The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1858-09-23
The Ohio Life Insurance and
TnusH GNnumnnmY.

AC VMtO A<llC Au9uAeAaAOC a3AANA
Trust Company.
The Cincinnati GGsettec, in an article on
the failure of this mammoth institution, says;
son the Gath of August, 1857" the failure
took place to the surprise Of all. "But very
soon the intelligence was confirmed. The
Company, which most people regarded as
the Gibralter of Finance, had failed at mo.
ment when her deposits were largest and
the money market was comparatively quiet
and the Gazette adds now year has past -
"The failure proved to be a bad one.
How bad is not known to this day. No re-
port is made either by the Directors or as.
signees, and matters are as much in the fog
to-day as they were year ago except
that it is known that the concern was rot.
ton TO the core, and that its immense resour
crs and great credit were frittered away by
Ludlow and hi. accompices, in stock and
other gambling operations"
This is the picture Of the most ultra OF
the Republican Bank Presses in Ohio or the
Union not ours. Here the Gazette adds
severe comments on the giant swindling by
which the people of Ohio and of the Union
were robbed and ruined. With the terrible
corrupt action of this Institution, confidence
fed, and crash OF banks and business fol-
lowed the discovery of the general agency
insolvency that the action of the Trust
Company precipitated, if it did not directly
occasion. Millions upon millions were lost
to honest men, taken by surprise and sud.
denly called to meet engagements and cur
tail their business operations, when nothing
in commercial operations or public affairs
gave indications of the coming revulsion
more than bright and clear sky gives no.
tice of the desolating tornado.
All was the result of gambling specula.
tions in violation Of charters, given without
sufficient cheek, to the Ohio Trust Compa.
ny and other similar Banking Institutions
Did not the Democratic party make efforts
to check the exorbtant powers given tC
this Trust Company by opposition Legisla
tion, unavalingly for years Has the pro-
verbal philosophy given in homely but ex'
pressive phrase that "an ounce of preven.
tion is worth pound Of cure,"s been the
practically wise policy of Democratic LIE.
gislation in Ohio ! And who have resisted il
but those who claim to be the special guar
dians Of the public liberiy-ulwuys, how
ever, meaning protection for blacks whom
they know they cannot help, and not intend
ing their white neighbors whom prudent
policy might save from plunder by author.
lied Institutions, sustained by loose laws
in doing crimes which "common8Eilains
burst not meddle with'' and, which the
spirit of all correct and common law con
demns! Ludlow, who the Gu>.tte says
was the swindler and gambler away Of mil
lions not his own, is at large, and so are hi
accomplices. No investigation made, NJ
examination offered Not even the poo
courtesy done to plundered public of tell
ing them how the villainy was done B.! Ant
yet we boast the excellence of our institu
tions which permit the huge biting flies tt
break through the spider web Of the law
which mashes and gives to destruction tn
smaller fy-lets Ludlow & Co., steal b,
millions, and the poor devil whose want o
sagacity induces him to steal $500 put OIL
q felon's garb in State prison. This is al
wrong, but the remedy must be found in lie
gal guards before the wrongis done, not q
the Gazette proposes in calling for justic
when the evil is accomplished.
| And now this same Gazette in the sam
spirit in which it lauded Ludlow & Co., an
the Trust Company before the exposition
of its public robbery, and denounced all ell
fort ofrestraint as war on corporate right
and violation of corporate contracts in en-
deavoring to prevent the plundering of til
State Treasury by wild cat bankers, as
has been done in Ohio for years, and de
nounces the Democrats in their efforts T.
mature a safe and Independent Treasur,
law for the protection of Ohio's people ; an
should its Republican policy succeed, will
denounce the wrong result of its blind &C
tion, but hug the miserable policy that be
gets the wrong, wondering as in this in
stance we notice at the public demoraliza
tion and outrage its system necessarily an
invariably generates.-Lima Democrat.