The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1859-08-03
The Safe Keeping and Disburse-
menf OF the Public nTnneX


For many years prior to the late Treasury
Defalcation, controversy had been steadily
going on in Ohio in relation to the then ex.
istng mode Of managing the public fuAds.
The Democrats held that there should be di.
vorce between the Banking Institutions and
the State Treasury, and the Whigs insisted
that the public money could be safely and le.
J gitimately confded to the Banks, and by them
made the basis OF accommodations in the
shape OF loans, from which the body OF the
people could be benefited. Effort after of.
fort was made to sunder the mysterious con.
nection between the Banks and the State,
but it was opposed by the united opposition,
and small portion of the Democratic par.
| ty, and was therefore unsucc eseful. After
the adoption OF the new constitution, and the
reorganization of the Board of Fund Com.
missioners, an effort was made to correct the
abuses that were then only known In part
to exist, but these failed by the coIusion
between the Trust Company and the Treas.
urer Of State, Breslin. The use OF the pub.
lie money by the Banks, and the temptation,
the incumbent of the treasury was constant.
Iy exposed to, by his illicit and improper
connection with those institutions, led 10 q
Defalcation of large amount during tho
time that Mr.. Bliss was the Treasurer. Mr..
Breslin undertook to carry the Bliss defalca.
tion, and by this act was necessarily thrown
into the company of desperate men in the q.
nancial world, by whom he was led step by
step into hopeless and rretrievable ruin
Gibson followed in the same course ofinan.
cial policy, and met with the same fate
The Democracy has sundered the connec.
ton between the Banks and the State, bv
the Sub'treasury law of the last General
Assembly, and provided that the public funds
shall be used only for the purposes for which
they are drawn from the peoples pockets,
and that any public officer who misuses or
misapproprates the funds, shall be deemed
guilty of and punished for the commission Of
crime. The Republicans, one and all, de.
clare the law bad one, urge its repeal, and
claim that the peoples money ought again to
be given to the Banks for them 10 speculate
upon, ms heretofore and that done, the for.
mer acts Of corruption, villainy and defaIca.
tons must be enacted over again. The
people ought TO bear in mind Mat if a Rspu5.
t'cdn Legislature be elected, their money wiR
again be taken out of the State and countv
treasures, and again loaned to The Banks and
again lost. Let this fact not be forgotten,
Lett be kept prominent. And in order that
the people may have some little insight into
the unscrupuIous manner in which men high
in authority IN corpJrati,ns, will act IN their
wild hunt after the public money and to keen
possession OF it, we publish to day for their
jn'ornltion, lew letters from Geo. s. Coe,
Esq, the Nav York Cashier of the Ohio
L''e insurance aud Trust Company, 10 Chas.
S:etson, Esq the President Of the Co., and
TO John Il. Breslin, Treasurer of State
Amo"g these letters are two private ones
from BrrsIin to COe, and another enc is re.
tered 10, but it appears to be unfortunately
destroyed. The perusal of these letters
(Ah'ch we obtain from the documents ac.
the report of the Investig atino
Commlssion) will disclose to the reader that
they were written during the time that the
new fund board were endeavoriag to ascer.
tain and correct existing aliases in the f.
nancial system of Ohio. The dishones,
means used by Cue to mislead and deceive
them, and his concealment of lacts which he
knew, his ready old and assistance in help.
ing BresIn to hide bis actual condition
Stetson's knowledg ge of the facts as commu.
nlcated to him by Coe, and his acqaeseence
in what was done, will all strike the mind
OF the honest reader with surprise. Stetson
and Coe were at the heod OF our model Ohio
Blnking Institution--the Trust Company,
and yet they regarded it as no breach Of good
morals to participate in transactions such as
those disclosed by Coe, ard to conceal from
the fund commissioners of Ohip that which
it was their duty to have disclosed. The
reader of these letters will fix proper char.
octer on the transactions therein referred to,
and form his own conclusions as to the pro.
Priety of returning to financial system out
OF which such corruption must necessarily
grow.-Statesman.