St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-23

mortgage is not unknown in the bust
ness world. 1 do not seek to cast OFF
responsibility for my acts in my own
business, or that of the company, but
would disclaim wrong motives or in
tentions in connection Herewith.
There is no evidence of such intent in
my actions. l fully expected the
company to keep up until a few days
before the assignment, and when I
knew of it's needs made every eff
fort in my power to secure aid. For
weeks 1 had been laboring in the East,
in the face Of poor market, to Sc
cure purchasers for bonds that were
collateral to my Indebtedness of up
wards of 100000, and daily expected
success. Had the panic not struck
Wall street the day before l left New
York my negotiations would have
ended successfully. But that put an
end to all efforts promising success
for the time being on those bonds, as
well as those of the Chicago company.
There was every expectation of sell
ing the building of the company also,
and it was only few days before the
failure that the proposition which we
had every reason to hope would be
taken was declined.
The secretary of the company can
testify that 1 willingly made over to it
at the time of the failure large
amount of property belonging to it to
which I had title, for its aceonnmoda-
ton. Then, too, I had been the largest
stakeholder of the company since it's
formation. practically having at the
= l1Iy
If I had believed the company insol-
vent, or was seeking to injure it., 1
should have decreased my holdings and
avoided liability to assessment.
The strain of years of battle against
adverse circumstances, the hard work
connected herewith, the total collapse
of the cherished plans of years, the
ignominy attached to defeat and failure
had so completely Frustrated me men
tally and physically at the time of the
bankruptcy that 1 was not fit to under
go the work and care before me. Emil
nent physicians had told me l must Sc
cure relief from mental strain or ex-
pect serious consequences. 1 felt that
remaining at home meant either death
or an insane asylum, and when going
W
health by entire change, in justice to
my family, my creditors and myself,
the trip was undertaken.
Having now recovered my mental and
physical strength, should be perfectly
willing to assist in the settling of the
estates, if allowed a salary to support
my family, and to make such efforts as
may be in my power to pay claims
both against me and the company, and
to prevent further loss to the stock
holders. There is nothing in the bust
ness situation to discourage me, al
though doubtless some of the properties
have been lost under foreclosure of
mortgages. There is much of value that
can be worked out Of the assets by
one familiar with them, and if these
do not pay the obligations new work
can be done to cancel them.
AS preventing a return to attempt
the accomplishment of this purpose [
stand charged, in connection with
+ other officers of the Guaranty Loan
company, with the larceny of large
sums of money, and indictments to
that effect stand against me.
While 1 am not guilty of the act
charged, and believe 1 can prove the
Innocence of the imputed wrong doing,
as we'll as of any intentional misman-
agement of the company, still trial
now would involve so much time, as
to prevent the working out of plans to
save the assets and protect the cred
itors, before the assets would be lost
under foreclosure and other processes
of law.
Could the case be continued for the
time necessary to make good the
claims against the company and me,
and I not be hmpered by prosecutions,
in the meantime, but be left free to
work, and have the assistance and
support of the creditors, I am conf
dent that much could be saved from
the wreck, and the creditors placed in
far better position than they could be
otherwise. This would take time as
the recovery from such panic as the
financial world has witnessed must be
necessarily slow, but in five years I
should hope to see all claims very
much reduced if not paid in full. I
would not seek to free myself from
the charges against me by such ac-
ton, but I do believe that the result of
such work would go far to show that
the enterprises in which I was en-
gagged were legitimate, and that while
the policy adopted to keep up the
credit Of the company and myself may
be thought to have been a mistake, the
objects of the same would be better
understood and evidences of criminal
intent be found altogether wanting.
Pardon me for this long intrusion
upon your time and believe me, yours,
as ever, LOUIS F. MENACE.
County Attorney Nye, who prosecut-
ed Vice President Streeter, of the de-
funct Guaranty Loan company, last
summer, was shown Manages letter
yesterday, his attention being called
particularly to Manages desire to re-
turn to Minneapolis and make the
most of the liabilities of the company,
if he could be certain of immunity
from prosecution.
Mr.. Nye said that such plan was
entirely out of the question. If Me-
mage returned he would be prosecuted
Immediately.
THE only stay" said he, that Me-
mage could have, would be to give
bonds for his appearance and thus Sc
cure his liberty pending the trial,
which would be set as early as pos
sible
THE case against Menage is, 1
think, a great deal stronger than that
against Streeter, in which the jury dis
agreed, and the case being of such
great Importance it is especially in
cumbent upon the office Of the county
attorney to push it with all possible
speed
A LITTLE SONG OF HOPE.