, 1860-01-14

The Saut Canal Fund-.-No Money
l.,Ats
As We iutima.sd yesterday, tie story Of tLr
Detroit Free Pysg IN relation to the loss OF the
Saut Canal Fund, through The 1nal.feasance of
the State Treasurer of Michigan, WAS manuf4c.
tured foEpeli.ieal effect The following, from
The Detroit; ;ddr<rtistr places the matter in its
true Light -. =.
"The organ ofthe slave Democracy Of ycster.
day, drawing as usual upon lts imagination for
its facts, and its acknowledged genius in the or
eanizatlou Of false accusations: against the Off
GERS Of the State Administration, seeks to alarm
the public that the Saut ST.. -Uaris CIaal find
efeatel last winter by Act Of the -Legi*iature,
has been put III Jeopardy, and that i'0,90V has
been lost.
We are enabled, in reply to this wholesale as
sertion, to say that there is no grouud for the
| alarm it seems to spread. The Statc1o7u Great
cd by the act Of last winter, for the purpose Of
Fenairint, the St: Mary's ship canal, was resu-
But before the sale Of the bonds WAS perfected
IN New York, runor was set utloat there that
the Aet authorizing: the loun was invalid, and not
binding upon the State. This rumor arose from
tue TACT that two Democratic gentlemen from
Detroit, both Of them now holding high public
stations, both lawyers, and both leading and
active partjzans If the pro slavery democracy,
had written letters to capitalists east. That the
act was uktpzttttHt;o,.a!, aud the bonds void
and this, beyond ! doubt, for tue malicious pur.
pose OF running the credit OF bonds, preventing .
the repairs Of the canal, (which their own party.
through its agents, had constructed in 50 Insult.
hclent manner, Us absolutely to require
the repairs for its own preservation,
and thus injurinE the Republican parry. !,
would be difficult TO conceive baser and wick
eder scheme and yet it had the ELECT, at the
very moment Of the negotiation, to reduce thu
market value of the loan 81, per cent in New
York. The result was, that the State Treasurer
IN osderto raise money 10 commence the work
on the caoa1 the past summer, and havs it read,
for use Ut the opening Of navigation this year
found It necessary to grant short credit Il
[ Nessrs. Hazeton i Co., the purchasers o. ths
bonds, upoa S:p, ,0v0 Of the amour. which the,
were to pay for the NJ, which vas 5lp3,uuu, III,
balance, 5000, was paid down aud Is in tn,
treasury to the credit OF the canal fund; and th,
remainder, *5s',oU0 and interest, is we'll securst
by moriSa-e aud personal securities, which rem
! der it perfectly safe aud available to the ca,.a
contractors Is soon 3s it shalt be needed tn
.Sfass Is secure. and scN HeEtr losr ore 1t tiiar
The necessity Of such IN indulgence to th
purchasers having been produced by the mali
cious interference Of the two locofoco LAWYER
referred to, by whose false yiewa Of the po.e
ot the Legislature to contruct the loan capita|
lists were deferred from it, and the money hay
ing thus been secured in spite CT their els opez
tions, We are quite viiin, that thtir orydn her
should discourse for them aud its readers I'LL til
music il il master on the subject. We huy
simply given in reply plain statement vi fact:
and repent that th. canal fund and the Who'll
OF ii, is perfectly safe.