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y- . . . THE EVENING STAWDAUD, OGDEN, UTAH. MONDAY, NOVEMBER 4, 1912. 7
la: -J g a. ac jc o ziggT" --CTM-nE - ------ -- -'--
JpLShall Section 4 of Article IH
MIJXIII of the Constitution of the ' ' ' V ' 1
flftgiate of Utah be amended to ' '-' ' 1
IproTlde for the taxation of ' '" IH
flaiid containing coal, Jiydro- ' ;' ' Jt ., " ' ; -" l ' .. -vw - ' 'J- --.!,... ..tl'.' ' , . ' "- ' H
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I I
tLERii'S OFFICE .V ..ftr-V-.r- ' I
,..5 State of Utah, do hereby certify that the above and foregoing is a full, " - H
iiapter 4, of Title 21, Compiled laws of Utah, 1907, and that said nominations" H
OT said County on November 5th, A, Do 1912. ' . - , . H
m. D, 1912. S. G. DYE County Clerk
1 JUDGE AGEE IN A
I STRONG ADDRESS
B Points Out the Vicious Methods by Which State Funds Have Beeu
H 'Jsed to Enrich Private Individuals at the Expense or the
H, Taxpayers of Utah Prons Knocked from .
M in Under Spry and Mattson. 5
H Judge A.'"W. Agee, in an address to the voters of Ogden, made
H the following appeal on last Friday night:
B Ladies and Gentlemen: It is iin-
K possible for the supporters of Presl-
WBL dent Taft to longer disguise the fact
I that his defeat at the polls on Tues-
day next Is as certain as the ilfling
Hi nnd setting of the sun. It is equally
HI as impossible to disguise the fact that
HI the tide of Progresslvlsm has not yet
Hf reached Its flood, but Is rising higher
HT and higher as we approach the dtfy of
PJVj, election, and bids fair to engtilf all
Blr opposition on next Tuesday, and once
MW more to call to duty, as the chief ex-
H ecutlve of the nation the most daunt-
K less, the most courageous man of the
H age and the one who has done more
H( than any other living man to arouso
i the people of this country, aye of tho
Hr cMllzed world, to higher Ideals and
V to more earnest effort for civic right-
HK cousness, and Industrial freedom
H Theodore Rooser'clt.
HT Barrier Against Lov Tariff.
T The Progressive party, with this
f matchless leader, stands today as tne
L barrier against the low tariff doctrine
Hf of the Democmtlc hosts, which has so
f threatened and sometimes" retarded
H our Industrial advancement, ov tne
t ne hand, and ngalnat the rcprcenta
I Uvea of tho great special Interests.
I which have their nerve center In v an
Hx street, nnd which have for years been
Kf fattening oft the people through an
Hi unholy alliance between corrupt pou-
H; tics and crooKed business. These
1 representatives of the money power
L of the east arc leading to certain de-
jf feat and destruction a minority "
K remnant of the once great Kcpuuu-
hr can party, which In Kb former dajs
zMr
was the hope and Inspiration of mil
lions or freemen who fought for equal
human rights. But now alas! this
great party has been broken and shat
tered by the gTccd and lust of uhe
Galllngcrs, the Pcnrosos, the Cranes
and the Lorlmers, and by tho theft of
a nomination for tho presidency.
Upon tho tariff question the Pro
gressive part and Its great loaders
btand today for practically the Bame
principle that was enunciated in the
Republican platform of four years ago,
viz.: A protectho tariff sufficient to
represent the difference botween the
cost of production at home and
abroad. It was upon this declaration
that the Republican party won Its
great vlctorv and Mr Taft was elect
ed President In 190S, and had the par
ty and the president redeemed their
pledges, there would have been no
great revolt such as wc see today, hut
every pledge on this subject was v o
lated ruthlessly and Instead of revis
ing the tariff downward, the congress
led by New England senators assisted
by the senator from Utah, and by
Cannon and Payne In the house, ac
tually raised tho tariff on nlnoteon dif
ferent kinds of cotton cloth manufac
tured In the cotton mills of New Eng
land and which are ubed extonslvoly
by the women all over the union, on
an average oer 31 per cent.
One Eccape Only.
Today tao people who honestly be
lieve In tho protective policy, but In
a turlff that is equitable and fair to
both producer and consumer, have
onlv one way to escape from Dem;
lcratlc rule, and that la by supporting
Theodore Rooseelt and the Progres
sive part And I bellee there aio
thousands of earnest, thinking inesi
and women all over this countrj. who, i
fearing the consequences of Demo
cratic success and realizing the Ira- ,
possibility of re-electing President
Taft, will on Tuesday next turn to the
hero of San Juan and Milwaukee. .
Utah's Political Machine. j
But the great national struggle will
be little affected by the elecllon In j
Utah What (he people of this state, I
Democrats, Republicans and Progres
sives alike, are really most Interested
In Is the overthrow and repudiation of
tho political machine In this state,
which has stolen tho livery of the Re
publican party to serve the devil in,
aud which has been Juggling with tho
money of the state and exploiting tho
peoplo for their own feelfish gain Much
as wo would like to sec Itoosovelt aud
Johnson carry this state It is Infin
itely more Important that Xephl L
Morris, that able, fearless and uprlgh
defender of the rights of all tho people
shall defeat William Spry, that apolo
gist for greed and graft. With Nophl
L. Morris for governor of this stato
the scandals of the state land board
and tho juggling with public monoys
of the state will cease.
Prior to the last Bession of the leg
islature the people of the state had
voted against bonding of tho state
for the building of a state capttol, but
during that session Governor Spry in
duced the legislature to pass laws pro
viding for bonding tho state for over
a million dollars to raise money to
build a state .capitol. Shortly after
this law was passed and approved by
the governor a check for over $798,000
was received by the state treasurer
rrom the estate of the late E II. Har
rlman, as an inheritance tax. This
check was datod March 1, 1911, and
was deposited by the stato treasurer
in bank on tho tth day of the same
month, and on tho same day the gov-1
ornor approved a bill providing fori
further bonding tho state for ?noo,000
for the Improvement of the roads of
the state. Five days later the gover
nor approved another bill authorizing
the Issue of $2G0,00Q of stato bondB
for a university building. Thus In
loss than thirty day6 tho legislature
passed and Governor Spry approved
bills authorizing the bonding of the
state for about $1,750,000, al) bearing
1 per cent Interest.
Now, at thlB very time the state
treasurer had on deposit In certain
banks more than a million and a half
of cash, upon which the state received
no iutercst, and jet, instoad of draw
ing sorao of this money from tho
banks to use in tho Improvement of
the roads and the erection of a build
ing at tho university the present ad
ministration of which Governor Spiy
Is the head issued and sold ?nC0,000
of the bonds of the state bearlns 1
per cent interest, pajable semi- an
nuallv And to whom were these
bonds sold? In a speech at Murray
State Treasnrpr Mattson said: i sold
every dollar of them to tho vory banks
which held the Btate deposits." That
was, no doubt, easy to do since tbeso
banks had more than double th.it
much money of the state, for which
they were paying no Interest tit
least nono to the state with which
to buy these bonds. And when these
banks bought these bonds not a dol
lar vv.ib drown out of the banks. Tho
stato treasurer was simply given crotl
It for that much more, which swelled
tho deposits to over $2,000,000.
Now why did they borrow this
$5CO,000. nnd issue tho bonds of the
state for that amount bearing -J per
cent interest, when the treasurer al
ready had over a million and a half
of cash in the bnnk3 subject to check
and drawing no interest, and a por
tion of which could hnve been used?
Let us see. After Governor Spry was
elected there was organized the" Mer
chants' bank of Salt Lake City, ;n
which tho governor became a stock
holder and director and Mr. Mattson
became assistant caahler I do not
know how much of tho state funds
were In this bank at the time tbeso
bonds wero sold, but in a roport mado
by the state treasurer he shows that
there wero on deposit In eleven dif
ferent bauks Septemlcr 30, 1912 $1,
550,125.34, of which $510,08-1.19, or
nearly one-third of the entire sum,
was In the bank of which the gover
nor was a stockholder and director
and in which the state treasurer was,
or had been, assistant coshler
Can you see any reason why thoy
did ndt use this monoy Instead of Is
suing bonds?
Borrowed Money.
Now as September 30 la Just before
tho annual payment of taxes begins,
no doubt tho amount of cash In the
banks at that time was much loss than
In March, when these bonds wore sold.
At anj rate, 4oiv,uv oi i 4er cent
bunds were sold Instead of drawing
monei out of the governor's bank 'or
immediate use Now the early In
terest on $500,000 at 4 per cent
amounts to $22,100 Therefore, by
taking these bonds to tho banks and
simply getting credit for $560,000, the
oanks began to draw interest on tho
bonds, but the state got no Interest
on the money, which It left In these
banks. So In a year the banks that
bought these bonds would collect Trom
the state $22,100 Interest which tho
people must pay In taxes and at tho
same time bad the use of more than
that amount of money, which thoy
could loan out at 8 per cent, but on
which the state received not one pen
ny of Interest Eight per cent on
$5CO,000 Is -4 1.S00. So these banks
would receive In Interest from the
state on the bonds $22,400 per year,
and In Interest from other borrowers
on the loan of $560,000 or state mon
ey at S per cent $44,S00, making a
total of $07,200. which would all be
velvet, for tho banks paid not a cent
of Interest to the 3tato.
Now, do you catch a glimpse of the
African In tho wood pile? Do you un
derstand why these bonds were sold,
thus placing a burden on the taxpay
ers when the stato had a million and
a half or two millions In ensh in the
banks' If not, you do not know enough
to vote Intelligently.
If $560,000 had been drawn out of
tho banks, Instead of borrowing mon
ey on those bonds, the banks would
not have had the use of that money to
loan at 8 per cent Interest and thus
making a profit of $44,S00 per an
num, nnd thoy would not have col
lected from the taxpaers of the state
$22,400 in lntorest on these bonds each
year.
Drives Them Into a Corner.
Rut this Is not all. Judging by the
fact that there was $1,550,125.34 be
loing to the stato, on deposit in the
banks on September 30, 1912, just be
fore the annual payment of taxes be
gins, It Is safe to say that there would
be an average for the year of $2,000,
000, and on this vaBt sum which these
banks have, the Btate does not receive
av Interest. But tho governor and
Mr Mattson say it would be unlawful
to loan this money to the banks at
interest. But do not these gentlemen
know that when the money Is depos
ited In bankB It Is loaned to thoso
banks, whether the Imnks pav inter
est or not I concede that there is
no law that expressl.v requires the
stnto treasurer to collect Interest on
state monoy deposited in bank, but.
if he doposits the monev there Is no
law which prevents him from accept
ing interest for the state.
Now on January 13. 1912, when the
stato no doubt had more than $2,000,
000 lying In the banks drawing no in
terest, ex-Governor Culler, president
of the Doseret National bank, wrote to
Mr Mattson Btatlng that his bank
would pay 2 per cent Interest on dally
balances of money of the stato that
might be deposited with it. Here waj
a voluntary offer to pay Interest. But
this offer was Ignored and the monoy
was left In tho govornor's bank and
lu other favored banks without In
terest. Scandalous Manipulation.
Now 2 per cent Interest on $2,000.
000 amounts to $40,000 per year, so
that by lcjectlug Governor Cutler's
offer the stato loses 340,000 per year,
while the banks continue to loan tho
money at 8 per cent, which would
give them $1CO,000 a year in interest
Now do you see any Senepamblan
hiding about tho wood plle7 But this
Is not the worst of this scandalous
manipulating of slate funds. Tho
board of education of Ogden City gets
4 per cent interest on dally balances
of money In bank, and the bank pays
tho salary of tho treasurer besides.
During the past year this bank has
paid to the board of oducatlon of this
city a large Bum In Interest on dally
linlonra Rnf nn Soiltfimber 30. 1912.
this same bank had over $324,000 of
stato monoy on which tho governor
and state treasurer did not even ask
It to pay Interest to the stato.
Now, surely the state 6hould be able
to get as good a rate of Interest on a
large sum as the board of education
of this city can get. Taking, thon. 4
per cent as a basis of Interest which
tho state should receive on deposits,
tho state should rocclve annually on
$2,000,000 deposited In banks $S0,000.
So you see that under the method of
handling the state funds, by the pres
ont administration tho stato loses the
Interest which It has to pay on the
$560,000 of bonds neodloasly and reck
lessly lbsuod and also 4 per cent In
terest on Its average balance of mon
ey on deposit. These two sums
amount to $102,400 per annum, which
the jeople lose una ine taxpayers jH
must make good. IH
Now, ladles and gentlemen, do you im
call that a good, honest, business ad- jH
ministration of the affairs of this M
H
But Governor Spry and Mr. Mattson IjH
sav it would be a felony to loan this IH
monev aud collect Interest on the use IB
or It. Now. since In law depositing IB
this money Is a loan of it to the bank H
I suppose they think that requiring IB
banks to pay Interest would be the VM
act which would constitute a crime H
Strange Coincidence. H
Now, I do not blamo any bank that H
has been organized on private capital H
for the purpose of doing a fair and lc- H
gltlmate banking business, accepting IH
a deposit of rtate money without pav- IH
Ing Interest on It, when our governor H
and state treasurer aie so , -nereis H
as to ask no Interest. But w seems H
passing strange that soon after the IH
Hon William Spry, United States H
marshal, waB made governor of the H
state of Utah, by the grace of the H
"federal bunch." that a new bank IH
should be organized in Salt Lake City. H
when there were a hulf score or more
of good strong bauks In that city and H
that the governor should become a H
stockholder nnd director and tho H
state treasurer should become as- H
slstant cashier of this bank, and that H
soon after wc find that about one-
third of all the stato money, depos- jH
lted in eleven different banks, has jH
found Its way Into this particular bank
and that the governor and state trcas-
urer do not even try to get interest H
on any of this vast sum. H
The governor vociferously declares 1
that neither he nor Mr. Mattson hns
received one cent of Interest from H
any of these banks. But tho gover- B
nor is n stockholder In this now bank,
which It would seem must have been H
organized to tnko charge of the monov H
of the state. Qui faclt per allum faclt H
per so (what one does by another ho H
does himself) Is a maxim of the law. H
Therefore, what the bunk rccelvos In B
Interest the stockholders receive nnd HBHJ
the governor as ouo of the stockhold- H
crs receives his share. .H
An Explanation. H
Now, I havo shown that tho gover-
nor's bank had $550,084.19 of stato H
money on September 30, 1912, which
It could loan at S per cent, which
would amount to more than $40,000 In
(Continued on Pace Fourteen.) H
