The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-11-11

sHe ASS SlSLnsAIS P1sSoA a. nSE S3 SN~S'-5
the deposits of State funds, ard 10 secure
interest thereon"
This Act authorized the Board Of
Public Works to contract with the de-
positories for rate Of interest on State
funds, OF not less than nor more than 8
per cent.
No depository was to be allowed to
have more than 100000 of State funds
on deposit at one time, and the various
repositories were to be required TO give
good personal security, or to deposit
with the Board, United States bonds or
securities sufficient to indemnify the
State against loss.
On the 18th of February, 1871, the
Legislature passed an Act amending
that passed March 3, 1870, by which the
minimum rate of interest was reduced
to 9 per cent, provision made for the
semi.annual examination OF security
given by repositories and
authority given to require
additional security when necessary.
A transfer of public funds from deposi-
tories refusing to pay interest was pro.
vided for, and "sll national banks,
banking institutions and bankers, of good
standing IN this State" were permitted
to become repositories.
On the Goth day,of December 1873, the
Legislature passed an act amendatory
of former acts relating to the public
deposits, increasing the minimum rate
of interest to four per cent, and re-en-
acting the other provisions Of the act Of
February 1871, sdding two sections one
directing the money collected in each
senatorial district to be deposited therein,
and the other, requiring the Treasurer in
his semi.annual report to show the
amount of public money in each deposi-
tory, the interest paid, and the amount
and character of the security given by
each
This act was still further amended last
winter, by an act requiring the money
collected in each Congressional district to
be deposited therein, instead of the liGi-
tation as to Senatorial districts fixed by
the act Of December Goth, 1873.
COMPARATIVE RESULTS
in the collection of interest on public
funds under Republican and Democratic
rule. are somewhat interesting. In eight
years, from 1863 to 1871, the Republicans
never turned dollar of interest into the
public treasury. Whatever WAS collect
ed went into the pockets of Republican
Auditors and, ,Tressurers, ~ to whose per
qulsites and emoluments no question was
ever raised. Probably the coolest sam
pie OF financial literature. eNtant
is found il the last report OF
the last Republican State Aud
ltor, where he undertakes 10 eX-
plain why the STEVENSON administra-
ton, who had obtained charter for a
National Bank to be established in Char
lesion, had paid into the treasury no in
tcrcst on public funds, though required
by law to collect interest from all deposit
tories.
We quote Auditor BoGGEss AT length;
Csee his report for 1871, P. 2lj.j
DEPOSIT Of STATE FUNDS.
Chapter ll3, Acts 1870, authorizes the
Board of Public Works, to contract with
the designated depositores Of money be,
longing to the State, at 3 rate not less
than three nor more than six pc cent
interest on cSrrent account, and to re-
quire of said depositors, security for the
safe keeping OF public money. But as
there is no provision for enforcing said
act, it left the matter with sad
repositories to decide, each for
itself, whether it would give
security and pay interest or not.
Only four of them, holding less than one-
third OF said funds, gave security, and
proposed to pay interest on current ac-
count, and only one of these has made
any return OF interest. 1t would be un-
lust to require said four repositories to
paw interest, simply because they com
piled with said act, and agreed to pay
interest. when there is no authority to
enforce the payment of interest, against
the other repositories for the sam" time.
| would therefore suggest that the case
require additional legislation.
Respectfully submitted
THos. BoGGEss, Auditor.
As against this shabby showing, may
be fairly set the results Of
DEMOCRATIC ADMINISTRATIONS Of STATE
FINANCES.
The interest paid on deposits, since the
contracts with repositories were con.
cluded, little over four years ago, amounts
in round figures to $40 OO0-eyery dol
lar the banks agreed to pay. Democratic
officials are to be prosecuted for not turn
ing into the Treasury more money than
WAS due the State on her contracts with
repositories, while their Republican pre-
decessors, who failed to account for one
dollar Of interest, are to 90 uncondemn-
ed and unaccused.
INSURANCE MATTERS.
One Of the reasons assigned for the
adjournment OF the Legislature lss'
spring, without trying :he impeachment
cases, was the probability that further
investigation would implicate the Audi
tor in taking illegal fees under the in
surance laws. We are pleased TO learl