Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-02-22
M'KINLEY'S TROUBLE.
AMOUNT OF HIS LIABILITIES As EN-
DoRseR FULLY $4,000.
This VIII strip Him and His Wife OF
Everything-He VIII Not Resign
tho Governorship.
rBy telegraph to the Dispa,ch-l


CHICAGO. February 21.-Governor Nc
Kinley. q. bankrupt by overfdelity to the
interests Of friend, has asked II. ii.
Kohlsaat, of this city, to act as his trustee.
and may be compelled to resign the guber-
material chair of Ohio and begin the active
practice of law. The conference which
led TO Mr.. Kohlsaat's selection as trustee
was held IN Cleveland Sunday evening.
II was found that the Governors liabili-
ties are S95, 900, a sum FIVE times as large
as he has saved during the 40 years OF his
life. Mrs. Mckinley has property which
will net probably $4,000 If sold under the
hammer. She proposes to turn this over
to Trustee Kohlsaat. She 10 an Invalid.
and her fortune came rs legacy from her
father.
Her friends protest against allowing her
means TO 90 to cancel the Governors
debts, incurred by another man. but she
insists. Thus the two become pennlless.
They lose their Canton home and all their
household goods. Mrs. NcKinley's farms
and all go, so that il poverty they begin
life again.
STORY OF THE CALAMITY.
Mr.. Kohlsaat, in an interview this morn
ing, said the news was correct, and as the
transactions between MIR. Mckinley and
himself had been made public he would
tell the story of the calamity.
He considered it one of the most un-
fortunate things that bad happened with
IN his memory. He said:
Mr.. Mckinley is the victim Of most ag
gravated treachery. He never knew TO
what extent be was becoming involved be-
cause he trusted implicitly in the good
judgment OF his friend. The exposure OF
his falsity completely unnerved the victim,
and while political reverses were accepted
as a part of political life he is almost un-
able TO endure the present crash. But
honest man that he always has been, he
sadly told me be would begin again. and
no man should lose a cent who lent him
money by reason of his name.
ut is probable Myron L. MeTrick. trea-
surer of the Society of Savings, OF Cleve-
land. will act with me as trustee. AT pres
ent it is not possible to say how the finan-
cial end of the calamity will be settled.
The Governor will turn over every penny
he has, but this will only be o drop CON-
pared with the aggregate liabilities. He
said his wife was thoroughly decided 10
help him out with her own means, which.
think will amount to about S73,OO0. II
sold at auction. The possessions consist
of farmland near Canton and some other
unmproved property. However, all OF II
will not cover the debts. since when | left
Mr. Mckinley we figured at least $50, 900
liabilities and they are increasing hourly.
THE Governor will retire from politics,
since he cannot hold office. and again get
up financially He said he would begin
bis law practice again and make 1t his OBJ
ject in life to pay all that he had oeen
plete wreck, the failure taking the modest
home and its contents. The friends OF
Mrs. Mckinley, heroic woman that she Is.
declare she must not put her fortune at
the mercy of creditors. Just what will be
done on her part is not yet decided. She
is positive one way; her friends are
equally decided the other. A dispatch re-
ceived last evening says Mrs; Mckinley is
with her husband in Cleveland. ana the
parties were in conference as to final ac-
ton"
Twill the Governor resign
well, il is hardly possible to see what
else be can do. 1t will be quite necessary,
since he proposes to settle dollar for dol
lar, and there is no money in being Cover
nor OF any State. He once had a good
practice and his brilliant reputation will
add to it.n
THE GOVERNOR WILL NOT RESIGN.
CLEVELAND. o., February 2l.-Governor
Mckinley is still at the home Of Colonel
NJ. Il. Merrick. of this city, arranging the
business complications resulting from the
Walker failure at Youngstown. The Gov
ernor was seen this morning and question
ed in regard to the report that he may re-
sign his office as Governor of Ohio. He
says most positively that there is no truth
in any such report; that he has at no time
contemplated resigning his Office.
The Governor, under the present en-
barrassments, is showing what O grand
man he is. He had a small fortune before
he went to Congress. and he has added no.
thing to it in recent years. All of that will
be swept away. In all the years in which
he has served the people he bas been so
scrupuously honest that he has allowed
TO pass by many opportunities for money
making.
A stockholder of the stamping works OF
which Robert l.. Walker was president
says: 1.-The affairs of the works are not in
such bad condition as one would imagine.
have considerable stock in the concern
which would sell at par and not q cent
less. OF course if the works were compelled
to shut down now it would be doubtful If
the concern could pay its debts. How
ever, if it ls permitted to run. as 1t un-
doubtedly will. the affairs OF the com
pany will be settled up, and dollar for dol
lar will be paid. The glass department
will resume operations very likely, and the
material on hand will be worked up and
then the department will be closed. This
will give the stamping department glass
enough, with the amount already on hand,
10 run until June. The assignee is now
| preparing statement for the creditors,
which will be ready IN short time"
AMOUNT OF LIABILITIES $4,000.
YOUNGSTOWN. o.. February 2l.-A state
ment was furnished this morning as re-
suit of the investigation into the affairs of
| Robert l.. Walker, showing that the
amount OF paper on which Governor Mo
| Kinley is endorser is fully 100000, and
NAV reach $4,000. Experts assert that
the total liabilities of the Governor will
not exceed the latter figure. This state
ment. however. startles the friends of the
| Governor, as il was not believed at any
time that he was liable for more than
| $50, 900. Arrangements are being made to
| promptly pay all the Mckinley paper.
! Robert Walker this morning resigned as
| President of the Farmers National Bank,
| of Poland. and the Girard Savings Bank.
| Both institutions are perfectly solvent.
! and have experienced no excitement
among depositors since Saturday.