, 1873-01-03
IOWA.
a Deficiency In the Agricultural Col-
IcEc Fund.

! A Deficiency in ti,o Agricultural CoI-
| lego Fund.
From the DesNoines Re9ister, D<c 81
For several days there hnTo been rumorB in
th:s city and circulating over the State in regard
] to deficiency in tho account OF Mr.. Samuel E.
Rankin, as Treasurer Of the Board OF Directors
of tho State Agricultural College, So public
have become tho reports, and so distorted have
been the facts in tho case, that the press can no
longer withhold from Ne public statement Of
the truth. After diliscnt inquiry into the mat
ter, Of parties fully Informed as to al the cir
cunstances, VIC find that tho following are about
tho real facts:
Mr.. Ranku-who is tho present State Treas
urer, his term Of office expiring the first Monday
OF next month-has been for several years tho
Treasurer of the Board OF Trustees Of the Agri-
nual1y. Upon his first election, Mr. Rankin
gave bond in suitably heavy sum. Since that,
the Board has never required OF him bond,
gupposing, we presume, that the bond originally
time ho should ba Treasurer. It was not, VIC be-
lieye, until - month or two ago, tint
the Board discovered its crror, and then
tho discovery came too late to make cer-
tainty undoubtedly sure. About tho
same time it VAS found that Mr. Rankin was do
fcient in his accounts nearly S33, 900. So coon
as the Board approached him On the subject ho
immediately proceeded, SO fur as ha was able,
and at the sacrifice Of his own and his fa1nily'B
present and future comfort, to mako the loss
-
he Ind, keeping nothing back. Tho deficiency,
as We have stated, was between 537, 900 aud 1885,"
900. Tho property he has conveyed as security
is as follows-the estimates on value, aH we
give then, being those OF Well-posted aud dis
interested party:
PROPERTY Eft. Vdk.
so acre farm near Dcs Moines sis, 600
1900 acres hnd In Lyon County nty....-......, 6,400
1G0 1cres land IN 0'Brien County. 6f9
90 acres land In Hardin County. $50
200 acres land IN Washington 300
rFuA In AJn$nra
School furnture, M factory, and machinery: 1860
Stock, patents, and PATTERNS In school furniture
stoei OK md a Implement; On Poll County ESQ
osss4s make sas tsssi sststsd value s.; sS
$4,000 greater. On this property there are in
cumbrances amounting to 915, 900. This sub
tracted, tho1e is left ynlue Of over $50 o00-or
some 913 600 or 915, 900, OF, BY the higher esti~
than the deficiency. It will be seen by this,
therefore, that Mr.. Rankin has made the State |
secure from 1oss, s,-giving up even his home |
stead gIying up everything he had but hi his
mately acquainted With the facts say that Mr.. !
Rankin has expressed the greatest anxiety to |
do all and everything he could to secure tie |
Board, and to satisfy all it's demands, in go far !
as was it 1T all possible for him to do 50. Simple
How has it happened that he has thus far run
behind will be the universal question. We are
not able to answer tho question fully, and may !
not answer it at I'LL correctly. We are told That
he sustained grea. losses in his school furniture
factory business, and that, trusting it largely to
others he was deceived US to tho facts-bcing led
to believe that he WAS making money! whereas,
he was rapidly losing. Finding himself tenn
porariiy embarrassed, and feeling confident be
could quickly relieve himself therefrom, he en-
ploye1 the money in his hand as Treasurer Of
the Agricultural College Board Tho result
was, his plans still further niscar1ied,
hard times came on unexpectedly, money
got unusually scarce, and ha could not s2ra
himself as Lie had fattered himself aud his
honor that he could. It is the old story, ard |
the old road toward ruin on which so many
men, md so many good men, have rcntu1ed and
lost.
We have alwa7s believed Major Rankin m
honest mau+ We still believe him SO. His
whole life heretofore IS d testimony in wi!ness
Of this, and his honorable conduct in connection
with this event, his earnest effort to ecccre
but himself from loss, further attcsts
Il. Perhaps he was led into this mora b. the I
ad@ico Of othera than from bis own fncEna.ions;
aud while lo r1ust bear the tne brun* Of
resulting consequences, wo doabs il he is
he gui1tiest purity after all. But as the
matter will probably be ofcall; Investigated, il
il useless to speculate - 70 tho details OF which
he public know nothing. II other parties hare
seca concerned, thoE should not expect to re-
uain under cover, letting Ct tho ceas1rc fall On
lie shoulders OF the naa who ID 1ow bearing It
&lone