The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-16
GUARD OUR MONEY
Continued From Fifth Page.

ries at tn erisk of other parties than the
county treasurers and their bcndsmen-
i do not believe that any local bank
was ever put to any inconvenience to
raise the currency for the county treas
urer needed by him 10 pay state taxes
due as required under the old law. the
only Inconvenience that might have
been caused. would have been TO the
Topeka banks. and no doubt was. when
several county treasurers along the line
OF the Santa Fe road reached Topeka
on the same day with their Santa Fe
checks 70 be cashed. II is hardly ike
~ that this law was synuggled through
without the consent CT the Topeka bank
and passed over their bitter opposition
and persistent protest. The niger in
the wood pile Is too apparent. consid-
ering the benefits they are now recsiv-
ing under the friendly construction OF
this law by the officers in charge OF
state affairs, and especially those en-
trusted with the custody OF state funds.
MUST BE FAIR.
Now why not be fair about this mat
ter? There are other banks in the state
besides those in Topeka who are equal
" entitled to the use OF the state funds.
There can be no question that none OF
this money should be locked up in the
state treasurer'S vault but other banks
Than those at the capital city should
have a show at this money, and the d.
posting of these funds should be made
legal with the kind of bonds as security
which the state could convert into cash
Immediately upon a failure 10 pay on
the check Of the treasurer. The state
treasurer now legally deposits the check
and drafts for collection. but allows
the money TO remain In the banks ills-
gaily and contrary 10 the spirit as well
- - #
this subject. These banks give only
personal bonds. Instead Of getting an
''underhold on all the law books" as
Uucle Remus would say. the Topeka
banks ought to urge the enactment of a
fair. just and equitable depository law.
whereby all banks are required 20 give
like securities and under which the
money can be distributed throughout
the state, and deposited at Its CONNER
cial centers.
II has been rumored that a former
state treasurer had state money on de-
posit in some of our banks during a re-
cent financial crisis. and was about 10
withdraw IL but was prevented by the
state bank examiner who feared the Sc
rious consequence of such an act. But
suppose the banks with state money
had failed. who would believe that the
state would have recovered every dol
lar?
RECEIVED FAVORABLE REPORT.
i assisted in preparing a bill for mu-
nicipal bonds as security for county
funds. which bill passed the senate at
its last session. and received a favorable
report from the house committee.
This contemplated law would have
allowed OF a gradual change from the
present system OF security to the new.
Through a misunderstanding. the bill
was amended 70 read double" instead
of equal in fixing the amount OF bonds
10 be taken as collateral with reference
to the highest amount OF deposits. OF
course no bank would give municipal
bonds as collateral in double any such
amount Of deposits. You might as well
ask them 10 put up the cash. i believe
that little agitation of this question
will force the enactment OF a law re-
curing municipal bonds as collateral
for county funds, and a further agita-
ton will force the state TO pass a law
creating legal repositories and stop the
violation OF law by Illegal deposits Of
the states funds.