The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-03-24
Senator Chambers Savage Re
mark Explained.
OHIO APPRovEs McklNLEYs ACT
n. n. <ohIsaat, Who Managed the
Fund, Says the Beneficiary
Didn't Know the
Contributors.
Contributors.

a
| to put up a mortgaged candidate"
| On February IL, 1898, every dollar
| Mckinley possessed was swept away
| and he was overwhelmed with an in
/ debtedness of between 100000 and
| 100000. 1t all came about through
the failure of Robert t. Walker, capt.
| talist, banker, manufacturer and boy
| hood companion of Gov. Mckinley.
| Mr.. Walker lived in Youngstown.
| He was president Of the Farmers Ma
tional Bank, the Girard Savings Bank,
| stamping-mill company, a stove and
range company and interested in sew
| eral coal mines in Western Ohio and
| Eastern Pennsylvania. Mr.. Walker
was a potent factor in the community,
had the confidence of everybody ano
was rated above $250,000. When young
Mckinley returned from the war and
began the study of law and politics
Walker had helped him. When McKin-
ley was elected to Congress he found
the campaign expenses heavy and a
mortgage which was due on his wife's
property forced him to negotiate a
loan of $4,000 from Walker.
This Major Mckinley paid out of his
salary as Congressman within two
years. IT is probable that similar loans
were made and paid afterwards. Mrs.
Mckinley was an invalid, and as Major
McKinley's income was only $1,000 and
an occasional legal fee he was never
able to save anything. Tt was only
during campaigns that he required
these loans, and the money was ex-
pended in campaign assessments.
When he had won fame in Congress
he was no longer assessed anything,
and in the last ten years of his life in
Congress he was able to accumulate
$50. 900 Tt was invested in securities
and real estate. These securities con-
sisted of stock in various coal mines
and undeveIoped coal fields. The chief
real estate was the modest home in
Canton. Early in 1893 Mr.. Walker told
Major Mckinley that he was hard
pressed for ready money. He asked the
Governor to indorse his notes, which
he proposed to have discounted With
out investigating or inquiring into the
matter Major Mckinley instantly con-
sented. He only knew that his old
friend, the man who stood by him in
early wears, wanted assistance, and
anything he could do to help him he
cheerfully did. The notes were made
payable in thirty, sixty and ninety
days, and Major Mckinley Endorsed as
he supposed about $4,000 worth. They
were discounted as Walker planned
and Major Mckinley thought no more
of the matter until February II, 1898.
On that date Youngstown and Ma
honing Valley was startled by the as
sion1nent Of Robert II. Walker. A judg-
a4o nOn arrasvuf 40 N0tIn0G-
town Stamping Company caused the
failure. The stove company, the eoal
mines and the other enterprises went
down the next day. Then the banks
which held the Walker paper began TO
figure. Major Mckinley was leaving
his home to go to the banquet OF the
Ohio Society in New York when he was
informed Of the disaster. He cancelled
his New York engagement and took
the first train to Youngstown.
There he learned that instead Of be-
| ing on the Walker paper for $4,000, ms
liabilities in that direction was nearly
500. 900. He could not understand ~.
Banks all over the State telegraphed
him they had some Of the paper. lie
was under the impression the paper
had been discounted in but three
banks. He held conference with ms
friends. He told them he had endorsed
a number of notes, but he understood
that fully half Of them were made out
to take up notes which he had first m
dorsed and which had fallen due.
Al little investigation showed that
the old notes were still unpaid and the
new notes had doubled, trebled, quin-
tupled the debt. The Walker liabili-
ties were about $4,000 and the assets
not half that sum.
After the conference with his
Youngstown friends, Major Mckinley
said: II can hardly believe this, but it
appears TO be true. / don't know what
my liabilities are, but whatever ! owe
shall be paid dollar for dollar
Mckinley was not interested in any
Of Walkers business enterprises. The
connection was simply one Of friend
shin. II is an interesting fact that a
rim mill. an esinfant industry" the
Youngstown Stamping Company,
caused the financial ruin Of the apos-
tie of Protection.
Mrs. Mckinley owned property val
ued at $4,000, left her by her father
On February ~ the Governor and his
wife made an absolute and unqualified
assignment Of all their property to
trustees, Fl. III. Kohlsaar Of Chicago;
| Myron r. Herrick, Of Cleveland, and
Judge Day, of Canton, Ohio, to be
| turned over without preference for the
equal benefit OF the creditors.
Friends urged Mrs. Mckinley to re-
tain an interest in her property, but
she refused, and executed a deed 10 M.
| A. Hanna, OF Cleveland At this time
Major Mckinley said: II did what
could 10 help a friend who had be-
friended me The result is known.
/ had no interest in any of the en-
| terprisese Mr. Walker was carrying
The amount Of my Endorsements is in
excess Of anything | dreamed. There
is but one thing for me to do one thing
| / would do-meet this unlocked for
| burden as best / can. / have this day
placed all my property in the hands Of
trustees, to be used to pay my debts.