The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1859-10-05

~
Financiering without an Independent
TreasuryLaw-The Beauties Of Den-
nison's old System
It argues little for Dennison's sagacity, that
he should, after the extraordinary exposures
of frauds, robberies and losses to the State,
under the old system. to prevent which the
Treasury Law was passed, still insist before the
people on a return to the old law and practice.
We give below some of the facts, showing
the utter ineficiency of all former legislation
in protecting the treasury.
Dennison argues that the Kelly law, requir-
ing banks to give ample bonds to secure loans
to them from the State Treasury, was a good
enough law, and answered all purposes. What
does he think of the loan to the Columbus In
surance Company, ten years ago, of 500, OOO,
not a dollar of which has yet found its way
back into the Treasury, although the company
gave as securities Drake, Buttles, and five 9TH
er wealthy citizens of Ohio.
LET THE Pee PLE REMEMBER
I hat in the abs nee o an Independent Treas
ury Law, az December, 1919, the old Wig
Fund Comm issioners, BLISS, SILL and WOODS,
LOANED TO THE COLUMBUS INSURANCE Con-
pANY $1Co, 900, taking bond and security there
for, and that not one cent thereof has eUer been
paid, or an all probability euer riU be.
RE TT KNOWN, ALSO,
That this same man Bliss left the office of
Treasurer of State an 1852, WITH AN Ac-
~ rn1ED nrr.r1arrox an cRS 0n0 III
an ADDITIONAL D~EFALcATIoN SINCE DIscov-
Erred OF SS6,690,73. That IN the absence of
the Sub Treasury Law this heavy defalcation
uds kept unknoacn to the taxpayers of the
State for years, BEING CONCEAL
ED BY DENNIsoN, THE BLACK REPUBLICAN
CANDIDATE FOR GOVERNOR, and the Banking
interest of Columbus, aoho aocre in the secret.
Dennison kneU Of this detalcation, as proven
before the Investigating Committee in 80.
REMEMBER, ALSO,
That Breslin had not yet taken possession OF
the office of Treasurer when he aoas solicited
By Governor Chase to n,ahe deposits an the City
Bank of Cincinnati, achich neUer could haze
been done under the Independent Treasury Lac,
and that by his deposits oih this pet bank OF
Gov. Chase the State lost S79,s11 95. Read
Chase's letter to Bresltn beIoao:
"PRIvATE,]
"CINcINNATI, Dec. 80, 1851.
"MY DEAR SIR: I inclose Mr.. Heaton'.
letter, which speaks for itself. I take it fol-
granted, that so far as the treasury makes lie
posts in Cincinnati, they will not be continued
with the Trust Company. The City Bank is
1 have no doubt, a safe institution, and is man.
aged by excellent and liberal men. I speak
the more impartially, as L never borrowed q
dollar from them.
81 presume that your arrangements as tc
depositing here are already made. If not
1 am bound in justice to say what ]
have for the City BankI should feel still more
bound to ask your favorable notice of the Me
chanics' and Traders Bank, with which 1 dc
all my own business, but in which l have nc
interest as a stakeholder or otherwise.
"S. P. CHASE.
up. 81 suppose it is rather too late tc
congratulate you on your election, which, new
erthelsss, I do most cordially, as I did also what
lay in my power to recure it. May your i'm,
portant duties be so ably and faithfully dis
charged as to justify the confidence of your
friends, and add to theirs that of the whole
people"
DO NOT FORGET
That IN the absence of an Independent Treasu
ry Lalp, Breslin uas also induced to make de
pos,tes scitb other n,oneyed corporations, result
ing in a Toss to the State Of ouer 100000.
BEAR IN MIND!
THAT SILL, THE VINO FUND COMMISSION
ER LOANED NEARLY TEN YEARS AGO TO TIL
AKRON BRANCH RAIL ROAD COMPANY S42,
500, NOW LOST TO THE STATE, achich an In
dependent Treasury Law a1ould hvve saved.
REMEMBER, ALSO,
That, pursuing the same system, in the alb
scnce ofa Sub Treasury LdU, Gibson loaned
to the Lewistopn RESERVOIR Company, Kim
bal d Co., and Others, and Invested in Lndianc
BANKS and Raizroad Companies over 500,
900 of tie peoples money nearly all Of Ohicj
yet remains unpaid.
AND PARTICULARLY REMEMBER!
That GIBSON, uncontrolled by IN .Ladepcn
dent Treasury Lau, PURLo1NED H STATl
STOCKS deposited in his office to secure the cir
cu1ation of the Seneca County Bank, to til
amount Of S135,000, and pledged them in Nea
York, RAISING IN ON THEM, WHICH HA
BEEN coU NTED FOR THUS
TAE BILLS OF THE SENECA COUNTY BANK
IN THE HANDS OF THE PEOPLE OF ONO
WORTHLESS, or nearly SO.
AND DO NOT FORGET,
That BAKER, the Black Republican Sec
rotary Of State, as one cffthet fund Commission
ers, received as the rewardo fhis J~aihfulnessJot
the corrupt negotiation cfthe loan Of 1856, tn
paltry sum ofs4,00o. Which bride threw til
loan cfs2,4 400, 900 into irresponsible hands an'
made Ohio Stocks fall from 100 to 1904, a dy
ference Of 81, and causing a loss ofS132, 600
ALL is NOT YET TOLD, but enough t.
show the people of Ohio, the inexcusable folly
..e..a I'LL q .Lo Ga.I:la4A e.