The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-16
He Was Quoted. However, to the Eff
feet that There Were No Losses
During Taggart's Incumbency.
LANCASTER ADVERTISEMENT
SOME ADDITIONS MADE TO THE TA-
BILE PRINTED BY THE NEWS.
Further story as to the Landers Loan
"A Change in County
Treasurers.


has published daily explanations of z.
NJ Johnson's various peculiar transactions
concerning the investment of the school
funds. It's latest effort was made yesterday
afternoon. 1t did not have an interview
with Mr.. Johnson, however, concerning the
Tolin mortgage. in the description of which
was an error by which twenty acres of the
property the Tolins offered for security was
omitted entirely. Mr.. Johnson, however,
was quoted in some more grand stand"
assertions. He laid stress on the fact that
during Taggart's two terms $754, O.66 of the
school fund principal had been loaned. In
the two terms, he was quoted as saying,
there were no losses. He regarded this as
being record that would be envied by any
financial institution loaning money. The
Constitution and all statutory laws of the
State are so drawn as to guard against any
possible loss. If they are obeyed, il no more
than 1900 Is loaned to any one person,
and If the property is worth twice the
amount loaned on it, as the law requires,
there can be no possible losses. The laws
require that there shall be none.
Yesterday the News called attention to the
fact that annually the County Commissions
ers are required to report to the state super
intendent the condition of the school fund.
The report of last June showed land for
feited to the State on which the total loans
due were $14,630, secured by real estate
estimated" to be worth S15, $780, Pasted on
the copy of the report which is retained
in the Office is slip with the names of
delinquents, the amount they borrowed and
the estimated value of the real estate.
This was not part of the report, but was
Mr. Shepard's private memoranda on which
he had figured the total loans due and the
total estimated" value of the lands which
the county holds This slip did not show
the value that was put on the land by the
appraisers when the loans were made, in
each case double the amount loaned. The
estimate" is of no practical value, as, to
quote Mr. Shepard, ut is mere guess work
In making it I was guided somewhat by the
appraisement that had been put upon the
land when the money was loaned. 1t
seemed to me that it would be fair to 'esti-
mate the land at half what the appraisers
swore it was worth several years ago." The
table included the land involved in
the Backus, Larkin, Ianders and
Freeman loans. E. M. johnson, the
candidate for auditor and E. d. Bryant,
the mayors father-in-law, swore, when the
Backus loan was made that the security
value was $1,000. In this case also, Mr..
Shepard did not omit in the estimate Lot
49, which was included. in the mortgage,
but which had previously been mortgaged
to the school fund, and cannot be consid-
cred any security on this loan. When the
News published Mr.. Shepard's memoran-
dunn, If a third column had been added.
showing what the appraisers, including Mr..
Johnson, had sworn the land to be worth,
which Mr.. Shepard was guessing at" it
would have given additional light. The to-
tai sworn appraisement of the loans made,
including the Backus, Landers, Larkin and
Freeman transactions, on which Mr.. john
son had to pass, was $26, 160. With this
sworn statement as to what the land was
worth before him, Mr.. Shepard might be
allowed to guess at the value of the land
now held by the county. 1t will be observed
that in the Scott, Wiles and Bolinger loans
in the table below, the estimated value is
higher than the amount of the loans. That
Lancaster loan was $435 The property was
originally appraised at $3.50. A reappraise-
ment showed it to be worth but $500. 1t is
probable that a reappraisement of the
Backus. Landers, Freeman and Larkin
loans would have a similar result. Below
is reproduced the tables printed in the
News, showing the face of the loans the
estimated value of the property, and a third
column added showing what Johnson, Bry
ant and others swore 1t to be worth when
the loans were made: