, 1906-07-26
DEPOSITORY LAW.

Editor Deming Of the Wyoming Tri-
bune has been making investigation
in Ohio as to the operation of the de-
pository law of that state and finds
that 1t is a great blessing to the people,
In his latest comment he says:
up to this time. in discussing this
important question, we have looked at
IL entirely from the standpoint of the
taxpayers and that is a mighty good
point of view. But there is another
side which is worthy of attentlon-the
position of the various state, county
and city themselves. I find
my best material for this view in the
state of Ohio. Through the careless
ness, negligence n thoughtlessness
of the Legislators and the correspond
ing activity and %selfshness OF outside
interests the depository movement was
held in allegiance In Ohio and is Of
comparatively recent enactment; and
now the people are wondering how they
got along without II sc long II are
f~igurauvely kicking themselves for
so doing. But legislatures and treasur-
ers were in the grip of a vicious sys-
tenn from which 1t seemed difficult to
eXtricate themselves. Year after year
state, county and city treasurers made
the most of their official positions. Al
most without exception the county or
city treasurer was a director in a To-
cal bank or was very close to some
friend who occupied such a position.
The law being specifically silent on
the question of the method of handling
these large balances the ~treasurers
placed them out at interest and used
the increment. But the day of reckon
ing came. Two years ago the legisla-
ture, somewhat Independent in char
acter, passed a general depository law
which, in connection with the consti-
tuition and other general statutes,
made 1t a sort of eX post facto AFFAIR.
1t kicked like a heavily loaded can
o All owe the state Investigations
We're made and suits started to recover
interest from treasurer who had
merely been following an established
but bad precedent. In Cincinnati alone
Treasurer Hynicka alone had to dig up
about $4,000 of interest. Other cities
show a similar state of affairs. In
Akron, a city of 10000 people, it de-
yeloped hat there was practically no
ready money in county and city treas
uries. The frightened taxpayers went
after the bondsmen, whe>aee fortunate
ly good
MY conclusion therefore Is that the
citizens of Wyoming owe it not alone
to themselves but to those whom they
elect to office hat any .such pitfalls be-
forever removed. lSAile / am no
prophet of evil, l am Wiling to go on
record that unless the legislature does
enact a general depository law
the time will surely come when otfic-
ials will have cause to regret they were
no saved from the system"
Accompanying this article Mr.. Dem
ing publishes a blank which he desires
the people of Wyoming to fill out and
return to the Tribune office. This is
in the nature of a vote upon the ques-
ton as to whether it is desirable or
not for Wyoming legislature to pass a
depository law. A prompt response
would doubtless have considerable
weight with the legislature, as it is a
creature of the people and is swayed
by their will.
The depository law is something that
We should have. AS repeatedly stated
by this paper, there is no argument
against it.