The record-union., 1895-11-11
CARE OF THE CITY's MONEY.

CARE OF THE CITY's MONEY.
The city charter provides that there
shall be a City Treasurer, and that he
shall receive and keep all moneys re-
oeived for the city He is required to be
ready at any time without pre-knowl-
edge of their coming to exhibit the city
money to the examiners provided by the
charter, who are required at least
monthly to count it and report the
amount found to be in the custody of
the Treasurer.
There is now in the treasury nearly
S1S3, 600, and by intendment of law this
money is supposed to be in the actual
possession of the City Treasurer and
not in that of anyone else, nor exposed
to any other risk than such as is in
volved in his personal possession Of it.
Last week the sum in the treasury was
nearly $165, 900. The total varies from
week to week, but there is always a con-
siderable sum on hand, and whatever
it is if the purpose of the law is full
filed, it should be in the actual possess
ion of the Treasurer, not merely subject
to his draft upon another, but capable
of manual taking by him at any mo-
ment
It is notorious that for many years
there has been biennial struggle for
the possession of this money by mon
eyed institutions, banking houses, be-
cause the use value Of such money is
the equivalent of banking capital. Some
years ago the struggle was such that it
invaded the politics of the city and
largely fashioned the whole ticket of
each of the respective political organ
izations. This was invariably scandal
GUS
Whether it is true now or not that the
city money is used in any institution as
banking capital, or whether it is on
special deposit, it certainly is true that
the money is not in the actual and i'm
mediate possession of the Treasurer,
and that if it is in the possession Of any
other person the city receives no reward
for the beneficial use it may be to that
other.
AS we are about to have a new city
administration it is of highest impor
lance that this subject be again taken
up-the Record Union has frequently
debated it-and that with the first of
the new year the new Treasurer shall
start right in this matter
The Record-Union reflects practically
when it protests against the money of
the treasury being any more placed in
bank as a general or a special deposit,
or that its use be given to any bank or
other institution. The idea of using
city treasury as a basis of banking is
ridiculous, and the practice is danger
to cast it into bank as a special de-
post.
AT one time in Tacoma there were
eighteen banks. Ten of these have failed
and eight of the failed banks were using
Tacoma city funds as a basis for bank
ing, and when they were called upon
suddenly for the coin they were unable
to respond. Whatever may be said re-
garding the standing of our local bank
ing institutions to their credit. and the
Record-U Union has frequently voiced the
fact that in all straits they have stood
unsecured, the principle involved is not
modified, namely. that as long as any
institution is a bank and has in its Gus
tody city funds they are there as a
basis of banking capital and public
funds should never be used in that way
But if these funds are treated as
special deposits, then there is no reason
whatever why the city should not pro-
vide its own depository. The charter
contemplates this when it provides that
the city may, and indicates that it
should provide a proper vault and safes
for keeping the city money. and that
when such provision is made, all the
CITY money shall be kept in said vault
and safes. and that the Treasurer shall
not under any circumstances deposit
with any person, or corporation, or