The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1892-06-02
COUNTY FUNDS.

ON Saturday May 81, 1881, the county
board unanimously adopted the resolu-
ton of Supervisor J. P. Nolan which
called fer the appointment of a committee
by the chairman to ascertain the average
monthly balances that usually remained
ID the hands of the county treasurer, at
what rate OF interest such funds could be
loaned, and what the approximate income
derived from such funds would be. The
chairman appointed j. 2. Nolan, NJ. Kir-
wan and Chas. Steinbrecher as such COM
mittee who were to report at the Novem-
Der meeting of the board.
Tuesday Nov. %, 1890, this committee
reported that the average amount of
money in the county treasury for each OF
the months in the year ending Nov. l,
1890 was about $4,000, that the interest
on this sum would be about $3.50, that
the average amount in the hands of the
treasurer during the year ending Nov. l,
1891 would probably be $4,000 and that
the [. G. Shove Banking Company was
willing to act as depository for the funds.
This report was ordered filed, and on the
SINE day resolution of Chas Stein
brecEer which provided for the deposition
OF the county funds was presented and
adopted by unanimous vote. Accord
ing to that resolution which was based
upon section 1913 of the revised statutes
as amended by chapter 81 of the laws of
1888, the L. c. Shove Banking Company
was designated as the depository of the
funds then In the treasury and all to be
received thereafter, until the further or
der of the board. But before such funds
were to be deposited the banking COM
pany was to give security for their safe
keeping, and contract was to be drawn
up IN writing by the bank with the board
for the payment of the interest on the
monthly balances at the rate of per
cent. per annum, and on all sums as by
special agreement were not to be with
drawn until the expiration of a year at
tn, rate of 4 per cent. per annum. The
resolution further provided for the ap-
polntment of a committee of three men,
bers empowered to contract with the T.
Z. Shove Banking Co., and to take and
approve of the security furnished by tie
bank On motion of NJ. Kirwan the
chairman, ID. Goedjen, was appointed
member of the committee. Supervisors
Gelbke and Cahill were appointed by
the chairman to act with him in
carrying ont the expressed wishes of the
board. December 80 1890, this committee
made the contract with the bank, and on
Jan. 2, 1891, the bond to secure these de-
posits calico for by the resolution was
approved by the committee, whereupon
the bank became the depository for the
Manltowoc county funds. Neither in the
contract nor il the bond was the time
specified that each was to run.
AT the meeting of the county board
May Is, 1891, on motion of Mr.. Fiegler
the rules were changed SO as to include
standing committee on county funds,
and on the following day the chairman
announced as such committee, Chas.
Gustaveson, Jonas Gagon and Henry
Wits. The committee reported Nov. "a,
1881 that the county. funds had been de-
posted with the bank in accordance with
the agreement made between the former
committee and the banking company and
that the total amount of interest ON
monthly balances from Jan. /, 1891 to
Nov. l, 1891, was S41S24 which amount
was credited to the county. The COM
mlttee reported further that the T. c..
Big. Co. agreed to continue the agree
ment In regard to the interests on month
ly balances as decided upon the previous
year ADD that the S11, 128.O9 court house
fund was deposited with the banking
company March 3, 1891, which sum was
to bear interest at the rate of per cent
1t appears that this report was also I'M
animously adopted.
April IL, 1892, the bank made volun-
tary assignment, and on Wednesday May
Is. A. }. Scbmitz and J. d. Markham ad-
dressed the board as to the proper meth
cd to pursue to recover the county funds
on deposit in the bank. In the opinion
of these lawyers the men who signed and
executed the security bond were respon-
sible for the full amount, and steps
should be taken to recover it from them.
On resolution of the county board the
committee on county funds were instruct
ed TO make formal demand for the
money on L. C. Shove, President of the
bank, f. 81. Ea-ris, cashier, assignee Pien-
ing and upon each of the bondsmen.
This was done and the committee report
ed that each and all had refused to pay
the sum called for.
Friday May u, the county board
authorized and instructed the commit
J tee on county funds together with the