Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1859-04-06

any thing TO sustain the credltof the 5 ate
and | think we would be criminal to neg
iect any precautions. | am wiling ais
TO defer my own opinions expressed il
my letter from here as TO the Immeuiati
investments of the u S bonds surren
dered, at the present low rates of ou
stools, if you and DR. L. are of opinion
there is danger as to BIS providing th'
interest. If you come to the conclusion
the money ought 10 lay in the Sub
/ Treasury until We wish it, as am un
wiling TO trust the integrity OF The New
York bankers. when dlstrust + integ
rily OF sworn officer OF the Sale.
On the other hand, if there is no neu
reason for distrust al Columbus, | an
willing 10 take the position with you =
We are to presume that every officer vii
discharge his s,Sorn duty. and that B
having hoy million OF public money
will dispose OF 1t rs the law requires.
Again writes Morgan:
MORGAN TO EDGERToN.
oFrIcr OF CoNxtssIosERs OF SINKING FUND.
CoLrMBCs, Ohio, Dec. 9, le54.
Hon A. p. EDGERTnN.
Transfer Agent, Neio York.
DEAR SIR:-
In an interview with the Treasurer,
tailed to draw from him anything whicn
was calculated to shed light on the con
drion OF his funds or the nature of his
rrputed difficulties.
| deem it prudent to keep ourselves in as
good position for meeting a disappoint-
ment as may be in our power. and. 10
that end, will defer the cancellation OF
the bonds (96 0O0) recently held by the
Canal Bank. that they may be hypothe
Gated 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 .. S.
Warrants (SS7. .oOo) still IN my posses
sin.
will be glad to hear that you have
purcl ased, by the 16 inst. bonds to
the fall amount of the Sinking Fund n, W
in your possession. Such bonds as you
shall purchase may be retained in your
office without cance la,ion until after We
shall have safely doubled the January
Cape.
That is one way to double a financial
cape in The ship OF State!!! VIZ: to els
sue-wiIhout warrant of law-stocks
bought for the benefit of tho State, and
also to divert United States securities,
which were held in trust for the iedemp
ton of the State debt under a law that
says they "shall be applied TO The pur
chase of said outstanding bonds, and to
no other use or purpose Whdterer -
What pilots the ship OF State has in these
days! and where would that ship have
been TO day had Morgan, Edgeron. Nc
Cook and their Democratic allies sue
ceeded in re-electing Breslin as Treasur
er and Morgan as Auditor? Verify.
how little The confding people of Ohio
knew of the lee shore right under the
bow of that shipl
On January 18Th. 1855. Auditor Nor,
gan made his report 10 Gov. Medill-
who it will be remembered let Breslin
be in the Treasury months without hav
in given legal bonds-and in that re-
port covered up this mass of corruption.
this monStrous theft. thus:
Extract .from the Semi annual Report of
Me Commissioners Of the .Smkng
Fund TO the GorerRor of Ohio.
oFricE OF CoxsrssIoNERs OF arsKrxo FUsD;l
CoLUNsUs, Ian. I3. less
HoN VIM MEDILL. Governor of OHIO.
SIR: ~ At the usual
time for making provision for meeting
the Semi Annual interest due the FIRST
d y of January on the foreign debt of
OHIO, the condi ion of the money market
throughout the country wa and yet is
exceedingly unsettled. And amidst the
general revuIsion which seemed every
where to prevail. sercral OF the Baking
Lnsti utions of Ohio had already sunk
into hopeless bankruptcy. For these
aud other reasons ~ The Commissioners
deem 1t inerped'eut and unsafe 10 instruct
the Safe Ire ,surrr TO exchange the
iu'erest mon y in his possession Tor time
bills on New York. as had been custo
mary. Instead, therefore, of issuing
their usual requisitiOn, they made their
order on the Safe Auditor for his draf,
on the Treasury for par funds payable
directly to the State Agent.
In the month of November
last. it scas deeued best in the judgment
of the Commissioners. 10 surrender with
out further delay. the bonds of the
United States. purchased in August and
September, 1853. temporary invest
ment of he ONO Sinking Fund, and 10
apply the proceeds thereof as early as
prartcaible to The purchase of Ohio
Socks.
That was the way the January Cape
in 1856 was doubled, now let US see how
Morgan and Edgerton got around the
July Cape of the same year. In June,
Treasurer Breslin informed Auditor
Morgan that be, Breslin, could not meet
the July interest.
When Treasurer Gibson in 1857, infor-
med Auditor Wright of similar state
OF facts. Gov. Chase stalked into the
Treasury, demanded of Gibson the keys.
and never left the Treasury until faith
full man was put in charge, and as quick
as the wires could convey the informa-
ton, the people of Ohio weie told that
a great fraud had been detected and