The Yellowstone journal., 1894-06-08
Friday. June $. 1894.



Yesterday tackled a proposition. which
after somewhat animated discussion,
they decided to lay aside until Monday
next. when II will probably be definitely
acted upon. The proposition referred to
is whether or not the county treasurer
and his bondsmen shall be granted an
extension of one year from next August
IN which TO pay up the shortage in the
treasurers accounts, occasioned by the
failure of the Stockgrowers National
bank of this city. 1t will be remembered
that proposition of this same nature
confronted the last board OF commits.
-sioners just after Il e close of the bank
last summer. wher it was ascertained
that the whole the county funds,
some $4,000 in az lount was deposited IN
the bank and be ond the reach or con-
troll of the trea urer. The old board
considered the situation carefully. and
one might ALI ost say prayerfully, and
finally~ came - the conclusion not to
push the trea Irer and his bondsmen for
a settlement out in order to secure the
county, as f. as might then be possible.
took Joint note for the aggregate liza
bility. secured by a mortgage on such
property as the parties then had, the
time given being one year. There is no
doubt that the action of the old board
in thus granting the treasurer and his
bondsmen a lease of life and carrying
them through the stormy financial per-
iod of the past twelve months, without
forcing a sacrifice of their property, was
and is approved by a majority, if not all,
Of the taxpayers of the county. But
now a new board has succeeded the old
one. the year of grace is about expiring.
and the treasurer having made appllca-
ton on behalf Of himself and bonds
men for further extension of one year,
the question is again presented to the
county board for action. The strict line
of official duty nodoubt lies-as it did a
year ago-in forcing a settlement and
consequent disposal of the mortgaged
securities at forced sale. in which
without doubt. the principal and sureties
would be wiped out financially. and the
county possibly fail of realizing all that
there is due. On the other hand, the
granting Of an extension would carry
the ultimate settlement past the time
when the Stockgrowers bank will make
its final settlement. and thus enable the
treasurer and his bondsmen to know
just how much deficiency they will have
TO make good. This is an essential
point from any standpoint, as the ability
Of the bank to pay can only be meas
ured by its actual payments, and until
the last of these are made there can be
no equitable adjustment Of the treasur-
er's account with the county, so far as
he and his bondsmen are concerned. In
round figures the bank held $4,000 of
the county money whLn IT closed. 1t
has since paid - per cent. and will. it is
said. pay - per cent more. or s26,OO0 in
all. leaving on this hypothesis. $4,000
to be made up by the parties holden.
While all Of these have shown crafty
ing willingness to stand up to their obi
cations Treasurer Savage has done this
to marked degree. In addition 10 Sc
curing the county to the extent Of his
merchandise stock and 40 acres of valu-
able land adjoining the city. and offering
to do likewise with his homestead
which was not accepted-he assigned
his claim against the Stockgrowers bank
for 81 800 of a personal deposit, on which
the county will realize at least 81 400 and
he has also turned into the treasury
$1,000 received by him for salary. His
application, therefore. for an extension
of one year for himself and bondsmen
should not be lightly refused The con-
ditions for realizing on the different
classes Of security that are behind the
mortgages given year ago. are no better
now than then. Amy forced sale must
be sacrifice, and We do not believe it is
the desire of any taxpayer of this coun-
ty to see any of the men obligated in
this matter pushed to the wall. when
there is no risk in granting the exten-
siUn asked for, and every probability Of
q better settlement for the county one
year from next August than there would
be at the maturity Of the existing notes.
1t is admitted by the commissioners that
the present value Of the mortgaged
property is s44 900. which properly han
died would more than pay out. il the
bank never paid another cent. The mat
rer is set tor final decision on Monday.
Those who think. as does this paper,
that the best interests of the commun-
ity will be conserved by the granting of
the extension should take some means
Of communicating this opinion to the
commissioners before that time.