The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-03-26
STATE FINANCES.


State Treasurer Kirk G. Phillips has
returned to the Black Hills with his
wife for a short visit since the adjourn
ment Of the legislature, and to a reporter
Of the Deadwood Times OF the 23rd inst.
talks very entertainly OF state finances.
He thinks that in two years every YES
tige OF the Taylor defalcation will be Oh
liberated, and feels very grateful to the
Deadwood banks who came to his rescue
on the discovery of the dsfalcation and
established confidence in the credit OF
the state both at home and in the east.
No sooner had they heard of his predica-
ment, caused by Taylor's plundering,
and that he would issue evenue war
rants, than they came to his assistance.
The First National bank took $4,000
and the American National $4,000 OF
them, without any dickering. This, Mr..
Phillips says, was really what rendered
it possible for him to dispose of revenue
warrants to the amount of S3O4,6OO,
which he has issued and placed.
This was soon telegraphed broadcast
over the world, and eastern capitalists
said il Dea banks had faith in the
state sufficient to risk their money, the
affairs must be all right. Very soon
thereafter he had placed the remaining
portion OF the warrants. President
franklin, OF the American National, tel
elegraphed that he would take the bal
ance of the issue, s225,OOO, but he was
too late, they had been placed.
Treasurer Phillips paid out about
$l55,OOO since he took the office, about
$4,000 of which went for expenses Of
the legislature. He says the state insti-
tutlons have received every dollar due
them and ERE in good shape. There is
cash on hand about s225,OOO and war
rants are paid upon presentation, there
being no registry system.
When he took the office he found the
general fund $4,000 short, which Tay-
lor had agreed TO use in ~redeeming fund
ing warrants on January 1st. Soon he
commenced receiving letters ind tele
grams demanding payment and he was
In Nh unpleasant situation. After writ
ing letters to the holders of the Warrants
they were induced to extend the time OF
payment one year. The ChaaA National
bank holds $4,000, the Albany City Saw
ings institutions s1OO, OOO, and the Albany
Exchange Savings bank $4,000. The
first one to grant the extension was Pres
idsrt ii. w. Cannon Of the Chase, who
wrote a very friendly and sympathetic
letter to Mr.. Phillips, saying he was a
former M~innesotaite and felt g kind
~ toward South Dakota, and hat he
would do all he could TO assist in our
trouble.
Mr.. Phillips says the state tax is COM
ing in pretty fair and he thinks 100000
will be gotten in during this month. He
says Lawrence county leads all the coun-
ties in the amount RENTED on the
March call. He thinks he will be able
to take up 100000 worth of the refund
ing warrants that Taylor should nave re-
deemed, by April 9th.
The Legislature enacted a law author
izing and directing him to issue $4,000
worth OF 10 year bonds, issued under an
act OF the constitutions; for the purpose
Of reimbursing the permanent school
fund, that being the amount OF Taylor's
defalcation from that fund. Mr.. Phil.
lips sill 60 east in II few days to place
the bonds.
He says Attorney General Crawford
thinks he will realize pretty we'll upon
Tsylor's bond. That offic al has proven
himself q power and an invaluable man
in prosecuting the search after Taylor
and the suit upon his bond. He has
worked like a mailer. day apd night, and
10 determined to bring every guilty one
to justice.