The act provides that state and locai
treasurers shall give bond in the sBm
of 30 per cent of the amount of none,
handled by them during the proceed
ing fiscal year; aud that the bond
shall run during their official torn
Where the penal sum Of such bond
exceeds $1,000, tho bond must be oxc-
cuted by surety company authorized
to do business under the laws of the
state.
Ranks. before thcy are qualified 10
receive deposits og public moneys.
must deposit With the state approved
bonds actually worth 100 per cent OF
tho amount of such deposits. By the
terms of the act. the governor. the
state auditor aud the state treasurer
are constituted board of finance 10
have control Of state funds. In the
counties the commissioners are 80
designated Ia cities and towns the
members Of the city or town council
constitute the board uf nnaRce while
the boards OF control of tho various
state educational aud other instltu-
tiunE are 60 act la this capacity.
Ia no case arc the members of
these boards Of finance Co receive any
additional compensation beyond that
now allowed them by law for their
present duties
The blll, which WAS introduced
some time ago by Senator Clark OF
san Miguel is pronounced an excel
lent ono ~ the state officers, and II
remedies many of the existing defects
IN the financial system of the state
Its provisions were carefully Hcruti-
nizcd on All sides aud al this morn
ings session when II was road by Soc
tlons Ia committee of the whole
many minor amendments were offered
and quite number Of them accepted.
The principal fight on the measure
seems 10 be on the question pf al
lowing trcasuTers ~ counties where
there are no qualified banks discre-
tion In the matter OF dcpositing funds
In qualified banks I'm other counties
The Democrats insist that the treas
urer shall have no discretion IN this
matter while IN the original bill it u
LEFT optional
Banks under the terms Of the pro.
posed act are required "a pay inter.
est ~ tho rate OF not less than tive
nor more than three per cent per an.
mum on daily balances. interest To bs
payable on tho FIRST of each month
Drastic penalties are provided tlr w.
olation at the terms of the act ant
bribery of public officials fof the us,
NJ public moneys is made punishable
by imprisonment for not less than on,
noe moro than ten years iu tho stats
pcnitcntary n ~ provided thu
premiums on official bonds shall b,
paid by the state OF tho political sub
division or institution uf the stat,
served by the official giving the bond
Whom the senate convened thi
morning Senator Mccoy prcsentc'
two petitions. one from the Torrance
County Development association, en-
dOrsing the commission form 0f gov
crnment tor counties. and another
from number of people Ia Torranc,
county endorsing proposed Legislation
for thc regulation OF saloons a pc
tition from the Asiatic Exclusion
league asking endorsement ot the CAT
ifurna law excluding Oricntnls wal
read The following bills wore intro
duCcd
No Ns, Navarro. creating the coun
Is of Coronado uut cf portions %
Mora, Union and Quay coautioH 30
81 Navarro, fencing law. so. as
Paukoy regulating the grtntiug %
franchises by municipalities and pro
viding that upon petition ol twenu
per cent of the voters referendum
} shall be- had upon the issuance of an,
franchise by city ur town councils
NO 90, PankoS. providing tor socrc
elections aud an Australian ballot sNs
tenn No. 100. Hart., oreatins stat
parks around the pouus und GUAR
ruins. The bill reCitea that the hold
'rs of the property occupied by theH
ruins have signided tholr willingness
to rcdc them 10 the state Two thou
sand dollars annually In appropriate
for tho maintenance of these parks
SO. i0i, Iilnkle. providing TOT th
paving ut streets Ia cities aud the uH
sossmont uf tho cost aEulnst the own
crs uf abuttng property ana againi
railroads operating upon 90 adioiHin
the streets 20 he paved No. i0e, Wal
tom prohibiting tho burial 90 th'
dead within half "a mills 0f dwelling
or wells.
Chairman Champion of the Judi
} 'ciary committee reported q batch o