The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1859-09-14
Repeal of the Sub-Treasury Law-Let
the People be Warned.

E
The speech Of Mr.. Dennison at Lebanon,
says the Newark Adrocate, furnishes fresh ev-
idence OF the. determination of the republicans
to repeal the Sub-Treasury Lawif they unhap-
PLY succeed in carrying the October election.
He avows himself in favor of going back totbe
system ofdepositing the public money with
banks and bankers, requiring from them prop
er security for its safety. This might lie less
objectionable, 1jaooide1 the peoples interests
were the same IS Mr. Dcnnison's. But tho re-
publican candidate for Governor is a banker,
and in past years, as a director and stock-hold-
er in large banking Institutions, he has made
handsome profits by the useeofthe public funds.
Hence, MIR. Deunison's individual interests,
and those of the public, are different. He
risks nothing-thc public risk all. The pub
lie make nothing-he makes all.
But, waving all objections to the deposit
system as a means of enriching the bankers by
the use Of the public money, there is another
consideration which is conclusive against it
We refer to the aids which the deposit system
brings within the reach of the Treasurer in
covering up and concealing the true condition
of the Treasury. What was Mr.. Kelley's ex-
~perience when seeking, at the head of the FL
nance Committee, to ascertain the actual con-
dition of the Treasury, by a close personal ex-
animation and scrutiny of its vaults, moneys,
drafts, certificates, books and papers ? 1t was
this: Gibson was without the proper amount
of money ; bit, in lieu thereof, he spread be-
fore Mr.. Kelley drafts and certificates of de-
post ISIS led to the Treasurer for the purpose of
deception. The stratagem succeeded, and the
noble efforts of Mr.. Kelley were foiled by the
Joint rascality of the banks and the Treasurer.
BY the same process Senator Taylor, the pres
emit Republican candidate for Auditor of State,
was deceived as to the real condition Ct the
Treasury. In like manner Auditor Wright,
with very evident satisfaction, reported to the
Governor that he had subjected the funds of
the Treasury to ~"acfual count" and that the
Treasury was in a sound condition. At the
very moment these three separate examinations
were made, the Treasury Gas has since been as
certained) was bankrupt to an amount exceed
ing half a million of dollars. Mr.. Kelley, MIR.
Taylor and Mr.. Wright each counted the GER
ti6catcs of deposit and bank drafts as money,
and in this way each was deceived and blinded
as to the true condition of the Treasury.
1t will not do to urge that this means of de-
ception can be obviated by requiring the Urea
surer, at quarterly periods in each year, to re-
call his deposits and have the money itself in
the Treasury ready for actual inspection and
count Examinations confined to faced days
or weeks of the year, would prove a mere mock
cry and delusion. Banks and banker could
readily provide the money needed for meeting
such stated examinations and take it back into
their own possession all within forty-eight
hours. This is a truth which should never be
lost sight of or forgotten. Examinations of the
Treasury should never be fixed to specific days
or limited as to number. To secure this linn
%itation, was one of the great purposes of Bres-
Inns friends in the Senate in 1854. The
Treasury should always be subject Gas it is un-
der the present excellent democratic law to
examination on any day and without notice to
the Treasurer. Anything short of this is a
mockery and even this, if bankers certificates
of deposit were to be counted as money, would
be inconclusive and utterly barren of substan-
tial good.