The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-16

There were several interesting papers
read and discussed. There We're a good
| many compliments paid to County Urea
! surer Doran of this county for paper
read on the keeping of county treaSur-
ers bOons and Mr.. Doran was asked
! 10 keep his paper that it might be read
TO the larger meeting next January.
One of the most interesting papers
read before the meeting and one which
caUSd the most comment was by Ben
| jamin Schnierlie, county treasurer of
/ Wyandotte county. Mr.. Schnierlie serv
| ed four years as treasurer of his county
and gave UP the office but the people
elected him again and he is now serving
"A third term and he is said to be the
best posted county treasurer in the stat
The following is the most interesting
portion of his peaper as read TO the
meeting:
THE PUBLIC FUNDS.
We recognize as principle that no
more money should be eXasted from
tax payers than is absolutely needed
from year to year. Most of the money
passing through the hands of a county
treasurer is either for current expenses
or for a fixed Indebtedness. The
needs of each municipality, controlled
to some extent by public sentiment,
regulate the current expense levies,
while the levieS for interest and sink
ing funds are subject to exact calcula-
ton.
The credit of a county or city de-
ponds upon its ability and determina-
ton to meet the principal and interest
Of its maturing bonded debt. The COM
mon practice, introduced from older
states. has been 10 levy sinking fund
for the years during which bonds run so
that by the time they mature, the
money will be in the treasury to pay
them. Occasionally the sinking fund
levy is made during only part of
these years, but there is always money
taken from the tax payer before it is
needed to pay bonds.
Taking a series of bonds for $50. 900
running thirty years, sinking fund
levy would be made to raise 81 600. 90
each year. What business man Dor
rowing 100000 for thirty days, would
deposit 100000 each day, in order to
cancel the note when due? Bonds
should be made to mature in such
amounts. each year. within the time
allowed by law, or vote, under which
they are issued. SO that a single levy
made previous to the date of maturity,
will raise enough money to pay them.
While this plan may lower the prem
ium on the selling price Of the bonds
fraction of per cent, on account of
breaking the bulk of the capital in
vested in them, many times this
amount would Toe saved in the interest.
There is certainly no business sense in
having bonds outstanding. drawing in
terest a number of years and money
piled up in the treasury To pay them.
However. there is always some money
in the custody Of the treasurer. What
shall be done with it,
THE PUBLIC REPOSITORIES.
Whenever a tax payer sees the pub
LEGATION of 4 new law authorizing the
board of county commissioners or
mayor and council of city 10 make
a tax levy. he wants To hide in his cy
clone cellar till the taxing storm blows
over, but if he hears the mere mention
of banks as repositories of public
funds, he believes that it is high time
To get his gun. There have been banks
organized solely with the view of be
coming repositories of public funds.
and some. perhaps, even with view OF
plundering the public treasury.
through the form of law
Losses in bank failures can he guard
ed against by a simple change i'm the
laws as - the nature OF the security
for public deposits. Public money
should be kept in the banks where
trade and commerce are strengthened
by its pre- sence. and only withdrawn
for immediate disbursement
The injury inflicted upon the bust
ness Of a community by locking up
Sl00 000.0o in one lump in a county safe
is just as great IS that done by hidinga
like sum in a thousand different sock
ings or safe deposit boxes. The bust
ness of any county Of the state j.
bound 10 suffer by the withdrawal ~
any considerable sum of money. in the
form of taxes. Whether the money is
buried in a tomato can. or locked up
in the county safe. the effect j the
same. y temporary PARALYSIS OF trade
* sure 10 result While repositories
with public funds subject 10 check. are
supposed 70 have them ON hand Yet
conservative banking. iustifies the
iosning OF at least So per cent during
the time there i the least demand for
such money. Our local commerce
would be materially crippled L every
county. city and school district would
follow the example II our state in
the keeping NJ # is public funds
Kansas has What might be called a
large safe deposit box. where q varying
sum Of upwards ~ thrr- quzrceTs Of a
million : supposed 60 - constantly
locked uI and p-rIslE ueutiy withdrs WI
irom our circuia .ilsc medium
PLATES OF STEEL
The state has attempted 10 build i'm
pcnetr2t2hle plates of steel between
this vast sam 81 money and its people
and business Such course would b.
inexplicable were It not for the want
Of confidence in the financial .nstitu-
tions OF our state. Ii United States