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

sworn report, with those he gave Atkinson
in his letter of November %.
Etrtract from the Semi annual Report ofI
the Commissioners of the Sinking Fund
to the Governor Of Ohio:
Office of Com. of Sinking Fund,
Columbus Jan. l3, 1855.
Hon. VIM MedW, Governor Of Ohio!
SIR; "At the usual timo of
making provision for meeting the Semi
Annual interest due on the first day Of Jan
uary on the foreign debt Of Ohio, the con
dition Of the money market throughout the
country was, land yet ISL exceedingly un-
settled. And amidst the general revulsion,
which seemed everywhere TO prevail, sever
al of the banking institutions of Ohio had
already sunk into hopeless bankruptcy. For
these and other reasons e. the Comms
sioners deemed it inexpedient and unsafe to
instruct the State Treasurer to exchange the
interest money in his possession for time
bills on New York, as had been customary.
Instead therefore, ofissuing their usual requi-
sition, they made their order on the State
Auditor for his draft on the Treasury for
par funds payable directly to the State
/ Agent. In the
month Of November last, it was deemed
best in the judgment Of the Commissioners,
TO surrender, without furthur DELAY, the |
bonds of the United States, purchased in
in August and September, 1858, tempo |
rary investment of the Ohio Sinking Fund, |
and apply the proceeds thereof as early
as practicable to the purchase of Ohio
Stocks"
The provision for the July interest of
1855 was but repetition of the same shin
, ming, and illegal use OF the securities in the
sinking fund by Morgan and Edgerton to
cover up the defalcation. For two years
was our good State the victim Of this hawk
and buzzard whose cheeks so single with
shame" that the securities of the State
should be thrown on the market. In June
Brsslin, somehow-perhaps the Treasury
Commission will explain--had the free use
Of these men, notified Morgan that be could
not meet the July interest Morgan rallied
promptly to the rescue. In his next annual
G report he stated that there was a balance
2 IN the treasury Nov. Is, 1855, of $703,37O.
u 1t will be recollected that from June to No
d vember there are no receipts into the treas
ury from taxes, aud Morgan could not but
IS know in June, 1855, that there should bo
" over twelve hundred thousand dollars in the
= treasury. After paying the July interest
IS and current expenditures, there was left or
<, should be S703,3TO, November Is, as he
IL reported, but instead of demanding an ex-
y plaration and the keys of the treasury,
as Auditor Wright and Gov. Chase did
le when Gibson made similar announce
y ment, the Auditor promptly proceeded to
hypothecate the securities be held in trust
r., Here is his letter to Edgorton, incosing Sc
~ curities, the two always displaying one pre-
r. ing one--fdeity to Breslin and his defalca-
ht ton:
MORGAN To EDGERToN,
Enclosing U. S. Treasury warrants for
$4,000, and orders to use $4,000 on
y hand for Investment in Ohio stock incIud-
d. ing $4,000 Astor Bonds.
~ ~ Office of Com. of Sinking Fund,
- - Columbus, o., June 27, 1855,
Is Hon. 4. p Edgerton,
le Ohio Transfer agent, ~ y:
20 motive in placing this amount in your hands
ID Immediately, is to provide against the fail
at ure on the part of the Treasurer of State to
K place in New York the full amount of the
e. draft for July interest On last evening, ]
le was waited on by Mr.. Breslin, and notified oi
oe his inability to meet the interest in full by
lg proper time. He assured me, however
It. that the deficit would not exceed, at the ut.
pc most one hundred thousand dollars and
that the sum ifoaned in New York by the
le Commissioners, should be repaid in full with
ss in thirty days.
to l need not state my very great surprise
r that Mr.. Breslin should have withheld from
the Commissioners the remotest intimatior
lg on this matter until this evening. He states
ID however, that he has been unexpectedly dis.
appointed by Cincinnati parties on whom he
relied. still hope that he may be able to
meet the draft at maturity In case this i:
not done, yeu will please furnish this Office
written notes of the failure.
WIN. D. MORGAN,
" Act. Com. of Sinking Fund.
y TSame date and letter.
"P. S.--Mr. Breslin assures me, as al
= ready stated that the deficit will, in no con
). tingency, exceed one hundred thousand dol
[, lars. Should this reasonable anticipation
- prove fallacious, and there be an actual de,
~ - felt greater than the surplus redemption
funds in your hands, the bonds purchased
from Mr.. Astor ($4o, ,OoO) might be used Al
an hypothecation for additional funds"
70 To this Mr.. Edgerton replied, showing
o. the impracticability, not improperly, Of re
" issuing or hypothecating the redeemed
Ct stocks. Edgerton is also fearful the embar
rassment is not temporary, very singula
fear considering his experience in fiuancier
ing to save the Treasurer. He is also con
vineed that tampering with public or trus
funds does not pay.
EDGERToN TO MORGAN.
I'D State of Ohio Transfer Office,
rs, New York, June 80, 1855.