Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1912-10-29
Audit theb0Oks
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 audit the 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 on Paint Cleek, where
strike is in progress.
Does this look like there should
! be an auditing of the books?
! What business man with two mil
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-iiks prin-
ciples as well as those of a 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 vertical
ton by an auditing concern would do
no harm, but would satisfy a 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.
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 deposition, but
that the banks preferred 10 loan their
money to depositors with large ac-
counts, rather than to those with
lsmall ones.
| May Be Other Fidelity Gases.
The very fact that these banks
(which were called upon for the loans
are not holding large deposits OF
state 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
Isiblv the state deposits do not
amount to as much as the officials at
ICharleston are claiming, and that II
they do they may be deposited IN
lsome institution which are in such
condition that the state deposits cal
mot be used by the state, either 10
lbe 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 Vlr
ginia, it ought to be an easy matter
for it to borrow two hundred tholt
sand dollars from the banks when
have these deposits without having &c
call upon others to come to their as
sistance. 90.
II sounds we'll for the state OIL
cials to say that there is almost OF
quite two million dollars on deposl'
to the credit of the state, but that Is
of little importance to the taxpayer
lif the money is not available, and i
funds have to be borrowed for extra
ordinary calls upon the treasury.
Cannot Loan Ten Per Cent.
The aueerest Pc of the business i
. that with so much money deposited
in a comparatively few banks whlcf
are state repositories, these banks
lcould not loan the state ten per cen
of its own deposits. but that othel
banks hal to be called upon to ge
the money.
Then why not audit the books a
: the State House?
The Democrats have promised
full accounting and complete AUDIT
, ing of all official records if they arr
elected. They do not understand
, why the state should go into the Dill
ferent counties and audit the ac
i counts of county officials and lie
their own books go without verlfica
ton.
/ Are you satisfied to let these con
ditions of affairs continue or do yo'
! desire some light thrown upon TIN
, hooks of Charleston? AT present TIL
> actual condition of the state treasur,
; and the condition as stated by the OF
, Ificials does not seem to correspond
II There may be a reason.