Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-02-15
Victims OF q Vicious System.

Sprinrfeld Register.
The insolyent condition of the es-
tate of the late Rufus Ramsay, ex-
state treasurer, and the sensational
stories of his use of state funds, with
q consequent shortage made up by
his bondsmen, would never have seen
the light Of day had Mr.. Ramsay
lived. He would have made his set
Element with his successor. turned
over the states money, just as it was
turned over in full, and if it had been
necessary to make subsequent settle
ment and arrangement with his
bondsmen this would have been done
quietly. and the public would today
be none the wiser. Mr.. Ramsay's
estate, and 10 some extent his repu-
tation. are the victims of a vicious
system. which had been handed down
from state treasurer to state treasur-
er for a generation-a system which
he accepted and folio wed with only
too great alacrity. 1t has been the
custom of state treasurers to use the
public funds of which they were Gus
todians as if these funds were their
own. They placed them at their
own sweet will, SO as to bring the
largest possible interest consistent
with reasonable safety, and the in
crement they considered their own,
returning to the state treasury the
principal only. This has been
VIGOROUSLY the custom in this state.
And it may be imagined, il not
demonstrated, that some of the other
treasurers, had they died in Office.
would have left their families with
insolvent estates, and their bonds
men to make up a deficit. If not,
why not? Indeed, we are credibly
informed by a prominent banker who
is familiar with the true inward
ness of the Illinois stat, treasur-
er, that but one out OF all
whom he can call to mind who
have held that Office, retired with
any increase to his fortunes, and
some of them with actual loss. And
this not because the interest on the
public funds had not been paid them,
and in large sums, too; but because
they had in some instances made bad
investments which swallowed up
their interest profits. Mr.. Ramsay.
we believe, was personally an honest
man. He had borne that reputation
for years as a business man and
banker in the community in which
he lived. He was as careful in his
business as ordinary men, but he
made mistakes and miscalculations.
Collateral that he considered ample
shrunk during the "panicy" years of
1884. He tried, as other treasur-
ers before him, to make money out
of the use of the state funds, but
like others before him he failed in
the aggregate to do so, and his ven
lures resulted in severe losses. His
sudden death brought on sudden
settlement. not only of his accounts
as state treasurer, but also of his
personal affairs-the collapse fol-
lowed as a matter of course. and his
bondsmen have to gather from the
wreck the states money which they
advanced to make his settlement
with his successor.
The Carlyle special to the St. Lou
is Post-Dispatch. which was sent out
from st. Louis and published in the
press of the country, was in error in
stating that the discovery of the
shortage was made by Henry Wulif,
| MIR. Ramsay's successor. That Off
cial received every dollar of the
states money from Elijah P. Ram
say, who filled out his fathers unex-
pired term. The deficit was ascer-
tanned Immediately after Treasurer
Ramsay's death; the collateral Mr..
Ramsay held was turned over to his
bondsmen and they replaced the
cash. The suit is now brought by
the bondsmen to secure themselves
against loss through what they be-
lieve to be the insuiliciency of the
collateral security received by them.