Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1859-09-16
Dennison and the SUB ,Treasury systeH

Ea-.-a--.s.
Dennison and the Sub Treasury system.
Mr.. DennisOn, as is we'll known, is uitcrly
opposed to the Sub Treasury law, and is in
avor Of returning to the old system, under
shich the Treasurer Of the State loaned the
public funds out to banks and received in
exchange certificates Of deposit. His ans
yer TO one objection sgainst this system is,
hat the Treasurer can easily determine
what banking Institutions are on sound
ooling, aud if he is a man Of any iudgment
lr experience, he will run no risk in making
deposits. We will refer to transaction
between Gov. Chase and former State
Treasurer, which will show that the Cover.
ernor, with all his pretended wisdom and
enlarged capacity, for understanding things
in general, was either altogether deceived
concerning the standing and actual condition
of twoAbanks in Cincinnati or was a dis
honest man Mr. Dennison will probably
agree that il Chase was in error in this mat
ter, any other man in the State could be easi
ly misled, for he considers him to be para
gon of perfection, and he receives his opin-
ions and doctrines as readily and naturally.
as any infant imbibes the tactical fluid from
its mothers breast No child ever listened
to the teachings Of its father with more con-
fdence in his infallibility, than does Denni-
son to those of Gov. Chase and if Chase
could not correctly decide whether the
Banks IL his own city were safe, who can
tell what institutions of the kind are safe
any whore.
The Treasurer of State, in 1852, deposi.
ted upwards of 100000 of the public funds
in the City Bank and Mechanics and Ira.
ders' bank Of Cincinnati, institutions which
were rotten to the core, by the advice, and
under the direction OF Gov. Chase by this
charming stroke of policy nearly the whole
amount loaned was lost to the State. The
letter of Chase advising the Treasurer, is
preserved, and has been published One
clause reads us follows.
"The City Bank is, have no doubt safe
institution, and is managed by excellent and
liberal men. presume that your arrange
ments as to depositing here, are already
made, If not, though am bound in jus.
tice, to say what | have for the City Bank,
] should feel still more bound to ask your fal
vorable notice of the Mechanics and Ira
ders' Bank, with which do my own bust,
ness, but in which | have no interest as
stockholder or otherwise
Now, it is matter of but little conse
quence, whether Chase was careless in his
advice or was really dishonest If Denni-
son acknowledges him to be man of judg-
ment it proves his own prOposition-that
there is no need Of the Treasurer being
deceived with regard TO the actual condition
of bank-to be untrue. If Chase, with
his enlarged experience was deceived con.
ceFning the affairs Of the bank with which
he was dong business, what reliance is there
to be placed in the opinion of any man, in
a matter of this kind2 1t shows the system
Mr.. Dennison is advocating to be unsafe, and
that If returned to it will open the way the to
same difficulties that have been therefore, ex
perienced The fact is that Dennison is ad-
yocating il, because i is unsafe, and allows
certain banks to swindle the people out Of
the public funds He is banker himself,
and is representative of that class of mon
led men who were, under the old system,
leeOhes upon the State Treasury It is his
interest to oppose the Independent treasury
Law and If he is elected will bring about
its repeal.