Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1894-01-10
The Tmo loposltIons.

/ OtCA . uoItCS Va ocIIOuo itupOELduCc u
! the tax payers of the county in the
question of. the deposit of thA county
/ funds.
The Citizens State Bank has beenth
depository of the county funds for the
past four years under an arrangement
whereby they have paid FIVE per cent.
interest on the daily balances and TAX
en- the scrip at par. The amount of
scrip outstanding has become so large
that they submitted communication
to the board last week in which they
agree to continue to pay five per cent.
on the balances but decline to continue
to take the scrip at par until a time
when the amount of outstanding scrip
shall be reduced to a point as low as it
was when the bank went into that
agreement. The amount at that time
was 81 500. while now it is over $40 600.
Some days later the First National
Bank submitted proposition to pay
nothing for the use of the money but
with an agreement that in case they
were made the depository of the county
to pay par for scrip hereafter issued or
to pay 81 per cent. on daily balances and
not take scrip at par, not, however,
agreeing to take any of the scrip that
has been issued in the past and is now
outstanding, and thus attempting to
leave this amount of scrip on the hands
of the Citizens Bank, who four years
ago made scrip par, thing that had
never been in the county,
In considering the two propositions
there ought but one consideration in
fluence the action of the board and that
should be the interest of the tax payers
of the county.
We are creditably informed that GER
tam parties who are deeply interested
from a financial standpoint. in having
the board accept the proposition of the
First National Bank, are trying to in
tluence the republican members of the
board on political grounds. There
ought not to be any politics in this and
if the members of the board are wise
they will not be influenced by the talk
OF political strikers with their pockets
full of county warrants.
Let us examine the arguments ad-
yanced in favor of the First National
proposition. 1t is said first that if the
scrip is left to the care of itself it will
fall to seventy-ive cents on the dollar
and that the county incidentals would
cost the county twenty-five per cent.
more when purchased with deprecated
scrip than now. It said the incident
ais are composed of the following items:
Poor fund, $4,000; coal, $500; county
records, ST. 100; incidentals, $1,000;
total, $3.50. On this amount a loss of
25 per cent. amounts to 81 1896. Admit
ting, however, that these figures are
correct the county cannot afford to &C
cept this proposition.
During the past year the county has
received as interest on the deposit the
sum of $l,S9529 and figuring on this
basis the loss to the county by the First
Nationals first proposition as present.
ed would be S6O0.29. But the figures of
the scrip holders are misleading for this
reason. the coal has been purchased for
the coming year so that item of $500
should be stricken out. In the second
place the county records could be pur-
chased just as cheap with county scrip
as they ever have been purchased with
cash, while the poor fund, as all know.
ics Soc oh lad fOr. low N o;ol
head i'll making the levies and collect
ing the taxes, exactly the same as inter-
est fund and such funds of this class.
The only Item that remains in these
figures is incidentals, which, like coun-
ty records, can be bought with SCRIP at
the same price as heretofore or at least
at so small discount as not to be
worthy of figuring or considering in a
matter of this kind. So that the two
propositions simmered down amount 10
this: If the money remains with the
Citizens state Bank on the interest
proposition the county will receive di-
rect revenue OF 81 SIS a, year. This is
figuring on the basis of what they have
received in the first four years. On the
other hand, if the First Nationals par
proposition is accepted the county will
lose this amount while few scrip
holders will have the advantage of re-
ceiving par for the scrip.
1t is still fresh in the minds of our
people the condition of affairs that ex-
listed four years age when the Citizens
Bank was made the depository of the
county. A contract was tried to be
pushed on the county whereby they
would only receive two per cent. on the
funds and scrip was placed at the dis
count of four per cent, or ninety six
cents on the dollar, and not until the
matter was taken to the supreme court
and much money spent by the county
| could this so-called contract be an
nulled and the county have its rights
with its own money.
In these four years that the Citizens
Bank has had the money they have
paid the county in round numbers So, 100
interest; this money going direct into
the treasury and tightening the taxes of
every tax payer that much; in this same
| time $104 900 scrip has been made worth
| 100 cents in place of niDetysix. thus saw
| ing the people that held it 81 100.
Uptothe time of going to press the
board has not designated the county de-
pository; but it IS quite safe to predict
that the ST per cent. proposition of the
Citizens Bank will be accepted. The
county will thereby receive ST per cent.
interest on daily balances and scrip will
90 wheresoever it listeth.
the Citizens State Bank agreed to continue
the deposit on either of the propositions made
| by the First National Bank, which were to
either pay par for scrip and no interest on
| daily balances, or to pay 81 per cent interest
and let scrip take care of itself