The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1873-02-20

!. ed to the State, and by it held i,
$ trust for the promotion and ASSENT
nation OF agricultural education, anf
. oognate branches Of learning. Thi.
land IS worth, at low estimate, one
million of dollars. All this vas,
sum OF more than a million aud .
J quarter OF dollars is lntrusted to the
management OF a Board of Trustees,
who have generally been chosen ON
account OF locality, and by reason OF
some local political influence, or i'm.
portance, They come together two
or three times a year, spend day or
two. ralify the acts of the Executive
Committee or President, draw their
mileage and 60 home, without really
knowing, or careing 10 know, much
OF the inner workings Of the concern.
I 1t "a, however, proper TO say, that
when the astonishmonf n~l ..,-e.~-
nation created among the members
OF the present Board OF Trustees, by
the first announcement OF the detail.
cation OF Major Rankin had passed
away, it acted with commendable
promptness and energy. A special
committee consisting of Hon. II. d.
Noble, Q. II. p. Buchanan and Hon.
Z. Close, was at once appointed
ana Invested with plenary
power to proceed to Des Moines, and
secure the fund. In performing this
delicate and responsible DUTY they
dill all that could be done; they set
tied with Rankin, took his obliga-
ton for the amount of the deficit.
AMI an assignment of all his real and
personal property, except household
furniture. THIS was done under the
advice of the Governor and Attor.
ney General--as we understand
and the manner aud form may be
presumed to be correct. TIE tol-
lowlrg is copy of the obligation
taken by them at this settlement:
DECEMBER l4th, 1875.
as,so1.46.
Due on settlement to the Trustees
OF the Iowa State Agricultural Cot
lege and Farm the sum of thirty.
eight thousand three hundred and
one and l6 100 dollars, with interest
thereon at the rate of seven per cent.
per annum from date until paid
The above amount beng the bal
ance III my possession as Tceasu- er
OF sad Institution at my settlement
made With said Trustees tins day.
Payable at Des MONIES, Iowa.
SAMUEL K. RASKIS.
To the members Of the Board Of
Trustees who We're elec.ed by tho
l4th General Assembly we do not
attach any blame Tor Major Rankin's
But we do think they should be. in
common with tho rest OF tho Trus-
tees, held responsible tor the haste
they made in set:lin. with Major
Rankin, aud taking property of un.
certain value to make up tho deficit
before they made a thorough search
for any and all bonds executed BY
the Major as security Tor the fund
Whether this settlement will estop
the College or State from prosrcu-
ing and recovering on the bond of
1870 is purely legal question which
we leave the courts to decide. From
all information in our possession. We
fell assured that neither tho State
or Coll &c will ever realize more
than fly per cent. OF Mjor Ran
klus deialcation ont Of the proper.
ty turned over by him to the Col
lege, and that unless the balance
can be made from the bond of 1870,
or from his bond as Trcrsurer OF
State, it will be lost to the people
forever
In conclusion, we may DO permit.
ted to say that we heartily concur
with the President OF the College
AMI Prof. Jones in their opinion as
to the necessity OF compl ito reyis-
ion OF tho law organising and con.
trolling the institution and its prop.
erty, and the committee would re-
comment the same to the General
Assembly. That something should
be done to preserve This vast fund,
and to cause it to be administered i'll
accordance with the design Of Con-
gress and laws Of this State, we have
no doubt but what shall be done,
when done, and how done, we leave
to the wisdem OF the General Assem-.
biy without recommendation
All OF which is respectfully sub.
mitted.
JoHN SHANE,
J. L. MCCORMACK,
~ .>o~s ~ thn Coaota