Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1895-01-17
MINUS IT'S FUNDS.

MINUS IT'S FUNDS.
South Dakota Has an Empty
Treasury to Face.
A Defaulting Official Leaves the State
! with Only $4,000 - Deep-Laid Con-
spiracy Believed to Have Been
Unearthed.
PIERRE, S. d., Jan. IL State Treasur
er Taylor, who should have turned over
his cash to his successor Tuesday, failed
to appear and his bank, the Redfield
/ national bank, has closed it's doors.
The last heard Of Taylor he was ii
New York. On Saturday he should have
had $3.50, 900, and should have paid $780,
900 Saturday to take up funding war.
rants in New York. His bonds are
$3.50, 900, but will stand so per cent.
shrinkage.
It has been known for some time that
Treasurer Taylor was hard pressed. He
was caught in the Chemical national
bank failure at Chicago for a large
amount, and he lost $40, 900 in the bank
at Milbank and $4,000 in that al
Geldisburg, which failed during the
panic. Altogether he lost 300, 900.
! State Embarrassed.
If the defalcations is as large as the
bondsmen believe it will place the
state in a very embarrassing position.
The limit of Indebtedness has been
passed largely. No warrants or bonds
can be sold and there is considerable
deficiency in revenue. Without this
trouble it would have been a difficult
problem to make both ends meet, now
/ it is impossible.
Little Cash Is Left.
Later developments show that the
defalcation of Treasurer Taylor has
not been overestimated. There should
have been $370,O in the treasury. All
the funds in sight consist of about $15,.
900 in the Peirre banks.
Helped Ills Friends.
Advices from Aberdeen are to the
effect that Taylor took little money
with him but lost it all through his
friends whom he helped during the
financial panic. When he wanted the
monev returned his friends were not
able to accommodate him. Among the
persons to whom he loaned money are
said to be several state officials
and if criminal prosecutions are
instituted there will be some sensa-
tional developments before the case is
ended. Some time ago Taylor went to
! New York to raise funds for the pur-
pose of closing up his account with the
state, but recent advices are to the eff
feet that he said he was unable to ne
gotiate q loan, and he announced his
intention of never returning again to
Dakota. His friends he bitterly re-
preached for not coming to his aid in
time of need.
/ Probably Gone Abroad.
His present whereabouts are un-
known, but it is thought that he has
gone to foreign country. His bond
of $350,0O0 is said to be good, but it will
not begin to cover the amount of the
shortage as it appears at present. The
auditor has called upon the county
treasurers for any funds that may be
in their possession, and the attorney
! general has commenced making prepa-
rations for realizing upon Taylor's
bond.
A Reward offered.
PIERRE, S. D., Jan. 1.-Two joint
resolutions passed both houses Thurs
day afternoon, one calling for an in
| vestigation into the affairs of the treas
!: urers office and the other Offering a
reward Of $1,000 for the apprehension
of w. w. TAYLOR, late state treasurer.
The state officials are making strenu-
Gus efforts to raise sufficient cash to
keep the various state institutions run
ming, and peremptory call for taxes
is expected to produce enough to tide
over the difficulty for some time, but
the state auditor feels positive that
South Dakota must default on the
bond interest due in June. Meanwhile
every effort is being made to arrest
Taylor.
| Deep Plot Detected.
PIERRE, s. d., Jan. ~ Facts have
come into possession OF the state Off
/ Gals which make them reasonably GER
tain that Treasurer Taylor and certain
confederates deliberately went to
work, after it became evident that he
could not square his accounts, to s'hold
the state up" and compel compromise
| by which he should escape from the
penalty and his bondsmen should be
protected from loss.
| The state was in hard place fnan-
cially. If not cent had been lost,
| there would have been deficit on the
first day of next July of fully 500, 900
| duo ~ o1oro rrr~,r;o +;ore ~, %bo lost
legislature and to the slow pay
ment of taxes on account of
| the short crops. How to extricate
the commonwealth has been the sub
ject commanding the most earnest
thought and anxiety OF the state off,
Gals for several months past. The per-
manent appropriations are so high that
the legislature, no matter what econ
omy may animate it, could hardly
bring the expenditures within the
revenue.
There was due on the 5th of January
$4,000 worth of funding warrants
held by eastern parties. There was
due a considerable sum on the coupon
bonds, while the sinking fund was pre-
pairing to take up the semi-annual in
terest to the amount Of $4,000. The
Legislature was in session and immedi-
ate calls would be made on the treas
ury forat least $500, 900. OF course the
treasurer knew all this.
Decided to Seize All the Money.
| It is believed by the authorities on
substantial evidence that, realizing
that he would be short 100000 when
the transfer was to be made on the 9Th,
he consulted with some of his friends
and hackers, and they decided that
the best thing to do was to seize
all the money in the treasury and
put it in a place Of hiding where it
could be gotten at when desired. Then
when the default was discovered the
state would be found bankrupt. Were
| it to sue on the bonds Of the treasurer,
two years or more would elapse before
any money could be recovered and dur