The City Treasurer’s Ultimatum
Seattle’s incoming treasurer refuses to accept bank IOUs as currency, demanding hard coin to back the city’s treasury.
The story, cleaned up
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Tomorrow the new city officers assume control, and interest centers upon the transfer of the city treasurer's office. As to the former, Treasurer-elect McCauley makes the startling statement: 'I will not accept the accounts of any bank as regards the amount of money deposited therein, without being secured for the amount on deposit or being furnished with the cash. Banks have stated that they would have the cash ready, and in such cases no security will be required. Otherwise I must have personal security for the full amount.' People claiming to be unbiased in this matter say McCauley is perfectly justified in his position. He is responsible for the funds, and he has no reason to accept statements of cash on hand unless he can see the coin.
“He has no reason to accept statements of cash on hand unless he can see the coin.”
Public finance transparency has been a constant struggle in Seattle. McCauley's demand for physical cash over bank 'warrants' echoes modern concerns about municipal accountability and the risks of relying on volatile financial instruments to back public infrastructure.
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