St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-03-01
whose name is mentioned in these


toned in the deeds in default in
payment of certain specified notes.
Il don't think Taylor realized how
near worthless his assets were until
he came here in the hope of realiz-
ing upon them. They were merely
the relics of exploded 'booms.' 1t
was then, when he found how use
less they were as value upon which
to borrow money, that he for the
first time appreciated the wild and
insane character Of his investments.
They were all of them, so far as we
know, Of that kind that could only
become worth anything and avail
able as security when there should
be a better era of money-making
than exists at present. 1t consisted
of real estate in doomed towns,
mining property and the like.
Failing here to realize on such
possessions as these, Taylor went to
New York, thinking he might do
better there. To be sure, capitalists
in New York are not any more fond
of such property than they are here,
so he came back none the better off
for his trip. It was after this that
he disappeared. But even at the
time he first came to us he was
wholly unable to approximate within
100000 of what his losses had been,
or to say whether the major por-
ton had occurred during his first
or second term. At first he greatly
underestimated it, and this is prob
ably the reason why
HE HOPED SO EASILY
to raise sufficient money with little
difficulty to cover the deficit and have
a clean record when he surrendered
his office. Little by little he came to
realize something of how great the
loss was, but still he evidently did not
know how great until the report was
made by his successor.
When Taylor was elected treasurer
of South Dakota he was reputed to be
man of wealth, and in the losses
which he suffered he not only sank the
funds of the state but his private for
tune as well. What he had in Deem
Der when he talked with us probably
represented all his own private for
tune and possibly the investments
which he had made with the public
funds. This, as 1 have said, was of
little value"
ut is said that he was allowed by
law to loan the state money" was
suggested.
1.-The law does not contemplate that
he should loan it, but it does not re-
Quire that he keep it deposited in
vaults. He did just as state treas
urers have done before him, took the
money out of the treasury vaults and
deposited it with banks here and
there. That made the deposits avail
able on his check. Not being a sys-
tematic man, and being of a hopeful
disposition, he was enthused by the
boom times prevailing during the first
three years of his term of Office, and
imagined he could use these funds in
such way as to make himself rich
and still make complete return to the
state. He made the
VERY GREAT MISTAKE
which so many before him have made,
and never began to thoroughly realize
how irretrievably he had lost the funds
of the state and his own fortune until
he had to account to his successor"
I'm the reports that came from South
Dakota it is said that Mr.. Tenny has
in his possession Taylors property
and has endeavored to force COM
promise with the state,' was sug-
gested. as this true?"
1.-The real fact of the matter is only
81, 10 no coli Ind trQ
Mcconnell You are partly answered
by what I have said regarding Tay-
lor's property at the time he first came
to US. Now, as to proffers of compro-
mise I will say that Taylor has friends
and relatives, some of whom have
means. They and his bondsmen have
sought to make a settlement with the
state, which would relieve the latter
and at the same time allow Taylor
to return. These friends and relatives
and bondsmen have consulted with us,
and some intimation was made, I
think, that 100000 would be raised
for the purpose of settlement
But the South Dakota officials have
been so careless in watching their
bonds that there are no legitimate
grounds upon which Taylor's bonds
may be contested, as we have seen it.
Taylor was state treasurer for two
termS-four years. There was one set
of bondsmen for the first term and an
other set for the second term Now.
Taylor did not know, and doubt if the
state can show, whether the deficit oc-
CURED during his first OR second term.
Naturally the men who signed the sec
ond bond will insist that the losses
occurred during the first term, and the
men who signed the bond for the first
term will shift the responsibility on
the second set Of bondsmen by saving
that the losses occurred during that
term. Then, if the burden of proof
rests upon state, as we think it does,
the states legal representatives will
be in a very considerable difficulty in
realizing upon the bonds. 1t is this
situation which gives encouragement
to the bondsmen and friends of Tay-
Tor that some compromise may be eff
fected."
CONTINUED TO SATURDAY.
Special to the Globe.
PIERRE, S. D., Feb. 2S.-The hearing
in the case of the state against c. T.
-ANNOy pClOlS uSIlCG TINS att
ernoon amounted to practically moth
ing. Attorney General Crawford an
nounced that, owing to the absence
of his principal witness, George A.
Pettigrew. of Flandreau, he would
ask a continuance until Saturday aft
ernoon at l o'clock, and this was
granted. Attorney Horner, for Nc
Coy, demanded that his client be re-
leased under bonds. Despite Mr..
Crawford's announcement that he
should ask for bonds, bail was fixed
at $500
The state asked continuance until
George A. Pettfgrew could be brought
here from Flandreau. In the attor-
ney's affidavit he asserted that
George A. Pettigrew, who is an impor
tant witness, is a cousin to United
States Senator Pettigrew, and was in
Pierre about Jan. s, 1895, when the de-
PENDANT, Mccoy, presented to Senator
Pettigrew for payment certain prom