Stephens thereafter was paymaster-general on the staff of Governor David R. Francis. His success with the Fifth National Bank contributed materially to his appointment, in March, 1890, by Governor Francis, to the position of State treasurer, to fill the unexpired term of Edward T. Noland. The affairs of the treasury were in poor condition, and the credit of the State was imperiled. The appointment of Stephens met with general approval, and the state's finances were within two years re-established upon a sound basis