The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-09-15
The Ohio life Insurance and
Trust Company.

The Cincinnati Gazette in an articl
on the failure of this mammoth ~institu
ton says: ''on the oath of August, 1857
the failure took place to the surprise o
all. "But very soon the intelligence
was confirmed. The Company, whisl
most people regarded as the Gibraltei
of Finance, had failed at a moment wher
her deposits were largest and the none,
market was comparatively quiet" aut
the Gazette adds now a year has past
1.-THE failure proved to be a bad ono
How bad Is not known TO this day NJ
report is made either by the Directors
or assignees, and matters are as much i,
the fog to day as they were a year ngo
except that it is known that the ceneerr
was rotten to the core, and that it's in
mense resources and great credit wore
frittcred away by Ludlow and his accom-.
plices. 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 GA
zette adds severe comments on the gian.
swindling by which the people of Ohio
and of the Union were robbed AID ru-
ined. With the terrible corrupt action
Of this Institution confidence fed, and
a crash of banks and business followed
the discovery # the general agency in
s~olvency that the action of tile Trust
Company precipitated, il it did not di
rectly occasion. Millions upon millions
were lost to honest men, taken by sur
prise and suddenly called to meet en-
gngements and curtail their business
operations, when nothing in commercial
operations or public affairs gave indi-
cationso of the coming revu1sion more
than a bright and clear sky gives notice
of the desola'iug tornado 49, ~ 10 2
All was the result of gambling spec
ulations in violation of charters, given
without sufficient check, to the Ohio
Trust Company aud other similar Bank
ing Institutions. Did not the Democrat
ic party make efforts to check the exor
bitant powers given to this Trust Com
pany By opposition Legislation, unavail-
ingly for years? Has the proverbial
philosophy given in homcly but expires
sivc phrase that ian ouuce OF prevention
is worth a pound of cure" not been the
practically wise Olicy of Democratic
Legislation in Ohio? Ard who have
it but those who claim to be
the special guardians of the pubic iiber-
ty-always, however, meaning protec
tion for blacks whom they know they
cannot help, aud not intending their
white ncigbors whom a prudent policy
save from plumber by authorized
sustained by loose Laws in
doing crimes which Common villains
burst not NEEDLE with" and, which the
spirit of all correct and common law
Ludlow, WHO the Gazette
says, was the swindler and gambler
away of millions not his own, is at large,
ard SO are his aocoppliees. No inves-
made, no examination offered !
Not even the poor courtesy done to a
plundered public Of telling them how the
was done! And yet we boast
permit the huge biting flies to break
through the spider web of the law, which
and gives to destruction the
hy-lets Ludlow s. TO-, steal
BY millions, and the poor devil whose
rant Of sagacity induces him to steal
So 90 put on a felon's garb in a State
This is all wrong, but the rem
must be found in legal guards before
the wrong is done, not as the Gazette
proposes in vain calls for justice when
the evil is accomplished.
And now this same Gazette in the
same spirit in which it Landed Ludlow
Co., and the Trust Company before
The exposition of its public robbery, aud
denounced all effort of restraint aa a war
IN corporate rights and a violation of
corporate contracts in ~endeaVoring to
the plundcring of the State
Treasury by wild cat bankers, as it has
been done in Ohio for years, and de-
lounccs the democrats in their efforts
o mature a safe and Independent Treas
Try law for the protection of Ohio's
and should its Republican poli-
succeed, will denounce the wrong re-
-ult of its blind action, but hug the mis-
rable policy that begets the wrong,
sondering as In this instance we notice
t the public Generalization and out
age its system necessarily and %invari-
biy eenerates.-LimG Democrat.
' -r aao1~-15 frr;-, Di1hf |