The record-union., 1897-01-27

attach grave penalties for their violation
and to impose upon judicial and other
officers the duty of enforcing these laws
in the Legislature to set aside the wise
and stringent provisions of the law 10
which We have referred, permit County
Treasurers to remove public funds from
vaults where they are directed by the
iaw to be kept, and to lend out such
funds TO banks for the purpose of being
by such institutions loaned i'm turn to
individuals, the county to receive for
this use of the taxpayers money to cap
italize private concerns, a low rate OF
interest. One of the bills provides that
the county money may be loaned to
banks, on bonds given, but the banking
concern is to pay nothing for the ''ac-
comnodation.
1t is scarcely possible to conceive Of
a more vicious and unwise scheme than
either of these, at all related to the GUS
tody and use of public funds. They
are not only unfair and discriminating,
but they are absolutely loose ended as
business propositions, and would do
discredit to a corner grocery method of
conducting business
The pleas set up in their defense are
two in number and two only, namely,
that it is a hardship upon local busi-
ness men to withdraw from circulation
the considerable sums of money coun-
ties carry in the hands of their Treas
urers. Secondly, that the cost of con-
structing proper and secure vaults is
too heavy for some of the weaker coun-
ties
Taking up the last reason" first,
it is to be noted that in the junior coun-
ty of Kings, the home of the Assembly
man who has introduced one of the
bills, the assessed value of taxable
property exceeds $6,62S 900; that per
fectly safe vault for the Treasurer S
office can be constructed, with a neces-
600, and that singleexpenditure Of less
than 1 - mills on the dollar will produce
more than enough to provide such re-
ceptacles.
There are few counties with less tax
able values where it would be necessary
to call for higher rate of taxation
to make the property investment. But
in no case can it be shown that it would
be a grevious burden upon the people
who pay the taxes. Whatever the cost
of these places of safe keeping, the ben
eft and safetyis commensurate with the
first outlay and far in excess of it, since
the cost is incurred but once.
Concerning the other defensivt objec
tion, that the money should be put
into circulation, it really answers itself.
If there is any strength in 1t at all, 1T
would be a wiser scheme, though vi
cious one, for the Treasurer to loan to
the people direct and wholly eliminate
banking middle men, since one bill pro-
vides for no security, and in the other
it is fatty admitted that the bank Is
to make money by the deal.
Thn withdrawal Of the money from
the channels of trade is not the evil
claimed. In all counties the demands
upon the treasury are made daily and
the accumulations are the result of fire.
Quent collections. But if considerable
sums accumulate and lie idle for a
time, they are performing the important
functions of securing the county
against insolvency, and against protest
of its paper The accumulated total
stands as a barrier between the taxpay-
ers and loss. 1t is the tangible assur-
ance that the people have made provis-
ion for payment of their official bills.
1t is the cash staff upon which the coun-
ty leans in all its business transactions.
1t is, in short, the tangible and visible
evidence of safety, the witness that may
be called upon at any moment and with
out warning, to testify that the custo-
dian is doing his duty, and that the
funds of the political and social COM
munity are ready to their command,
and are not in peril from unhappy in
vestment, ill-judged lending, the hazard
Of banking, or the insecurity of private
manipulation, and above all, are not
made the mediums of paying political
debts, since wherever outside custody
Of public funds enters into community
practice, it is the source of political
corruption and shapes the lowest ends
of political demagogy and chicane.