The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1857-02-27
$40 orealt.

IN October last, BY Wright, Baker and
Commissioners Of the Sinking
Fund. for Ohio, a premium Of S8l,00o
was realized.
The loan was taken by H. A. johnson /
a Co, Of New York, Mr.. Johnson being |
one Of the late drm Of Gilbert, Coo and /
johnson. Bankers in New York. lie had
been interested in former loans made by
Ohio. aud as agent, negotiated the FIRST
loan in Europe for the Illinois Central
Railroad Company. Why was the pre-
nium no moreY The answer Is plain. -
Our bonds At that time commanded q
higher rate, when offered in sums Of from
si 900 to $4,000. This was to meet
demands for Banking.
In New York. where the banking sys'
tenn is based on stocks, their State bonds
command high premium, and are most
" used IN banking. But, II we except
New York, no American State ever OBJ
tanned sohigh rate, as our commission
ers did in October. It exceeds any a.
mount ever before obtained by Ohio ana
itisa little strange that whilst former
loans made at shave Of from to 90
per cent, have been justified, some few
End fault with the late transaction
Why should men seeking bonds for m
vostmeut pay par or premium for ONO
bond when 10 ihe same market the Sc
ourities OF Illinois, Indiana, Missouri
Pennsylvania, Georgia, North Carolu"
and other States toull DO bought at
discount Of from 5 to % per cent.
"wiIl candid mru solve this problem
These are States Of faith aud credit, and
rapidly augmeutiug in all the elooenissoi
wealth and power.
There was no local demand Tor Bank
ing. The Stock security system had
been ignored, aud State bank was to
take It's place in Ohio. Uuder the law OF
ie45. creating our old banks, our stocks
increased inyalue. and had the Legislature
last winter submitted stock system OF
b,nking alone, It would have been adop'
ted by the people, and our stocks would
have bought el6o, 900 premium instead
Of $4,000,
Again, the State had been in tho mar
ket under Auditor Morgan and had acIu'
ally bought its own bonds at discount
OF from l to per cent. Can State
maintain It's credit, when like u shaver
IL is on the streets shaving it's own OBJ
ligations9
Such an act in an individual Injuries his
credit aud the market yaluo of his note
and so it will effect State,
Again, last winter it was discovered
that the State House had los: S2ol, O0o,ol
at least suspended il iu"Brokeu Banks" "
and the agents Of the State, without au.
thoray. had contracted a floating debt OF
over 37oO, 900. Frauds w,ro discovered
in every department Of the government
The Legislature paid part Of these
debts, but the threat Of population wenI
forth from the Halls Of Legislature
Committees were appointed TO feret ou.
the frauds, and commencing their LAHORE
early 10 the summer. the Ohio pressroom
teamed with announcements of frauds
and rascalities, and tho legislature was
called upon to repudiate contracts.
The Capitalists of New York and Eu
rope learned this thing and hositated
If the State can set aside the contracts
OF Canal Commissioners and State House
Commissioners, why may they not diSa'
vow the acts Of Fund Commissioners
Could the world rely upon tho iaitl
and honor of people, eleoting such
rogues to oliae2 Who was guaranteed
TO ba honestg II ona o.l,er wenlsbey ond
the authority Of law, why might no
another? Aud il this was areason fo'
snuulGng tho acts Of one, why not
as good as toall? Mississippi said her
agents violated law in the sale Of hon
Bonds. and she repuliaied.
Her credit will not JOrroB dime -
Ohio was aboat to assume a like position.
when her law makers, with the threat of
reputation upon ,hei, lip sent ha agents
OF the State TO borrow money in The East,
Capital is dmiR IL avoidsnsk as Ear a,
possible. Unier all these circumstance
the negotiationioG the loan upon the term,
realized is alike compliment Of the State,
aud the gentloman who made the loan.
Mr.. Hosea Elected.
john p SLouaH. the CINCINNATI rulr.