Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-05-24

1 ] hut the OppuNu
t books for the subscription of stock in tn
spring of 1887, it seems that James Z
Doty was prepared to buy up nearly Ih
whole amount, by means Of certifficat
OF deposite which he had received from
;he cashier of banking concern at Gree
, Bay; which concern,as vel as the cash
ier was believed TO be under his own con
troll. This certificate of the cashier pro
fessed to show that DOty had paid int
bank at Green Bay, called the Wisconsin
Bank, the sum of $50, 900, and which h'
succeeded in turning over TO the commits
soners of the bank at Mineral Point
What means he employed TO induce the
commissioners TO receive this certificate
in payment, or even as pledge for the
payment of stock, it IS no part of my
present object to enquire. Ten per cent,
upon the amount subscribed was all that
was required to be paid down.
A provision of the charter, however,
required that the bank should go into op-
eration before the expiration of year,
and during The summer, the subscribers
were called upon TO pay in sufficient
number of installments TO make up the
necessary capital 10 commence the trans
action of business. A board of direct.
ors for the concern, was chosen, and. as
might have been expected, James DIDO
ty, who had thus managed to monopolize
the stock, was appointed the treasurer of
the same. In this capacity, and as prin-
cipal owner he commenced the manufac-
ture of an irresponsible currency, and
soon placed the bank in situation that
enabled him to filch from the hard,work
ing miners and farmers of the country the
earnings of their industry and toil-and
that, too, without capital Of his own, with
out dollar ofspecie, or even a sufficient
quantity of 'wld cat or red dog 10 rep.
resent the stock that was required by law
to be paid in.
The Secretary Of the Treasury, Mr..
Woodbury., procured an investigation to
be made into the condition of this bank
for the purpose ofascertaining the safety
of the government money deposited
therein. Messrs. John P. Sheldon and
William S. Hamilton we're appointed COM
missioners for that purpose. The facts
they reported are abundant testimonials
of the financial talents of his Excellen-
cy:
The report of Messrs. Sheldon and |
Hamilton discloses the astounding fact,
that Drty. while treasurer of the board of
directors, and engaged in receiving sub
scriptions, to the stock of the Mineral
Point Bank, drew up, and actually signed
receipts in his official capacity, acknowl-
edging the payment to him of the whole
capital required by law, more than $780, |
600 of which was certified to have been
received sin gold.' One of the receipts
acknowledges the payment to him on
stock of $4,000 'in American gold,' by |
James Moirison-the same man who as
sisted him in disposing oflhe $40, 900,
appropriated by Congress for the erec-
ton Of public buildings, who shares in
his defaulcations. and who is now the
treasurer and depositary of the public
money of the Territory. The receipts
for their remaining gold, being upwards
of $4,000, we're written upon the back
of the certificates of stock. II is also
shown that these receipts we're all false
"a base and Infamous fraud, an infrac-
ton of the law and criminal violation of
his oath-if, indeed he took one, as re-
quired by law, before entering upon his
duties, as treasurer of the board. And
this monstrous fraud is attempted 10 be
palliated, on the ground that it was nee
essary to enable this man to supply the
hard working and confding people Of
Wisconsin with an abundant and con-
venient currency'!!
The bank commenced operations in the
fall of 1887, and ii appears, by the ac~
count of the cashier, John F. O'Neil,) |
that the golden treasure which hadbeen
paid into the hands of 'Treaurer Doly,'
according to his receipts, had entirely
disappeared. The cashier could exhibit
nothing but 'beggarly account of emp
ty boxes;' and from his statement and
the books of the institution, It ap-
pears that the whole amount
paid in when the bank went into opera
tion, was $l3,l50 'in notes on several
banks and specie' Where was the GER
tficate of deposIte given by the cashier OF
the bank at Green Bay, which he imposed
upeN the commissioners as specie, ia pay
ment Of the first installmemt upon his
stock? Was il forged for the occasion?
or,was it really given for portion of the
amount appropriated by Congress for the
Territory and again withdrawn, when his
purposes were answered.
Such are some Of the exploits ola wh'g
Office hoIder-appointod by whigs,' afier
the long catalogue of his delinqnencles
was fully known. A corrupt Judge-a
defaulting Agent dishonest Governor
and great Financler! Surely the meas
ure of the glory Of Wing reform,is full IN
him. And this is the Administration thar
$50 ,,ovuer uDon denuncIationS OF