Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-02-07

A business Governor.
Governor Altgeld recently re-
quired the trustees of the Feeble
Minded Institution to ask for bids for
interest on the states money appro-
priated to that institution. In ac-
cordance Herewith one bank bid 800
bank of which Judge Foley is presi-
dent bid per cent with n proviso
that it would, if that was not enough,
pay as much as any other bank. OF
course, such bid was promptly
thrown in the waste basket, and the
positive direct bid of So accepted.
The trustees then elected Hon.
George Wendell as treasurer to sue
coed Foley, whose term had expired.
Angered because the trustees would
not accept his indefinite bid for the
interest. but preferred to deal with a
bank that made a direct, honest bid
for the money, Judge Foley hunted
up the reporter of the Chicago Trib-
une and unloaded a lot of business
secrets which any bank should have
teld inviolate. He parades the fact
that Gov. Altgeld borrowed $1,000
and paid it back. He says the gov
ernor desired to borrow $4,000, but
the bank could not loan him that
amount. The whole transaction is
given in an interview with Gov. Alt
geld in the Springfield Register:
Governor, what have you to say
about some sensational stories in re-
gard to the removal of the treasur-
ers of the Lincoln and Anna asylums,
it being claimed that they were re-
moved because they would not lend
you money!"
mo treasurer has been removed
nor is there word of truth in all
this talk. Ii you will reflect n mo-
ment You will see the absurdity of
it. Ii wanted to use the public
funds. l would not have ordered all
the surplus in the various institu-
tions turned into the state treasury.
These funds were in the hands of
men whose appointment could con-
troll and most of whom were very
friendly. but refused to use a cent
of the state money and ordered every
dollar turned back into the treasury.
amounting to several hundred thou
sand dollars.
IL did borrow 5000. not OF Foley.
but of the Lincoln National bank of
which Foley has only 81 200 of stock.
the bank being practically owned and
controlled by man who is very
strong republican. The loan drew
per cent interest, was only for 40
days, and was on first class security,
upon which l had borrowed from
Chicago banks before. 1t was pure
" business transaction such as any
man might have with bank. No
man was asked or authorized to en-
dorse for me. In fact, no man has
endorsed my paper for 20 years. |
do not endorse for others, nor DO ]
permit anyone to endorse for me.
Some days before the note matured
my manager asked the bank whether
ii would be convenient to extend half
the note short time, but stated if
not convenient he would paw it all.
The bank replied that it would not
be convenient, so he paid the note
and interest. This was all. and
thought no more about it. The bank
was under no obligation to me, and
expected no favors of it.
The trouble all grows out of the
fact that for the first time in the his
tory of the state l am compelling
treasurers to pay interest wherever
they keep the funds in the bank. In
Lincoln there are rival banks, also
rival democratic factions and much
bitterness. Two years ago we were
annoyed with fight to get control Of
the asylum funds. Finally Foley was
appointed treasurer. Afterwards we
got the law passed requiring all Gus,
todians of public funds to pay inter.
est. Foley having been appointed be-
fore the law was passed. claimed tC
be exempt and although he had lars c
sums on hand which he kept in
banks. he did not pay a cent interest
AS most of the other treasurers paid
interest. l felt that it was time be
did so. As l wished to avoid another
fight among the banks. told the
trustees to notify all the banks. Fo-
ley's included. to submit offers OF in
terest they were willing to paw ant
then to allow the bank which effereC
the highest rate to name the treas
urer who must give bond. This wa:
done and the funds now draw Over
81 per cent interest. Foiey's bani
had fair chance and was beaten anC
he now shows his gratitude for pas