The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1855-07-07


through their failure, had hOpelcsSy lost
10 the state. But TO show more fully no,
unjust and malicious these charges are, W
vii! give a history Of the case as it no,
stands.
The committee appointed by our last !,
gissturc 10 investigate tho condition of OF
state finances as affected by the failure {
Wadswolth { Sheldon, reported the follow
ing sumo 10 be in their hands
Interest Fund, SebT 100 Z
Balance ofSurplus Revenue Fund, 10000 O
Land Fund, 1885 D.
Cash value OF Bonds in thci hands, Is, O3O o.
Aggregate funds in their hands, 1859 sos 2
Interference TO the last three ofthcse items
our readers understand that by law Of on
legislature, passed in 1868, the surplus ofth
revenue Of our state, collected to defray or
binary expenditures, and the revenue deri
vod from the sale Of lands belonging to tn,
state, were placed in the hands of the Go
vernon to be by him used in the purchase o.
our state bonds in the market. As it was
impossible for the Governor to attend the
market personally for this purpose, and this
was never expected of him, he forwarded
this money from time to time to Wadswortli
g. Sheldon in New York, who made the pur-
chases for him. Ofcourse the Governor did
this entirely upon his own responsibility.
and whatever parts Of these sums were lost
he was personally responsible for their res.
toration to the treasury, and always so held
and expressed himself. At the time Of their
failure, 1t appears by the above figures there
wcr, of these funds uncxpendcd in the
hands of Wadsworh & Sheldon $50, 300 So,
and SIS, $50 worth of state bonds they had
purchased. Immediately upon the adjourn.
ment OF our last legislature Gov. NJ. repair.
ed TO n. York, and taking an attorney with
him, had full settlement with Wadsworth
4 Sheldon, and by that settlement recovered
not only to the last cent these 800, 35J SO but
also the $75,03O worth of bonds they had
purchased. IL the Governor had lost this
sum, and been obliged to pay it out of his
own pocket or being too poor for that, the
state had lost it, We do not see how charge
of dishonesty could have rested against him
in the mat ter. lie acted as any other bust.
ness man would have done in the same case,
and at best the loss would have been but
misfortune but as he was not only himself
able to refund it in case it was lost, and the
result shows that he had managed the mat.
ter in such way as 10 keep it safe, notwith-
standing W. d $. failed, he acquitted himself
in manner not only to remove all Just cause
for blame, but really to cntiilc himself to
praise for careful and prudent management.
This then reduces the amount Of state
funds in jeopardy, through the failure Of
.Wadsworth & sheldon, to 1927, 1870 y, the
amount Of interest funds in their hands
These funds were forwarded by the Cover
nor at different times to julius Wadsworth,
under law Of this state creating him the
agent Of the state in New York TO pay the
interest on our state bonds. Under the law
the Governor had no discretion in the mat
ter. lie was obliged to forward tie funds
to Mr.. W. as they accrued for that purpose
But the fault found with the Governor is.
that hc forwarded them too soon. $4,000
it is said were forwarded in August, towards
paying interest due the lst of January :;
$4,000 in September, &c. The law speci.
aed no time wheH they should be forwarded
but as the state agent received no pay for
his services, the law went on the assumption
that he was TO have as remuneration the
use of the money until called for by the
bondholdcrs. There is no prctenco that the
Governor violated any law in thus forward
ing the money, and the whole blame is
therefore, attached only to his having car,
risd out what was the obvious intention of
the law. Doubtless, it was an unsafe and
,inwise law, but il was none Of Gov. Matte.
sons making or suggesting, and his whole
duty WAS discharged and responsibility
ceased in obeying it. But it is said Gov. NJ
forwarded the money so early because he
and Wadsworth & Sheldon wished to use it
10 speculate with. If true, what of it? The
law intended julius Wadsworth should thus
use it, and if he was fool enough to let Gov.
M. share the profits, who is to blame? But
what proof is there that Gov. y. had such
partnership in the matter: 1t is easy for ma.
lisnity to invent the charge, but it never has
been, and never will, because it never can,
be proved. Again, what difference, whcth.
cr the money was forwarded in September
or December? As Wadsworth K Sheldon
failed about the lst Of January, the result
would have been precisely the same. The
same amount would have been in their
hands in either case.
But although the Governor stood thus
fully discharged from all liability or rcspon.
sibllity in the mn'tor, and all the state could
ask of him further was that he should insti-
tute proceedings against the suretics Of Ju.
illus Wadsworth for the recovery Of the mo.
ney, the Governor, taking The same deep in
tcrest in the affairs of the state as if they
were his own, and guided by that financial
skill and acumen for which he has always
been distinguished, has not only done this,
but much more, Before commencing suit
against the sureties of Wadsworth by un.
wcaricd labor and consummOtc management,
he succeeded in recovering from JuliusWais.
worth enough Of the state funds in his hands
to cover the amount necessary to pay the
January interest, amounting, we believe to
some $4,000, 500, 900 Of which were paid
over several weeks ago, and the balance was
in readiness at New York on the list inst.
The amount of state funds endangered by
the failure Of Wadswolth & sheldon is thus
reduced to some Sl9a, 900, which the sure.
tie. of Julius Wodsworth arc not only abun.
dainty able to meet but which is also ron.