The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-04
OPEN THE BOOKS.
A Strong Demand for Investigation by the
Democratic State Organ.

Strong Demand for Investigation by the
Democratic State Organ.
indianapolis Sentinel.
1t is a Unknown fact that the funds of the
State are. and have been for years, habitually
kept in the various banks of this city, and that
they are so kept without other security than the
general responsibility of the respective banks
1t is equally certain that large sums have been
paid the State Treasurers as interest upon
these holdings of the State funds, aggregating
in series of years but little less per annum
than inc salary Of the President of the United
States
II Is an open secret that it is this unrestrained
use of the public funds which is at the bottom
of the keen desire to obtain this office Every
level-headed business man will readily see and
appreciate the unfortunate tendency and exceed
ing danger of such q 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 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 city,
it is a wonder fully equal to any one of the
famed seven that more than one State Treas.
urer together with their sureties have not been
utterly ruined and the State brought to face its
large expenditures without 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
mas prevented LIIo loss OI DIT ledSC the greater
part of the STATES funds within very recent
date it being a sad financial fact that within a
short period more than onehalf the banks of
this city have tun1bled into ruins, involving
alike large number of public officers and the
general public.
The Legislature cannot but be forcibly re-
minded of the fruits of these conditions and the
imminent danger Of public loss by the large
number of bills now pending before 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 we'll might an unscarred veteran be
pointed to as evidence that there was no danger
in battle as to suppose that there was reasona.
BILE safety for the States funds under existing
conditions.
In view of the facts in the premises, now
fully before the Legislature we would respect
fully, but with all earnestness, urge the impor-
lance of due atten ton to this matter
Nothing in government can be more important
than the safe keeping and proper distribution of
the taxes paid by the people for the various pur-
poses Of taxation
Among remedies of early and ready accom-
plishment may be named the prompt passage OF
the pending bill increasing the penalty of the
Treasurer's bond, and as supremacy 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 nc
danger of being unable to fix the legal RESPONSE
bility-whether upon the old or new sureties of
the officer. In addition, the creation of proper
board of control, kindred to that governing the
disposition and safekeeping of the United States
Treasury funds, would doubtless give valuable
additional security.