The Bridgeport evening farmer., 1914-03-12

 City Treasure CT, New Haven. Conn
 ..The awarding Of the contract is in the hands of the board of finance, and the city charter allows them to use their judgmnent in naming the aepos- itory. At the present time The Me chanics Bank tstate institut1on3 han dies the account ''
 City Treasurer, Providence, R. l.
 sIt has been the practice of this committee (comnaittee on Anancel to select annually a certain number of national banks and trust companies (this present year numberkng nfne) and to offer said institutions an equal amount of the citys funds at a given rate of interest," r
 City Treasurer, Springfield, Mass
 The disposition of the funds of the Icity of Springfield is left entirely with the city treasurer, and as nearly ss possible the eity's money is deposited about equally among the four national banks and the two trust companies in this city,
 The report of the treasurer of the city Of Minneapolis shows the city funds to be deposited in twenty-five banking institutions. both national and state, of said city.
 The funds of the city of New york are deposited in 1O7 different banking institutions including both national and state.
 We wouII call your attenton to the IaCL InaL at the IIIH0 the 04iSl1I1S Qt- dinances were enacted there were in existence five national banke and no state banks; that since that time three of the five national banks have con so1idated in one; that two trust conl- panieS have come into existences and are destined, no doubt, to become more important financial Institutions than were ever some of the national banks formerly designated as Repositories.
 The present attitude of our city Is f -lE Tr7fes rity of the men who are behind these purely state institutions, as well as a stigma upon business ability of their infringement, and without reason We would also call your attention to the fact that since the date of the enactment of the present ordinan ces. conditions have changed materially in that the grand list of the city has grown to proportion over four times lthat of the period when the ordin- ances now in force were adopted, and i that with the increased rate there is probably a. much larger proportionate increase in the amount of the city funds on deposit. that good business prudence dictates change from the present conditions. s There is suggestion from one of I the prominent financial officers of the. sl city to still further amend the ordfn- ances by limiting the amount of city deposits with any bank to sum not
 
 Fsuch bank If, in your consideration Iof the matter this view should appeal to you, we are perfectly willing that such condition be imposed, the main point being granted, viz:-our recogni- ton as a depository of city funds to reasonable amount. but protesting lstrengly against the present discrin- Iinating methods
 The United States government does lnot discriminate between national and lcf- fa<1v, fa1e first banks in the eity~to be desigpat- led a government depository for postal savings funds. The laws of this state
 also designate us legal depository district moneys.
 Fl Last November the president of this
 bank was elected by 8 large plurality treasurer of the city of Bridgeport. Can 1t be readily conceived that the great majority of voters thought. for one moment. that, as city treasurer, he
 would not be permitted to deposit one
 dollar of the city funds in his own
 bank.
 T Gentlemen, we live in an age of
 extraordinary change; in a very in
 teresting time of a.wakening; in a period of reconstruction and readJust- Ement, when everything is being ques- Itioned and even old foundations threat l. ened. Some go so far as to say that lit is an age of extraordinary dan ger.
 It is an age of extraordinary danger for the coward and the recreant. Ev- cry man with red blood in his veins and with a conscience under his jacket
 knows that it is the business of every Legislative body to lead in the diree- eion of the public welfare. It is the duty of those who compose and con 4trol legislative bodies to subserve the interests of the many, rather than the interests of the few.
 It has been said that und6r our con stitution there was an extraordinary kchallenge to the intelligence, the dis cretion, the wisdom the prudence and F the public spirit of every legislator, and that only in proportion as 1egisla- 7 ltors answer this challenge in the spir- lit in which it is given, can institutions . like these of the United States four ish.
 I Gentlemen. we put upon you the re-
 tsponsibiIity in this matter. a responsi-
 bilfty entai1ed by your honorable po- , lsition.
 z We would thank you fer your earn ! lest consideration, and beg to remain, f Respectfully yours, f THE AMERICAN BANK AND TRUST = COMPANY
 ? Louis K11tscher Ir