The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-06-25

were not ofhigh character Tor pecuniary IespOnsi-
bity that was requisite to make fit repositories
! orm0neys so deposited or lnaIed. The result
is that considerable portion Of the funds that
should be in the treasury, ready toineet the de-
mands upon it, is at present, TO say the least Of
it, unavailable for that purpose.
There appears To h. btlpncs due
frohIhe Ivy Bank OF Cincinnati,
! on acc 'unt 0f p ib'ic IA Jneys depos-
J tied in sand bank by tn late Treas
] urer, MIR, Bresiin, Or by his orders,
The sum OIL. SIPS i %
| From the Commercial Bank OF TUlo-
do on similar account. .................2i % 927 O3
From Daniel Beclel, tDnyton).. 81 1Si 4S
From w. w. Cones & Co., lClnc D.... ..4I,79 6s
Total Exclusive Of intrres,) )........ sSO3,3A a
The City Bank of Cincinnati, as already
known to the public, has failed. The commit
has not been able, as yet, to obtain any reliable
Information in regard to the dividend which
the bunk will be able to pay its creditors. 1t
is however, propable that small portion Of this
debt may eventually be realized
Julgng from information that the committee
deem reliable, the committee believe that the
balance due from the Commercial Bank Of To-
ledo will be paid in fall, but as the assets ofthe
bank in the hands Of receivers, consist mostly
of lands, town lots and budnS, or of deferred
",
full payment cannot be safely anticipated in
less than two years. Mr. Becke has executed
deed oftrust ofcertain parcels of real estate to
secure the payment to the State, Cor to Mr..
BreSlin, late Treasurer, in case he shall have
discharged his liabilities to the treasury OF $780,
OOO ofthe above stated balance. These pay
ments are, by the conditions OF said deeds of
trust to be made by installmentS, payable at
various times from January |, 1857, to January
| l, 1858, as will appear by documents marked
IL and |, herewith submitted.
! Of the probability ofrealzing the balance due
! from w. W. Cones ofCiucinnat, who have also
! hile1 the committee cannot speak with conf
| dencc. Those who know something of this
late company, differ in their estimates of the
dividend they will pay, or which may by legal
proceedings, be collected of them. The com
nlittee place little reliance on moneys that may
be realized from this source.
| From the testimony of Henry B. Bowman,
Treasurer Of Hamilton county, corroborated by
that Of r. Z. Hazlcwood, Treasurer elect of the
same couI ty, (see documents herewith submit
ted, marked X and L,) it appears that the stan
ding Of w. w. Cones & Co. for pecuniary re-
sponsblity, at the tins of placing the public
moneys in their hands by the late treasurer, or
| by his orders, was not such as to warrant those
transaction: without first taking adequate secu-
rty for the repayment Of the large sums of mo-
| ney placed in their hands. There is also r.a-
son to believe that part at least of the moneys
OF the State thus put into their hands was used
to establish the Kanawha Bank Of Virginia, and
to give currency in this State to the paper issu-
ed by that bank. 1t would also seem that the
late treasurer was in some way interested in
that bank, although Mr. Cones, who is under
stood to have been stock holder in the Bank,
and who mus, undoubtedly have known wheth-
er or not Mr. Breslin was also a stockholder,
declines to answer the question put to him on
that point. (S9e document NJ 1t is difficult
to explain by any other hypothesis the strong
interest manifested by Mr.. Breslin to sustain
the credit OF the paper Of that bank. When, to
these circumstances, we add the declaration on
oath Of Henry b. Bowman, that 'ft was under
stoo by him TINT CONES Il Go. aud mr. bresiin
were interested in the Klnawha Bank as part
owners" there seem to be little room to doubt
that the late Treasurer was interested in the
bank and used the funds Of the State to put it
in operation, or at least to sustain its credit
The committee cannot torbear to express
their decided disapprobation of the practice Of
using the public moneys, either directly or in
directly, for purposes Of private emoluments, or
W DlliO VI looISl piNdtG jlty OF lnStl-
tution-more especially one in which any officer
or agent having the custody Of such moneys
may be interested.
Stringent laws Of a penal character-combi-
ned with frequent and searching examinations
by the Legislature or its committees into the
management Of the moneys and finances of the
State seem to be absolutely necessary to pre-
vent great pccuniary losses to the State, and
still greater depreciation Of public morals.
! Since the examination Oft the treasury depart
ment by commission created for that purpose
= about nine years ago, no careful examination of
! that department appears to have been made
\ ears have gone by Since there has been even a
critical comparison OF the books accounts and
vouchers Of the auditor and treasurer of State
I Thus the great object OF making the Auditors
lollice Il complete check on that of the Treasur.
er has for years been rendered entirely abortiye
! This state Of things has resulted more from de-
tectiUe Legislation than from neglect of duty on
the part Of the officers of State; and it is conf
IDENTITY hoped that the legislation ofthe present
session on this subject will greatly alleviate ifit
does not entirely cure these evils.
The impoSsblity Of going in to critical ex-
animation OF all the transactions book accounts
and vouchers of the treasury department, ex-
tending through period Of nine years. by
committee of the Senate during its session will
be at once seen an1 acknowledged. Even if Or
dinuy egisatiye duties did not occupy most of
the time and attention Of the members Of the
committee, the entire period of the session wo'd
hlrdly suffice to make such an examination
This c0nsderation--the necessity for the inves-
tigation--the great inconvenience and enormous
expense Of keeping the General Assembly in
session to await the action OF this and one OF
two other investigating committees, form one
rot the strongest arguments in favor ofholdng am
adjourned session ofthe present General As
sembly.
To carry out the views thus expressed, the
committee report the two following resolutions,
which they recommend for adoption.
Or. ALFBED KELLEY,
FELIX MARSH,
ae II. w. TAYLOR,
April 7. 1856, Il. p. BJJCkEAND,