The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1881-07-22
rHE STATE OBSERVATION-DISCLOSURES asp
Irs SECRETARY.
SALEM, July II, 1881.

GftftIfe AttHVefWf
1t has been charged that | have
speculated in and purchased at dis
count, and taken for others who had
purchased them at discount, large
sum in Society warrants, forcing them
on the Society at this fair ask the
papels of The State to publish this state
ment, from member of the craft to
the end that the facts may be known
and understood. The statements
make are susceptible of undeniable
proof.
As a member of the Board of Mara
gers, and feeling strong desire to pre-.
serve the credit of the Society, ii has
been my custom for years, as Secretary,
to purchase, to greater or less extent,
at the close OF each annual fair, and af-
ter the funds of the Society were ex-
hausted, such warrants ~ were held by
needy or complaining parties, but inev-
cry instance, as all will testify, paying
par value therefore, holding il Was .
breach of good faith for any member of
the Beard to speculate on the misfor-
tunes of the Society, or to discount the
warrants of It's patrons. The warrants
| have referred to, for the most part.
were but small sum annually, and
were met at succeeding annual fairs.
At the close of the disastrous fair Of
lS19-the third Of series of misfor-
tunes-I held some s 200 in warrants.
and while others were anxious for the
various sums they were entitled to as
exhibitors, no warrant of mine was pre-
sented, nCr was any consideration of
other claims | had, at that time,
even asked for, though desiring and
needing my means rs much as any one.
Nor did /, seih strong hands and "a
iced: filled purse, reach ont for the dc
preciatei icarTants Of exhibitors and
boast Of The profits Of The transaction, but
allowed the funds to pass from my
hands for the payment Of claims no
more deserving than my own. One OF
the Vice Presidents of the Society with
whom | had consulted. heartily approx
ing Of the course | had resolved TO
pursue.
At a meeting OF the u ,anl in 1879,
a proposition was made by MesSrs.
I.add & Bush to loan the Socisty =
sum sufficient to take up all outstand-
ing warrants. it being argeed by several
parties who held in the aggregate soine
), 900 or $1,000 which they had pur-
chased at disconnt, and that their
warrants should be surrendered 10 the
Society, il the loan was effected. The
address of those who had sacrificed on
their warrants could be easily ascer-
tanned and they reimbursed for their
loss, while those who held the remain
der would recsive their full value in
money. This proposition, however,
was rejected, and finding no other ar
rangement could hc made, no alterna.
tive was left me but TO bear the burden
another year.
Tho fair of 1880 came, and with IL
triumphant success, nearly all of the
outstanding warrants but those held by
mo being paid.
By loans on the warrants ] held,
they have been kept from presentation
until now, but finding that the constant
renewal OF my notes was entailing loss
to me in the interest, thought best
aud proper To present them for pay.
ment. The course have pursued has
not in the least Increased the indebt-
edness OF the Society or diminished its
receipts, and but for the abseHce OF
several members of the Board, who
were called away by one unfortunate
and another, no embar.
rassment would have been experienced.
Why an Indebtedness statement Was
not male to the BoarI in 1879 and
1880, is easily explained in fact is
by mott of them already.
Against my Judgment and my ability
have undertaken that which / never
ought to have done My good inten-
tions have been slandered and my hon
est motives outraged. AMI but for need
of means locked mp in the warrants as
collateral for NV Obligations at the
bank, they would not have been heard
Of until the meeting of the Board.
Their presentation was no act of pleas
ure to me. felt as we'll assured Of
the SANDERS which would follow as !
am nov of the result. But | shall
come ont OF it all as / did from the
charges at the fair of 1879, with no
stain of dishonesty or dishonor. victo-
rious over the clamorons Rawlings of q
few who have never paid the Society
one dollar, without igood percentage
n return, aud the charge that / ever
bought Il Society warrant at discount,
for any purpose will fall to the ground.
My notes at the bank amounted to
over 81 ,220 while the warrants aRt
interest were over 81 ,999, and betwecn
the interest on the warraD6 and tho
interest on tb1 notes, which
| have several times paid, / have lost
no small amount of ot/money, receiving
only curses as my reward.
The interest o1 the floating and mort
gage debt of the Society has been paid
for one year in advance, and arrange
ments mfde to pay so per cent of the
premiums Of this fair.
i. N. WAITE.