Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-01-07

From tho Ohio State Journal
OSLO STATE STOCKS-BASE
MISREPRESENTATION
CORRECTED.
CORRECTED.

MISREPRESENTATION
CORRECTED.
The following article made It's ap
pearance in the New York Journal o.
Commerce Of the 2lst inst. 1t produ-
Ced an immediate panic & alarm among
the holders of our State Stocks. The
name OF the author was demanded anC
when given up was found to be William
B. Arven. Mr.. Arven holds the situa
ton Of Assistant Clerk u lhe Senate o.
this State. His motive IN writing such
letter for the city press, we consider
apparent A greater tissue OF base 10.
situations, Misrepresentation and false
hood was never crowded into the same
space. We publish 1t, that the author
may he held up to The indignant scorr
and reprobatlon of an insuIled commu
nifty.
Correspondence ofthe Journal of Com
nerCe.
CoLUMsUs, O., Dec. ID, l84l.
Some things have transpired since
the General Assembly of Ohio convened
in This city, that may perhaps, prove in
terestIog even 10 your eastern readers
and especially TO the holders of State
Stocks. The doctrine that a debt con
irhcted on terms conlravening the very
law which authorized its contraction, is
illegal and fraudulent and ought not to
be paid, appears TO be gaining converts
10 OHIO, even in cases in which Sover.
.eIgn States are the contractors. The
Senate Of Ohio has directed by strict
party vote, 10 10 II, the appointment Of
Standing Committee on the Public
Debt, whose province it is to enquire
INTO The origin, rise and progress OF the
present enormous debt OF about Sl7000,.
900. under which the State now groans.
La the animated DEBATE which Hr0ss on
the question Of appointing this committee
1t was stated BY one Senator, Mr. Leo
n7rd) that rumors had bnen prevalent
that the Books of the State Fund Com.
ml,sIoners would not balance by $500,
900, and that it vas due to the credit Of
the Stale and To the character of the
Fund Commissioners that such rum0rs
should be put at rest forever, or their
truth demonstrated by authority. These
rnmors have been told wore IN circu.
lntlon last year, aud apply to the late
Fund Commissioners Oftheir truth or
faIslly ] have no means OF forming cor.
rect judgment.
Mr. Taylor who is understood TO be
the Jupiter 7'OndEs of the Democratic
party IN the Senate. continued the de.
bate, stating as reason for the appoint.
ment Of tho committee above mentioned,
that The question Of repeating the debts
Of the States had nIreadybeen seriously
mjoted INTO more than one member of
the cOnIederacv, and TINT the frauds
complained OF else where we're not rare
oven in the history Of the finances Of
Ohio. have been told by those who
are we'll informed on the subject, that the
honorable gentleman, no doubt, had par.
ticuIGr nIuslOn TO certain acts Of the
present Fund Commissioners, IoC whom
Alfred Kelley is ihe "head and frDnt,"l
by which they borrowed large sums OF
the franklin Bank of Columbus and the
Bank Of i'hllicohe, at six per cenium
interest, but taking the Deprecated notes
Of the institutions al par value, which
was paying interest at much great.
or rate than six per cent. The loans had
hui short periods 10 run, and instalmenis
have already become duo, to meet which,
as am informed, the State has been
obliged 10 sell tho notes Of The Banks at
a large discount in order to raise the
specie. Now it is said TO be the plan
of M. Taylor and his coadjutors to
deny the power OF the Fund Commits.
sionera TO transcend the law which con
,ompated specie or its equivalent, and
to insist that not farlhing more be
paid to these banks than tho specie val.
ue of the amount borrowed. | am not
prepared TO say that Mr.. Taylor and
his associates will carry their repudia-
ton any farther; but il is very possible
that Tho committee, in the course of ito
investigations, may discover lransac.
tons far more in,quitous, and far more
10 conrravonlon of law than these 10
which have alluded above. II such bo
the results Of their labors, | greatly
fear that the doctrine now breached
NAV be extended in its application to all
these transactions, if any such there
be.
Tho Ohio Statesman, the organ of
tho dominant party IN this State, is,
also, worry strenuous for this investgO'
lion into the condition Of tho State debls,
produce what clec'sit may on tho val
uc of stocks 1t lisno friend II says, to
a hide and 60 seek system "
We deem it proper, in calling public
nttnntipn Ia thta incandinr,, ,uI,It,n,,on