The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-02-02
BETTER SECURING OF THE STATE

FUNDS.
1t is q well known fact that the funds of
the State are, AID have been for years, habit
ually kept in the various banks of this city,
and that they are so kept without other Sc
curity than the general responsibility of the
respective banks.
1t is equally certain that large sums have
been paid the State TreasuIers as interest
upon these holdings of the State funds, ag-
gregating in q 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 the public funds which is
at the bottom of the keen desire 70 obtain
this office. Every level-headed business
man will readily see ard appreciate the I'M
fortunate tendency and exceeding danger OF
such a condition OF our public Treasury.
The seductive temptation is practically to
put the use of the public funds up to the
highest bidder. That is to say, the bank or
hanks 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
city, it is a wonder fully equal to any one OF
the famed seven that more than one State
Treasurer, together with their sureties, have
not been utterly ruined and the State
brought to facets large expenditures with
cut any funds-lost as millions have been
lost by other public officials and by private
citizens.
1t is sober truth that nothing but blind
luck has prevented the loss Of at least the
greater part Of the States funds within a
very recent date, it beinga sad financial fact
that within short period more than one
half the banks OF this city have tumbled in
to rains, involving alike 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 for relief As
well might an unsecured veteran be pointed
to IS evidence that there was no danger in
battle as to suppose that there was reasona-
bic safety for the States funds under exist
ing conditions.
Ia view of the facts In the premises NOW
FULLY BEFORE THE LEGISLATURE, we would
respectfully, but with all earnestness. urge
the Importance of due attention to this mat
ter.
Nothing in government can be more I'M
p0rtsnt 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 Treasurers bond and as su-
premely important let the exact condition
of the Treasury IN full and complete detail
De 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-
ponsibility-Thetheru upon the old or new
ssreties OF the ficer. In addition, the Gre
alton OF proper Board of Control, kindred
to that governing the disposition and safe
keeping of the United States Treasury funds,
would doul tess give valuable additional ss-
curity