The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1915-02-22
DEPOSITS
DAILY ON
MONEYS
a.l8 t1.i4 Vi .ss. f4
EFFECT OF NEW MEASURE
WOULD SAVE 100000
TO STATE
Special 10 Daily Leader.

:. Special TO Daily Leader.
oklahoma City, Okla, Feb. 22.--
with the idea OF saving TO thesstate /
great deal of money that is not nov
credited to the state, il, indeed, # Is
not altogether lost. bill has been in
troduced in the senate BY Senators
Pugh, Thomas and Logan which has
for its object the collection OF intar-
est on daily balances OF eyeryssent OF
money that any state fficialshiay have
in his possession any day. The bill
designates the state treasurer as the
official depository of all state funds
and requires every state officer to
make daily deposits with the state
treasurer and the treasurer to make
daily deposits in the banks which are
under contract to pay interest ON daily
balances of the state. by this method
| it is estimated the state will save
| 100000 year in interest that it is
not now getting, owing to the prac-
tice OF state officials depositing in the
state treasury only once each month.
The bill is in line with the plat
form declarations of the democratic
party in the last campaign, which
urged that all public funds be deposit
ed in the state treasury instead of per-
mitting some of them. to be admin
stered in other channels.
Keeps Warrants at Par.
Should this bill become law 1t will |
enable the commissioners of the land
office to authorize the state treasurer
10 keep the sinking fund Of the public
building fund invested in state war
rants that may be registered and paid
for want of funds, thereby earning to
the account of this sinking fund the
slifference between per cent paid by
banks and 6 per cent, the interest
drawn ON warrants. This will also
help keep the value Of the warrants
at Far.
AHtS oiHhli5 AuHut HbN uhoSa
charge Of the school land commission,
amounts To 100000 or sSO0.e00s and
Is used to retire the bonds as they
fall due, and necessarily can not be
loaned on lands, but by purchasing
should such be the case in
This state should there be no funds to
pay the warrants. This is similar TO
The plan now in use by the county
when they direct the
county treasurers to invest the sink
ing fund Of the county and school dis
.ricts in county warrants.
1t is claimed for the bill that, IL en- s
acted into a law, it will insure strict
for all state funds accru-
ng from rentals, penalties, costs, pro-l
leeds of sale, fees. fines, 'forfeitures
md public charges of every kind that
nay be received by any statesofficerI
BOARD or commission and establishes
about such funis 1t is
that the law will aid in keep
ng state warrants at par by requiring
III funds belonging TO the state to be
covered into the treasury monthly,
hereby saving the per cent interest
hat warrants draw pending receipt Of
moneys by the treasurer for their re
lemption
Protects All State Moneys.
The bill provides for protection OF
II state moneys by adequate bond h
ecurities; precludes expenditure of Il
tate moneys by any state officer Il
oard or commission without appro 7
ration by the legislature; protects Il
ublic officers against unfaithful en- II
loyes by preventing any officially T.
rawn voucher, check or draft being rs
ashed at any bank by any person =,
ther than the state treasurer. il q
Establishes In the office OF the state th
uditor a complete system of check
lg on every officer and department. -
thc Stdec WIN SoiiOrto hoHcs onN
lsures strict accounting to the stats h,
the proceeds OF the sale of all state st
'operty. ~i
The bill also prevents depositing in "a
~ bank of state funds in excess OF Il
e capital and surplus OF such bank r
nder the present law IL sometimes Il
ippeIs that two or more officers de "a
,sit funds in the same bank, thus 81
rambling deposits OF state funds in
/ amount in excess OF the capital and ~
rplus of the bank. One instance il ita
ted of state officer who at one ne
ne had 100000 ON deposit in a bank -
ih capital OF $4,000 " - 20 81
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