Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1873-02-13

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70 exonorate from blame the Trustees
IA once at the time. They each were
sworn officers, each had duty to per-
!0rm besides that of receiving regnlar-
N their mileage and each one should
Do held accountable for an ignorant or
Wtllful neglect Of duty.
The position ofa Trustee Of the AT.
rlcultural College Is designed and In
tended to be honorary in its character,
and the committee is of the opinion
that the "officc should seek the man,
ana not the man the Office" Men
should be chosen for that position who
nave . peculiar fitness for the place,
ana not to satisfy local pride or politi-
Cal predictions. Hence, we recon-
mend that the law providing that one
Trustee be elected from each judicial
district be repealed, and that hereafter
they be selected from those best fitted
wherever found within the State
Inc state has now invested IN the in.
stltntlon the sum of tW0 hundred and
strty.n1tle M0usGnd and tive hundred
dollars, besides the two hundred and
forty thousand acres Of land. donated
to the State, and by II held in trust for
the promotion and dissemination Of
agricultural education, and cornate
branches OF learning. This land Is
worth at low estimate, one million Of
dollars. All this vast sum of more
than 'n,1ion and quarter OF dollars
ls entrusted to the management Of a
Board of Trnstees, who have generally
been chosen on account Of locality, and
ny reason of some local political in.
fiuence, or importance. They come
together two or three times year.
spend day or two, ratify the acts OF
the Executive Committee or President.
draw their mileage and 70 home, with.
out really knowing, or caring to know.
much OF the inner workings of the
concern. II 10, however, proper to
say, that when the astonishment and
CONSERVATION created among the MEM
bers OF the present Board Of Trustees,
by the drst announcement OF the de-
falcation of Major Rankin had passed
away, It acted with commendable
promptness and energy. A special
committee consisting OF Hon. Fl. y
Noble, Hon. o. II. p. Buchanan and
Hon. q. Close, was at once appointed
and Invested with plenary power TO
proceed to Des Moines, and secure the
fund. In performing this delicate and
responsible duty they did all that could
be done; they settled with Rankin,
took his obligation for the amount OF
the deficit and an assignment of all
his real and personal property, EXCEPT
household furniture. This was done
under the advice Of the Governor and
Attorney General--as we understand
and the manner and form may be pre-
snmed to be correct. The following is
copy Of the obligation taken by them
at this settlement:
$3S,3Ol.46.
DECEMBER, IA, 1872.
Due on settlement to the Trustees OF
the Iowa State. Agricultural College
Farm the sum Of thirty -eight thousand
three hundred and one and 46-lOO, dol
lara with interest thereon at tho rate OF
seven per cent. per annum from date
until paid. The above amount being
the balance In my possession as Treas
urer OF said institution at my settle.
ment made with said Trustees this day.
Payable at Des Moines, Iowa.
SAMUEL K. RANKIN.
To the members Of the Board oil
Trustees who were elected by the 18th
General Assembly we do not attach any
blame, for Major Rankin's detalcation
or for the misappropriation of the
fnnds of the College. But we do think
they should be, in common with the
rest of the Trustees, held responsible
for the haste they made in settling will,
Major Rankin, and taking property OF
uncertain value to make mp the deficit
before they made thorough search
for any and all bonds executed by the
Major, as security for the fund
Whether this settlement will est0p the
College or State from prosecuting and
recovering on the bond of 1870 il
purely legal question which we leave
the courts to decide. From all infor.
nation in our possession. we feel as.
sured that neither the State or College
will ever realize more than .ffIy per
cent. of Major Rankin's dslalcatiou
out OF the property turned over by
him to the College, and that unless the
balance can be made from the bond OF
1870, or from his buntl "a Treasurer al
State, 1t will be lost to the people for
ever.
In conclusion, we may be permitted
to say that we heartily concur with
the President Of the College and Prof.
Jones in their opinion as to the neces-
siiy Of complete revision OF the law
organizing and controlling the institu.
ton aud it's property, and the commit
tee would recommend the came to the
General Assembly. That something
should be done to preserve this vast
fund, and TO cause it to be administer.
ed in accordance with the design OF
Congress aud laws of this State, VIC
have no doubt but what shall be doue,
and how done we leave TO the wisdom
Of the General Assembly without re.
commentator.
All of which is respectfully sub
mitted. JOHN SHANE,
J.L. MCCORMACK,
On the part of the Senate.
JAS. L. WILLIAMS,
4 VIZ. G. EVANS,
FRED. O'DoNNELL,
On the part Of the House.
rHE GRANGE.
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