The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1897-01-16
PUBLIC MONIES.


at previous session of the legisla-
ture bill was introduced designed to
turn surplus or temporarily idle public
monies to profitable account. AT the
time, the writer heartily approved of
the bill and urged its passage, but it
failed. The objections then raised
were trivial and absolutely void of
commonsense. In substance the bill
provided that all state. county and
municipal funds should be placed in
such safe repository as would pay in
return for the use of the money the
greatest revenue to the public. Plain
ly speaking, It meant that care and use
of surplus or idle public monies should
be given to any responsible individual,
bank or other concern, which would pay
the most for the privilege. This was
objected TO, by interested parties of
course, on the grounds that it would
lead to recklessness; that irresponsible
persons and concerns would scheme to
get possession of the public funds and
then fail or abscond. Any number of
similarly interested and foolish objec-
tions were raised and the bill died.
Let us inquire as to the present dispo-
sition of public moneys. In all cases
state, county and municipal treasurers
are obliged to deposit the money they
hold in some bank, and in many cases
such treasurers receive from the bank
a small rate of interest on daily bal
ances. In nearly every case treasurers
deposit public monies in those banks
which in some way or other offer per.
sonally to such treasurers the greatest
inducement, and the inducement which
banks generally employ is hard cash.
They have found 1t almost specific.
TO make this matter clear we may re.
late an incident which, we have it on
indisputable authority, happened not
long ago in this state. A newly elected
county treasurer received Immediately
after his election propositions from
three banks. Each wanted to take
care of the county's funds and each
proposed paying for the privilege. The
amounts differed, varying from two
to four per cent. on daily balances. 1t
is needless to state which of these Of
fers was accepted by the county treas.
urers but 1t may be pertinent to add
that the treasurer made about as much
from farming out the county's funds
as he received in official salary. 1t may
also be stated that the county suffered
no loss, except that as a matter of
right the taxpayers were entitled to
have received for their common bene-
fit the amount which the treasurer re.
ceived, Whether or not this system Of
farming out public monies is still pur.
sued by treasurers, we are not in posi-
ton to positively determine, but believe
1t largely prevails. This being true
what reasonable objection can be made
to a law which permits its being done
for the benefit of taxpayers? Indeed a
law could DO framed which would en-,
nance materially the safe keeping of
llAUAtD AAtiuSs 4 ilC btltlh VI CullC6Eu ell
trusted with the money could be re-
Quired to furnish bond to the treas
urer, to be approved by proper author
ity, in sum sufficient to insure the
public against loss in case Of financial
failure or embarrassment of snch bank
or concern, As the public repository
would be obliged to pay to the public
nil it could afford to for the use of the
money IN its charge, it could not pay
the treasurer anything. And as the
treasurer would receive no benefit from
balances lying in the repository, there
would be no inducement to him to
withhold prompt disbursement of the
funds. 1t seems to us that enough is
here suggested to induce the legisla-
ture to take the matter into serious
and pass a bill which will
enable the taxpayers at large to reap
The benefits which may be reaped from
idle public funds.