Semi-weekly herald., 1908-01-23
THE CONGO IN THE kInDLlNe

II is now said, that the idebtedness
on the Colorado State Bank Building
is to be wiped out, and that that hold
ing of b. N. Freeman Is to be turned
over unincnmbered to the banks and
depositors' trustees. That looks good
on the face of it, but 1t Is further said,
that this mortgage against the Colora-
do state Bank building is to be raised
there and placed upon the Schutt and
Gallotu building.
Whoever is planning this agreement
Is doing nothing short of Juggling with
the advisory committee and the depo-
sitors, and the Democrat viii tell you
why.
Is it not fact that in the s141.000
of assets listed as good by the receiver
these buildings appear as the property
of the Income Property company bond
ed, and the bonds are hypothecated
for $4,000 to Freeman brother In
Potiac, Mich. as collateral for an os-
tensible sl7,500 loan and $4,000 OF
the bonds are hypothecated with the
Surety company, which guaranteed
the county's deposit in the bank
Now then, the point we wish to un-
cover Is this: II the $4,000 mortgage
is taken off the bank building, and
placed upon the income Property com
pany holdings are not the original liza
bilities of the bank increased by Just
that sum? We say yes, they are. I'm
der this operation the net result OF the
additional assets offered by the quar-
tette of boodlers is 100000 less, and
again we rise to assert that the dollar
for dollar racket looks like 80 cents
to US.
Democrat would advise no one to
rush in and sign an agreement until
they digest 1t well and good. So far
its juggle and not a proposition.
The above is from Sunday mornings s
Democrat, and is in line with the pa
per's well-known despicable lying. The
conclusion drawn by the Democrat is
lie from beginning to end and for the
sole purpose of deceiving the deposit.
ors. The Herald asserts once more
that the Democrat will misrepresent
and lie unblushingly in order to cast
odium on the Colorado State Bank of.
iicials. The Herald is not going to
condone any misdeeds, II there are
any, but IL does seem as though de-
positors should see through the Demo
Gratis game. When the bank failed
column after column was filed with
tears for the poor women and children
having small deposits, who could i'll
afford to lose them. Now that plan
has been devised, whereby about 275
of these poor savings depositors are
TO receive their money dollar for dol
lar within ninety days. or Messrs Free
man and Chapman forfeit $4,000
worth of property, the Democrat chan
ges Its base and takes position that
absolutely means, they will not re-
ceive cent for possibly year or two,
and then only in driblets TO the to-
tai tune of possibly 20 TO 25 per cent,
according to its own statement publish
ed the morning after the receiver filed
his report. The Democrat does not
want the women and children paid,
and the depositor who thinks so, is
hoo-dooed and the fact that it is OPP
posing plan whereby they get their
xnitb re
where $50 or under, within nintey days
is sufficient proof
nd yet in the face of this there are
some depositors taking and supporting
sheet that would cheat them out of
this money. The Herald editor will
meet David f. Day at the First Ma
tional bank at o'clock tomorrow NOR
ming and put up $500 against $500 that
he wilfully and maliciously misrepre-
sents the facts in his article OF Sun
DAY morning-to the effect that the
100000 mortgage is taken off the bank
building and added to the Income pro-
perty, thus reducing the assets 10000.
Any deposition can secure a reward of
s25. who will get David f. Day to &C
cept the Herald's offer Put up or
shut up your willful misrepresenta-
ton.
Also make good your s17 500 qua
rantee to Smelter City State bank de-
positors. If you want to be considered
decent in the eyes OF the people.