The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-09-03

manifestly derived from and part of
the gold interest upon these bonds. He
also is credited with stone-haH commits
sions on purchase of $268,000 bonds,"
and other like items, until we find that
he. accumulates a fund from these
sources, in large part at least, sufficient
to purchase on Sept. 10th and October
l4th, 1869, ten thousand Missouri 6 per
cent bonds, and still have balance on
hand at those dates. It will also be seen
that ne converts these Missouri bonds
into U. S. currencies, and after
wards disposes Of these, and again ON
the 18th and 18th of March, 1871,
there is purchased for his account
eleven thousand Missouri bonds, which
are unquestionably the bonds referred
to by Mr.. Myers in his testimony. That
the above mentioned $4,000 u. S.
500 bonds were a pert of the perma-
nent school fund Of the State, we think
there can be no doubt, as bonds of the
same class and amount appear in his
official account with Myers & Co.. as
State Auditor. Any one familiar with
the manner and method of keeping &C.
counts of this character will understand
the difficulty, from bare inspection of
them, to determine the exact or correct
financial relations of the parties.
Mr.. Myers, in his testimony. having
referred to the correspondence that
took place between his firm and
the State Treasurer and Mr..
McIlrath in relation to these $4,000
bonds. we consulted the files of the
Auditors and Treasurer Offices for
the purpose of examining that CORES
pondence. We were unable to find
anything in the Auditors Office relat-
ing to the subject, but in the Office of
the Treasurer we found number of
letters Of Messrs. P. NJ. Myers & Co.,
and Mr.. Seeger, which throw some
light upon the transaction. Copies Of
these letters are hereto annexed and
marked Schedule K" 1t is apparent
from this correspondence that the pur-
chase and ownership of the bonds
named was Ito borrow the language of
MIR. McIlrath,) irregular" for while
there was perhaps an understanding be-
tween Mr. McIlrath and Mr.. Seeger, i.
is plain that Myers & Co., was in
doubt as to the ownership Of the
bonds. When Mr.. Seeger writes
them ambiguously about securing
an additional $4,000 Missouri 8 per
cent. bonds for the school fund, it ap-
pears Myers 4 Co. construe the letter
as an order for their purchase, and act
accordingly, whereupon Mr.. Seeger or
ders the purchase Cancelled and secures
a formal transfer of these particular
bonds made to the school fund. From
all the evidence before us in relation to
this matter We have come to the con-
clusion that MIR. McIlrath acquired
these bonds in the manner above indi-
Gated, and that the accruing interest
upon them " regularly passed to his
credit until as appears by the letter Of
Myers g. Co. to Mr.. Seeger, dated jan
uary 2, 1913, they were on that day
formally transferred to the school fund
of the State, and that in consideration
thereof, Mr.. Seeger gives Mr.. Mcllrath
credit, January 6, 1873, for $1O,lSS.75,
as appears by the blotter referred to in
the testimony of Messrs. Hurter,
Seeger and Mcllrath, and to that extent
it would appear to be in payment of
State funds that Mr.. Mcllrath had pre-.
viously borrowed from Mr.. Seeger.
1t would appear from the individual
account Of Mr.. McIlrath with Myers &
Co. that these bonds were nominally
in the name of Mr.. McIlrath, and in
testifyins from memory Mr.. Myers may
have beer mistaken in this regard; but
it is clear that he did not consider them
as belonging absolutely to Mr.. Nc
Ilrath. The crediting Of $40, 1875 on
the 9Th Of January, 1873, as above
stated, win explain the apparent con-
tradiction which appears between the
existence Of that credit and the denial
of Mr.. NeIlyath that he at that time
paid any such sum to Mr.. Seeeer.
It should be here stated that
the previous discovery of this
and ether large credits by Mr.. Seeger
to Mr.. MeIlrath, for payments made
after his (McTlrath's) term Of Office ex-
pred, was what caused your committee
to subpoena Mr.. Seeger, and examine
him in relation thereto. In Mr.. Nell
rath's account with Myers & Co. as
State Auditor, there appears a charge
on the 7th Of July, 1889, Of $75z.4l,
and upon the same date there is .
credit upon his private account Of the
same amount and evidently the same
money. The committee are unsklc to
determine the nature of the transaction
that occasioned these entries.
Referring to the accounts Of the State
Treasurer with Mye- & Co., which are
also part Of schedule 81" your COM
mittee would call attention to the fact
which appears on their face, that there
has been interest on monthly balances
to the amount Of S13,S0S.47, and
commissions for borrowing
money to the amount Of
81 5000, aggregating the sum Of
SIS, O77.S6. paid BY the State Treasu.
rer from 1859, to the close Of the ac-
count. It appears from his own testi-
mony, that the Treasurer sEdid a gen.
eral banking business 1t is there
fore impossible to determine precisely
what proportion Of the interest upo.
monthly balances was paid upon moneys
due from the State, but it is evident
from the letters Of Myers & Co., which
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