The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1885-02-04
BETTER SECURING or THE STATE
FUNDS

FUNDS
IL well known fact that the funds OF
The State are and haye been for years. habit
usly kept in the various banks of this city,
and that they are so kept without other Sc
cudty than the general responsibility of the
respective banks
lt is equally certain that large sums have
been paid the State Treasureis as interest
upon these holdings of the State funds, az
gregating in a series of years but little less
per annum than the salary Of the President
Of the United States.
1t is an open secret that it is this I'M
restrained use of the public funds which is
at the bottom of the keen desire to obtain
this Office. Every leyel-headed business
man will readily see and appreciate the un-
fortunate tendency and exceeding danger of
such condition of our public Treasury.
The seductive temptation is practically to
putthe use OF the public funds up to the
highest bidder. That is to say, the bank or
banks which will pay most interest is likely
to obtain the keeping and use Of the public
funds.
In view Of the recent bank history of this
I q
the famed seven that more than one State
Treasurer, together with their sureties, have
not been utterly ruined and the State
brought to face its large expenditures with
out any funds-lost as millions have been
lost by other public officials and by private
citizens.
1t is sober truth that nothing but blind
I IvoI hoe ,4aIh ., aN he
greater part of the States funds within a
very recent date, it being a sad financial fact
that within short period more than one
half the banks of this city have tumbsd in
to ruins, involving slike large number Of
public officers and the general public.
The Legislature can not but be forcibly
reminded OF the fruits OF these conditions
and the imminent danger of public loss by
the large number of bills now pending be.
fore it for relief to public officers who have
lost by the failure of BANKS no less than
five out OF the nine Trustees OF this county
/ being among these applicants Tor relief. AS
well might an unsecured veteran he pointed
10 as evidences that there was no danger 10
battle ss to suppose thai there wa. reasona-
be safety for the States funds under exist
ing conditions.
In view of the facts in the premises. NOW
FULLY Before TUE LEGISLATURE. We would
respectfully, bat with all earnest ness, urge
he Importance Of due attention 10 this mat
.sr.
Nothing in government can be more i'm
poItsnt than the safe keeping and proper
distribution of the taxes paid by the people
for the various purposes OF taxation.
Among remedies OF early and ready &C
complishment may be named the prompt
passage of the pending bill increasing the
penalty Of the Treasurer's bond, and as su-
premely important let the exact condition
of the Treasury in full and complete detail
be made known on or before the expiration
of the present Treasury term, to the end
that in case OF accident there will be no
danger OF being unable to fix the legal re-
neutrality-suspicious. upon the old or new
sureties OF the officer. In addition, the crs-
alton of proper Board of Control, kindred
to that governing the disposition and safe
keeping of the Unitsd States Treasury funds,
would doui tless give valuable additional Sc
curly