The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-08-20
BLACK AND UGLY.
Continued from Page one.)

Continued from Page One.)
lowing the records of his office tc-be
seen by newspaper men, They have &C
cused Assistant Auditor Nation of dig
ging up mares pests to make other
state officers trouble Political friends
of Mr.. Wells have been sent to him TO
ask why he is fighting the ticket" by
letting out which will cost
other state officers votes in the coming
election, and strong pressure has oeen
brought to bear on Mr.. Wells to keep
It is reported that State Superin-
tendent Dayhoff has repeatedly assert
ed that no reporter should
see any records in his office, an asser-
ton which he made good Thursday
by fatty refusing the State journal
access to the proceedings of the oond
commission.
On Thursday afternoon, August II,
which was Thursday of last week, MT.
GODDARD, Treasurer Kelly, Secretary OF
State Burrow and Attorney General
Coleman congregated in Auditor Wells
office about the time the state mouse
offices closed for the day. 1t is not
known that superintendent Dayton
was there. He was not seen among
h number going. The quartette
were closeted with Auditor Wells in
his private Office for some time-Just
how long the State Journal does not
know.
This is the time that it is supposed
It's LOAA IN AON 0A -~F
TO compel him to register the BONDS.
1t is reported that Attorney General
Coleman ruled that the auditor has no
authority to hold up bonds Wnlcn lne
school fund commission mas purchased
that the commission is the Judge OF
the value and validity of the bonds ana
the auditor performs only a clerical
duty in registering them Strong pres
sure was also brought to bear on MI.
Wells to make him promise to keep his
records secret.
When Were They Registered?
Another element OF secrecy abou
these bonds is their registration 1t
requires a good while to register 123
bonds, as the record is an extensive
one. They could not have been reg
istered during business hours on
Thursday, Friday or Saturday of last
week. Knowing of the conference be-
tween Mr.. Wells and the other state
officers. a State Journal reporter was
watching the auditors office during
business hours to see if the bonds were
registered. They We're not registered
during business hours. 1t is reported
that some one was working in the aud-
itor's Office till a late hour on Thurs
day night. August IL. That is prob
ably when the bonds were registered
Auditor Wells Agreement.
On Friday. August u. the day fol-
towing the conference in Mr.. Wells
private office. a State Journal repre-
sentative asked Mr.. Wells point blank
if the question of registering the
JULIUS d nE6h pdSSGA up ~ Dllll
He lodged the question, but said he
was convinced that he had no author
1ty to hold up the bonds. but would
register them if presented to him as
purchased by the school fund COM
mission. He then made this stato-
ment:
Il nave been made some trouble be-
cause of the fact that 1 have above
the records of this Office to be seen
and stories rejecting on other state
officers have grown out of it. For that
reason hereafter information concern
ing the purchase of bonds will have to
come from the superintendent Office,
where the bonds are purchased. l be-
lieve these are public records and
ought to be open to the public, but I
am accused of fighting the ticket and
as long as these records are in Day
hofs Office 1 will ask that the in
formation come from there. 1 have
agreed to protect these officers till
after election Then they will have
to look out for themselves
What Are the Bonds Worth?
If h bonds were a good investment
for the state and worth par. and if
that is what the original 6 per cent
bonds were purchased for, the rake
off IN the deal would be the $4,000
commission and the state will be
out only the S32,520 interest.
But it is very evident that the bonds
are not worth par or anywhere near
it H B. Kelly says that he had an
option on the old 6 per cent bonds at
~ - jul a 11E 0lACAT VI OaAS J. I
buy a thing cheaper than the option
which ties its sale for a stated time. |
Mr.. Kelly says that the best offer he
could get on the six per cent bonds |
anywhere in the United States was
only 90 cents on the dollar.
If a s per cent bond is worth only
90 cents on the dollar, il is evident
that a ~ per cent bond, with the
same security behind it, is worth much
less. The old issue of bonds had been
refuded once, so the new issue was
no more valid than the old The mar
ket value of the new bonds can. there
fore. be gotten out by solving the fol-
lowing problem:
If a bonda bearing six per cent
interest, or $50 per annum. is worth
5000, or 90 cents on the dollar, how
much is the same bond worth bearing
AZ per cent interest. or $45 per an
num- ?"
The solving of this problem shows
that the 4 y per cent bonds are worth
gu cents on the o~en market
Ctmanche County's e
The last published report of the
state auditor shows that Comanche
county. besides his issue of bonds,
owes $4,000 of refunding bonds due
= 1912. n $4,000 of jail bonds due
= 1919, a total of $156,O0O.
1t also owes. according to the same
Export. township. city, and school dis
@ct bonds amounting to Ss6,1S2. This
is a total municipal bonded indebted
ness of Comanche county of $3.50, 1872. or
considerably more than one-third of
the assessed valuation of the county
returned by the township assessors,
was S632. $50
It may be that III kznds will be paid