The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-02-05
HOUSE OF REPRESENTATIVES,.
"WEDNESDAY. Feb. 4, 1ss5-lO a. m.
THE STATE TREASURY


THE STATE TREASURY.
Mr.. PATTEN, from the joint committee
appointed 10 make inquiry as TO whether
there was any necessity for an investigation
of the State Treasury, reported it needless
Mr.. Sayre, from a m nority of the same
committee, reported in favor OF complete
investigation OF the Treasury.
Mr.. SAYRE: Every Representative on
this floor is interested IN the safe keeping of
the funds of the State. and every member
has the same duty imposed upon him, and
that is to see to il that the funds
of the State shall be faithfully ao.
piled to the purposes for which they
are raised. 1 presume everybody here is
familiar with the law pertaining to the State
Treasury. They know that any kiad OF
orders and certificates of deposit or supposed
deposits in banks, and drafts upon BANKS
al all things of that kind, are not the kind
OF money REQ uired to be paid by the people
OF the State. 7 he funds that 90 into the
Slate Treasury 60 there in the shape Of
money, and the law requires that the Treas.
ufer OF State should be at all times ready 10
account 10 the people Of Indiana and the
General Assembly, or to these 10 whom ID.
vestigation should be referred the kind of
money ne receives. The majority report as
signed does not give in detail, as remember.
the assets that tue Treasurer of
State has thown this committee. Toe
minority Of the committee have under
taken 10 give TO this Legislature in detail
what the Treasurer of State pretends TO hold
IN the vaults as assets. Now, think for
moment. j. it such money as the aw re-
Guires? ant 10 call the attention Of this
LegisIatUl, o the facts set out in the mi
noTity reps ! Oh he 10th Of last November,
which was GO Sunday. There was issued by
the cashier OF the Merchants National Bank
OF indianapolis certificate OF deposit to the
amount of $40 coo, payable to himself, and a
certificate OF $4,000 and another one
Tor -, Geo; this bank received from its own
cashier Jke certificate of deposit payable to
hlmselfi and that certificate, after the
Endorsement Of the cashier the Treasurer of
State exhibited TO the committee, and on
inquiry whether John J. Cooper was the
owner. this investigation was not permitted
to be made. WI en- il was brought before
the committee that these deposits we're
made Oh the Sabbath Day, and that
this was GU. of the ordinary and
usual touue of business, inquiry was
not permitted 70 be made. Does any
man here believe the Merchants Nationai
Bank wss open on the 10th day of last No
vember, which was on Sunday? Another
thing-the report of this MINORITY shows
that there should have been in the Treasury
of Stste on the 9,h day of January, 1885,
S4SG,OOO. Now, there IS no pretense by the
Treasurer Of State or by any of his friesds or
by the majority of this committee that such
money was either on hands or on special
deposit There is no pretense that the
money is placed where il Will be alb
soluttly safe. l presume the banks
OF Indianapolis now existing here are per
fectly sound. / have not heard any init.
nation to the contrary, bat last summer
every body thought Hsrrison's bank was
SAFE; every body thought Fletcher Il Sharpe's
bank was in safe condition, and yet to-
Day they are In ruins and their ordinary
depositors are deprived of thousands and
thousands and hundreds and hundreds OF
dollars. Another thing the members of this
committee in the minority asked this GEN
eral Assembly for authority to send for per
sons and papers so they could make an in
Now, John J. Cooper has loaned
large sums of money to the Meri-
dian National Bank and to his bondsmen,
or part of his bondsmen, tor the purpose
OF carrying on ordinary business or to en-
gage in speculation. We were further in
formed that the money represented by the
certificate was not in the vaults of that
bank. Another thing, there is $50 900 that
the majority of the committee reported to
taIs House sc better than cash-thst il is
worth more than 100 cents on the dollar
and that is the orders on the Treasury OF
Marion County. The County Commission
ers of Marion County on the 1st OF last June
made temporary loan for six months, and
on the 18th day of January il had been due
twenty nine days and it was not paid. /
want 10 see a complete and thorough inves
tigation of the affairs of the Treasury,
Mr.. ADAMS: What I shall say
upon this question shall no
say because l am Republican
and the State Treasurers Office is now hello
by Democrat, but because / believe the
people of Indiana, as they have a right to
desire to know how their money is being
used. Now the law is very plain, and it EN-
powers the General Assembly TO enforce Its
provisions or stop the penal violation Of il
The law expressly prohibits any loan or de
posit in any bank or with any person or
persons, and the Treasurer of State is ex
pTessiy prohibited from receiving any inter
est, gIatulty or bonus upon the funds OF the
State. Now | say to this General Assembly
that the State Treasurer has within the last
terest. gratuity and bonus upon the funds in
his hands. Why do l say it2 l say
IL because l sm told that the amount
OF interest he has 50 received amounts
10 the sum OF S25, 900. This money belong,
10 the State. IL is not the Treasurer's money
it is the money OF this State. Ii is the money
the taxpayers that have paid il into the
Treasury; that is whose money il is. Now
the Treasurer is prohibited from receiving
interest on that money. TIE majority re-
port says it is a doubtful question. Is il a
doubtful question? The statue says he shall
receive no interest except for the use of the
State. If Mr.. Cooper stands square with the
State too Day he can not be injured: his
bOndsmen can not be injured; nobody can
be injured by an investigation; but the peo
pie of Indiana will feel safe if they know
the money is being used for the purpose it
should be. The minority ask for an investi-
CATION becauss il is right.
Mr.. COOLING: 1 do not propose to dis.
cuss this question upon the minority report,
for that is untrue, unfair and Incorrect IN It's
statements So far as the committee is con-
cerned, msjority of them know that in