The Progressive West Virginian. [volume] (Williamson, W. Va.) 1911-1913, 1912-10-31
AudittheBooks
at Charleston
OFFICIALS CLAIM THERE ARE
ABOUT TWO MILLION DOL
LARS IN PUBLIC
TREASURY,
BUT STATE HAS TO PROMISE
LARGER DEPOSITS TO GET
LOANS FROM BANKS.

Why not anditnthe books at the
State House?
The State officials are claiming to
have in the treasury almost two mil
lions of dollars and yet If reports
are true they have borrowed two hun
dred thousand dollars to pay the ex-
pense of keeping the National Guard
at the mines ont Paint Cleek, where
a strike is, in progress.
Does this fook like There should
be an auditing of the books?
What business man with two mill
lion dollars on deposit in bank would
go out and borrow money from the
banks in which he Is depositor, TO
pay an expense of two hundred thou
sand dollars?
And why should not the affairs of
the state be run on business like prin-
ciples as we'll as those Of mer-
chant? If the state has on deposit
two million dollars, or approximately
that amount, and If the accounts are
as they are reported to be, a Svertica-
ton by an auditing concern would do
no harm, but would satisfy great
many tax players in the state, who
are wondering what becomes of all
the money that is paid in taxes into
the state treasury N
When the state officials undertook
, to raise the necessary money for the
payment OF the expenses of the troops
by borrowing from the banks, they
were met on several occasions with
| the response that the state was a
comparatively small depositor, but
| that the banks preferred 10 loan their
money to depositors iwithh large ac-
ccounts, rather than to those with
May Be Other FldelNy Cases. q
The very fact that Theses 1 banks
(which were called upon for the loans
ARE not holding large deposits, Of
Estate funds, and that banks could not
be found to make the loans which
are large repositories Of state funds,
would suggest the thought that pos
sibly the state deposits do not
lamount to as much as the officials at
Charleston are claiming, and that il
Ithey do they may be deposited In
some institution which are in such
condition that the state deposits cal
| not be used by the stat, either to
be checked out or to be loaned.
There may be other Fidelity Bank
cases in the state
If the state has two million dollars
on deposit in the banks of West Vir-
GINA, it ought ITO be an easy matter
for it to borrow two Hundred thou
sand dollars from the banks which
have these deposits without having to
call upon ofp@ 90 sc3ne to their as
SiStance.
1t sounds well. for the state Off
Gals to say that there is almost or
quite two million dollars on deposit
to the credit of the state, but that is
of little Importance to the taxpayers
| IL the money is not available, and II
funds have to be borrowed for extra
ordinary calls upon the treasury.
Cannot Loan Ten Per Cent.
The queerest pc of the business Is
that with so much money deposited
in comparatively few banks which
are state repositories, these banks
could not loan the tate ten per cent
Of its own de osits, but that other
banks hal to be called upon to get
the money.
Then why not audit the books at
the. State House?
The Democrats have promised
full accounting and a complete audit
ing Of all official records If they are
elected. They do not understand
why the state should 60 into the diff
ferent counties and audit the ac-
counts of county officials and let
their own books 60 without verifica-
ton
Are you satisfied to let these con-
ditionssof affairs continue or do you
desire some light thrown upon the
books of Charleston? At present the
actual condition. of the state treasury
and the condition as stated by the Of
ficials does not seem to correspond
There may be reason.