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

:, vase the laws as to the managemer
n OF the State finances, and the law
0 organizing and governing the va.
r pecuniary interests involved in til
Agricultural College, and othe
: State institutions, then would tn
: committee consider the time and |;
Dor had, and the money expended
: this investigation, not lost.
AS startling poiut in this invest
cation the committee has hsl n
Q trouble as to very material point
= that is. the fact, and the amount e
3 the detaluatlon. Major Rankin him
. self admits the tact. aud the alnoun
D and mmlttee acting IN behalf q
. the Board of trustees of the Agricu
: tural College, cortoborate his state
ment a, 10 both. Hence your com
mit.ee has had no trouble on tha
score; but has mainly confined iss in
} quiries:
FIRST, TO the time, place, and man
ner in which the misapproprlatio,
commenced, how it was carried on
who, 1t any one, was the cause o1
and what was the in1ucement and
who received the benefits OF the
same.
seconalV, AS to the management of
the affairs of the Aylcull Col
lege and Farm, and the disposition
OF its funds
In regard to the first branch Of the
inquiry, your committee would state
that the cash deficit in the Treasury
OF the Agricultural College was on
the l4lh OF December, 1872, S37,-
1893, ,19, since which time il has not
been diminished or increased, except
/ by the amount charged the iatt Trea
! surer as interest on his settlement
with committee Of the Board OF
4 Trustees appointed tor that purpose !;
as will hereafter more fully appear.
The testimony shows that Major
Rankin was elected College Trcasur.
or at the regular meeting of the
Board OF Trustees in January, 1868 /;
that he gave a bond at that time IN
the sum OF So o,o0(, with ample So
curity, which bond was approved by
the Hoar,i OF Trustees; and that he
iorthnith entered upon his dutle, AS
such treasurer, and continued to act
in that capacity until January, 1869,
when he was reelected. but 10 bond
was required Of, or given by him for
that year. In the mean time he con.
,inucd TO act as Treasurer. handling
tens of thousands ot dollars uE,ii
January lOth 1870 "ha. l.. .....
agaili re elected To the same otilac -
Culer this election he gave no bond
! cuti. May 4th, 1870, when lie filed
his bond for that year, which was ap-
proved.
Ga the 1th Of December, 1870, he
was again elected to the same posi-
ton, for tlie then ensuing year OF
1871, bat no bond was required by
the Board ana he gave none. He
was egan elected in December lS1 |,
be, 10 additional bend was thought
o! or required until after all the
money WAS stolen, when he was
again elected, upon the express con
diton that he would execute a bond
covering his past delinqnencies az
we'll as future responsibilities rs snch
Treasurer Major Rankin tailed 10
execute his last bond, and conseqa Mt
ly the Board OF Trustees, about the
last Of ID csnber 1872, elected Dr.
.Jan T. Ely, Of Cedar Rapids as
| Treasurer OF the institution, who
low holds that position.
The c ,mmillen are constrained to
come to the conclusion that early in
1869 Major Rankin commenced to
use unlawtnliy the funds of the Col.
inge in his hands, for his own pri-
vate or special uses The sums used
at first appear TO have been small,
anl were replaced by him, but emily
to be taken again from the College
Treasury more frequently, and in
larger amounts, to he longer dctain
cd, and perhaps never replaced -
This gradual depletion OF the Col
!ege Treasury was thus continued
by him until about the 25th OF Janu
ary, 1871, when it became entirely
empty, and he was called upon &c
raise the necessary funds to meet The
drafts made On him by the cashier o
the College tor current expenses
from other sources. AT the tins
the agg, egate amount OF the Colleg'
fund. which he had anlawiully used
was little over $4,000. which sun
should then have been in tho hand
OF lis Treasurer, subject to It's draft
The College Treasury being then EN-
ply, and Major Rankin being Treasu
er of State, with the control ot tn
State funds. he turned at once to tn
Treasury OF the State rs source
from which to supply the curren
t expenses Of the College and to hon
or its drafts. In pursuance OF thi
policy, he advised his duputy, Hon
) Isaac Brandt, that the College Trea
2 sury was exhausted, and that h
would be compelled to carry Col
7 legc warrants by funds from tn
) State Treasury, until the Coleg
t Treasury botame replemished by re
1 mittances trom agents. And thl
was done. From that time until o
: or aboat the 9th day July, 1872, CO
\ lege drafts were honored and pal
t out OF State funds whenever his II,
y cessitles, private wants, or speculi
5 tive demands required. Betwee
/ the 25th day cf January, 1871, an
d tho 9th day Of July, 1872, he tn,
e uniawfulIy used moneys from tt
a Stata rTY.act,ry arrraratiurr thp cnJ