The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-09-05

whom il is necessary to say any thing
unfair. were such conduct allowable in
any case. His career affords quite
sufficiency of facts, to be commented
upon, without resort to misrepreser',
tatlon.
The following extract from a speech
made in the Senate, by Mr.. JONES, OF
Hamilton, one of the most sagacious,
clear-headed, and honorable men IN
that body, abounds with facts showing
that Mr.. KELLEY is chargeable with
having authorized sales OF stccks,--by
which the state lost more than ONE.
HUNDRED THOUSAND DOL-
LARS,-previous to the passage OF the
act of March Z, 1842. Mr.. KELLEY,
il will be seen, denied the accuracy of
Mr.. JONES statements, and that gen.
tleman proved their correctness by
reading a letter bearing his own sig
nature, authorizing the very sales! Mr..
JONES said:-
But, Mr.. Speaker, we have the report OF another
committee of investigation on our tables; allude
to the report of the committee, appointed at the
last session of the Legislature, to investigate the
books, &c., of the Board of Canal Fund Commls-
soners. This report, sir, is rich document The
correspondence between the officers OF the
Ohio Life Insurance and Trust Company, and the
Canal Fund Commissioners, is truly interesting.
ind sir. by reading that correspondence, and the
Auditors report of 1912, that about half million
of dollars was lost to the tax payers OF Ohio, by
the action of the Fund Commissioners, in the short
space of about six months Mr.. Speaker, the Sem
ator from Franklin, who was one OF the Board OF
Fund Commissioners, at the time to which aliude,
charges portion of this loss to the hasty and in.
discreet action of the Board Of Directors OF the Ohio
Life Insurance and Trust Company. This charge
may be true; but, Mr.Speaker, ask the gentle
man from Franklin to say whether he did or did
not in conjunction with Messrs. Swayne and Lake,
authorize Mr. Perkins, the agent OF the Trust
Company in New York, 10 sell at public or prioate
sae any part or all of the stocks belonging to the
state placed in MIR. Perkns's hands by the Fund
Commissioners! (Mr. Kelley denied having au-
thorized such sale.) Mr.. Speaker, the Senator
from Franklin denies giving such authorithy.-
Now, sir, shall always endeavor, in remarks made
by me- here or elsewhere, to state nothing but the
truth; and, as have informed the Senate could
prove the correctness of my statement, call the
attention of members to the following letter, from
the Fund Commissioners, TO Mr. Perkins:
COLUMBUS, February 4, 1872.
J. NJ PERKINS, Cashier, New York: ~
The action of the Legislature in regard to the
Canal Fund, the continuance Of the present Board
of Fund Commissioners, the views of our success
SORE in Office and the providing for the means to
redeem our temporary liabilities, are so uncertain,
that we deem it proper to provide, with as little de-
lay as practicable means for redeeming our tempo-
rary liabilities in New York; restoring the money
due to the interest fund; and, in short so arrang
ing our pecuniary matters, to leave our success
! sors under as little embarrassment as possible
Under this view of the subject, we deem it best to
lose no opportunity Of selling state stocks. at pub
lie or private sae taking all reasonable care to sell
it in such way as to depress the price of stock as
little as possibe and we, therefore, authorize and
empower you to sell. at your discretion, from time
to time, as you may be able to do, any part or alb
of the stock belonging to the state, placed in your
hands, to secure the Ohio Life Insurance and
Trust Company, for advances made, and response
blities incurred in behalf of the state, of the
commissioners of the Canal Fund. 1t is, howev-
er, presumed, that when sales Of stocks can be
made at all, they can be made at rates not varying
more than two or three per cent, at farthest, from
those at which sales are for the time being made
| at the bankers board.
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