Year: 1873

THE TREASURER OF THE AGRICULTURAL COL


LEGE AND OF TIE STATE USES THE FUNDS


OF BOTH TREASURES AT WILL, FOR PRIVATE


PURPOSES


The report of Joint Committee of the
Iowa Legislature upon a defalcation of Samuel l..
Rankin State Treasurer and Treasurer Of the State
Agricultural College reveals remarkable spirit
ofaxy in the management Of the funds OF the College
Mr. Rankin according TO the report, elected Treas
urer OF the College in 1861 giving bond of Sj00o In
1869 reelected but no bond required In 1870
ne again elected, giving bond near the expiration
OF his In December 1871, he was elected for the
fourth time, and again bond required OF him. AS
early as s0t discovered that large amounts
missing from the treasury, and in January, 1871 the
treasury became entirely empty. Yet Cl~n In
tho face OF these deinQuencies he was re-
elected, on promise OF giving bond TO
cover the past as well as future liza
bnities. He had spent In all than sJ7 900
OF the college funds AS he at the same time State
he turned at to the treasury Of the State
to its indebtedness TO the college. He continued
this until he became defaulter to the State TO the
amount of s360JO At this time there appropria
tion of S5OO from the State 10 the college, which he
placed the credit OF the college, paying to II only
the small inder left after deducng his den-
qucncics This made the State funds whole again. but
left the college treasury nearly empty. There were
several other transactions OF this kind, until December.
1872 when tho careless college trustees at length de-
clned reGect him. and he went out OF Office At that
time he was indebted 10 the college s33,3ol 49, which
amount is stll unpaid. The trustees made settlement
with him, taking his note for the amount The commit
tee express their belief that his entire possessions viii
not enable him to pay than 50 per cent OF his in
debtedness.


In view OF the following statement OF the committee
to OF choosing the trustees it is not at all
strange that the defacaton occurred:


The position Of OF the Agricultural College is
designed aud Intended 70 be honorary in its character
and the committee is OF the opinion that the office
should seek the and not the the office" Men
should be chosen for that position who have peculiar


fitness for the place. and not to satisfy local pride or p0


tlcal predictions. Hence recommend that the law
providing that trustee be elected from each judicial
district be repealed and that hereafter they be selected
from those best fitted, wherever found within the STATE
The State has now invested In the institution the sum OF
to the State aud by it held Tor the promotion
aud dissemination OF agricultural education ana coSnac
branches OF learning. This land IL worth. at low es
mate 81 All OF this vast OF more than s30OO
Is ntrused 10 the management OF Boird OF trustees
who have generally been chosen on account OF locaS
and by ~ some local political innu nee or import
anco. They 10 gether two or three times year,
spend day or two, ratlfy the acts OF the Executive
Committee or President, draw their mileage and 70
home without really knowing, or caring To know, much
OF Ga, inner workings OF the concern.


Tho report expresses no opinion OF what should be
done with Mr.. Rankin resting content with consuring
the trustees for their hasty settlement with him.