The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1922-03-16
GOVERNOR SPEECH
IS WELL RECEIVED
ENTHUSIASM AND FRIENDII-
NESS CHARACTERIZE LAST
NIGHTS MEETING.

Governor McMaster spoke in this
city at the high school auditorium
last night before respectful, atten-
tive crowd that packed the main
floor and balconies. The spirit with
which he was so cordially greeted
put him at ease and never before has
a Madison audience shown more
courtesy and civility 10 public Of
ficer
Chairman H. H. Holdridge paid
the speaker fine compliment when
mentioning the governors fidelity
to his trust for the past two years.
Prefacing his remarks on state
matters with expressions of CRATE
fulness for the large attendance, the
speaker spoke of the indications
present of general fairmindedness on
the part of his hearers. He was es-
pecially pleased by the sight of the
badges having his name in bold let
ters and took occasion to thank the
Madison women for club efforts in
his behalf.
The governor went over the world
situation analysing the causes that
ushered in a financial stringency In
the United States and the reasons for
the marked slump in the value OF
farm productions.
Egan's claim that the rural credits
board was short $1,5O0,000 was cas-
ily refuted. Credit bonds to the
amount of SAL, 100000 have been
sold at a discount. Disposed of this
way not on the basis of increased in
terest a great saving was effected.
About $1,0OO,00O per year is cue as
interest on those bonds. The accum-
ulated interest on farm mortgages
being higher than the interest on
the bonds the 81 100000 becomes an
asset with great saving to the
state. Had farmers taken bond is
sue. the annual interest could not
have been paid because of interest
payments due the hundreds OF small
banks and in case like that both
banks and farmers would have fall'
ed together The way the bonds
were handled postponed the day oi
payment for both business and far
mers. The speaker stated that as
long as he was governor no farm
loan mortgages should be foreclosed
The McDougal case in MarshaIl
county was reviewed, showing by al
fidavits made by responsible parties
that the land settlement loan on thai
farm was entirely legal and not be
| yond the 80 per cent limit accord
! ing to a valuation of about $l2,0Ot
Egan referred to the loan as exces
sive and only personal favor to
| friend. Reason and figures pre-
sented last night showed differently
Mr.. Egan stated, in effect, that Nc
Dougal should go to the penitentiar.
on that deal, or, someone responsible
for the loan The governor mann
tanned that if it was a race to se'
who would reach the pen first
would surely be Egan. Great ap
plause. Mr.. McMaster assured al
that the state would not lose a penn,
| on that land settlement loan TO Nc
| Dougal.
AS to the appropriation for a gov
ernor's residence, a start was MADE
| in the preceding administration
| looking towards the purchase o
plans and grounds by the capita
commission. The governor recon
mended that not dollar be appro
priated for the structure.
The governor cleared up SOM
egregious misconceptions about wha
constitutes the total Indebtedness o
the state, which is at present tn
lowest of any state in the union. |
was considered illogical to dump ill
assorted debts together IN ,ump sun
when the actual amount for tn
state is comprised only of bonu
bonds, cement bonds and rural credi
bonds, which list should not includ
. any school, municipal or county In
debtedness.
/ The work of handling the bonu
payments more efficiently and NOR
economically than is done in othe
states was made clear by statemen
of cost, number of people engage
and speed in getting payments to tn
! soldiers.
On the subject of taxation, tn
governor stated that he was ready
I reduce taxes just as far as the pee
} pie of the state cared to extend hin
, the opportunity. The people yot
/ their own tax for Improvement an
. 40 governor can overrule the
: wishes.
} Other matters were touched upol
such as, the deep waterway projec
the marketing system and railwa
[ freight rates.
The most impressive part of til
t entire speech was that portion whel
i Mr.. Egan's private and professions
, life were graphically delineated wit
t strong appeal to the voters to r
r pudiate him for decency's sake.
RI The speech brought out many
the splendid characteristics of Il