Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1873-01-24
Correspondence Of the Bulletin.

Of a binding storm, of snow and
sleet, the faithful members of the
fourteenth General Assembly came
together through peril, by sea and
by land, detained by drifts, disap.
pointed by failing to connect, choked
by tough steak, compelled to pay
railroad fare, to work for state
that has no money to pay them
Do their admiring constituents, sit
ting around their quiet tiresides at
home, surrounded by their loving
families appreciate how much their
self sacrificing servants are suffer
ing for their dear sakes? l fear
not. If the poor Legislators only in
this world have hope, they are of
all men most miserable.
The Senate was called to order at
0 O'Clock, and after swearing in
Senator Rumplc, business com.
menced. The House met at p. m.
Samuel E. Rankin. late State Treas.
urer and treasurer of the State Ag.
ricultural College, alleged default.
er, took the bull by the horns by
bringing himself, his case before
the two houses, making a clear
breast OF the whole matter and ask.
ing for committee of investiga-
ton. tl.4ee
His request was granted, and the
committee appointed. No doubt
this was necessary move, though
some people think that if the ex-
Treasurer is Il defaulter in the sum
of thirty-scvcn thousand dollars,
it is of small consequence whether
he lost the money in speculation, or
used it up in luxurious living; and
it is poor policy to send another
ten thousand dollars after it, es-
pecially as he has turned out all
his property, but the case is sadly
mixed. The benefit Of investiga-
ton is to enable the state to hedge
the officers about with such safe
guards as will obviate detalcation
in the future. And in this particu-
lar case there are many unprece-
denied circumstances which sadly
! complicate affairs. Mr.. Rankin was
trearurer, both Of the State and of
the College. AS State Treasurer
he had given proper bonds, as Col
lege treasurer he had given none,
(the result Of the grossest neglect
oil the part Of the College trustees)
and the trustees hope as result of
the investigation to saddle the
shortage on to the state treasury,
thus relieving themselves and
reaching his bondsmen. But the
trustees have settled with Mr.. Ran
kin-accepted his property and
given him their receipt, and the
bearing OF this upon the case has yet
to be determined.
Whether the State treasurer, be-
ing treasurer Of both State and
College has the right or power to say
where the defalcation shall fall and
so manage to put it where there is
no bonds whether Rankin the
State treasurer is not criminally
liable for paying ont the funds Of
the State to Rankin the College
treasurer, knowing him to be a de-
faulter, and whether Rankin the
College treasurer was such treasur-
cr at all, never having complied
with the law and whether he can be
held responsible as treasurer are
questions upon which the commit
tee is expected to furnish informa-
ton to the people OF the State. To
me it seems as though the trustees
Of the College should be compelled
to make good the loss of the State.
The committee is to sit with
open doors and it is to be hoped
there will be no disposition to
whitewash anybody.
Next, q committee was appointed
to look after the way in which the
different institutions have used the
appropriations made at the last
session. Through this committee
we expect to ascertain the exact
reason why the State treasury is
now empty, and if possible, what
right institutions like the State
University have to draw out money
voted for new building, and let
such money for their own exclusive
benefit at two per cent. month;
while institutions like the asylum at
Independence which is so much
needed is compelled to SUSPEND
building for the want Of money to
pay the worknen.
After providing these commit
tees the General Assembly went to
work on the new Code in earnest,
without the loss of an hour. AS
you are aware it is divided into 81
parts called stiles" embracing one
general subject, each of these IT,
ties is taken up and treated as one
bill. To save time, and facilitate
business the House takes up and
considers the odd numbers l, 3, 5,
&C., and the senate is at tho same
time working on the even numbers.
The Kentland (Ind) Gazette says
it the present railroad policy is to
be maintained, it is plain to be seen
that the farming interests are to be
crushed. In view Of this oontingep-
cy let US see if there is not some ra-
tional way out of the trouble, keep
ing in view our first proposition,
that real estate security is recog-
nized by capital as the best in the
world.
Suppose the owners OF the lands
on q central line from the west to
the nearest point on the eastern sea-
hoard, say to embrace a strip Of
country ten miles in width, form a
railway corporation locating a rail
way line through the center thereof,
and mortgage their lands for money
to build and equip it. II it embra-
ced ten miles in width, for every
mile in length, there would DO $500
acres of land. To build aud iron a
road it requires about 100000 per
mile. A mortgage Of 81 per acre
on this strip Of land would realize
$l2,s0O per mile to build the road
with. 1t cannot be said that 81 per
acre would be heavy mortgage
But, further, the enhanced value
such a road would add to the real
estate thus mortgaged would be on
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