The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1858-01-13

AGAS e-e y. ~ ft0bfSon slcsi Sh"ei"''F !
lccofdfhg Ia the treasury bsoks. there was
q his custody as Treasurer, State six per
,ent.. bopis. to The. ampuut of Sao9.62S,
It depasiteq eH securely for tho eircuia'
ing notes OF the Seneca County Bank.-
OF tfess bonds, ii vas soo1 afterwards as |
seftsinssf Sthat s$isa,I2s,i4, had been
leatit0 New York, to be converted, as was
6iisSed,s iAto other bonds of a different
iAtss and st0e.Oee of alftse Dhadp .heeh
placedsia tife Hands Of Atwooa dtsCo.,i WITH
autiioffey is SER; aiids drafts had 1bee,i tnad,
on That FIRM, and accepted and paid byl't,
oif tbs credit, 10 the amount of $5S, SEQ.
Prsceed;nSsih behnlfof the Stat were I'M
lnsdfat ~ yfnstitated.o 70 obtain possession Of
taesS bonds, which resulted in An arrange
meat, eBys which tse bonds were transferred
to the 01io Life Insurance and Trust
C0mpaHy, to be sretrarsferred to the State
40 soon ss the money advanced by ti,a,
IN tiischarge Of the claim Of
Atwood Il Co.. should be realized ont of
esfeaiii' securities deposited by Mr.. Gfftbis
Son. Before The making Of the transfer
ESe0fding to this arrangement, the Trust
G6Hfeah3 fsiied; and it was ascertsined
th1sptlAe e6Unds had been converted by it's
Cashier to 9is own use, or that Of the in
ssisA G6Ny, BY which the Trust Company
had become the debtor of the State in
theira fn1i amount. Other funds Of the.
State iihathe hands Of the Trust Compa
~ wefe also converted IN the same man.
nsr..nsTkc whole amount thus embezz!ed
RSs felsfl equal to the sum advanced, and
hsdid nave been almost, II not altogether =
total l6sssh not the arrangement for
tlis paymsnth Of the July interest, crea-
tedsa more than equal debt TO the Trus.s
Gohp2dy. sna thus secured the State
sTainst the possibility of loss By faifss
- - exs sEatif saf 81 nild ~ tsgas elnos
siUn,fiisxithsns d very recent period no
sRectuai legislatise guards had been pro-
vided for The security Of the Treasury. =
The Legislation of 1856 and 1857 in
great part supplied tii;s defect $ II made
the A6dit6r Of State the chief accounting
sd6cer Of the Treasury, aud required all
pdyments ss we'll al. all Disbursements TO
be made xnpon his warrant, 1t directed
the Co6faissioners Of the Sinking Fund
toi@itRdfaw from the Treasury from time
teetimc the moneys belonging 70 una. elasl luho;
IL provided for the appointment OF depos-
itSries subordinate to the Treasury, and re-
quireds oflhem ample securities for all
moneys deposited with them; and intro
dncedscther 1mportant @ cnccAs KS upon - .ne E
action OF the Treasurer, s,i,,,I.s
Hadthese provisions OF law oeen aoopt-- 7, :
ednmsdintety attertnc ratlncat,on 7ol .ne si
present. CONSTITUTIONS TITS nlgn'y 'nprooa'-,
ble'thaf the defaication cation xmen a0s nov ai, en-
barrasaes our nnanees cnn1u lAse s'U oe'a'i p'ia
cd. 80,
stt VII De observer tnas .he system no"
established resembles n !, some ,0 respee,s =
thatct the tndepsnuent ireasury = ol ,s Inc
United States. The resembiance would
be .alnoss compls1e . except as g reesip:s =
aud aispursemen5s o' ''s revenue ls.,,s ~ sy,. :
the treasury 81 osate were s1 ,sos, =,
actual custody OF Pupilc money, s,cn anu =,
paymenss were reqn,,eu s, 70 oe maus nus :, -
depositarles ana all o'soarseuen's e.la, =, ~
drafts upon tnem' uhue1 sui'a9.e isss.V
tions and regulations: a;,,.,.saa
recemmend provision 9. spps ma nar
tufe and mat hereafter all puoal,c money
be required 70 .nc connected anu ulsolFs' lfsaa
ed ID specie OF notes OF Specie paying rspng
bsuks'of this State ana stnas no pay ~
ment bei made from the lreasufy ..ols,l 81 any