Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-11-06
THE COUNTY TRUsTEEsHlP.
An Experienced Hand in Opposition
to its Abolition.

Editors Appeals Will you allow me
to say a word in your columns rela-
tive to your proposed adjustment OF
the constitutional office of County
Trustee, which you have very earnest
ly suggested on the score Of public
economy. While applauding the mo-
tive of your movement, l fail to per-
ceive its wisdom. Your motive is to
save the county the two per cent. OF
commissions allowed the Trustee for
the faithful performance Of the func-
tions of his office; and you think that
object may be attained by abolishing
the office and giving the custody OF
the county funds into the hands of Mr..
/ Davis, or some other banker, who will
give bond for the safe custody of the
funds, and will charge no commissions
for the same. You say that you I'M
derstand that these gentlemen
are very willing to under
take this service without pay,
and pro bono pJ6lco. OF this / have
no doubt. So would several thousand
o other citizens, among them the sub
scriber. How would this thing work,
and would it be true economy in the
country to abolish the Office and give
the custody Of public funds to the
banks? The law prohibits the County
Trustee from buying or selling county
warrants, or other obligations Of the
county. Not so with the banks. Mr..
Davis or other banker might keep
the county funds, yet their banks
might all the time trade in county OBJ
legations in such a way as to bull them
to-day and tear them tomorrow, and
make ten dollars where the Trustee
gets one as his Legitimate commission.
This can be shown satisfactorily TO
any one who will look at it in a COM
nonsense view. These gentlemen
bankers may be ever 50 great patriots,
yet it has never appeared that their
institutions are either intended
or were solely for the public
good. They may be willing to
work for nothing, as c%ustOdians Of
public funds; Yet they labor very
hard to show a b~dlance-sheet of profits
at each quarter. They may be and
doubtless are able to furnish the very
best bonds; yet it is<remarkable that
the heaviest losses which have Oc-
Cured since and before the war, have
been, accidentally, through tie banks,
which pro bono DJtblicO have been will
ling to keep the State and county
bonds. Examples are so fresh in the
public mind that they need not be
cited In Gen. JacksOn's time the
detaicatiOn of banks, keeping the pub
lie treasury, were so numerous as to
force the Government 10 adopt the
sub-treasury system, as a protection
against the numerous losses which
then occurred.
Take the single example Of county
coupons over due. The bank
having the custody of the county
funds might select its avOrites
and pay coupons only TO them.
Al others might be excluded
for its favOrs, and those who could not
get their coupons cashed would thus
be forced to sell at a discount. The
bank could afford to buy at this dis
count, because it would be the inside
party, and could give preference to
it, own claims. Nou would then, Mr..
Editor, see the bank custodian real
izing nearer fifty per cent. commits
siUns than two per cent. When YOU
add to this the pregnant, Overshadow-
ing fact, that there would be no indi-
vidual responsibility in the case, you
would have the whole system OF pub-
lie finance reduced to a money eli
gaTchy, centering in, and radiating
from, n s0ulless corporation. You
may reply that the writer is interest
ed. because he would like to have the
office. This is granted, and yet l
think your argument would be weak,
in view OF the TACT that the bank, de
string TO become custodian of the
county funds, is ten times more inter
ested, because it would realize ten dol
lars on one hundred dollars to the
County Trustees one, of commissions,
and that the change proposed would
emphatically be penny wise and
pound foolish" l.. L.