Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1859-04-01

me january interest,"
EDeERToN TO MORGAN.
Ohio Transfer Office,
Now York, Dec. 6, 1854.
Hon. ". d. Morgan, Act. Com.
I do not know, but having some doubts
Of the ability of the Treasurer to place in
my hands the January interest, you would
suspend further investments until you re-
ceived assurance upon the subject; but as
you have given no directions in regard
to it, shall continue to invest as formerly.
A. P. EDGERTON,
Transfer Agent.
To this Morgan replied as follows:
MORGAN TO EDGERToN.
Office of Com. of Sinking Fund, |
Columbus, o. Dec. 9, 1854.
Hon. Il. P. Edgerton,
Ohio Transfer 4gent, " Y
DEAR SIR:-In an interview with the
Treasurer, failed to draw from him any
thing which was calculated to shed light on
the condition of his funds or the nature of
his reputed difficulties.
| deem it prudent to keep ourselves in as
good position for meeting disappointment
as may be in our power and, to the end,
will defer the cancellation of the bonds
(S96, 6,ooo) recently held by the Canal Bank,
that they may be hypothecated in case il
becomes necessary to make provision for any
deficiency on the part of the Treasurer. ]
will also reserve for the same purpose the
three U. S. Treasury Warrants 1887, 900
still in my possession.
] will be glad to hear that you have pur
chased by the 10th inst, bonds to the fiA
amount of the Sinking Fund now in you
possession. Such bonds as you shall pur
chase may be retained in your office withou
cancellation until after we shall have safel,
doubled the January Cape.
The Journal comments as follows:
And to double the January Cape, to pa,
four hundred and twenty-one thousand dol
lars, when there should have been million
in the treasury, as during all this time the
treasurer was making drafts on the count,
treasurers, was our "good State" cast by thi
delectable couple of fnanciors, among thu
the "hawks and buzzards of the stock mar
keL;" they even proposed TO reissue $4,000
of State stocks which they had purchased
or thought they had purchased, for tha
turned out to be mistake--with the sink
ing fund; they propose to use the U. S. Sc
curities, held for the redemption of tn,
State debt, and which the law says "shall b
applied to the purchase of said outstanding
bonds and to no other use or purpose what
ever" in order to double this January Capt
of defaulting treasurer.
These are the men whose "cheeks tinglc
with shame at the idea that the sscuritio,
of our good State should be abandoned tc
the hawks and buzzards of tho stock mar
ket."
Then Edgerton writes Morgan indorsing
his peculiar financial expedients to guard
against the defict of the Treasurer
EDGERToN TO MORGAN.
State of Ohio, Transfer Office,
New York, Dec. IS, 1854,
Hon. W. d. Morgan, Act. Com.
at may not be necessary to apply AM
of the funds under your control to the pay
ment Of the January interest, the Treasurer
being confident of his ability to place thu
funds in my hands at the time required
The course you have adopted is, however
the only safe one, and places you in a posi-
tion to enable you at a moments notice
to protect the interests and credit of tn,
State" A. P. EDGERTON,
Transfer agent.
We have alluded to the 100000, Stat,
stocks of the Canal Bank of Cleveland
which Morgan reported that he had purchas
ed. The following postscript to his lette
states it,
MORGAN TO EDGERToN.
Office of Com. Of Sinking Fund,
Columbus, o., Dec. 4, 1854.
Hon. 4. P. Edgsrton,
Ohio Transfer Agent ". Y:
"P. S.-The Treasurer of State has sol
to me on behalf of the Fund Commissioner,
the entire amount Of the stocks of the Cans
Bank, on deposit in his office"
The Bank had failed and these stock
held for redemption of its notes, Morga
expected to get hold of somehow. Pcrhar
it was afterwards discovered by these dele,
table 6nanciers, that this private arrang,
ment could not be carried out under III
law, which requires public sale. Thcs
stocks which Morgan, December 4. report
that he has bought for the Sinking Fun
and proposed to reissue, were advertise
December IL and sold December 26, 8
public sale, and Mr.. Morgan, as Fund Con
! missioner, bought S42, ,45s Of them.
) Now, note how the Auditor in his repol
: as Fund Commissioner, January l 8, cover
! up all this financial shining aud hypoth'
cation and reissue, and compare bis reaso
: for selling the United States stocks in hi