The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-18

A SOMEWHAT careful reading and study Of
the several reports of the recent sensational
session of the School Board make it reasona-
bly, clear that the people and taxpayers Of In
finance committee for the saving of consid
cradle amount of money, while, at the same
time, the proceedings cast side light Of no
mean power upon the weakness, if
not wickedness, Of the existing treas
ury system, to which the Journal has
heretofore alluded, and will continue to al
lude in the hope of arousing public senti-
ment that-will force readjustment of it at
| the hands Of the next General Assembly.
| Briefly stated, the disagreement in the School
Board grows out Of the arrangement for a
| temporary loan. 1t is rule of the board that
the finance committee, Gin connection with
| the treasurer" shall make all permanent and
! temporary loans and with this provision in
| mind, Mr. Frenzel claims that, as treasurer,
! he has been ignored by the committee 1t
| should be borne in mind, however, that the
board subsequently passed a resolution de-
volving the duty of effecting loan
| upon the finance committee, without
mentioning the treasurer, so that the later ac-
| ton really superseded the former rule. The
| resolution also provided that the committee
should advertise for bids for the money; and
| this they did not do. Great stress is laid
upon this neglect, and possibly with some de-
gree of justice. 1t might have been better
had the committee followed the suggestions of
| the board to the letter; but no one will say
that the resolution was more than directory,
and, if the committee has used good judgment
| and effected good loan at lower
| rate Of interest, the board could readily have
approved their action, and cured any technical
defect in their proceedings. We concede that
| there is much strength in Mr.. Bingham's posi-
directions even in good cause, a loop hole is
| left for bad men, whereby the public may
| suffer. But, after all, the board has the
whole matter in it's own hands, and the cor
receive can be easily applied. There is some
thing almost humorous in Mr.. Frenzel's
complaint that he had not been con-
suited by the committee. AS mat
ter Of fact, he himself confesses that he
was consulted several different times, but his
explanation is that each Of those times he was
consulted as president of bank and not as
member of the School Board. By his own
of Lord Poobah, and the committee did him
an injustice because they did not profess to
know just which character he may have been
wearing at the time they happened to meet
him. Seriously, this is the merest folly.
Mr.. Greenstreet and Mr.. Vonnegut gave am
pie reasons for their conduct; and their nego-
tiaticn for money at 5 per cent, to be loaned
as needed, while the best terms otherwise Of
| fered them were at higher rate of interest,
and for a sum in bulk, is the best vindication
| of their sagacious management.
| 1t is very unfortunate that such serious
| the School Board. The work of the board
should be conducted in the most open and
candid manner. The board has committed an
error which should not be repeated, in the
| holding Of secret sessions; but it will take
more than Mr. Frenzels and Mr.. Bingham's
assertions, even when backed up by Mr. August
M. Kuhn, to convince the public that men like
Mr.. Merritt, Mr.. Greenstreet, Mr. Vonnegut
and Mr. Bamberger have done anything that
requires popular Indignation meeting, or
| that public sentiment had become so perfect
| ly overwhelming that these men were forced
to make an exposure of their questionable
practices. The worst they seem to have done
| is to have made an arrangement for money at
per cent with a treasurer, who is really
| loaning to the board the funds that should
belong to it by right, instead of
borrowing from Mr. Frenzel, or some one else,
at higher rate, even, possibly per cent.
But, as we said, the row will have the effect
to bring the School Board to the needed real
ization that it is in charge of public trust
and not private property-something it has
| forgotten for years-and the public will be
aroused to the beauties of treasury system
which permits man to take their taxes and
then loan the money back to them at a round
premium.
A DISPATCH from Long Pond, Ga, gives
the particulars of killing there. A
young man named McNutt married Miss
Conner against the wishes of her family. The