The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-12-08
Taeema Has 1t All Times Had . Larger
share Than Seattle-Falsity Of
the ssLedger's" statemsnts.

The Tacoma Ledger Wednesday pub
lished what purported to be Seattle dis
patch to the effect that the state funds, in
stead of being invested in county. school
and other bonds, as provided BY Law, were
deposited in Seattle banks, and that the
state land commission refused to make
purchases of bonds in order that the funds
might remain in the Seattle banks 1t was
represented that through Gov. McGraw's
influence the money was kept in Seattle
and that the Seattle banks were able to
maintain their high standing and obtain
large profits by free use of the states
funds. The article was particularly abusive
towards the state land commission, who
were represented as having absolute con-
troll Of large portion of the public money.
The commission yesterday refuted these
false accusations in statement published
in the observation-disclosures explaining de-
lay in the purchasing of bonds. Gov.
McGraw. upon his arrival from Olympia
yesterday, was asked by Posr-ISrELLI-
GKScER reporter to state the amounts OF
state funds on deposit in the banks of this
city. He replied as follows:
haynt taken pains to inquire spsci-
fcally about the amount of state funds on
deposit in other cities; but ! am informed
by the state treasurer that the amount de-
posted in Seattle banks are. respectively,
as follows:
with the First National bank. SIS, 900;
with the GUARANTEES Loan and Trust Com
pany. $4,000. and with the Washington
National bank $4,000. Each of these de-
posits is now larger than il has been at
any time since the admission of the state,
and the aggregate of So, 900 includes all Of
the states funds now on deposit here, and
Is larger sum than has been deposited
here at any time previous. l believe that
the bulk Of the states money IS kept in
the two national banks of Olympia. and
that Tacoma banks have amounts consia-
erably In excess Of the aggregate depos t.
in Seattle.
The following special dispatch received
last night gives similar statement from
State Treasurer Bowen:
"OLYMFIA, Dec. State Treasurer
Bowen, referring to the statement recently
made In the Ledger concerning the dis
position Of the states funds, said today
that no state officer had ever attempted to
suggest where the states money should be
deposited. The fact of the matter is the
greater part of Washington's cash is in
the two banks in this city where it is
needed for payment Of warrants. OF the
balance the banks of Tacoma have gem
n
greater share III proportion TO population
than have the banks of Seattle, and this
has been the case since the admission of
the state"
The Olympian of yesterday contained
the following statement:
''The Oiympian has it direct from Mai.
Bowen that Gov. McGraw has never I'M
dertaken to direct where the state money
should be deposited, neither has he used
his slightest influence in that direction.
The governor is not the state treasurer and
both officials have kept strictly within
their own field.
"There is one point that must be men.
toned to the eternal credit of the state
treasurer's Office. During tho entire panic
when so many banks in this state went
under the state funds were never caught
for dollar. The Office has been kept con-
stantly posted on the condition OF the
banks holding the state deposits and by
this vigilance not dollar has been lost.
shown up and none Is waiting in o sus-
pended bank for settlement at a discount.
This would not be tho case had Mai.
Bowen listened to the alluremsnts of GER
tain Tacoma banks few months ago.
The Ledger falsehood states that of the
cash balance of $1sS.5O0 1.-The Olympia
banks hold $4,000 and the balance is in
the truth. 1t Is q fact. rather, that the
bulk of the state cash is in the two banks
of Olympia. where it can be used for the
payment of the checks daily rendered
necessary to be drawn by the state treas
urer. This has been the case for years,
against the request of the Seattle banks.
'sOf the balance. the banks of Tacoma
have greater share in proportion to pop
uiation tnan have the banks of Seattle, and
this has invariably been the case during
the present administration.
treasursr's Office has Seattle had its full
share Of the state money 70 which its per-
centage of the population Of the entire
state would entitie 1t.
"A large portion OF Mai. Bowen's bonds.
men reside in Tacoma and none in Seattle.
These bondsmen know where the state
funds are deposited and at no stage have
the Tacoma bondsmen felt that injustice
was being done their city. They are fully
satisfied that no discrimination has ever
been made against Tacoma.
THE insinuation that the treasurer Is al
lowing funds TO accumulate which should
be disbursed deserves censure. This action
Is sometimes taken by city treasurers. but
in state matters the statute requires that
whenever 5000 has accumulated in any
fund against which warrants are outstand-
ing the treasurer shall call in said war
rants in numerical order TO that amount.
This statute has been reiigiously observed
in every instance, and the fact that there
is an accumulation in the aggregate 10 no
fault OF the treasurer, rs the moneys are
school fund for instance. not vet ex.
hausted. No fund with outstanding war
rants against il has 1900 on hand At this
time