The Topeka state journal., 1916-04-17
MUNICIPAL MONEY.

appears TO pc the concerted action OF
all of the nine banks in Topeka and
two trust companies, each and every
one of them notifying the County of
Shawnee on last Saturday or during
the three days preceding, that. lowing
to conditions of the money market" or
words to that effect. they could not
pay the county over 2 per cent on bal
ances after the close of this month.
Is not this a little unfair to the
county commissioners, to suddenly, on
few days notice, peremptorily re-
duce the interest from Y per cent to
. per cent? They, o. at least a few
considerate ones, ehould naturally
have given the county least the
ordinary thirty days notice, but no, all
uniformly agree that lowing to busi-
ness conditions they will change their
payment of 2 Il per cent to 2 per cent
after the 3Oth of the present month";
or words of that import.
1t must be remembered that the
for a number of years 21s per cent,
and on many occasions in this period
the money market was not as easy as
it appears to be today. Does anyone
recall that the banks came generously
forward during those strenuous times,
and said to the commissioners: I'VE
are awfully glad to have this money;
it is worth big interest to us, and We
are willing to pay you a little more
say per cent?" No sound of that
sort it's recorded in the records of the
county.
There is a new phase of this munic-
ipal money market which has come
up, and that is the phase which
would humiliate the State Journal for
having the effrontery to insist that
our great, generous money laden
banks pay the city and the county for
their money as much as they pay the
state for its money!
This paper does not propose to
stand under this sort of humiliation.
1t proceeded in a proper manner in an
effort to secure the city's and county's
rights.
the aforesaid banks last week to the
county are affronts to the county
commissioners. That is plain talk, but
it is the truth. The two weeks notice
given in writing by all of the banks
in practical unison was unfair, un-
grateful and unjust.
These banks would put the State
Journal in the position while demand
ing that the city and county should re-
ceive a rate of interest equal to that
paid the state, that the banks now
only propose, as some of the letters
indicate. that they will not only not
pay the city above 2Go but will reduce
the county interest from 2 y % to 29o,
instead of advancing as they should,
from ~ % to $50.
If the united banks Of this city can
discipline the official city paper for
standing up for the city's rights, and
for asking that the county be given 3
per cent, as much as the state is
given, for its balances, they will have
accomplished something. But the
banks are in the wrong and the State
Jonrnal IS in the right and that is the
reason some of the banks are going to
county commissioners and reconsider
their stand of last week to pay only 2
per cent 1t will be a good thing for
several Of these banks to do this. 1t
will save them from going before the
Attorney General of Kansas and an
swering some evidence the State Jour
nal will be obliged to submit in de-
fense of it's own integrity and good
faith.
The banks of Shawnee county held
of the county's money on last Satur-
day, April Is, $SS4,126.7S.
The banks of Topeka held, on March
81, of the city's money, 1892, 2,615.99.
A number of banks Of Topeka en-
| tered into a contract with the state
last fall to pay the state a trifle over
per cent on daily balances. Why do
the citys money and the county's
money not look so good to the bank
ers as the states money? Does the
reader notice any difference?
In February last. a short few weeks
ago, in this year 1916, two banks of
this city entered into an agreement
with the City of Topeka to pay 3 per
cent on it's daily average balances for
the use of its money; that is. for the
daily balances of the board of educa-
ton of the city of Topeka. Why is the
school board money worth as much
as the states money. and so much
more than the other city money?
The banks of Topeka well know
that the county commissioners are not
limited by law to carry their large
balances in Topeka banks Have these
Topeka banks considered that, if they
really intend to pay no more than 2So
for the county's money after April 80,
which is only two weeks off, that the
county commissioners, whose duty is
to do the best by the county they can,
may be compelled to take this money
from the Topeka banks and put it