The Julesburg grit-advocate., 1914-03-26

IN each county In the state, and he
shall certify such fact to the land
board who in turn shall certify same
to the county commissioners of each
county; and they in turn shall inform
the citizens OF their respective coun-
ties of the amount to be loaned and
the terms thereof
Here is where the treasurer balkei
and flinched. He desires to leave this
money in the bank and illegally hol
1t there. against the plain provisions
of the law. Now. how far below the
surface must constitutional or deep
seated lawyer dive into the legal sea
to come up with the authority holding
such lcear rule of civil conduct un-
constitutional?
Iowa has loaned since 1858 hundreds
of millions Of dollars of its school
funds under laws identical with those
now on our Colorado Statutes; and in
all the intervening sixty years has nev-
er sustained loss to the school fund
nor has ane question ever arisen as to
its constitutionality.
Many States Have
Same Power Fer Loans
Following Is a list of states enforc-
ing the same loan laws as the Colora-
do in their Investment of the school
funds: Oregon, South Dakota, North
Dakota, Idaho. Iowa, Oklahoma.
There is not word Of law or author
ity in the Colorado law that gives the
state treasurer the right to invest a
dollar of the school fund. Prior to the
existing law. passed in 1905, the stato
treasurer was authorized t X. invest the
school l. nd in state bonds and war
rants. The laws of 1905 repealed
that authority, and the sul power to
invest all the astte permanent school
and agricultural College funds is
vested in me state board C: land COM
mi.sioEers. Where is there wnr.: of
law permitting the treasure: to hold
his ..,oney in the banks OF the state
and .OaI'. g it to them at from o,h to
" Ie. cent per annum on daily balan-
ces. What authority is ther, for the
state treasurer to invest the Agricul-
tural college fund in state warrants
drawing 4 per cent interest when the
congressional grant makes it mandate
ryon the state to loan 1t SO as to net
the college not less than per cent.
The laws of Colorado provide that the
Agricultural college fund should be
loaned out as the school fund shall be
loaned on unencumbered real estate at
from one to five years at 6 per cent.
Treasurer Should Come
With Cleaner Hands
The state treasurer comes into a court
of equity and sets up the unconstitu-
tionality of the law. He should come
in with clean hands, but he does not
for he violates the constitution of Col
orado, his oath Of Office, and his offic-
ial bond, the laws of Colorado and the
acts of congress, in allowing the mon
ey to remain uninvested and for the
purpose of aifording the banks of this
state an opportunity to loan this mon
ey without authority of law on short
time loans at an exorbitant rate of in
terest, as compared to the loan law of
the Colorado school fund.
Iowa stopped buying state bonds and
warrants with her school fund twenty
five years ago. when it only realized
per cent on the investment, and loaned
its entire fund to the farmers of the
state; ttereny helping the early devel-
opment of the state and giving to the
school teachers of the state and the
Iowa State Agricultural college. at
Ames, Iowa, so per cent more funds
for salaries to teachers and the main
tenance of the Agricultural college.
Why don't the school teachers of
Colorado call on Leddy, and either
make him obey the law or recall him
For. if the laws of Colorado were en-
forced, with reference to the loaning
of the school fund, at 6 per cent in
terest, every teacher in this state
would have have their salary raised
so per cent and not an extra dollar
would be required to be raised by tax
alton.
--O-
After Condenser
Stnrling Fort Morrnn an1l p.,,rl, n ro