THE MORNING OREGONIAN. SATURDAY, DECEMBER 30. 1923
BORROWING 10 PAY
nuns no
Power for State Treasurer
Suggested.
KOZER MAKES REPORT!
Money With Which to Meet Ob
ligations Is Declared Fre-
quently Lacking.
jj , " STARTS -TODAY!
S3H -TTrtfSETi - VOW HtRBERG imlS
V
SALEM, Or., Dec. 29. (Special.)
Amendment of the present laws so
as to authorize the state treasurer
to borrow money to care for the im
mediate needs of the commonwealth
instead of indorsing warrants "not
paid for want of funds." will-be rec
ommended by Sam Kozer, secretary
of state, in his biennial report to the
legislature.
"It transpires frequently in the
"ordinary course of business," reads
the recommendation, "that upon the
presentation of general fund war
rants to the state treasurer, there is
no money in this fund from which
the warrants may be paid. This
means that the general fund has be
come depleted because of demands
thereon in excess of receipts accru
ing through the annual tax appor
tionments to the several counties,
which have not yet been collected
and turned over to the treasurer.
Interest Paid on Warrants.
"The law defining the duties of
Ithe state treasurer require him- to
pay all' warrants drawn on the
treasury in the order in which they
are presented. If there are no funds
In the treasury then he shall in
dorse on such warrants 'not paid
for want of funds,' together with
the date, and all warrants so in
dorsed shall draw interest at the
rate of 6 per cent until called in for
payment.
"The lay requiring, the state
treasurer to indorse warrants where
jreneral fund money is insufficient
Ifor their payment has been in force
lnce the year 1859. For a number
of years thereafter the number of
warrants which the treasurer was
obliged to indorse for want of funds
was small and the amount of money
Involved not large.
Work Greatly Increased.
"The state has grown, however,
and the number of warrants re
quired to be indorsed not paid for
"want of funds has increased corre
spondingly. This has not only en
tailed a large amount of work for
the state treasurer but has in
creased the interest charge against
the state.
"It has occurred to me that Mis
method of taking care of, situations
of this kind can be materially sim
plified and a public convenience af
forded by authorizing the state
treasurer to borrow moneys for the
general fund only to the extent at
such moneys may be required from
time to time to meet the payment ot
outstanding warrants which have
been issued by the secretary of state
pursuant to law.
"This money could undoubtedly be
borrowed at. a less rate of interest
than the legal rate, and certificates
could be issued in such denomina
tions that whenever any sums of
money were received in the treasury
they could be immediately applied
in payment of such outstanding cer
tificates and relieve the state of the
interest burden just to that extent.
Federal System Is Cited.
"nder existing laws the treasurer
Is really obliged to await payment
nito the general fund of a consider
able sum, then issue his public call
for the redemption of outstanding
warrants, which have been pre
sented in the interim and indorsed
not paid for want of funds. Even
though money could not be bor
rowed from the bank t less than the
legal rate of interest, I apprehend
that there would be some saving in
the interest charge, but the great
consideration is the public conven
ience afforded and the preservation
of the credit of the state and the
maintenance of the confidence of
Its citizens.
"The federal government, as I
Widerstand it, conducts its affairs
In this way. Its obligations are
always paid in cash and to meet
their payment it borrows the neces
sary funds through the issuance of
appropriate negotiable" paper, such
as certificates of indebtedness and
the like."
Y. M. C. A. GETS AWARD
Local School Receives More Funds
to Help ex-Service Men.
A final award of $500 from the
national T. M. C. A. war work funds
for the benefit of ex-service men
has been made to the Oregon Insti
tute of Technology, the local Y. M.
C. A. school. The national council
stipulates that the distribution must
I. be completed by 2 o'clock this after-
noon. The funds, which were estab
lished to help veterans obtain train
ing along useful lines, total $5,176,
497 in the United States.
Local branches affected are:, Auto
mechanics, storage battery, automo
bile electrical mechanics, radio tel
egraphy, mechanical drawing, col
lege preparatory, salesmanship, pub
lic speaking, accountancy, business
and elementary courses for men.
Awards at the local Y. M. C. A
school have served a large number
of students since the close of the
war.
GALES WRECK VESSELS
(Continued From First Page.)
gigantic wave. Battened below
decks for most of the voyage were
246 seasick passengers.
The President Monroe, snow and
ice covered from stem to stern, ar
rived looking like an iceberg, after
fighting the worst gales her skipper
could remember. Once, he said,
when a hundred-miles-an-hour wind
was blowing, she could make but
four knots.
Chaudiero Goes on Kooks.
HAMILTON, Bermuda, Dec. 29.
(By the Associated Press.) The
passenger steamship Chaudiere,
owned and operated by the Royal
Mail Steam Packet company, went
on the rocks off Bermuda today
while on the run from West Indian
ports to Nova Scotia. The vessel was
badly damaged, but has been re
f lftated. There was no loss of life.
Storm Center East of Cape Cod.
WASHINGTON, D. C. Dec. 29.
The storm sweeping the middle and
, north Atlantic coast was reported
today by the weather bureau to be
centered east of Cape Cod and mov
ing east-northeastward. Heavy
snowfall in portions of New England
I ' : ; ONLY! ' j
k
(1 KEATES' CONCERT
. and CON 1 ESi SWf
ij ; On Our fjrlP
MIGHTY ORGAN .
' 1. Selection, "The Red S '
j Mill".. Victor Herbert ' f jpf
j 2. Evensong E.Martin "'.
$ Request. jVTs' s;,.v
3. Song, "I'll Be in My
3 Dixie Home Again JsS - . f
; ' Tomorrow." P" - 1
: i 4. Keates' Contest. m t ' V""""""'""
E. Liberty Grand Chorus NfX 7" - '
t singing old tunes. r'f? 1.
SUNDAY - jM -ia
l 12:30 . W
M
VJT.
and New York als was reported, 22
inches of snow naving fallen at
Portland, Me.
SNOW BURIES NEW YORK
Icy Gale Threatens to Paralyze
Transportation.
NEW YORK, Dec. 29. Thousands
of volunteer snow handlers were
called to the shovels today to help
dig New York city out of its first
big storm of the season a blizzard
of snow and sleet which, starting
yesterday under moderate tempera
ture, became overnight an icy gale
which threatened to paralyze all
transportation.
The storm took its toll of hun
dreds of Injured. From early' last
night until daybreak hospital ambu
lances were bringing in pedestrians
with broken arms, fractured legs or
cra,cked skulls, who had fallen on
the Ice-covered streets. Most hos
pitals were crowded to capacity.
Hear 'em yell when horses crash!
Hear 'em roar at the mirthquake of laughter,
the earthquake of thrills!
Even Willie Collier's whirlwind stage success
didn't pack the wallop of the picture.
MIDNIGHT MATINEE TICKETS SELLING FAST AT THE CHECK ROOM
Two persons are reported to have
been killed in falls.
The wind reached high velocities.
Combined with the unaccustomed
burden of snow, it worked havoo
with above-ground power and tele
phone lines, street car transmission
cables, roofs of buildings and large
trees. .
Lives of pedestrians in some sec
tions were endangered by falling
signs, tumbling chimneys" and
smokestacks. Thousands of dollars
of damage were believed to have
been sustained on Long and Staten
islands, where numerous small craft
were washed ashore. , Along the
waterfront the toll of damaged
buildings was reported heavy.
Railroads were asked to concen
trate on maintaining unimpaired
freight service in order that the
city, with barely 48 hours' reserve
supply of coal on hand at harbor
terminals, might not be confronted
by an actual fuel famine.
Centralia Chamber to Elect.
CENTRALIA, .Wash., Dec. ... 29.
The Yells of a Mirthquake
when those horses hit the hurdles in a whirl
. wind steeplechase. Thrills with everv soill!
You'll be off
T TT
Douglas MacLean and Madge Bellamy, Stars
Such
(Special.) Members of the chamber
of commerce next Tuesday will elect
a board of nine directors for the
coming year., Ballots will be cast at
the community house from 12 M. to
& P. M. The following candidates
have been nominated by a commit
tee of the chamber: J. Q. Anderson,
Caleb Berg, F. J. Bickf ord, M. B.
Coads, Claude Carter, Earl Colson,
Reid Conrad, Galen Devore John
Dennis, George Ellsbury, Earl Fran
cis, Fern Gilbert, Orville Goss, Carl
Hampe, George Ingraham, L. W.
Jackson, J, C. McNiven, W. J. Mont
gomery, J. J. Mullaley, Vance Noel,
John Raught, Sam Schuss, A. W.
Shawver, Fred Smelser, Albert
WANTED CHAIRS TO CANE
AND PIANOS TO TONE
BY SCHOOL FOB BLIND
For Particulars Call
MRS. J. F. MYERS, EAST 703.
your seat riding
n ( )
-IJ- JUL W XL XL W
A Panic! A Rip-Roarer! One of the GREAT
BIG HITS of the year even bigger than the
, sensation Willie Collier made it on the" stage!
Yells! Such Thrills! Such Steeplechase Spills!
The Gasps of an Earthquake
When Sam, who never rode a horse before,
is mistaken for a famous equestrian and his
girl makes him ride a four-legged thunderbolt
over five miles of ditches and sudden death. 0
and
ARVIDSON'S "ACE" ORCHESTRA
Direct from Chicago premiere coast engagement of
one of the foremost "JAZZ BANDS" in the country. .
Manhattan Trio Comedy Liberty News Events
Smith, W. H. Storey, W. T. Walker,
Edward . Witte, John Wood and
Henry Yeager. .
. Polndexter Is Pallbearer.
THE OREGONIAN NEWS BUREAU,
Washington, D. C Dec. 29. Senator
Miles Poindexter of Washington
Men Wanted
. FOR SHOPS AND
ROUNDHOUSE
JUTES
Machinists ........ 70c per'honr
Boilermakers .. . . .70-7O!2c how
Mechanics are nllo wed time
and one-halt for time vrorkrd
: in excess of eight honrs per
any. Strike conditions prevail.
APPLY ROOM 312
COUCH BLDG., 109 FOURTH
ST, NEAR WASHINGTON
4 PORTLAND
- j
all the way! O
was one of the active pallbearers at
the funeral of Hannis Taylor, ex-
CAUTION
Wrappers of the New Year's Edition of The Morn
ing Oregonian issued MONDAY, JAN. 1, J
. will bear this label:
New Year's Edition
feci . was,s?
Price will be 5 cents a copy: postage, cents in the United States
ind possessions. All other foreign postage will be 12 cents.
minister to Spain, which was held
here today.
1 1
OREGON HUMANE SOCIETY
Investigates all cases of alleged
cruelty to animals. Offices, room
153 Courthouse. Phone Main 03 iS
From g A. M. to 5 P. M. J
The society has full charge of the
city pound at its home, 635 Colum
bia boulevard. Phone any time.
Woodlawn 0764. Dogs for sale.
Horse ambulance for sick or dis
abled horses. Small animals pain
lessly electrocuted when necessary
and stray animals cared for. All dead
animals, cows, horsta. etc., picked up.
ALT, COLDS
are bad. Do not neglect them. Treat
promptly, vigorously, at once. Take
Ayer'i Cherry Pectoral, go yean of
launch friendships to recommend R.
J. C ifm Ofc, LnrtU. Ksm., V. s. X.