The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1903-05-23

s-J ~-
But this is not all of the Kelly profits.
The News informs us that the U. s.. AZ
would draw 16 per cent interest during
the next four years, Of A per cent per
year. This would amount to $50, 900.
For this $4,000 the School Fund will re-
ceive the interest on the Massachusetts
bonds at 8 per cent per annum, which
in four years will amount to only $45, 900.
In this the nice little sum of 1876, 900 is ad-
ded to Mr.. Kelly's profits, making a
grand total Of $52, 1000, as far as heardfrom
but not one cent Of profit to the Nevada
School Fund.
Thus the figures demonstrate that the
members of the board are not such cute
financiers as the News essays to present
them to the public. No wonder that
Mr.. Kelly did not insist upon the Legis-
lature passing a relief bill for him to re-
cover the expenses of his trip. If he did
not think that Massachusetts, So would be
less valuable in four years, and did not
know that U. S. 4s were more valuable at
the time the deal was made than $1.10.
why would he come away out here at his
own expense to make the trade?
A fellow who is able, financially, to
carry around in his pockets 100000 ia
Massachusetts 80, and succeeds in trading
them off for $500, 900 in U. S. As may not
be a fully developed financier, but evil
IDENTIFY possesses some qualifications
which may, in time, put him in the class
Of ]. Pierpont Morgan and our State
Board of Education and win for him a
place in the hall of fame as a prince of
finance. INVESTIGATOR.
Patiently Waiting.
The Silver State does not propose to
let this important matter be dropped,
and on May II, while ''patiently waiting"
asks why this "deep, audible silence over
in the direction of the State Capital, if
everything was as claimed?" and con-
cludes: "Outside of the Carson News
no newspaper in Nevada seems to know
anything about the deal, or to have pub
lished anything in connection Herewith.
We could say more at present, but faint
our move we played last"
Following this the SENTINEL states it
awaited the return Of Senator Raftice,
who was Chairman of the Senate Com
mittee on Education of the last Legisla.
ture, to "learn something about the
deal" before saying anything. The Sem
ator reached Eureka too late last week
for his statement to be published. Mr..
Raftice said:
Senator Raftice's Statement.
"Just as 1 was leaving Reno two weeks
ago, my attention was called to the Win
nemucca Silver State Of April %, relative
to the transfer of bonds made by the
State Board of Education. / regretted
that time did not permit me to give it
immediate attention. But it is not too
late. The facts are these:
president Stubs asked me to
notify my Committee to meet in the Gov
ernor's office. He was solicitous that the
Senate and House Committees be pres
emit at the same time. Other business
prevented the Committees from meeting
and two or three trials were made
before we got together. 1 did not
know for what we were wanted, and as a
matter of course supposed it was for
pertaining to the University.
At our meeting in the Governors
Office the Board of Education was there"
"Wasn't Mr.. Kelly, who represented
the Kansas City syndicate PRESENT."
emo"
"Was he in Carson several weeks ne
gotiating this deal?"
II never saw him."
"What developed at your meeting"
"Mr. Wildes, the Deputy State Treas
urer, was engaged to explain the con-
templated change OF bonds and was dem
onstrator of the dollars and cents that
would increase the School Fund. The
argument was that the series then held
would soon expire, and that 80 much Of
the school money would be on hand,
seeking investment. When the deal had
been outlined to us, we were asked for
our opinions. The proposition on the
face of it did not look very good, for it is
a matter of history that the School Fund,
the Pride of Our State, is a great temp
tation to scheming politicians. and on
the other hand there is not an American
who does not regard United States bonds
the best security in the country. We
knew nothing of the Massachusetts
bonds. We saw the question was an
important one, one in which We had no
say only to give an opinion"
"Why were you asked for your opin-
ions?"
IT do not know. If the Board had the
right to make the exchange, they had
the right to do it without our knowledge
or consent"