Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1859-04-01

Tor dlstrEsb at Column bus am willing to take
the positio n with you. We are to presume t that
every officer wi II discharge his IN duty AM
that B., having a half million of public money
will dispose of it as the Law requires. b. }stlf
Again, Dec. 6, Edgerton, in acknowledge
ing the receipt OF u. s. treasury WARRANT
for $26 .288 "a, which was a Dart of The
amount Morgan proposedeto to use In his let
ter to Atkinson, suggests thatgno further in
vestments be made in securities for the sink.
ing fund. SO that the. funds may be used to
Ecovers Breslin's anticipated deficit in the
January interest. s .sva ssgs
F- sEDeERToN TO MORGAN. tee-
Ohio Transfer Ofiice,l
-5s 3 81 ..5r- New York, Dec. 8, 1864.
Hon. W. D. Morgan. Acting Commissioner:
do not know, but having some doubts Of the
| abl1ty OF the Treasurer to place in my hands
/ the January interest. you would suspend further
investments uutil you receive assurance upon
| the subject; but us you have given no directions
in regard to 1t, shah continae to invest as for
meriy. @ ta5s i "A. 2. Edges TON,
g. az 5 --s-sssss.1s fs.ses.. Transfer Agent.
70 this Morgan replied as follows:
ls4 -zessti MORGAN, TO EDGERToN. .-37 s-.H.
Office of Commissioners OF Sinking Fund.-
5. Columbus, Ohio, Dec. 9, 1854. !
Hon.-A. P. Edgerton, i'a
Ohio Transfer Agent, New York.
Dear SIR =
In an.interview with the Treasurer. j failed to
draw from him anything which was calculated
to shed light on the condi ion of his funds or
tho nature of his repttted difficulties. n
deem it prudent to keep ourselves III as good
position for meeting disappointment as may
be in our power! and, to the end, wi II defer the
cancel alton of the bonds 95 ,0JO) gently hold
by the Canal Bank, that they may be hypothe-
Gated in case it becomes necessary to make pro-
vision tor any. deficiency on the part of the
pose the three U. S. Treasury Warrants
1857 900 still in my possession. .5tss
/ will be glad to hear that you have purchased
by the 10th inst, bonds to the fu aa1oamt of HE
Sinking Fund now in your possesso on. Such
bonds us you shall purchase may be re-
tanned in your office without cancellation un il
after We shall have safely doubled the january
Cape.
And TO double the January Cape, to pay
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 County
treasurers, was our ''good State" cast by this |
delectabie couple Of fnanciers among "the |
haw Ks and buzzards of the stock market" !
they even proposed TO re issue S96 900 of |
state stocks which they had purchased--=or |
thought they had purchased, for that turued !
out to be mstake-wi,h the sinking fund,
they propose to use the u. S. securities, held /
for the redemption nf the State debt, and !
which The law says ''shall be applied to the |
purchase of said outstanding bonds and to no
other use or purpose whatever in order TO
double this january Cape Of a defaultiug
treasurer. .5--s.-lFt -.'4
These are the men whose "cheeks Jingle !
with shame at the ideathat the securities OF
our good Suite should be abandoned 10 the
hawk and buzzard of the stock Market
Then Edgerton writes Morgan indorsing
his peculiar financial expedients to guard
against the deficit of the Treasurer.
KDGEhToN TO MORGAN.
State of Ohio; Transfer Ofi.c, ! !
4=-sf New York, Dec. 15, lS54( |
II on. W. D. Morgan, Acting Commissioner.
1t may not be necessary to apply any Of the
funds under Your control TO the payment of the |
interest, theTreasurer being confident !
of his ability to place the funds in my hands at
the time required. The course you have adop |
ted is, however the only safe one, and places |
you in position to enable you ut moments |
notice to protect the Interests and credit of the
State.
A. Z. EDGERTOfs, Transfer Agent.
We have alluded to the $780, 900, State
stocks of the Canal Bank of Ceve land,
which Morgan reported that he had pur-
chased. The following postscript to lis
letter states il:
MORGAN TO EDG ERToN. |
Office Commissioners of Sinking Fhnd.i |
Columbts, Ohio, Dec. 4. { |
Hon. A. z. EdgertoH, --arE
Ohio Transfer Agent, New York:
P.S.-The Treasurer of State has sold to me /
OH bshalfof the Fund Co1r ttji~sioncrs tire eirtire
utnount of tbs stocks of the Ctnal Bark OH de-
post i'll his Office.
The Bank had failed and these stocks,
beld for redemption oE lis notes, Morgan ex-
peeted TO get hold of sothehow: Perhaps /
it was afterwards discovered by these delec- |
table finahciers, that this prvate arrange !
ment could ti0t be Carried out dfidet law,
which requires public safe. These stocks
which Morgan, December 4, reports that he
has bought tor the Sinking Fund and pro-
posed to reiSsue5 ere advertised December
2e, at public sale, ard Mr.. Morgan, as Fund
Commissioner, bought $42 ,456 ofthem.
Vow, note how the Auditor in his report
as Fund Commissioner, January l3, covers
up all this financial shining and hypotheca-
ton and reissue, and compare his reasons for
selling the United States stocks in his sworn
report, with those he gave Atki:iaou in lis
letter of November %.
Ertroct from the Scmi-AnnuaE Report Of
the Comnsissio toner's Of the Sintiag Fund |
to The GoVernor Of Ohio.
Office of Commissioners of Sinking Fund, |
Columbus. Jan. IL, fs55. ! |
Hon. Vim. Medill Governor of Ohio. |
SIR! = AT the usual time of IN aking |
provision for meeting the Semi Annual IN tersst
due on the LIST day of January on the fh,efqm |
debt Of Ohio. the condition OF tho money mar
ket throughout this eouhtry was, TAM yet is
exceedingly unsettled. And amidst the genera /
revulsion. which seemed every where ta prevail /
several of The banking institut onS of Ohio had |
already sunk into hupnlcss bankruptcy. For !
these and other TeaSons - the Commissioners
de med it ineNpedient and hnsate to instruct the |
State Treasurer to exchange the interest money |
i'll his possession for time bile ot1 New York. !
had been custo nary. Instead, therefore, of is !
suing their usual requi~itiun. they made theit |
order tn S ate rditor for his draft ON the |
Treasury for par funds payable diree' y to the
In the ff.o>aiA o November t4st, il was deemed
best in th jtl grcnt OF tho Coiunri onors, to
surrender. without iurthur delay, the bonds OF
she United States, purchased III August and
September, 1898, n tom PoruFy Investment OF the
Ohio Sinking Fnnd, and to Apply the proceeds
thereof us early us Prattcabic 10 tho purchase
of Ohio Stocks.
The provision for the July interest oi
1855 was but Il repetition 0t the same shin !
ming, aud Illegal use oil the securities in the
sinking gund by Morgan and Edgerton to
cover up the deialcution. For Two years
was our good state the victim OF these hawks
and buzZards, whose cheeks 81 .tingle with
sha me" that the securities of the State
should be thrown on the market. In June
Breslin, who somehow-perhaps the treas |
ary commission will explain-had the free
Use oil these men, notified Morgan that he
could not meet the July interest. Morgan
rallied promptly to the rescue. In his next
annual report, he stated that there WAS
balance in the reasury, Nov. 1850, OF
97n3 30 II will be recolIccted that from