The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1859-09-28
Mar. DeRniSOM and the Sub
Treasury,


Mr.. Dennison, the Republican candidst
for Governor, as is we'll known, is oppose
to tie present Independent Treasury law
and is in favor of returning to the old system
under which the Treasurer of State was en-
abled TO loan the public funds out to bank
and brokers and receive, in exchange, GER
tfcates Of deposit. His answer to one of tb,
objections made against the old system is
that the Treasurer can easily determine wha
banking institutions are on a sound footing
and if he be man of Ony judgment or expe
rience, he will run no risk in making depos
its. For the purpose of showing how hol.
low is this answer, we refer to transaction
between Governor Chase and Mr. Breslin,
by which the reader will be enabled to see
that the former gentleman, with all his pre-
tended wisdom and enlarged capacity for
understanding things in general, was alto
ge.her deceived concerning the standing and
condition of two banks in Cincinnati-or
was dishonest man. Mr.. Dennson will
probably ogree that if Chase was in error in
this matter, any other man in the State could
be easily mised, for he considers him par.
agon of perfection, and receives his opinions
and doctrines as readily and as naturally as
ehi,d-indeed, we doubt much whether
child ever listened to the teachings of fa.
ther with more confidence in his nfnllbili,y,
than does Mr.. Dennison to those of Cover.
nor Chase--nnd If Chase could not correctly
decide whether the banks in his own city
were safe, who can tell what institutions of
the kind are safe anywhere
The Treasurer Of State, in 1852, deposited
upwards of 100000 of the public funds in
the City Bank and in the Mechanics and
Traders Bank, at incinnati--ins titutons
which were rotten to the core-5y the ad
vice and under the direction of Governor
Chase. By this charming and masterIy
stroke of policy, nearly the whole amount
thus loaned was lost forever to the State.--
The letter of Chase, advising the Treasurer
to do this, is preserved and has frequently
been published. Werreproduce one para
graph, which reads as follows:
"The City Bank is, I have no doubt, safe
institution, and is managed by excellent and
liberal men. | presume that your arrange
ments as to deposting here, are already
made. If not, though am bound in Justice,
TO say what have for the City Bank, | should
feel still more bound to ask your favorable
notice of the Mechanics and Traders Bank,
with which do my own business, but in
which | have no interest as stockhc lder or
otherwise"
1t is matter of but little consequence
whether Chase was careless in his advice or
was really dishonest. If Mr.. Dennson ac-
knowledges him to be man o judgme Mt, it
proves Ills own opositon-.-,hat there is no
need of the Treasurer being deceived with
regard to the actual standing of a banls--to
be untrue. If Governor Chase, with. his
enlarged experience, was deceived concern
ing the affairs of the bank with which he
was doing business, what reliance is.there
TO be placed in the opinions of any man, lin
matter Of this kind =! 1t shows that the
system which Mr.. Dennison is advocating is
unsafe. and that if returned to will open the
way to the same difficulties which have been
heretofore experienced. Being banker
himself, and representative of that class Of
monied men who were, under the old system,
leeches upon the State Treasury, it seems
to US very much as if Lii. Dennison advo.
Gates II because 1t is unsafe, and allows Ger.
tain banks to swindle the people out Of the
public funds. 1t is his interest to oppose the
Independent Treasury Law and be will, if
elected. bring about its repeal.