The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-03-27
DAILY, $40 A YEAR.
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WEEKLY 2-TIMES-A-W EEK 81 A YEAR
WRIGHT HAS DONE NO WRONG.
THE CONTROLLER GENERAL DE-.
FENDS HIMSELF.

The Resolutions Adopted by EIbcr-
ton Stockholders of the Interstate
Building and Loan Associa tion of
Columbus CensurIng Him for His
Connection with the Southern Mu-
tuaI Loan and Building AssOcia-
tIon Inspired by Political Motives.
MIR. wright Explains His Connec-
tion with the Southern Mutual.
Atlanta, Ga, March 26-Controller Gem
eral Wright to-day declared that the ac-
tion of the Elberton branch Of the Inter-
state Building and Loan Association.
which yesterday met and passed a res
olution condemnlng his conduct as di-
rector in the defunct Southern Mutual
Building and Loan Association. and de-
clarlng that he would be fought for re-
election on account OF his connection with
the Southern Mutual, Is inspired by
former member OF the legislature who is
interested in lighting him for political rea-
sons
In reference to the resolutions, Col.
Wright said to-day: what have the
stockholders of the Interstate Building
connection with the Southern Mutual? Ie
no wrong doing Is charged against me as
a director of the Southern Mutual what
has my connection with that institution
to do with the office l hold as controller
general OF the state? The motive behind
this Is clearly political Two years ago
there was In the Senate from Elberton
Geferrlng to Or. N. C. Long,, man who
sought to separate the office of insurance
commissioner from that OF controller gen.
eral, and introduced a measure to create
an insurance commissioner with salary
of 5000 and an assistant with salary OF
$1,000. That was defeated and he tried to
cut off my fees as commissioner of insur-
ance. He said IL 1 can't give them to
some one else you shan't nave them, and
he introduced a resolution reducing to
81, 600 my compensation for work which he
had proposed to put on another depart-
ment with total expense to the state OF
about $1,000. That also failed. That
man sat here In my office and said: Be
cause you have had the influence to de-
feat these measures before the legislature
l will pursue you to the end
II am willing to face the people OF IIl-
berton or any other community In this
state and go through my connection with
the Southern Building and Loan Associ-
alton from beginning to end, and If, after
a fair hearing, they condemn me, / am
willing to give up the office
LAS director of the Southern Mutual,
| attended every meeting, and there Is
nothing In my conduct as director shat
i am ashamed of.
THE trouble with the association Is not
with the loans. 1t Is simply that the
president, to whom the stockholders had
given proxies for over 10000 out of 1900
shares looted the concern and used the
assets as he pleased All the usual pre-
cautions were taken. Every year the
stockholders appointed a committee 10 ex-
anime the affairs of the association and
furnished them with an accountant, and
every time the committee indorsed the
management and indorsed Mr.. Hale.
1.-The Southern Mutual stockholders
have suffered simply from the rascalty
of the president, in whom they trusted
and whom they clothed with fun power.
No system on earth is proof against ras-
cality. AS well might you hold the presi-
dent OF a railroad responsible for the dis
honesty of station agent as to hold me
responsible for the looIing of the asso-
citation by It's president, whom the stock
holders had given proxies to vote nine
tenths of the shares"