The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-04-15
THE CITY,s MONEY.

A number of the bankers of Topeka
that the money the city of Topeka
generously deposits with them is not
worth so much as the funds the state
deposits or even the balance which
the county carries with them. This
is not readily understood.
The city of Topeka has been en-
| gagged during the last few days in an
effort to secure per cent for its sur
plus funds and the. county made IN
effort to do likewise; the conditions
being that while the banks were pay
ing the state per cent they were
paying for the same kind Of money to
the county only 2 X per cent interest
and to the city only per cent.
The bankers now start back fire"
wherein they announce to the county
commissioners that they can pay here
after only per cent. Thus the county
finds itself, during an effort trying to
show that its money is as good as the
states. that it is not only in danger
of falling to gain the extra one-half
per cent, but even lose the one-half
it now secures above the citys per
cent.
The bankers aver that rates are
down, that at the present time there
is little demand for money and that
they have difficulty in placing the
funds they have. This is a technical
ity and the note to the county, this
paper believes, to the effect that the
banks can no longer pay the county
2 u per cent, and only per cent, is
unworthy of coming from the great
financial institutions in this city. If
the State journal We're familiar with
! caTd-tabie language, it would say that
the banks are putting up big bluff"
Let our splendid city financial in
situations observe that outside of To-
peka and Atchison and a few other
localities, there is a crying demand
for money right now from banks over
the state, and that it is generally rec
ognized that the day of cheap money
is passing. This seems to be the con-
sensus of unprejudiced opinion.
This country has already loaned en-
ormous sums to foreign countries and,
after the close of the war, there is
sure to be a tremendous demand for
money for reconstruction of the ruin
ed cities, bridges and factories of the
powers at war. There will be increas-
ed demand, not only in foreign fields,
but at home In few weeks there will
| be big calls for money in the east and
for the movement of crops. The ten
dency of interest rates for the near flu
ture is upward. The banks of this
city have paid the city of Topeka the
low rate of 2 per cent for some years.
Don't be ungrateful, gentlemen, nor
take advantage of Topeka.
| Kindly note this also: there is no
law requiring the state to keep its
deposits in Topeka and, while the
! banks of this city are now paying the
state only per cent, outside banks in
Kansas are paying the state u. ~
and some banks as high as 4 per cent
for the use of the state funds, all of
which are, of course, amply secured.
1t should also be remembered that
| the county of Shawnee is not obliged
to deposit its funds in the banks of
Topeka but has the power to place
them elsewhere, if they see fit, and
can do better in rates of interest.
The State Journal would not like to
see any of the states money now de-
posted in Topeka, or any of the
county's money, diverted elsewhere in
Kansas. The only desire this paper has
in the matter is to see that the city of
Topeka gets what it is entitled to.
and that our money is not discredited
| in Topeka by the banks of this city
or by any one else, over the county's
money or the states money.