The daily silver state. [volume] (Winnemucca, Nev.) 1903-1907, 1903-05-25
THAT BOND
EXCHANGE
Stdtemdnt Made by Senator
RaftiCe That Should Force
an Investigation
PROPOSITION LOOKED BAD
Senate Committee on Educa-
ton Did Not Advocate
Trsnsfer
PROPOSITION LOOKED BAD

The Eureka Sentinel of Saturday,
May %. devotes half page to a con-
sideration of the notorious exchange
of the half-million dollars worth of
government bonds owned by the state
school fund of Nevada for Massachu-
setts bonds. made last winter. The
statement by State Senator Raftice is
of special interest at this time, hence
we reprint the article, with the excep-
tion of the various clippings from the
Silver State. The Sentinel says:
"The Nevada state board of educa-
ton recently negotiated an exchange
of $5oO,00 in United States bonds. be-
longing to the Nevada state school
fund, for Massachusetts bonds. The
transaction has provoked a great deal
of comment, pro and con, in the west
ern part of the state, and the officials
directly involved are just now in the
public eye. The Winnemucca Silver
State and the Carson City News are
devoting considerable space to the sub
ject, the latter on the defense. Nothing
has yet been printed as an official
statement from the board. or any
member thereof, despite the fact that
the Silver State of April 2S, in an
editorial entitled, Information We're
After" asked the board to make pub
lie the details of the exchange of Sc
curities."
Here follows the list of questions
asked by the Silver State, the COM
munication signed by investigator
on the issue of May II, the editorial
from these columns of May II, and
then the following, which Is self-ex-
planatory, from the Sentinel of Sat
urday:
THE Sentinel states it awaited the
return of Senator Raftice, who was
chairman of the senate committee on
education of the last legislature, to
learn something about the deal be-
fCre saying anything. The senator
reached Eureka too late last week for
his statement to be published. Mr.
Raftice said:
SENATOR RAFTICE'S STATEMENT.
"Just as l was leaving Reno two
weeks ago, my attention was called
to the Winnemucca Silver State of
April 2s, relative to the transfer OF
bonds made by the state board OF edu-
cation. l regretted that time did not
hermit me to give it immediate at
tention. But it is not too late. The
facts are these:
President Stubs asked me to no
tify my committee to meet in the Gov
ernor's office. He was solicitious that
the senate and house committees be
present at the same time. Other bus
mess prevented the committees from
meeting and two or three trials were
made before we got together. ala
not know what we were wanted Tor ana
as a matter of course supposed 1t was
for something pertaining to the state
university. At our meeting IN the
governors office the board OF eduea-
ton was there
Wasn't Mr.. Kelly. who represent
ed the Kansas City syndicate pres
ent?"
mo"
"'Was he in Carson several weeks
negotiating this deal :
"'What developed at your meet
ing?"
Mr. Wildes, the Deputy state
Treasurer. was engaged to explain
the contemplated change OF bonds
and was demonstrators of the dollars
and cents that would increase the
School Fund. The argument was that
the series then held would soon expire
and that so much of the money would
h on hand seeking investment Wheh
the deal had been outlined to us, we
were asked for our opinions. Inc
proposition on the face OF 1t dld not
look very good, for it is a matter OF
history that the school fund. the
pride of Gus State is a great temp
tation to scheming politicians and on
the other hand there is not an Amer
| ican who does not regard United
States bonds the best security in the
country. We knew nothing OF the
CONTINUED on page 4)