Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1913-02-05
THEY ALSO MUST GIVE BOND
cLARKs SENATE BILL PROVIDES
AMPLE SAFEGUARDS FOR THE
TAX PAYERS
SALARY BILL is INTRODUCED
MEASURE PRESENTED TO THE
UPPER HOUSE BY FINANCE
COMMITTEE

Santa Fe, N. M, Feb. 5.-The SEN
ate put in the entire morning in the
discussion Of Senate Bill No. "A, a
sweeping act providing for the safe
keeping of public funds and requiring
that authorized repositories give al
equate bonds and pay interest on de-
posits Of the state and Its various
counties and municipalities. The act
provides that staJe and local treasur-
ers shall be required to give bond
in the sum of 80 percent Of the
amount of money handled by them
during the preceding fiscal year, and
that the bond shall run during their
official term. Where the penal sum
of a bond exceeds $4,000 it must be
executed by a surety company auth
orized to do business wlrnIn the state.
Banks, before they are qualified
to receive deposits of public moneys,
must deposit with the state approved
bonds actually worth 100 percent Of
the amount of such deposits.
by the terms Of the act the gov
ernor, the state auditor and the state
treasurer are constituted a board OF
tiance to have control Of state
funds, while in the counties the COM
missioners are so designated. In
cities and towns the members Of lie
city council constitute boards Of fl
nance for their respective munici.
palities, while the boards OF control
of the various state educational OF
other institutions constitute the
boards Of finance for those institu-
tions. In all cases the members OF
boards of finance are to receive no
additional pay beyond that now al
lowed them by law for their present
duties.
The bill, which vas introduced
some time ago by Senator Clark OF
San Miguel, is pronounced an ex-
cellent one and remedies many Of
the existing defects in the financial
system of the state and its subdivis-
ions.
Its provisions are carefully scru-
tinized on all sides and at this NOR.
ing's session Of the senate when it
was read in committee of the whole
senate, many minor amendments
were offered and accepted.
The principal fight on the measure
seems to be on the question Of allow
ing treasurers in counties where
there are no qualified banks dis
cretion in the matter of depositing
funds in qualified banks in other
counties. The democrats insist that
the treasurers should have no dis
erection, while in the original bill the
matter is left optional.
Banks, under the terms Of the pro
posed act, are required to pay inter
est on daily balances at the rate Of
not less than two nor more than three
per cent per annum, payable monthly
on the first Of every month.
Drastic penalties are provided foi
violation Of the terms Of the act and
bribery Of officials for the use Of pub
lie funds is made punishable by i'm
prisonment for not less than one noi
more than ten years in the state peni
tentiary
It is provided that premiums on Of
fetal bonds shall be paid by the state
or political subdivision or institution
Of the state served by the official Civ
ing the bond.
When the senate convened thii
morning Senator Mccoy presented tw'
petitions; one from the Torrance coun
tn Development association endorsing
the commission plan Of governmen
for counties. and another from a mum
ber Of people in Torrance county en
dorsing the proposed legislation for TIL
regulation Of saloons.