The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1849-05-05
sl,4s2 200 ooIss5s. 1856 2'
956,S36 rs
Amt lost to the state by
whig financiering, $525 1863 rs

The Commissioners claim an addi.
tion to the purchase money,a premium
Of $9.975 63 received on a portion OF
the first sales made to Barring, Brother
& Co., OF London, and on the sales of
the lands hypolhecated in New York.
Give them credit for this amount. STILL
THE DEAD Loss TO THE STATE, BY WIG
FINANClERlNG, IN SIX MONTHS AND
SIX pAYs,s FIVE HUNDRED AND
FIFTEEN THOUSAND THREE
HUNDRED EiG HTY.ElGHT DOL.
OARS AND TWELVE CENTS.
In grouping together all the sales of
State stocks reported by the Board Of
Canal Commissioners, we have done
the Board full justice, if not little
more, for we could have selected from
the list. numerous instances where the
per cent. OF loss was much greater than
that given. The per cent. ofIoss which
each sale made, is now before US. The
largest amount received was eighteen
cents on the dollar-the smallest bur
fifty cents on the dollar. On two sales
made on the 10th and the 18th Of
March, l842, Of stocks to the amount
Of 81 10000, the sum received was but
$56.oO5 90, being loss to the State Of
S53,995. Two other sales, one on the
18th and the other on the 18th Of
March, of $4,000 each, amounting to
500 1000 showing loss OF thirty thou
sand dollars to the State-just one half
OF The amount sold. These bonds, thus
shamefulIy sacrificed. bore 6 per cent.
interest, and are redeemable in the year
1860. But year or two before the
same kind of stocks were sold, while the
financial management Of the State was
10 democratic hands. at primum. and
never. we behave, for less than 100
cents on the dollar. The men who
composed the majority Of the B 'ard
who sold these stocks, where wings =
Ieaiing wings. and Of that Board, AL
FRED KELLY Of this city, the author Of
the present banking system, and It's t,oin
hroihe,', The present tue la,s, was the ac.
tive member, visiting New York and
London at the expense Of the State, to
accomplish his purposes. DUNG the
whole time we have named, as we be-
fore said, the Board consisted Of ma
jority of wings, and upon them and up
on their heads, the crime is chargeable
of al jing over FIVE HUNDRED AND FrF
TEEN THOUSAND DOLLARS to the State
debt, by their bunsling financiering, to
give il no harsher name, without one
single cent OF corresponding benefit. =
Better, far better, had that amount been
sin the bosom Of the ocean buried" for
the Stale would have been saved the
deep disgrace OF having her bonds sold
for fifty cents on the dollar. and that
too, by the ins,rume ntaity Of her own
officers. No man is so fond Of charg.
ing upon those who dare exercise the
freeman's right of examining into the
doings of State officers, connected with
the finances of the State, with aiming
a, Reputation as Mr.. Kelley. and ye!
we find that officer deeply engaged in
those Transactions which shook the cred
il Of the Sta.e so much, that holders OF
State bonds deemed refusal TO pay
interest. a natural consequences from
State which. would suffer its bonds to
sell efor, one half Of their face in the
stock markets Of the east. An llIusira.
tra,ion Of this TACT and one too. illus.
na,ivc Of whig inanciering, we wdl
give. While in New York. one Of the
holders Of Ohio bonds, went TO Kr.
Kelley and expressed his fears that the
interest would not be paid. For q con.
alteration, Mr.. Kelly went the securi-
" Of the State. and upon the interest
money paid, Mr.. Kelley, according to
the terpnsI Of the bond, took one per
ceni.s and thus pocketed one hundred
dollars for going the security Of State !