The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-08-01
STATE FUNDS.

The statement of the treasurer on
June 30, 1894, showed that the state
had in it's possession on that day the
immense sum of $l,535, 605.7S in cash.
This amount is shown in that state
ment to be distributed among 81 banks
in this state, of which 10 are in Mime
apOlis 10 in st. Paul. and 3 in Duluth.
The remainder are country banks. OF
the entire sum over $500, 1000 are in the
revenue fund. There is, in the opin-
ion of the REPRESENTATIVE, abso-
lutely no reason why the state should
have this immense sum of money on
hand at any one time. 1t is a gross
outrage upon the people of this state
to take such a sum of money from
them and loan it to the banks. The
REPRESENTATIVE is convinced that
there is huge African in the wood
pile in this matter. Our last state
treasurer retired from office to en-
gage in the banking business in this
city. He has lately been joined by the
present state treasurer. 1t would
seem that state treasurers take to
banking upon retirement as naturally
as ducks take to water. Why is this?
How is that few years in the office
OF state treasurer qualities man
financially to be banker? The REP
RESENTATIvE has reason for believ
ing that the state of Minnesota has
been Swindled out of thousands of dol
lars in the way of interest upon de-
posits by some of it's treasurers. It's
information does not depend upon
what has leaked out in the newspapers
upon this subject during the recent
investigation into the condition of
some of the failed Minneapolis banks,
which held, and still hold, large sums
of state funds, but upon information
received from banker of this city
who is believed to, have paid some of
that filched interest. The REPREsEN
TATIvE not only believes this, but it
knows that if 1T istrue every dollar of
the money so stolen is recoverable in
actions atlaw as long as the recipient
or his bondholders have dollar which
is subject to exception. The statute
of limitations does not run against a
fraud. +. qt
Now, the question is, what are the
people of Minnesota going to do about
it? One thing is certain, and that is
that the election of H. w. Childs as
attorney general will not help to re-
cover that money. His action in the
Mile Laos county pine land steal
shows how much dependence can be
placed upon him to do his duty. On
the other hand, nobody who knows
John Arnold keyes, the Peoples can
didate for that office, can doubt that
he would do his duty in this as in all
matters that came before him in
fearless and honest manner. The
REPRESENTATIVE wants to go on
record now as predicting that if Mr..
Reyes is elected he will show up a
state of affairs in the capitol of St.
Paul which will simply paralyze the
people of Minnesota.
There is another matter in regard
to the distribution of the state funds
which is worthy of attention, and that
is the large sum loaned to the Brown
County Bank at New Ulm, Mr.. Boble-
ter's home. What is Mr.. Bobleter's
interest in that bank? 1t is true that
95 per cent of the money with which
that bank does business is state
money? The REPRESENTATIVES, is in
formed by reputable Republicans of
Brown county that the latter state
ment is true. 1t is also informed, al
though it's information is not so we'll
founded on this point, that Mr..
Bobleter is interested in that bank.
No other country bank has anything
like this sum of state money on hand,
or, at least, did not have it on the
date named
Another point is worthy of atten-
tion. There never was a state con-
vention assembled in this state prior
to the last one which contained
among it's delegates such large num-
Der of bankers and bank officials. The
like was never seen in this state be-
fore. What was the reason? 1t was
because Of the attraction of the i'm
mense amount Of money which the
state has on hand to loan to the
banks. If Mr.. Koerner is elected the
state will see widely different distri-
button of the state funds unless he
made his peace with Mr.. Bobleter be-
fore he was nominated. The fact is
the contest for that Office was simply
a fight between banks. The people
should now settle it by electing the
Peoples party candidate for that office
and legislature which will cut down
taxes and reduce the cash on hand to
the lowest point of safety consonant
with sound business principles. That
q Peoples party le legislature would
surely do.
wAsHRuRN.
The unanimity with which the Min
neapolis papers have recently come to