The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-20
STATE FUNDS LYING IDLE.
A Total Of 1881, 900 Taken From Cir
CulatiOn by the New Law.

Part of the Total Paid Out Since the
withdrawal and the Amount Now On
Hand About $3.50, ooo-A Difference
In Opinion Between the Governor
and the Treasurer As to the Con-
struction of the New Law.
Atlanta, Jan. 19.-The new law regula-
ting state repositories is the cause Of a
good deal of discussion and some differ
ence that may lead 10 more interesting
developments among state house officials.
From what can be learned, for 81 the
present stage nobody is willing 70 make
the direct issue by being quoted for pub
LEGATION, it appears that the state treas
urer and governor have different views
as to the construction Of the new law.
The question has arisen over the ccuec
tion of large amount Of money in the
vaults of the state treasury.
This money, which was until
recently in circulation through inc state
repositories, is now locked up and idle.
There are now in Georgia about thirty
FIVE repositories. The old law was, that
a bank must give bond of $50, 600, and
then the county tax collector was author
lied 10 pay into IL as much Of the states
money as he saw TT 10 pay in. The de-
DQSlLOf NLEu sent n ttENAAIohE W hiAE
treasurer, which was handled with much
more ease than the money could be
handled. Some of these state deposit
cries, il was learned. had sums Of money
argely in excess Of their bonds, which
caused the law TO be changed by the last
legislature. The arranging Of the law was
something of legislative sensation, IS
some criticism was passed upon the state
treasurer. Col. Hardeman was, however
justified in his administration. He had
made the heavy deposits IN several Of the
banks under authority of an opinion by
Attorney General Little, who held that
he could take money from one bank and
put il in another The law at present
provides that no state bank can handle
money, and to handle that much
it must give bond for
100000 If a bank wants to handle $50
900 Of the states money it must give q
bond for $4,000.
s346. 900 TAKEN FROM CIRCULATION.
When this law was passed the banks
having sums exceeding their bonds began
Withdrawing the money from circulation
among the people and sending it back to
the state treasury, in compliance with
special order from the state treasurer.
The bank of LAGRANGE returned $50, 900,
the Columbus bank returned tlS000o. the
Merchants Bank of Atlanta SEC, 900, the
Southern Bank of the State of Georgia at
Savannah SOS, 900, and the Georgia Rail
road and Banking Company Of Augusta
832, 900.
At one stroke of the Legislatures
powerful hand s846, 900 of the states
money, which had been actually at work
in the banks, was raked into the big state
treasury, where it has been idle every
since. In addition TO that the monthly
rental of the state road, s35, 900, was paid
TO the treasurer the other day, and as he
was prohibited by law from putting IL in
bank under his construction of the act,
he put it away with the other S346, 900,
making total of 1881 900 suddenly re-
moved from circulation. Some Of this
money has since been paid out
TO the teachers and for other
claims, but at this time there is $3.50, 900
in the treasury vaults idle. Heretofore
there was at this time Of the year not
more than 1900 in the treasury vaults
to pay the incidental expenses Of the gov
eminent, but now this has changed, and
there is $3.50, 900 on hand.
WILL SOON BE DRAWN OUT.
This sum will, however, not remain
there very long, as 1895, 900 is TO be paid
out to the confederate widows on Feb l.
Then, on March l, $1S5,O00 will
be paid out to the confederate
veterans. his Will neceSSlUate the
drawing checks on some of the
state repositories, unless the balance of
last years taxes are paid, which Is quite
likely But after this is paid So, 900 a
month will come in from the state road,
and then in the fall the taxes will pour In.
When this takes place the state Will have
IN the vaults of the treasury department.
more than 81 200, 900 of idle money Gov.
Northen does not deem it proper 10 dis
cuss the situation at this time, but il is
understood that his opinion is that the
treasurer should distribute the money
which comes into the treasury
among the various repositories Of
the state, some of which have not any Of
the states money, though they have
given bond for $50, 1000 Treasurer Harde-
mans construction of the new law lea yes
him no course but to pile up the states
thousands in her vaults rather than let il
out to the repositories. 1t is more than
likely that the question will be brought
to head by demand for this idle money
by some of the repositories that have
none now, when the new law will be put
to the test.
BURIED TREASURE IN MEXICO.