H.P. Hall's Observations; Being More or Less a History of Political Contests in Minnesota from 1849 to 1904

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904. Excerpt: ... OBSERVATION THIRTY-EIGHT. The Great State Treasury Defalcation in 1872-3. An interesting event in Minnesota politics, and one which would have dethroned any political party which was not so thoroughly entrenched in the confidence of the people as the Republican party was in those days, was the great state treasury defalcation, which was developed in the winter of 1873. Emil Munch had held the office of state treasurer for two terms, and was succeeded by his father-in-law, William Seeger. Dming Mr. Munch's term, as subsequent events and investigations disclosed, he had engaged largely in the purchase of timberlands and saw-mill operations, and doubtless had the usual expectation that his profits would enable him to restore any enforced loan he made from the treasury. As usual, there is generally a limit to such affairs, and this was no exception to the rule. In January, 1873, someone came to me with the intimation that it would be well to have the state treasury overhauled. I do not now recall who the party was, but he was in a position to have his suggestion receive attention. Consequently, on the 31st of January, 1873, I wrote and published conspicuously in the Dispatch the following editorial, headed, "WHERE IS THE MONEY?" Governor Austin's message gives this very satisfactory statement of the condition of the state treasury on the 1st of last September: "The balance in the treasury on the 30th of November, 1871, was $196,180.37; the receipts during the last fiscal year were $783,481.28, making the total amount of available funds in the treasury during the year $919,661.65. The disbursements within the same time were $736,361.59, leaving a balance in the treasury at the close of the fiscal year of $243,300." The people, not expecting so large a surplus ...