The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1859-08-10
The Safe keeping and DisbUrSe-
ment of the Public Money.
And Gohlson wants. &c.

For many years prior to the late Treasury
Defalcation, controversy had been steadily 60
ing on in Ohio in relation to the then existing
mode of managing the public funds. The Dem
ocrats held that there should be q divorce be-
tween the Banking Institutions and the State
Treasury, and the Wings insisted that the pub
lie money could be safely and legitimatel con-
fined to the Banks, and by them made the ba
sis of accommodations in the shape of loans,
from which the body of the people could be
benefited. Effort after effort was made to sun
der the mysterious connection between the
Banks and the State, but it was opposed
by the united Opposition, and small por-
ton OF the Democratic party, and was there
fore unsuccessful. After the adoption of the
new constitution, and the reorganization of the
Board of Fund Commissioners, an effort was
made to correct the abuses that were then only
known in part to exist, but these failed by the
collision between the Trust Company and the
Treasurer of State, Breslin, The use of the
public money by the Banks, and the tempta-
tions the incumbent of the treasury was con-
stantly exposed to, by his illicit and improper
connection with those institutions, led to De-
falcation of a large amount during the time that
Mr.. Bliss was the Treasurer. Mr.. Breslin un-
dertook to carry the Bliss defalcation, and by
this act was necessarily thrown into the com
pany of desperate men in the financial world,
by whom he was led step by step into hopeless
and irretrievable ruin. Gibson followed in the
same course of financial policy, and met with
the same fate. The Democracy has sundered
the connection between the Banks and the State,
by the Sub treasury law of the last General
Assembly, and provided that the public funds
shall be used only for the purposes for which
they are drawn from the peoples pockets, and
that any public officer who misuses or misappro-
pirates the funds, ahall be deemed guilty ofand
punished for the commission of crime. The
Republicans, ond and all, declare the law bad
one, urge its repeal. and claim that the peoples
money ought again to be given to the Banks
for them to speculate upon, as heretofore; and
atdone, the former acts of corruption, villainy
and defalcations must be enacted over again.
The people ought to bear in mind that if Re-
publican Legislature be elected, their money
will again be taken out of the State and
county treasures, and again loaned to the
Banks and again lost. Let this fact not be for.
gotten. Let it be kept prominent. And in or
der that the people may have some little insight
into the INSCRIPTIONS manner in which men
high in authority in corporation, will act in
their wild hunt after the public money and to
keep possession of It, we publish o-day for their
information, lew letters from Geo. s. Coe,
Esq, the New York Cashier of the Ohio Life
Insurance and Trust Company, to Charles Stet-
son. Esq, the President of the Co., and to John
G. Breslin, Treasurer Of State. Among these
letters are two private ones from Breslin to
Coe, and another one is referred to, but it ap-
pears to be unfortunately destroyed. The pc.
rusal of these letters (Which we obtain from the
documents accompanying the report ofthe In
Vestigating Colnmission) will disclose to the
reader that they were written during the time
that the new fund board were endeayoring tc
ascertain and correct existing abuses in the fl
nancial system Of Ohio. The dishonest means
used by Coe to mslead and deceive them, and
his concealment of facts which he knew, his
ready aid and assistance in helping Breslin tt
hide his actual condition; Stetson's knowledge
OF the facts as communicated to him by Coe, and
his acquiescence in what was done, will al
strike the mind Of the honest reader with sur
prise. StetSon and Coe were at the head ofoui
model Ohio Banking Institution-the Taus
Company, and yet they regarded it as no breach
ofgccd morals to participate in transactions
such IS those disclosed by Coe, and to concea
from the fund commissioners Of Ohio that which
twas their duty to have disclosed. The read
or Of these letters will fix q proper character
on the transactions theirin referred to, and form
his own conclusions as to the propriety Of re-
turning to financial system out of which sucl
corruption must necessarily grow Statesman
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