St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-04-23
AS to the financial standing of tt

AS to the financial standing of the
several sureties of these banks, your
committee are led to believe, on the
evidence, that we had before us, that,
with several exceptions, their financial
standing is not of such character
that, if suit were commenced against
these sureties, on their bond for the
various amounts subscribed to, that
the state could realize the amount for
which they qualified. We deem it but
fair in justice to them to say that per-
haps some of them were, at the time
that they justified on the several bonds,
in much better circumstances finan-
cially than they are now, but the panic
of 1898 and the business depression fol-
lowing it seriously affected the indivi
dual business standing of many of
these Sureties; it is perhaps also true
that at least some of them, at the time
of their justification on the bond given,
We're aware that they were not worth
the amounts for which they became
sureties. In this connection your COM
mittee recommend that great care and
discretion be exercised in the future
by the board of investment as to the
surety on any bond payable to the
state. 1t is evident to us that not
proper care and discretion has been
exercised in the past in this respect,
or else number of the names that
appear on the aforementioned bonds
would not appear thereon.
AS to the fourth resolution, your COM
mittee will report that we have not
had the time to institute inquiry into
the amounts now or heretofore depos-
tied by any official in any financial con-
Germ of which any such public official
was, or thereafter became an officer
or stakeholder. This would involve the
examination of every bank where the
state now deposits money, and would
have required a great deal more time
than your committee has been able to
devote to this investigation.
We make the same report as to reso-
luton 5. 1t is in the discretion of the
house, whether they see fit to continue
this investigation so as to carry out
the provisions of the last three resolu-
tons. Your committee has felt that
our duties as members of this house did
not warrant us in continuously absent
ing ourselves from the meetings of this
house.
AS regards the resolution adopted
by the house of representatives on the
26th day of February, 1895, we beg
leave to make the following report and
recommendation:
We recommend that the attorney gen.
eral be, and is hereby directed to in
quire into the matter of the loss of
indemnity school lands, VIZ: South
one-half of southwest one-quarter
and southwest One-Quarter of
the southeast one-quarter section SO,
township So range IS, and lots>3 and 4,
the southwest one-quarter of the north
west one-quarter of section 8, in the
southeast one-quarter of the northeast
one-quarter of section 4, township So,
range IS, after the same had been duly
selected with the rules then in practice,
and that he take such action, with a
view to the protection of the rights of
the state, as the facts elected by such
inquiry shall require.
In regard to a certain land sale of
state land, said land being in section
So, town Sc, range &c, in Mile Laos
county, which sale was made on the
25th day Of May, 1894, your committee
desire to report that said land was
criticise the action of the deputy au-
ditor of Mile Laos county at public
sale. This sale was attended by a |
of gentlemen actual settlers,
who were ready to purchase such land
for the purpose of actual settlement. |
They made several bids, some bidding
as high as 50 per acre. But one Nc
Clellan bid $3.50 per acre, and the
land was sold to him. This was just |
previous to the noon intermission |
When the sale resumed at 1 o'clock |
this man Mcclellan, in the absence of |
other bidders, returned and said he |
did not want the land he had bought,
as he could not pay the Is per cent |
contract money to be paid. The dep
uty county auditor thereupon can
ceIed the sale, first made to Mcclellan, |
and sold the land to a man by the |
name Of Aulger Rines for IS per acre. |
Your committee cannot too strongly ]