The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1915-08-19
NEW STATE DE-
POS|T0RY LAW
PROVES WORTH
REVENUE At PRESENT FROM
DAILY BALANCES AMOUNTS TO
$500 Z YEAR a MATERIAL
ADVANTAGE

] Oklahoma City. Aug -S--The Eork-
| irgs Of the mex state DEPOSITORY law
Eh.ch provides that all safe officers
shall place their receipts daily in the
state depository. Of which the state
treasurer Is custodian. IS working out
( immensely 10 the material advantage
Of the states finances. Under the
[ terms OF the Law the state t-es surer
must receive interest on the funds in
this depository rom the banks favor.
ed with deposits OF this money at the
rate Of 3 per cent Z yea.
The law went into eEsct July /
The daily balances during August
have been approximately 100000
/ The revenue to the state from this
money amounts to $4,000 . year 1t
more than pays the expense Of some
Of the branches Of the state govern
ment In the absence Of this law the
state would receive none Of this reye-
nue.. owing 10 the fact that the money
making up the principal for this fund
would be IN the hands Of a score or
more o. state officials and agents
and there would probably he no rev.
enue for them and certainly not for
the state
The theory Of creating state de-
postory Independent of the state
treasurer originated with State Treas
! urer Alexander and Governor viii
liams during the campaign. The leg
islature carried into effect the prom
| ises made in the platform and in the
campaign by enacting the depository
Law and providing that the state
treasurer should give bond as secur-
ity for the funds thus deposited.
Were at First Reluctant
Several state officers were at first
reluctant to turn over 10 the state
treasurer as state depository the
funds in hand and for which they
were liable under the terms of their
/ bonds. Most o, them have acceded
| gracefully to the demands Of the law,
however. and it is thought that they
/ are pleased with the operation Of the
new law. They simply send a deposit
slip with their checks and pass book
each day to the state treasurer as
| state depository and receive credit
as they would at any hank. The
state gets interest on tho money
thus turned in from the date it comes
/ into the state house.
The funds in the state depository
under the terms Of the law are dis
tributed each month by the officers
deposit.ng them into the several
funds in the state treasury to which
they belong. They then continue 10
draw interest in the banks where the
state treasurer keeps them and the
state treasurer continues to get the
profit from them until they are fin
ally paid out in settlement Of claims
against the state.
There is provision in the law for
a trust fund in the depository that
does not have to be distributed each
thirty days. This is done in order
that funds are not all earned, such
as those Of the clerk Of the supreme
court, may be paid out to the persons
to whom they belong when the case
is finally settled. In the present in
stance there are large sums in the
depository placed there in trust by
the state auditor pending the out
come Of litigation as to the gross
| production tax. If this case shall be
decided finally against the state all
that will be necessary will be for the
state auditor to draw checks upon the
state. depository in favor of the com
panies that have paid the tax under
protest.
Covers Any Emergency.