Rensselaer Republican, Volume 27, Number 22, Rensselaer, Jasper County, 24 January 1895 — TAYLOR’S DEFALCATION. [ARTICLE]

TAYLOR’S DEFALCATION.

Gov. Mellette Tells How It Came About A Pierre, S. D., dispatch, Jan. 12 says: Ex-Gov. Mellette, who Is one of defaulting State Treasurer Taylor’s bondsmen, in an interview gives some particulars relative to the circumstances which led up to the great deficit and Taylor’s flight. -Gov. Mellette met Taylor in Chicago, Dec 11 and there was a conference of the bondsmen at that time. Taylor said that during the panic of *93 the bank of Gettysburg, 8. D., got into close quarters and appealed to him for help, and he advanced 840.000 of the State’s money. He soon found out that the institution was in a bad way and sent good money after bad until he had sunk 8100,000. Then came ot her losses, and he found himself In possession of real estate, merchandise, cattle and all descriptions of property except money. He appealed to the bondsmen and they helped him to the limit of theii ability, hoping that Taylor might be able to realize on this personal property turned over by his debtors. Finally they reached the limit. Taylor was unable to sell his property, the end of his term drew near, and he was compelled ts go to the wall. Governor Mellette has no knowledge of Taylor’s whereabout! and does not believe that he has any considerable amount of money with him. All the prbperty in the State belonging to Taylor or any of his bondsmen Is being attached. Tbo condition in which this defalcation leaves the State is very unfortunate. The ordinary running expenses, interest payments and warrant* already issued will amount, the Ist ot July, to 8500,000. The expected revenue to that time is not half that sum. Soma coupons were defaulted on for lack off funds, and, of course, until the method of handling the matter is devised, no warrants will pass. One hundred thousand dollars of the money lost belonged to ths school fund, and tnere is no way of re plAishlng that fund until the bonds can be collected.