Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1912-11-01
How State Funds
Are Cared For

OF Pubic Works has used the State
funds for the purpose of assisting a
bank In which the state treasurer,
a member Of the Board, was a stock
holder, and in the success of which
others close TO the state administra-
ton were directly interested; and if
in doing so the proper care was not
taken to see that the state deposits
we're properly secured and if the
bank examiner who was the Republi-
can state chairman and very close to
the administration, did not discover
that the banks condition was ul-
sound and that the States money
was being used in an unusually large
amount to assist the bank, what as
surance is there that a new Board of
Public Works composed mainly of the
members of the present Board, would
exercise any more care of the public
funds in the future than it has in
the past?
Unusual favoritism was shown to
the Fidelity Banking and Trust Com
pany by permitting it to retain de-
posits to the extent of $4,000, which
is far in excess of the deposits in
any other bank in the state, with pos
sibIy an occasional exception In
fact the deposits at short time be-
fore the failure of the bank had been
about $125,000, and had even ex-
ceeded this amount at times The
bank had not been noted as a par
ticularly strong one and its chief
claim upon the State as a depository
for the public funds seems to have
been a friendship of its officers and
stockholders for the State administra-
ton and the friendship of the admin
istration for it.
The Record They Stand On.
Auditor Darst, Treasurer Long and
Superintendent of Schools Shawkey
are seeking reelection, basing their
claim for office upon their records as
public officials and this is their rec
ord: As guardians of the public funds
they permitted $S5 900 of the States
money to be kept in a bank whose
condition was so unsafe that it was
finally compelled to close its doors,
without adequate security and with
bond which is regarded as practically
worthless, merely to favor the stock
holders of the institution, one OF
whom was a member of the Board of
Public Works and is seeking re-elec-
ton to the office of treasurer, carry
ing with 1t membership in the Board
of Public Works.
! If the taxpayers of West Virginia
have no interest in what becomes of
their money after it is paid to the
State and do not care whether the
State officials ar men who will prop
erly care for and safeguard the public
funds they may consistently vote for
the reelection of these members of
the State administration.
| But if the taxpayers desire that
, their money, after it is paid into the
State, shall be carefully protected and
guarded as though it were ones priv
ate property, experience should teach
them that the men who are now in
charge of the States financial affairs
are not the ones to be trusted in
the same capacity again. 1t is for
the voters to determine whether they
want their money properly taken care
OF or whether they desire 1t used to
4 bolster up insecure financial institu-
tons for the sake of stockholders who
are in position to use the public
funds in this manner.
I believe In the most thorough and
pitiless discussion public queS-
tons Keep the air clear with con
stant discussion Woodrow Wilson