The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-04-19
THE BANKERS.

THE BANKERS.
The more the State Journal looks
into the absurd small. ungrateful and
unwarranted treatment which the
banks OF the city of Topeka, nine in
number. and two trust companies
with them. have apparently joined in
unison TO tender the county of Shaw
nee. city OF Topeka and the State
Journal, the more interesting the story
grows.
This paper is accommodating more
facts than it can handle unless it runs
a daily serial. Some of the incidents
are romantic ard this proposed daily
serial is sure TO be one of absorbing in
terest to the reader and bystander.
The banks are going to get a lot
OF publicity; they have invited it;
they have compelled this paper to give
il to them on account of their united
stand toward Shawnee county, the city
of Topeka and this newspaper
} The State Journal does not charge
that there has been any corruption,
far be it from US to say anything of
that kind. touching the splendid
financial institutions of this city,
eleven in number even if they do
join as they did last week, in one large
harmonious chorus, singing: lowing
To the conditions of the money mar
ket. we do not feel justified in paying
the county over per cent after April
s0th."
With a number of exceptions. on ac-
count of several city banks who do not
seem to be quite so certain that they
can hardly pay more than per cent
TO the county. owing to the conditions
Of the money market" as aforesaid.
Now the only way our readers are
going to be deprived of this interest
ing daily serial story on the banking
institution in Topeka and Shawnee
county is for the bankers to aboutface
and with the best grace possible, make
il clear to the City and County that
the bankers are going to give them both
a square deal and are going to pay
both 3 per cent on daily balances, for
that is least the money is worth. 1t
is indeed worth that today even ac-
count of an oversupply of money,
lowing to the conditions of the mon
ey market" as referred to above, but
it must be remembered that any tenn
porary condition which would indicate
an oversupply of the coin in the realm
in the vaults of the banks is abnormal.
Things are going to adjust them
selves very soon and there is sure to
be. according to the consensus of the
bankers in the city, this week at least
a normal demand for money.
Nothing could have been more I'M
warranted than the suave letters, of
the banks of Topeka to Shawnee
County endeavoring. in an unworthy
way. to take advantage of any
present situation to tie up the county
TO a low rate of interest. Three per
cent is low enough, averaging through
the year and there are times when il
is worth more to the banks and they
know it. 1t has been but a short time
when one of these banks which pro-
test shyly and with such naivete that
lowing to the conditions of the money
market 4 will be unable to pay, two
weeks hence, more than two per cent
TO the County" that is to say, that this
same bank which writes this absurd
letter not long ago, begged the county
Tor more money, and what is more
got the money. Why does this bank
suddenly say that that money eagerly
sought at y per cent a short time
ago. IS not worth more than 3 per
cent now, or intimate that the scale
OF interest should be regulated by last
weeks demand?
The banks of this city and county
held in their Golfers last Saturday
noon $3S4.126.7S. not one dollar of
which are the County Commissioners
OF Shawnee required to place in any
one of those banks. They can divert
the whole three hundred eighty-four
thousand and the banks of this CITY
have Invited them to do it because,
while banks outside of Shawnee Coun-
~ are anxious to get this money and
anxious to pay 3 and 4 per cent for it,
giving ample security, the banks of
this city have told the commissioners
in plain language that owing to the
conditions of the money market" al
ready referred to, they have discov-
cred that " after April SOth they will
be unable to pay more than per
cent"
Now, gentlemen bankers, as these
outside banks are offering the Shaw
nee County board to take this money
at per cent on daily balances. and
give security on an unquestioned