Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1859-03-24

with the diversion Of greater sum thar
about S400 900. For this amount in losses
and assets, can account, but for further
not be responible.
There was loan, by the old Board ol
Canal Fund Commissioners, to the Akron
Railroad Company of SAC, 600, which was
reported BY Mr.. Sill, acting Fund Commis.
sioner. There was an agreement subse'
quently between me and Mr.. McMillen, the
Treasurer of the Company, by which this
loan should be repaid temporarily, TO enable
its payment to be reported; which was
done, and the loan renewed by me. This
loan was never paid in full. | received
100000 on it from Mr.. McMillen; the bal
ance compromis ed, receiving from the
Company its mortgage bonds, ffty-seven in
number, of $500 each, amounting to $685.
500, which are delivered to you, with coup
ons attached, from May 1. 1855. This is
all that remains of this loan, and is all
ever received upon it, except the $4,000
above stated, which was paid into the
Treasury. 1t is one of the misfortunes en-
tailed upon me by the action of others, the
temporary payment being made only upon
my agreement, wrung from me to renew. In
the absence of that agreement, the loan
could not have been temporarily repaid.
also deliver the following, as one OF the
results of my connection with the City
Bank of Cincinnati: A note of S. Robert
LTD naoonbar ot
ninety days. for Sl4,960; also, his three
notes of like date, at four, six, and eight
months, for $2,l27 So each, together S6,-
382 SO, and in all $2l, ,342 So.
In this place it may be proper to state
the circumstances of my connection with
The City Bank of Cincinnati, and the losses
entailed by it apon the Treasury. Shortly
after / entered upon the discharge of my
duties as Treasurer was called upon by
various personal friends, residing a, Cincin-
natl, who desired me to discontinue the
connection of the Treasury with the Ohio
Life Insurance and Trust Company of that
city, to which l assented. Being advised
that the disbursements of the Treasury
would be greatly facilitated by depository
at Cincinnati, I addressed myself to the Sc
lection of such an institution as those whom
supposed would be best able to judge of
the propriety of the selection, would ap-
prove. After general inquiry, | learned
that the City Bank of Cincinnati, which
had been named to me, was an institution
of good credit; that it was doing a large
business; and also learned the fact, which
was of itself almost controlling consider
alton, that portion of the business Of Dir.
Debolt, the then Treasurer of Hamilton
county. was transacted through the City
Bank. As evidence of this, at my settle
ment with M. Debolt in 1852, received
from him his check on the City Bank for
$50 900, (and also his check upon the Trust
Company for the same amount.) From this
fact, and the universal representations made
to me that the City Bank was perfectly SOL
vent, and tha. its designation as a deposit
tory would be generally acceptable, con-
cluded to transact my Cincinnati business
through that institution. 1t may be proper
20 state also that l received from my prede-
cessor a certificate Of deposit, or his check
upon this bank for $1,000 or So 900, which
I remitted to it for my credit, and he, per
haps, NAV have stated that he had Kept an
account with the bank and considered it a
safe institution.
It was not my intention to deposit so
large an amount as the above-named checks
called for; but about this time found that
large payments were soon 10 be made from
the Treasury to persons to whom CIncin-
natl funds would be desirable. L therefore
deposited the checks named In the City
Rank, and IN short time theree ef.e- -s-
accounts were reduced BY drafts more than
one-half the amount. Mr.. Reznor, the
President of the Bank, about this time call
ed upon me, and stated tina: he desired me
to allow the then balance of my deposits TO
remain undiminished in the bank, to be
paid on the first of July in New YORK.
agreed that whatever balance there was TO
nv credit in his bank, would receive in
New York on the day designated, and un-
less some unforeseen necessity arose would
not materially reduce my accounts with the
bank Mr.. Reznor met me in New York
on the first of July, and stated that he feit
himself greatly embarrassed by the unex
pected protest of some New Orleans bills
purchased by the bank; that he regretted
the disappointment very much; that it would
be an unfavorable indication for himself
personally. as well as for the bank, if the
facts were known; that The unthinkine
might torture the unexpected emergency
which compelled him to seek on "accom.
moda:ion upon the street" as an evidence
of financial weakness, which he desired
very much to evod. He concluded by re-
questing me to forego call upon him fol
the amount due, which was. as believe, a
that time between 100000 and $4,000 -
RELYING then upon his assurances, (and thu
most solemn and repeated assurances pre-
viously that the report of Major johnson
in reference to the bank was wholly incor
rect, and the result Of personal vindictive
ness,) that the bank was perfectly solvent
| concluded to postpone a demand upol
him, requiring, however, that the amour
should be reduced, and that whatever bal
ance, il any, remained at the approachin
first o: January, should be punctually pal
at that day.
Some time in September following, Nj
Reznor called upon me, and stated that tn
| bank was in a most fourishing condition
the demands for money were Sc nunerou
. that it was beyond the power of the bank I
l comply with them; g. after every possible al
c surance OF the sound condition of the banl
: concluded by requesting me to increase m
deposits therein. I declined unconditior
}, ally, and reminded him of my understand
ing with him in New York. Until this D,