The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1855-05-29
aoYEnxMtxr sroox nANR.

subject which the democracy OF tnls stote ~
proach with extreme sensibilily. 1t Is quite
natural this should be so. The magnitude OF
the fraud and tho universal indignation II has
excited arc we'll calculated 10 arouse reason
able fear of retribu,ion. SO far as tho cham
pions of Democracy have taken part in the
controversy upon this snbject, but one course
of policy has become apparent, and that is no
very original way of emerging from difficult.
ty. The thief of old times with the gains Of
his dishonesty still about bis own person. who
mingled with the pursuing crowd and hallooed
most Justify of them oil. "stop thief" was an
adept in the same policy Why all this sem
scless attack upon Hon. ]. NJ. HOWARD, who
at tho time the overissue was accomplished,
was In no way connected with either the state
Government, or the affairs of the Bankl Why
all this transparent clamor for tho disclo-
sure Of ame held Ia honorable keeping, which
in no respect affects the Jacs Of large and
fraudulent overissue permitted, If not abbet,
| ted, during the official incumbency OF men pa.
ced in Office By the Democracy of this STATED
To those interrogatories there can DO but
Zone reply. Such o course has but one aim,
and that aim Is, to divert public attention from
the only real essential facts involved in tho
matter, and to screen the guilty parties from
public rcprobation md condign punishment
by pursuing innocent men with shameless and
|
sideration of few plain points will divest this
subject of much of tho fog which has been pur.
posely thrown around it. Even the efrontery
of;he Free Press has not gono so far as to
charge Mr. Howard with a participation tn the
oper issue and yet the simple fact that tho
public desires to know Is, soho icere the rarties
ioho participated in the ovcr-issue They do
not care who told Mr.. Howard, (who at the
time of receiving the information was but
private citizen that there was an overissue.---
Who are the guilty parties, now that the fraud
is accomplished, is tho only question to be con
sdered Lot us suppose that tomorrow Mr..
Howard should publicly disclose the name of
Mediterranean, wond that altor the fact OF
holders, would it bring the guilty to. justicef--.
OF course not; no one pretends such thing!
The public are in possession Of somo very
important facts relating TO tho matter, which
they will not lose sight of in meditation upon
sham charges perferrod for specisl Object
First they know there is an over-issue ;socond-
ly they know that Mr.. WHrrrEMoRE was State
Treasurer, Mr.. BAILY his Deputy, and MIR.
HALE Attorney Goneral at the time this over
issue was accomplished, thirdly they know
that if these gentlemen had performed their
whole duties as public officers the over-issue
would have been impossible. With the full
the public will look to other persons than those
Just above named for the information they de-
sire' Who else so likely to possess il, or at
least give some clue where II may be obtained.
Il There was tho late State Treasurer with tho
law plainly written before him-that no grca-
ter value of bills should bc countersigned,
than there was value Of stocks on deposit
There wore careful laws also for the registry
! of news and old bills, and legislation seemed to
have thrown every reasonable safeguard around
i the bil-hC ldors, and yet wha, 10 tho result7-
At last accounts an over issue Of near $50, 600.
II would bo highly clover thing If the DEM
ocracy could induce the public to overlook
these astounding facts, aud rush in pursuit OF
somo insolently urged humbug that has no
real bearing upon tho solo question--,cho are
the guilty parties? ~
But this oanno, bo donel There is no one
30 likely to know--no one having such facul.
ties for information a. the late State Trt as
urer and his Deputy. They are tho men who
had cognized of the whole matter--they know
or most indnbitable should havo known,--tbe
amount of U. S. Stocks on deposit, tho num-
bor of nov bills signed, the number of old bills
returned and what became of them, in short
everything about tho affairs of tho bank in
question. Of course then those are tho very
men tho public will choose TO interyOgato.-
Any investigation in the matter that may be
pursued will sooner or latter lea1 TO tho State
Treasury Department, and to save time it will
be quite as well TO commence at head quarters
as TO ascertain who gave Mr.. Howard his in
formation and thus trace the matter up TO the
Treasury Department And in this connec-
ton we suggest. that some rational palliation
of the delinauencies Of Mr.. WHIrTEMoRE and
his Deputy conld possibly at this time DO pre-
, sen,ed with more telling effect than can SEN
sibly be anticipated. by c'lling vehemontly for
the discosuse ola name, which Unknown would
not In the least relieve the official gentleman
: we have just mentioned.
Tho following which wo extract from the
commercial column of the Now York indepen'
dent has significance which will be apprecla-
ted by our readers:
Now it is perfectly true. that tho manager
, Of tho Government Stock Bank of Ann Arbor,
was a resident Of this city, and transacted the
business of that Michigan bank in Wall street.
1t is also true that ho found the business OF
\ buying the notes ofthat bank, at a high rate ol
discount, so profitable. that he had increased
the circulation to such extent that almost
every one was complaining that tho bills were
, thrust upon him; and when the agent in Wal
/ street was called upon to redeem, he charged
J his own pricos.
In this state ofthings. the Metropolitan Bank
was importuned, over end over again, to take
, the bills and abate the nuisance. After repea'
ted applications 1t decided to receive from thoiI
!, depostors such as they took in the regular
: course of their business, at per cent discount
, tho same as was charged on New York State
money; thus relieving tho community at once
of greatly DEPRECATED currency, at an actual
expense to the Bank. For the bills thus taken
wero sent to the Bank in Michigan for redem-
ption in specie. BY this process, compelling
The Government Stock Bank to reduce its cir.
culation from four to FIVE hundred thousand
dollars to one hundred and fifty thousand;
which tho agent subsequently, agreed to take
+ up here here on the same terms as the banks OF
the State redeem their bills.
Some of our readers may notb be aware that
3 the articlefrom which tho above Is taken was
written by Mr.. Bowen ofthe firm OF BOWEN u
McNAMEE one of the most experienced. saga
cious, wealthy and popular business men in New
York city. It Is fully reliable. And what a
disclosure 1t makesl The manager of the Gov.
: Stock Bank having an office in Wall st. expands
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