Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1906-01-26
State Treasurer's Now Policy.

State Treasurer New Policy
Nobody OF common sense viii say
that stale Treasurer Mills did not
do very commcndat,c act when he
determined to hereafter place the
public funds in the leading banks 81
the State, instead OF combining his de-
posts to the Capital National Bank Of
this city. The money belongs 70 the
people Of tie State, collectively, and il
it is favor to the business men of any
portion oil the State to have charge OF
funds not in use. possibly at a low rate
Of interest, for the privilege OF safe
keeping, justice t. all should impcl
as wide distribution of the deposits
as possible. 10 fact, one thing urged
against our city, as the capital, has
been the charge that the Capital Bank
had been in the habit of hogging"
the State funds, at an overwhelming
profit, and it is charged that the COL
lapse of the First National Bank, sew
eral years ago, was largely owing to
the "drop" that the surviving bank
obtained upon handling State funds.
1t will, therefore, rebound in good
to our own people, as community,
that a wider field be opened for the
use OF this valuable aid to bank circu-
lation, aside from the reason which
Mr.. Mills declares is his actuating mo.
tive. He says it is to disabuse the
public mind OF belief created by in
terested partisans that the State Treas.
urer is absolutely controlled by sin.
gle financial institution, the Capital
National Bank. While without foun.
dation, and constituting probably no
cause for worry, he considers it only
fair to the people who elected him,
that their minds be relieved OF wrong
impression.
1t will be remembered that Mr..
Lord had been for many months care
fully groOmed for Governor by the
party leaders in Thurston county, and
his qualification appeared 90 small and
his chances so slim, that the STANDARD
more than once announced as prob.
ability that the true intent wa. to
establish basis for trading what little
gubernatorial prestige might be &C.
cured for control of the candidacy for
State Treasurer. This idea seemed to
obtain very general belief, and may
have been the leaven which gave sub.
stantial form to the idea afterwards
employed by campaign orators, that
the State Treasurer would be under
the domination of Mr.. Lord. Had
the fact been generally known, how.
ever, that that gentleman was never
seriously thought of by the convention
for Governor, nor was Mr.. Mills can.
didacy suggested till q few minutes
before his nomination, or had they
known the disposition OF the man they
thought could be used as q tool by
anybody, the necessity for a vindica.
ton would never have been felt by the
Treasurer, and even now we think
that an overly sensitive nature, COM
mendable though it be, has impelled
him TO adopt q policy which, while it
clears him from any possible odium,
would have been unnecessary for that
purpose under afull knowledge of cir
cumstances.
Mr.. Mills says that the State funds
being divided into two classes
nent and current-each amounting to
about one.half the total amount u.s.
ually on hand, the permanent fund
being irreducible, suggests the policy
Of distributing it with the State banks
outside of Olympia, and the current
funds, which fuctuate greatly. being
subject TO draft, for obvious reasons
had better remain on deposit in Olym.
pia.
The deposits continually made in
outside banks, have been by direction
OF the Treasurer through the Capital
National Bank, and not direct, as they
will hereafter be made. Every insti-
tuition receiving deposit will be first
required to furnish satisfactory sure.
ty bond.
Mr.. Lord acquiesces in apparently
good grace to the new arrangement,
but it is easy to see that Tallyrand's
definition of the function OF language
to "Conceal motives" seems to be
fairly shown between the lines. When
Cleveland was in Office, he was Dem.
ocrat; when the Republicans came in,
he promptly changed his coat, and he
now seems to be taking off his shirt
for still more sanguinary scramble
for tho pig.skin cast in the open by
Mammon and the Boxers.
CHEERFUL WORDS AS AN EMoLL1ENT.
The Olympian's interview with c.
]. Lord, of the Capital National Bank
with reference to removal of the State
deposits to other institutions, proves
altogether too much, and the equa.
nimity displayed is too perfect to be
sincere. He says:
81 have been informed by the Treas
urer of his intention hereafter to make
deposits of State funds in other banks
direct, instead of making them through
this institution. Quring the entire tar,n