The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-12-20
Let us Have q Thorough Examina-
zion of the Pubic Funds,

IIuu VI kh6 L hStt = AASASs
Tho people are already aware Of the
fact that ono hundred and eighteen thou
sand dollars Of their school money has
been deposited by the State Treasurer in
three banks at Charleston at low rate oil
interest. This is nearly one'hall Of the
school fund of the State. They are also
aware that other banks have offered 10
pay higher interest than the Charleston
banks for the use Of this money, and yet,
strange to aay, the Treasurer declines to
give II to them, but, for some cause that
needs to be explained, prefers TO- lend
$4,000 oil It 10 two banks Of 81 per cent.
rather than give 1t to responsible banks
that arc willing to pay as high as four
per cent.
Every child knows that such trans
action needs explanation; that on It's face
1t is a suspicious circumstance; that
business men do not conduct their pri-
vate affairs on any such principle ; that
there ought 10 be, therefore, q most
searching examination into the relations
existing between the State Treasury and
the Charleston banks.
These arc the days Of financial IRREGULAR
ties Of all kinds and it behooves Us all to
take nothing for granted in regard to the
management of public funds. The news
papers TEEN with unexpected aud I'M
wholesome Developments in quarters
where there were no suspicious oil irregu
larity. There have been succession o.
these Developments 10 various STATE
Treasures. There was one in the Treas
ury Of Minnesota, another 10 Iowa, one il
New York State, one In the City Treas
ury Of Brooklyn, another in Philadelphia
large one in Chicago, and good sized ONT
in the public securities Of Pittsburgh.
These things being 80, it is imperative
when we see such manifest lavoritism al
exists on the part Of the Treasury Of thi
State towards three Of the smaller bank
Of the State that there should be rigit
and penetrating examination on the par
of the State authorities into the relation
existing between tho parties concerned
If the transaction Is o straight one II !
certainly very peculiar arrangement in
deed. More than that, It shows that III
Treasurer Is not financier, and tina
therefore he Is not the man TO be In charg
Of the public funds. The merest neo
phy,e in money matters in West Virgini
would not discriminate against the fund
committed 10 his charge In such a way
We are 10 hopes that the Leglsla,ui
will not adjourn without ordering a first
class examination ns TO the manner II
which the public funds lave been man
aged for a year or two past. But If
docs adjourn without doing go We cal
upon the Governor to take the matter II
hand in pursuance Of the general guar
dianship Of the States interests entrusted
to his keeping, and silt II TO tho bottom
The people want to know what shop
their $l1S0O0 has taken since 1t wen
into the Charleston banks; whether tn
State is fully secured why it is that will
all this money loaned to them at such
dead low rate of interest the Charleston
banks were either unable or unwilling
tho other day to lend the Governor few
thousand dollars with which 10 keep tn
credit OF tue State alive. There Ia decided
need Of information on this point. and thI
Governor may rest assured that the peo
pie will back him up in taking hold Q
this whole business and compelling I
show Of hands. Let him proceed there
fore at once with rigid investigation al
10 tho School funds Of the State in thu
various banks, until ho understand
thoroughly how 1t comes that they arc sc
curiously distributed, and until he is salts
fed that they are not only safe but also
producing tho proper amount Of revenue
TO the State.