Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1890-06-20
THE ARCHER DEFAL0ATYO

The report of the committee appointed
to investigate the defalcation Of Treasurer
Stevenson Archer is an elaborate document,
and, we think, satisfactory one The com
mittee necessarily encountered many diff
culties in making their investigation, and it |
is greatly TO their credit that they were en-
abled TO arrive at such accurate details OF
Archer's transactions. The total defalca- |
ton amounts to $685., 401.25-a heavy drain
upon the State Treasury. 1t appears that
the Treasurer was hardly warm in his seat
before he began his populations, and they
continued regularly and systematically up
to within a few days of his detection. In
this respect Archer's defalcation differs from
all others of which we have read. Gener-
ally, some great and sudden necessity, or
some fancied opportunity Of great gain, has
forced or lured the defaulter to misappro-
pirate the funds entrusted to his care. But
Archer was at it almost daily for four years.
AS the report says, "In all his transactions
he has dealt with the States funds as con-
stantly and freely as if they had been his
own property, and with a reckless disre
gard OF consequences to the public and to
himself"
Humiliating as it is TO know that the
State has been duped and despoiled by
man whom she had trusted with high and
delicate duties, the chagrin is intensified
when we reflect upon the fact, 80 clearly
demonstrated by the committee, that had
our Governors and 'Comptrollers for some
years past paid proper attention to their
plain legal duties, the defalcation would
have been impossible, and that their failure
to acquaint themselves with the laws has
resulted not only in affording a dishonest
man an opportunity to steal, but in other
and further losses to the State through I'M
wise investments for the Sinking Funds.
AT the time the Frederick City bonds and
various railroad bonds were purchased at a
premium of upwards of 5000, and paying
only Al per cent. interest, the report states,
"The States debt-the Treasury Relief
Loan-bearing per cent. interest was re-
deemable at par, and $441 900 of it was out
standing, subject to the States call, and cost
ing the State, In interest, SEC, 400. The
Treasurer, at least, knew that this was so
in 1889, for he exercised the authority to
redeem them in the cases of the Savings
Bank of Baltimore and the Mutual Fire In
surance Company of Hartford county. All
of the States officers who are charged with
any duties In the premises, should have
known il; and this fact should, in our judg-
ment, have been a prominent factor in de-
termning the ACCESSIBILITY of the invest
ments i'm these outside securities. If the
finds so invested had been used in the re-
demption of the Treasury Relief Loan, and
the bonds been Cancelled as the law re-
quires, the whole debt could have been
wiped out by the late legislature, and the
Stale taxes abated to the extent of one and
a-haf cents on the hundred dollars These
Investments were, therefore, unwise, and
made without a clear appreciation of the
best interests of the State"
We are glad to record that the committee
has made no attempt to shield any one from
the responsibility which properly attaches
to him, and has spoken with entire can
dor-but respectfully-of the disclosures
made by them II cGn do the Democratic
party no hurt-on the contrary, 1t should
strengthen ito have it known that the
committee realized the responsibility rest
ing upon them, and spoke with deserved
censure of those public servants-Demo-
Gratis though they are-who have failed in
their obligations to the people.
The report also emphasizes the demand
now being made all over the country for
energy and industry in public officials, and
the serious losses sustained by the State
will find some compensation, if they lead
TO higher standard of official conduct and
closer scrutiny, upon the part of the peo-
pie, into the qualifications of candidates for
Office No party can suffer defeat by elimi-
mating from its leadership incompetent and
Indifferent men.