Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1912-10-22
STATE IS A LOSER
BY BANK FAILURE.
Board Of Public Works Careless
About Security.
COST TO TAXPAYERS $4,000
Public Funds Used for the Purpose OF
Assisting Struggling Financial lnstl'
tuition In Which State Treasurer
and Colonel on Governors STAFF
Are Stockholders.

With the exception of Governor
Gasscock, who is forbidden by the Con-
stitution from succeeding himself, and
Attorney General w. G. Conley, who is
a candidate for Congressman, every
member of the present State Board OF
Public Works is a candidate for re-
election on the Republican ticket as
endorsed by w. M. 0. Dawson in the
name of the Progressive party. These
men have been in Office for four years
and some of them for longer period.
Whether their official record has been
such as to warrant their reelection by
the people to look after the States in
terests is matter which should be con-
sidered by voters and particularly their
care of the State funds, all of which
come from the taxpayers.
In September, 1911, the Fidelity
Banking and Trust Company closed its
doors at Blueheld and went into the
hands of a receiver There was on de-
post in the bank at that time SIS, 900
of the State funds. This deposit was
secured by bond which is now re-
garded as worthless, and it is believed
the State will never get cent of its
deposit But a short time prior to the
failure of the bank there was from
$4,000 to $4,000 of the State funds
on deposit in this bank At the time
of the failure the total deposits amount
ed to about 100000. 1t has developed
since the failure that State Treasurer
Long, a member of the Board of Public
Works, who is a candidate for re-
election, owned 5000 of the stock of
the Fidelity Bank, and that Colonel
Smith, of the Governors staff, and a
friend of the administration, owned
some $4,000 more of this stock. 1t is
stated that the amount of money on
deposit in this bank was the result OF
a political transaction with Mr.. Smith.
The State law requires the State
Board of Public Works to care for the
States money, see that too much is not
kept in one bank and to examine at
least every three months every bond
given as security for deposits in banks.
BY permitting the Fidelity Bank to fail
with SO much of the States money in
it, the present Board of Public Works,
every member of which but two is ask
ing for re election, convicts itself either
of carelessness or incompetency, for II
it had not been either careless or IN
competent the insutheiency of the bond
for the States deposits in the Fidelity
Bank would have been discovered in
time to save them.
The Board is also placed in the at
titude of having used the taxes collected
from the farmer, the workingman and
others to assist in the upbuilding of a
shaky bank owned in part by member
of the Board and one of their political
friends
This is part Of the record of these
men who are asking for reelection on
the Republican ticket. The reckless use
of the taxpayers money, placed with
out sufficient security in a new and
struggling ba.k Tor The purpose of as
sisting certain Individuals in building
up a financial instiIlt.on, and the fail
ure to examine the bond as required
by law, or the failure 10 know that it
was worthless, do not make very good
record, yet upon this rec ord nearly all
the present State officers are asking for
reelection. Win you endorse this
record by your voter