Willmar tribune., 1899-07-26

less. Who ever heard OF receiver
voluntarily giving up a good receiv-
ership? The fact seems to be the re-
ceiver got to the end OF the rope as
far as collections are concerned, and
the State still had $8O,OOO coming.
Now something had to be done, and
it had to be done quick, too. The
collection OF this claim had been de-
ferred as long as it could possibly be.
In July, 1899, the liability OF the
bondsmen for the bank and also for
the then State Treasurer Bobleter
would cease under the statute OF linz
ltations, as far as this claim was con-
cerned. Some way to appease the
new attorney general and prevent
him from bringing suit must be
found. And in S. F. 155 way was
found. Now this bill is so plain that
child could comprehend. believe
Senator Grue does not plead ignor-
ance in this his initiatory bill.
Then comes the next question, was
it right or wrong? What were the
merits of Grue's Bill? 1t sought to
absolutely release certain bondsmen
OF the banks aforesaid and indirectly
the bOndsmen of the State Treasurer
Ii the bOndsmen OF the banks went
into bankruptcy under the Nelson
Act, as they threatened to do, this
whole claim would revert to ex.
Treasurer Bobleter and his bonds
men. 1t is primarily of course the
bondsmen of the bank whom Mr..
Grue would release from an obliga-
ton to the State. And what was
this obligation? Topay to the State
$3.50, 1000 which they (the banks) had
received in cold cash, representing
part of the taxes from all parts of
the State. They had not only receiv-
ed this money, but had solicited it;
in the case of the State bank they
had even gone SO far as to pay excess
interest i'll order to get more and
more OF the States funds. Mind you,
Mr.. Editor, the regular interest then
paid by banks for Stats deposits was
3 per cent; the State Bank paid this
per cent and all additional l per
cent, which went to some one else, to
obtain and hold this money. In 1895
/ started an investigation in the leg
islature OF this matter and as a re-
suit $4,000 Of this excess interest was
refunded and paid into the State
treasury. 1t was during that inves-
tigation that I obtained an insight
into the methods OF doing business
in the State Bank and how they
robbed the State and every other de-
positor. The States money and the
hard-earned deposits OF many poor
people were most wantonly squan-
dered in the widest kind OF specula-
tions, 1t is we'll enough for the di-
rectOrs and stockholders to plead
ignorance, but the steals perpetrated
in this institution We're so gigantic
and audacious that even outsiders
ought to have smelled a rat. And
after losing the States money now
come the bOndsmen and want to be
released. They come now and ask
the legislat ature to make them a pres
ent OF the $4,000 which their dis
honest cashier stole. Had the bank
failed because OF unavoidable causes,
as there were many failures in 1893,
their plea might merit consideration
Or It least invoke sympathy, but in
this case it occurs to me it would be
placing premium on dishonesty.
Wouldn't that be a glorious prece-
dent to establish? Why not pass a
law cancelling all bonds if they arc
only a matter of form anyway. Why
beat around the bush and prate
about assets that no one, no not
even the bondsmen themselves, want.
II the assets of these banks are worth
anything, why didn't the bonds 8 men
take them themselves? Why resort
to this peculiar way OF unloading
this alleged property on the State?
And, Mr.. Editor, what precedent
this would establish in Minnesota,
Every bond would become a farce
and Il nullity. Why the Populists
when they get control of the legisla.
ture will release all these parties.
sometimes wonder what these bonds.
men would say if some unfortunate
person should come into their place
of business in this year of grace 1893
and ask to be released OF the pay
ment of a just debt because of the
panic of 1898! Why they would give
him the laugh and tell him such an
act would not be business.
| Now, Mr.. Editor, this would have
been the result of Grue's s. F. 155.
How does the introduction of such a
bill compare with the we'll known
demands of our reform 60 friends
for retrenchment,z economy and re
form? Whicl, of the three headings
does itcomeunder? Perhaps Reform
Lawson can answer that, A legisla,
tor, Mr.. Editor, is in a measure the
custodian of the States funds. We
expect of him careful management OF
the same. To this he indirectly
makes oath when he begins his Off.
Ecial duties. How, Mr.. Victor Law.
son, did your man Friday lGrue)