The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-07-09

Total exclusive Of intere y S203, ,325 /.
The Cry Blrk Of Cincinnati as alread
known to the public, has failed. The Com
mIttee have not been able, as yet. to obtait
any rciiabIe Information in regard to the de
videEd which The bank will be able to pa,
Its creditors 1t is, however, probable .tha
snail portion of this debt may eveItua #;
be realized.
Judging T ON Information that the Com
mittee deem reliable, the Committee believe
that the balance due from the Commercial
Bank OF Toledo will be paid in lell but u,
the assets Of fhc Bank, IN the hands Of re
celvers, cenSis: mostly Of lands, town lot,
and buildings, or Of deferred payncats OF
sales OF person property, full payment can.
not be safely anticipated in less than tw1
years. ~
Mr. Bvcacl has executed n decd of tru =
of certain parcels.o real estate to secure +, be
phymeat to the State Cor to Mr. BresljR, 4ate
Treasurer, in case he, shall have discharged
his liabilities TO the Treasury of $50 ,oO0
of the above stated balance These NV.
men's are, by the conditions Of said deeds OF
trust, OF be made by instalc1ents. payable at
various times from January l, 1855, as wilt
appear by documents marked II. ahdl, here.
with submitted. 'aT
OF the probability Of. realizing tba bal.
ance due from w. w. Cones, of Cincinnati,
who have also failed, the Committee cannot
speak with confidence. Those who know
something OF this late company, differ in
their estimates of the dividend they will paw.
or Which may, by legal proceedings be collect
ed OF tham. The committee place little re.
lance on moneys that may BE- realized from
this source.
From the testimony of Henry p. Bowman.
treasurer of Hamilton county, corroborated
by that OF K. G. Hazlewosd, Treasurerelect
OF the same county, (see documents here.
with submitted, marked X and H. it appears
that the standing Of w. w. Cones g. Co.,
for pecuniary responsibility at the time Of
placing the public moneys in their hands by
tie late Treasurer, or by his orders, was not
such as to warrant those transactions without
llrst taking adequate security for the repay.
ment OF large Sums OF money placed ia their
hands. There is also reason to balisve thats
part, at least OF the moneys of the State thus
put INTO their hsnds was used to establish the
kanahwa Bank in Virginia, and 10 rive cur.
rency in this State to the paper issued BY
hat bank. "- a5 " =
1t would seem that the late Treasurer was
n some way interested in that bank, al
Lhoagh Mr. Cones, who is understood to have
been a stockhoder in the bank, and who
must undoubtedly have known whether or
not MIR. Bresln was also stakeholder. de.
;lmes to answer the question put to him on
hat point (See document Nd 1t is diff.
,uit to explain by any other hypothesis the
'trohg interest manifested by MFR. BreSIir' to
ns'aln the credit of the paper ofthat bank.
Vshenito these circumstances, we add the
le eclaration on oath Of Henry Bowman, that
IT was understood by him that Cones g. Co.
md Mr. Breslin were interested in the Kan.
lawa Sank as part owners" thete seems I j
% little room to doubt that the late Treas. |
lrer was interested in the bank, and used the
uaas oil .the State TO put il in operation, or
! least TO sustain its credit.
The Committee cannot forbeaf TO exnrsssz as
heir decided disapprobatien Of the practice
! using the public moneys, either directly or |
nd.rectly, for purposes of private emolu.
lents, or to build up or foster any private
smPany or institution - more especiaijv
ne IN which any officer or agent having the Il
dstody OF such moneys may be interested.
stringent laws of a penal character--com.
med with frequent and searching examina.
ons BY the Legislature or its committees
ito the management Of the moneys and f.l
ances OF the State seem TO be absolutelvt
ecessary TO prevent great pecuniary losses