The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1891-03-04
DELAWARE'S TIN BOX.
A LOOSE SYSTEM OF DOING
BUSINESS.
The Financial Situation-Mr. Herbert
All Right-The State VIII Meet
with no Losses-Neither VIII
Anybody Lose Anything.

figure largely in the financial history
OF Delaware. For years past tin box
has been handed over from one State
treasurer to the other, supposed to
contain the securities of the State. No
doubt the tin box was carefully, con-
scientiouSly and reiigiously handled
with care" and safely deposited in
bank for safe keeping.
Colonel Burnite's inquisitive, prylng
eyes have, however, changed the whole
current OF handing the tin box over
from one State treasurer to the other.
as rats handle eggs without breaking
IL Is now a pretty well settled fact that
s447, 440 worth of certificates of bank
stock were not only never in tho box
but were never issued by the State,
and the 1900, 900 Breakwater and Frank
ford Railroad mortgage which was in
the possession of the State at one time
cannot now he found. Interest upon
It however has been paid to the State
at proper times and there is no danger
that 1t Is in wrong hands. The indica-
tions rather are that 1t is in no ones
hands. 1t Is entered in the proper
offices in Kent and Sussex counties,
and to make 1t negotiable il would be
necessary to have an act passed by the
Legislature TO that effect. If neces-
sary new bond can be obtained and
the State cannot lose a cent in that
direction. There is no question on
that point.
For the 8, ia shares OF the Farmers
Bank stock issued to the credit OF the
State the dividends have been regular
ly paid to the State. through its treas
urer, and given credit therefor, but
nobody at any of the banks seems to
remember every seeing any of the
certificates. All the banks have had
more or less OF this stock, but now
when the officials are questioned none
OF them recollect ever seeing any GER
tiflcates.
The State has absolutely no record
save the books of the banks TO show
that 1t owns shares of stock in those
banks. The fact that the banks have
paid the dividends regularly has been
sufficient to satisfy all the treasurers
except Mr., Burnite, who wanted to
know more about what was coming
into his hands than satisfied other
State treasurers. Had Mr.. Burnite fol-
lowed the example set by others and
have religiously received the Tin box
without asking what was In IL the
State might have been no wiser in re-
gard to the contents of the tin box
than it has been for many years past.
As the case now stands IL does not
look as II anybody would be the
loser, and ut all events the State is
safe. Acting, however, upon the reso-
jlutlons passed by the Legislature on
Monday evening last. David L. Mar
vel, Secretary OF State, came TO Will
lmlngton yesterday morning. and en-
tered up the bond of William Herbert,
ex-State Treasurer, in the office of
Prothonotary Horty. The bondsmen
are Frank n. Herbert, John Otto, Jr,,
Joseph Stoecklc, George A. Maxwell,
George w. Eckles, AiVan Alien, David
Boulden, Joseph Heyd, Serriok Shall
cross, Giles Lambson. Mr.. Herbert's
bond is for 9l25, 900,
Ex-Stute Treasurer Herbert and his
son, Frank Il. Herbert, weIp in the city
yesterday all day endeayoring to raise
money upon number of collateral
securities to pay OFF The balance of
what he owes the State, but whether
he succeeded will not be known until
some time to-day.
Taking representative OF the RE-
PUBLICAN aside at the Court House
yesterday afternoon, he united bun
die OF papers and unloosed IL bulged- |
out pocket book and said: ''See here,
i want to convince you that | am able |
TO meet all losses, whatever they may !
be-"
He first handed out a paper contain
ing list OF mortgages and bonds that |
he owned, and said "set that down"
, he reporter did So and these secuFi- |
ties amounted to Si52, ,447.i4. He then |
handed out certified copy of the as |
sessed value of his real estate, assessed |
at twu-thiids its value. set that |
down, said Mr.. Herbert. Tbs reporter
did so and found 1t was $40 0l5. |
''lhen, said Mr. Herbert, there is an
Insurance. policy on the life of my son, |
w. Is, Herbert, now In japan, assigned |
to me. Set that down" Tie reporter |
did SO; il was for $4,000.
And handing out another policy he |
said: Here is an insurance on my own |
life, policy paid up,f ,for $4,000; set that |
down"
The reporter did so.
Now, add that up and see what Ii |
comes to, said Mr.. Herbert.
The reporter did so, and found that |
1t made a grand total OF sl0S, 44214.
Mr.. Herbert said he could go good |
deal higher than that, but that was
enough to secure debt Uf $4,000.
The reporter said: MIR Herbert, no.
bobody doubts your ability to meet
all your obligations, and the public
believe that you have got into tight |
place by aiding friends, and YOU have
not been paid back as promised. Is
that not the. ease?'
That is just about the case" replied
Mr.. Herbert.
You would not care about naming
the persons you lave assisted, would |
you, asked tile reporter?
mo, | wouldn't like 10 do that now,
but may be compelled yet to do it,
replied MIR. Herbert.
"Oh! by he way said the reporter,
ait is reported that younarcr renewed
your official bond to the State after
your first term of office; Is that sog'
Mr.. Herbert said: ''Follow me and
/ Will sh0w YOU
The reporter, following Mr.. Herbert,
entered the prolhonotnrys office,
where Mr.. liorty exhibited the bond,
duly signed and certified for his last
term OF office.
So there the case resis for the pres
ent, and no doubt Mr.. Herbert viii be
at least able to pay the cash due The
State in Il few days, while the State |
will hnSe 10 look elsewhere for its eer-
tiiicates OF bauk stock and railroad
bonds.