The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1890-01-16

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to the receipt of any such deposit, to
execute to the commissioners, for
the use of the state, a personal bond
in double the amount likely to be de-
posted, to the satisfaction of the
commissioners with at least five sure
ties; and bond could be required
at any time. The commissioners
would be required to select such
banks as should in their opinion pro-
vide complete protection to the
state, limiting the amount of deposit
in any bank to certain proportion
of its capital stock, say one half,
Deposits would be made by the State
Treasurer only and solely by direc-
ton of the Commissioners, for which
deposits he would receive triplicate
certificates, one to be at once deliv-
cred to the Governor, another to the
Secretary of State.
The banks would be required to
pay to the State Treasurer such fair
and equitable interest on balances as
might be determined upon between
said commissioners and such banks
The Treasurer, with the consent Of
the commissioners, would have the
power to transfer by check from one
depository to another.
Mr.. Timme says: It would be req
uisite for the State Treasurer, at the
same time as he is now required to
make statement to the Governor, to
make and include Herewith a de
tailed statement of the amounts de-
posted in the banks designated by
the commissioners as estate deposi
tories" with location Of bank
amounts of deposits and dates, this
statement to be published in certain
newspapers.
Of course the usual report would
show the amount of interest received
by him from the banks, accredited to
the proper funds.
On the other side, the banks
where deposits are made would be
required to transmit to the Secretary
of State and Treasurer monthly
statements of the money received
and paid by them on account of the
treasury. In this way, it would be
perfectly clear as to whether or not
all the funds had been deposited by
the State Treasurer in accordance
with the direction of the Commits
sioners. So much as regards depos
its of such state funds. Now, how
shall the public money be disbursed?
In this way: No money should be
drawn from any such banks or de-
positories unless by checks sub
scribed by the State Treasurerto pay
warrants drawn by the Secretary Of
State, and no money should be paid
by the banks on account of the
treasury except upon such check.
The check would show on its face
the name of the payee and the num-
Der of the warrant for which drawn
and would be drawn to the order of
the payee. In this way not nickel
would be paid in cash out of the
treasury, and the whole matter would
be simplicity Itself.
Then, of course, if we were to
draft law, it would be necessary to
90 on and provide that the State
Treasurer should not in any way re-
Ceive for his own use any interest,
premium, gratuity or benefit by rea-
son of any money belonging to the
state or of any loan obtained for the
state, and prescribing penalty for
the violation of the same. 1t seems
to me that these points cover the
ground and guarantee security and
safety to all concerned. There is no
loophoIe for any failure of the treas
urer to deposit all the funds, be-
cause the Commissioners know pre-
cisely what he ought to deposit and
the reports of the banks would show
exactly what they had received from
the treasurer.
There would be no understand
ing" between the treasurer and any
bank, because it would be no oject
for the bank to pay anything over the
rate of interest stipulated for by the
state itself. In other words, if any
bank could get say 100000 from
the state as deposit at 8 per cent.
there would be no sense or business
policy in an offer of the bank to pay
the treasurer or anybody else an ad
ditional 1 per cent. as a gratu1ty.
So long as the treasurer should
follow the direction Of the commits
sioners, the state being itself the
beneficiary, would itself have to con-