Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-12-15

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Everybody about the state house in Santa Fe seems
facts concerning what the books show difficult
Everyone willing to show the investigator what he
wants to See In addition they are all ready to give him
/ Everybody knows by this time that the Santa Fe
bank closed owing the state $353,O00.
This bank had capital and surplus of $65 OO0
Another bank the state having 100000 of capital and
surplus nearly ten times large has $4,000 of
deposits The First National bank of Santa Fe has $21
account for this deposit of than third of million
dollars in weak bank No powerful politician was be-
hind this bank. So politics does not explain it. But there
is reason for everything. What is the reason?
No in Santa Fe will venture a reason for this
situation is perfectly apparent that real investiga-
tion will disclose that reason But one except the
Journal seems to be attempting an investigation We
not getting very far. We lack the power to
subpoena witnesses and compel them testify Some one
with that would 60 to the bottom of this rotten
in two days Somebody MUST go to the bottom of it.
This situation goes much farther than the
failure of bank. State Treasurer Strong in
Fe, in this crisis. He rarely is in his office He
leaves the management of the deposits of his office
amounting to about two and half millions of dollars
his young daughter, very estmabe young lady. She
exercise the discretion which the older head of
her father should exercise Mr. Srong neglect of his
office is seandaous Allowing these deposits to accum-
knew better. Why then did he do it? Someone must
find out
deposit of $4,000 paid to the treasurer by the auditor
the Journal found the record of the receipts the money
by the auditor kept scraps OF and written with
a lead pencil No permanent record has been kept.
the travelling auditor Where is the travelling auditor
while the state auditor is keeping records and the
treasurer is violating the law limiting deposits?
The truth is that the travelling auditors department
is farce and its head failure. The state has no
system of keeping records worth the and what it
has are so poorly kept that the whole thing grim
joke.
600 from the First National bank of Santa Fe the
Santa Fe Bank on December B. one week before the
told her to do and that Cashier Lynn Of the bank
would wait for the check which he did. Read denies
this saying that he told her that the bank needed the
and that she had better telephone her father about
it. He denies telling her to make the deposit 1t
certain that however cautious he in what he said,
that he lending to the transaction at
time when he knew and had known for months that the
bank insovent.
Tied up with this bank deal is the that banks
many could get deposits only in they bought
their surety bonds from certain firm. Other rumors
with good colorng of truth afloat. These must
be investigated
The simple truth is that special session of the
legislature is absolutely imperative. Accepting the
resignation of two FOUR six state officials will not
solve the problem. The facts and the causes of the
existence of the facts must be into by the legislature
that the remedial legislation necessary may be nd
Gated and adopted.
If the republican party backs away from this
situation and attempts to smother investigation
conceal the facts it is doomed. The test here. Has
that party the vitality and the moral stamina to meet
its problem in the open and deal with it with courage
and integrity If has, convince the people of
attempts to dodge it will make iconocasts out of
thousands of independent thinking people who would like
10 be republicans.
Now is the time to ferret out incompetency and dis
honesty expose them and punish those at fault. Now
IS the time to adopt law which will establish system
IF accounting and audits which will make such cond
ion forever impossible.
The people get relief If they will clamor
:or it. If public opinion will not make itself felt at
,nce entitled to no better government than
,ave Governor Mechem will listen if public opinion will
speak.