Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-03-11

every dollar of which is a fraud upon the Cred
itors OF the Bank; and all paid after January,
| 1853, might be dominated by still harsher
name. This amount should, if possible, be col
lected from those who received it.
We deem it unnecessary to add anything to
the very able and explicit report of the Receiver
of the Bank, which is annexed to this portion
of odr Report as Document 5. The origin of
the over issue of the bank is there fully set
forth, as well as the conduct of the officers who
participated in this guilty transaction, and also
how it was concealed in the books 1t names
the person who was the recipient of the pro-
ceejs, and who has them now in his possession.
Mr.. Hewitt is pleased to assume before the
public the attitude of very ignorant man; but
the testimony taken before US, and which is at
tached to this Report as Document 3, as well
as the facts gathered from the books, exhibit
him in different light. He is present at con-
sultations, gets and makes explanations, buys
aud sells stocks, holds it nominally, but re-
/ ccives dividends; in fact does many things, and
| participates in many more, which brings him
! benefits and profits known by him to be iegiti-
mate: and which taken all in all, not forgetting
his relationship to Lake and his being his tool
in stock operations, relieve Mr.. Hewitt eonsid-
erably of the charge made by him upon himself,
ofbeing an ignoramus, and we doubt not it will
behoove Mr.. Hewitt to prepare himself At once
TO answer a very different charge. He may
never have understood the fraudulent account
of ''stoc1s furnished by stockholders" nor how
he was the lucky recipient of credit OF S1S,-
| 900 to which he was not entitled; but he
knows these things now, and the question IS
proper, why does he not correct these mistakes
and errors by paying back moneys wrongfully
received, and thereby clearing himself Of cul lPa-
bility ..a..f .st-
The community in which he lives had conf.
dence in his simple-hearted business integrity,
character which, if not fattering to bankers
pride, is at least better than that of an accom-
plice of Severance, Lake and McMillen. Cd
He and not the State should pay the over-is-
sue, and this is our opinion, formed after care
ful examination of the facts.
The present Treasurer of State failed to re-
deem the circulation OF the Canal Bank, for the
simple reason, that the money in his hands be-
came exhausted. We think that that officer ac-
ted iBdiscreetly in issuing a circular that he
would take for taxes the notes Of the Canal
Bank.
State Treasurers have frequently baen too
hasty in their circulars in favor of the notes of
banks, which had and very often deservedy,
got into bad repute, among the confreres OF
banks-the brokers. State officers have no busi.
ness with sustaining banks and their circula-
ton, and when a bank fails to retain public
confidence in its safety, it ought, to a State
officer, be reason of caution and not for vpl-
unteer aid by agreeing to take its issues for
State dues. This matter is totally misconceiv-
ed by the banks and our State officers. All
the State has to do with the circulating notes
of a bank, is to be the custodian of its public |
stocks, and if these are purloined after they are
deposited, it is property stolen, and although |
the State may feel itself bound to make good |
the theft of its officer yet even this doctrine |
may be extended too far. At any rate we can |
see no liability in the State for the over-issue Of
the Canal Bank, neither from the fact that |
through Breslin's misconduct, circulating notes |
came wroDgfully into the possession of the Off
GERS of the bank, nor from any obligation aris.
ing out of the circulars of the present State |
Treasurer. 1t is the highest importance, that |
it be distinctly understood, that no one, except |
the law making poEer-can put the State under
obligations to pay, and that all acts of any and |
all officers not resting on clear legislative au-
thority are void only binding on the State Iat
its pleasure |
As bearing upon the question Just presented;
and also in connection with the over-issue, We
beg to direct attention to the testimony Of Mr.
John B Dumhle, of Marion, Ohio from which
it is obvious that Breslin is more intimately con
nected with the Canal Bank issues than he Is
disposed to admit. The testimony shows how |
guarded the State should be in all its steps
tending to an assumption Of Bank liabilities.
Mr.. E. n. Sill, as aiready stated, acted an i'm
portant part IN thestarting Of the Bank, and dur
ing its existence he frequently aided it at most
oppOrtune moments with large amounts of pub
lie money. February l2. 1851, S5I 600 we're
placed with it and certifcate of deposit taken,
which was renewed June 9th, and paid De-
cember Goth, by s4I.000 on New York, and BY
a time draft of $4,000, not paid till February
following. -.4lsfssi -hfi.5 liser II
aGRuring 1885, $4,000, in five certificates,
were with the bank, and in the fall Of 1851, $685.