St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-04-23

SA,DZZ
owing to lack of time, your COM
mlttee mas found 1t impossible to ex-
anime into ali of the bonds given by
the different public repositories. To
40 TINS and at the same time inquire
INTO the financial standing of each in
dlvldual bank, where the state has
money on deposit, would require a
great deal more time than this COM
mittee has had. If the resolution to
this effect were to be carried out to
the letter, several months of steady
ana uninterrupted work by the com
mittee would be required. From a
general investigation as to the pres
ent standing of these reports, your
committee though is in a position to
state that we believe them to all be of
good financial standing. The state
treasurer has gradually withdrawn
large amounts from such banks which
IN his opinion did not present that
security to which the state is en-
Utica. we report with satisfaction.
that this improvement is still going
on.
AS to the security. given by the state
treasurer, your committee desire to re-
port that the statute provides for a
oond OF S40O,OO0.O0. The sureties on the
pond OF August T. Koerner, the pres
ent state treasurer, are Andrew Nell
Son, Ohio II. Campbell, Bengt p. Mel
son, John ESbornsson, E. Lenhardt,
Lars O. Thorpe, Dennis O'Brien.
Charles Kittleson, H. F. Brown, James
L. Wyman, D. M. Clough, Eric Sevat-
son, Thomas ]. Buckston, VIM. r.
Merriam, VIM. Dawson, Maurice Auer-
bach, Moses E. Clapp, Theodore
Hamm.
While the statute only requires
pond OF $4O0,OOO.O0 the above named
gentlemen, all of whom your commit
tee believes to be of good financial
standing, have qualified in the aggre-
gate sum OF 5OO,0OO.0O, virtually max
ing a bond of the state treasurer $780,
10000 in excess of the amount required
by law. In this connection your COM
m1ttee desire to call attention to the
TACT OF the inadequacy of the state
treasurer's bond under our present
law. the treasurer frequently has on
hand amounts aggregating from one
ana MALT to two million dollars. 1t
is plainly to be seen that a. bond of
! $4VO,OOO.O is not commensurate with
the large amount of public funds in
respectfully suggest the enactment of
a new statute providing for a board
OF investment; said board to consist
of the governor, auditor. the secretary
i OF state and the attorney general
whose duty it shall be to designa te
what banks shall be public repositories
and fix limit as to the amount that
the state treasurer may deposit in such
banks. Under the present statute tha
state treasurer or his bondsmen are
held responsible, not only for the
actual amount of cash in his hands
but also for that which has been de.
posted in public repositories. This
appears to your committee to be mani
testify unjust.
| AS to the second resolution vo,,r
committee desire to report that thew
nave made inquiry into the manner
IN which public officials for a series
or years past have been induced To
place public funds in financial con-
Germs and we made a special INQUIRY to
ascertain whether certain public Off
Gals have received for their own
private use and gain from such
nhanclal concerns, either directly or
| indirectly, any commission. emolu-
ment or gift. oiu-
lnasmuch as 1t has been reported I'm
public press that ex-Treasurer of tho
state Joseph Bobleter. had received for
Ais own private use certain sums. SIM
poseo 10 De excess interest over that
paa 10 the state, and, inasmuch as n
was charged that he had converted
these certain sums to his own nriva 70
use the committee subpoenaed Mr.. Bob
leeer as Its first witness. The evidence
gwen by Mr.. Bobleter before your COM
mlttee was in substance this: That AT
olHerent times, he had received certain
sums OF money from officials of the
State bank. Minneapolis, and the Amer
lcan Exchange bank, of Minneapolis.
W. i, GO no sums an IN the aggregate amounted
paid him by the State bank, and s1s7 %
Iy the american Exchange bank. Mr..
Bobleter stated under oath that If Was
nus desire, at the expiration of his
term, up to and within an hour of the