Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1888-09-28
The Logan Freeman. the Phillips
burg Banks, and the Herald.


The Logan Freeman last week
makes an allusion again to a subject
fully discussed several months ago in
these columns. and intimates that
the HERALD's course has-znot been al
together consistent in regard to the
matter. The subject to which we re-
fer is the depositing Of the county
funds in the First National, and the
Phillips County banks. for which the
banks pay the county one per cent
interest We are informed that Mr..
Boyd in his speeches devotes much
time to the discussion Of this ques-
ton. Now although we have hereto
fore stated fully our views in regard
to that matter, we viii state them
again:
The law Of the state requires the
county commissioners to deposite the
county funds in banks, first requir-
ing of such banks ample bonds for its
safety In compliance with that law
our commissioners last year, did de-
posite the surplus funds in the two
banks above named, after requiring a
proper bond to be given. The banks
agreed to pay the county one per
cent interest for the use Of such
money while In their banks They
would not agree to pay more unless
the commissioners would consent to
let the funds remain a certain or
definite period of time. This the
Board could not do, as the public
money must be at all times subject to
the county treasurer's check. This
action Of the Board was under the
new law passed by the last legisla-
ture, and no presidents had any
where been established, and the
Board had no means of knowing
what per cent bankers in other ceun-
ties could or would pay on public
funds thus deposited. Afterwards
it was ascertained that in some cOun-
ties where rival banks were fighting
each other vigorously, that they bid
up as high as four or five per cent.
But these instances were rare. In
some counties the banks pay moth
ing, claiming that they dare not loan
out the funds, for they do not know
what day the county treasurer may
call for the money as he has author
ity to do Mr.. Boyd, fusion candi-
date for representative, for months
has endeavOred to make a great deal
Of political thunder against the Re
pubIicans because the two banks
here would not agree to pay the
county more than one per cent on
the county funds and IN his speeches
he arraigns the HERALD for, as he
asserts, defending the banks. Now
we re-iterate our former statement
that we have not in the past, and do
not now defend the banks. They
say they cannot afford to give a
large bond for the safe keeping Of
the money and pay more than one
per cent for it, when it is, at any
time, liable to be called for by the
county treasurer. They dare not
loan it out but must have it on hand
subject to his check Last year they
informed us that if any other banks
wanted the funds and would pay a
larger per cent than they paid, the
Phillipsburg banks would freely sur
render it. This was their statement,
which we published with a comment
to the effect that the HERALD had no
means Of knowing their financial con
dition, the amount of money at their
command, and whether they could or
could not afford to pay a greater in
terest And because we made this
statement Mr.. Boyd goes from school
house to school house claiming that
the HERALD is defending and Justify
ing the banks for paying only one
per cent for county funds. We took
the position last year and hold the
same view now, that the commission
ers should require the banks to bid
for the funds and to get as good a !
rate Of interest as possible, the sol |
idity Of the bank and the suficiency
Of the bond given to be carefully
considered. It is better that the
county receive one per cent than
nothing as in all former years under |
the old law. There is no politics in