The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-02-11
STARTLING DEVELOPMENTS
Great Wrongs in the Sale Of Ohio
Bonds!!
I4A, 200 Dollars Sunk I'm one year
Of Abolition RuIe!!!


Of Abolition Rule!.
No one acquainted with the financial histo-
ry Of Ohio can have forgotten the enormous sac
rifces of Ohio State Bonds by Mr.. Alfred hel-
ley and his confederates, in order to obtain mon
ey to complete the Public Works Of Ohio,-and
meet the interest on debts already contracted
In some instances Ohio Bonds were sold in mar
ket at about so cents on the dollar.
Rut in q few years afterwards the Democracy
came into pOwer,-Alfred Kelley lost his posi-
ton in the political world, and became a rail-
road speculator. The credit of the State was
restored 10 above par,-and immense sums were
saved by Democratic officers in paying off the
State Debt by taxation!
Last year Aboltionism obtained control of
the State Government and A fred Kelley turned
up in the Ohio Senate Here we will let the
Oaio Egle, published at Lancaster, Fairfield
county, tell the balance of the history Coshoc-
ton Dem.
Fusion FISANcIERING.- will be remem-
bered by our readers that during the last year
| of Democratic administration in Ohio, nearly
half million of the State Debt was paid off,
During the Campaign of 1855 Gov. Chase and
the smaller fry of Abolition orators and politi-
clans played the part Of deinagogues before the
people by complaining Of high taxes and especi-
/ ally condemning the policy of the Democratic
State officers in ehdeavoringto Jay off the State
debt by a gradual and annual reduction-and
some Of them suggested and advocated the plan
Inf ,lt,bf hy
ting new and greater debts, asserting that the
State could make money by selling her bonds at
large premium and pocketihg the premium -
One Of ChaSe's cheap Judges, Bfihkerhof, was
the reputed author ofa very foolish article upon
this subject 1t seems that their plan has to be
I-given up. Chase in his message says, "experi-
'ence indicates the danger Of relying upon new
loans for the payment of maturing debts. 1t
twas confidently anticipated that this loan would
command premium of at least nine or ten per
cent, while the premium actually realized was
only three and a. half 1t is not difficult tocon-
Eceive Of state of the money market in which The
bonds of the 8 ate could not be negotiated at
par. In such case resort to ne,0 loan lcouht
be attended Wih great pecuniary bss"-So much
for the policy. But what we wish to direct
the attention Of the tax, payers Of Fairfield to,
is the transaction above referred to by Gov
Chase, and 50 briefly alluded to in his message
A portion of our State debt fell due amounting
to about 50, 100000. The fusion finlncierS uh-
dertook to pay it off by obtaining new loan for
that amount The sale Of the bonds of the rich
and prosperous State of Ohio was advertised in
papers in both Europe and America. On the
1St of October last the 81 100000 in bonds was
sold at a premium Of three ahd one-haF per
cerat only. Our virtuous Governor did not have
the nerve to denounce this trahsaction in his
message, nor the State 10 chom and by a0honl
this sale was IN de, but refers to the Report Of
the Commissioners of the Sinking Fund. The
message will be read everywhere, but few will
ever see the Commissioners report If there has
been great wrong done here, the Governor has
made an sArtful bod ger'' of himself to screen it,
1t seems that the bonds "werc awarded to
the highest bidder for the t0ltole amount" Cod
they have been awarded seperately for higher
premium? Now what are the facts in regard to
the value of State Stocks at the time of sale.
New York State Stocks were selling for l5 and
16 per cent premium. U. S. Stocks were sell
ing for about the same. Ohio Stocks have com.
manded ii and II per cent, premium and the
Governor thought they at least should have bro't
8 or 10 per cent. furthermore we have exam
incd the Stock quotations for lst N0Ueneie ier
1856, and find them selma for 81, ,O6 and 1,O9b
and we have been told that they are aotD aOortA
Sill.
They should be valuable as New York Stocks
Ohio the third State in the Union in wealth
and population, surprisingly prosperous and
possessing every element of State wealth, al
ways paying promptly her interest, should be
able to sell her stocks as high as any State OF
nation in the world. This transaction bears ev
cry mark of mystery and pecuation, and we de-
rnlnd that t'the Smelling Committees throw
tie light of their dark lantern upon it. Tax
payers, take ybur pSricilS and max! the calcula
ton for yourselves. II there were sepsrate bid
at $1,O9T if the Stocks were really worth tina
in the market at the time Of the sale, the Stat
has been swndled out Of 6 per cent. on $2,4C0,
IOOO making the enormous sum Of S Al, ,CC3OC
by this one transaction, and somebody has reap
ed rich harvest through corruption in higl
places" If this matter can be honestly ant
satisfactorily explained, We will hasten to d.
Justice to any whom we now denounce; if not
; we will again give it our attention.
In addition to the above, the Coshocton Demo
crat Of last week, has the following:-
A Big SwindIe!
We alluded, last week, to the recklessnes
/, with which tn, Abolition authorities had sacri
feed Ohio Bonds in order to pay off the Stat
debt. The Sinking Fund Commissioners hav
sent in statement ofthe bids offered, by whic
it appears that the following bids were offered
: $53o,OOo, at 81 $650O0o at 51s. $500
600, at 6 to X. S9250o at s.; 5000 dollar
r at 8, at 5000 at 10 per cent premium L,ay
|. ing 100000 without any bids, except the one ft
the whole amount at 3iS. Thus giving it t.
the loWest bid Ter, instead of the highest, an
swindling the State out OF Sl50,00O at one dast
let US hear no more about the Public Work
: after that! And this is but one instance. Whe
9 the legislature get~ after the Abolition official
look out for pretty mess.