The times. [volume] (Richmond, Va.) 1890-1903, 1893-01-22
DrMoCRArTc RULE IN WISCONSIN.

DEMOCRATIC RULE IN WISCONSIN.
| Wisconsin has only begun to enjoy the
blessings of Democratic government. and
yet already from $4,000 to over a million
dollars have been saved to the State.
| For the last twenty years her Republican
! State treasurers have been in the habit
| OF pocketing the interest on all the State
| funds in their possession. and they have
been quietly allowed to do so without
let OF hindrance.
The argument they advanced for this
remarkable conduct was a very extraor-
binary one. They claimed that the State
treasurer became the owner Of the money
in the treasury he owing the State as a
personal debt secured by his bondsmen
the amount that from time to time came
TO his hands. AS ne paid State appropria-
tons he received credit on the amount
OF his indebtedness to the State. When
taxes were paid. increasing the treasury
balances, his debt TO the State was In
creased. He had a right. therefore, to
loan at interest or otherwise invest the
State money, at his own peril. OF course.
in case of loss. II he paid out across the
treasury counter. or paid over to his sue
cessor the full face amount OF money he
had received from the State-the full
amount OF his debt--he was entitled to
receipt In full and TO the discharge OF
himself and his bondsmen from further
liability. His profit and gains on the use
OF the funds were his own.
BY this means the State was systemat-
ically robbed by her Republican rulers
year after year. and the State officials
seemed never 10 have regarded 1t as any
thing wrong thus to allow the treasurers
10 use the public money for speculative
and other investments. AL they thought
necessary was to secure the State from
loss on the principal, and the interest
might take care OF itself.
This has, OF course. never been Demo-
cratic doctrine. Only a few years ago
Burdett. was impeached and turned out
Of office because he. while depositing the
State funds in legal repositories, and &C
counting cent for cent, for principal and
legal interest. used the funds as means
Of making money for himself And so
everywhere the Democrats have, in hand
ling the trust funds, been always actuated
by the common law doctrine that all ac-
cumulations of such funds. minus the
commssions-which. in the case Of pub
Aa
cestui que trust
Acting upon this principle. the Demo-
Gratis Of Wisconsin carried the case Of
these Republican official populations to
the supreme court of the State. and that
court decided just as 1t would decide as
a matter of coure. 1t held that State
treasurer is only a trustee, and his
bondsmen are held for the faithful dis
charge Of his trust. The increment Of
the States money in his custody belongs
to the State. He Is q mere custodian. not
an owner Of the public money. He does
not owe the amount TO the State as
a debt. His responsibility Is merely for
the safe keeping of the treasure, and its
payment from time to time to the credi-
tors OF the State. as required by law,
or its delivery to his successor in office"
This is what Democratic rule has al
ready done for Wisconsin. and we read
that some of the ex-treasurers who are
affected by this decision have money and
some have not, but as a rule their bonds
men are liable, and will through the ener-
getic and faithful work of the young
Democratic Attorney-General Of the State.
be compelled to restore to the people the
money Of which they have been robbed. |
The success Of this prosecution will be
great feather in the cap of Governor
Peck, who since he went into politics |
as a Democrat has been anything but
bad boy" but has proven a wise and |
faithful executive.