The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-12


Treasurer found my accounts correct the books and
sufficient vouchers for AL the State funds on at tho
close OF business, December 81, 1858.
mention the tact that was accustomed to loan the
State funds TO Of bondsmen and othere not for
the purpose of eliminating others, but simply to show
that what was doing with the public funds was not
wholly unknown TO psrties who had deep interest in
the safety Of these moneys and also TO show that others
willing risks well myself and that this
matter between myself and some OF my bondsmen has
than is generally supposed
! was unfortunately engaged. 1 became a partner
in this 6usness in July, 1885, and my associates are,
Il. I asm n ,s n high s0 and
timber limits 266 square miles OF territory with the
mill booms, &C., was made Of Edward Scallan, for
$50 COO bonusfve thousand dollars down, which pay
ment made out CT my own private funds For this
was 70 be reimbursed ut early day, with interest; 30
that U fact very small Sum only would be necessary
BY papers which herewith present you viii see what
AiseFng exhibit presented Of speedy receipts and
suppcse competent judge and 70 know whereof they az
frmed These receipts and these profits have NOT been
reaized hence am before You day the huiliAting
position IN which find myself. Nhas been said-ndeed
The public mind very generally entertaining the be-
cfshat have been brought into this runous specula-
,on y my r.rnsrs who care not for me nor for the
to ner on my account Wish only 10 state the precise
truth In this connection, and leave you and the public TO
Dot and sn confident my partners did no enter upon
this enterprise With the intention Of taking single dollar
from the treasury to carry II on.
This enterprise was carried mainly ~ notes or my
own and notes furnished by my associates which my
credit and my position enabled mo 70 uss. found no
difficulty generally In raising money q the banks whore
kept my depcss, upon notes that Of doubt
fui character do not Say that did n II any time take
money from the Treasary and employ In the Canada
operation TO carry on, because that would mot be true
did frequently but always sought 70 replace II by the
discountpg Of notes and By placing tho proceeds TO my
credit Treasurer have used notes With the banks 10
very large amount, and have also used my checks on
time with Individuals and with banks 10 large amount
The shfewdest financial In the State or those Who
are eetccmed such connected with banks and outside
have ben ready 70 take thsse checkindeed have been
greedy for them
repeat here that did not commence this enterprise
with De deliberate intention Of taking single doluf
from The Treasury 70 carry had no doubt q the
start that could with my private means and nv credit
carry forward my part OF the work, and furnish nv
part q the money without trouble; and / tno~
now th1 could have done n with perfect
case was represented TO me- you viii see by papers
herewith presented that the whole enterprise would cost
ous 40 that this would readily be provided FOR
~ early receipts from tho lumber and that There would
be large profit left after paying for the operation IA the
woods, cost Of mill, &c.
The mill oooms, &c., AZ you viii see, were TO COST
by our books; and by statement from our agent
they have cost learn SIS o0o The whole operation
was to cost $4,000; it has cost between $4,000 and
sSoct0. The MIL TO start In July, sure; and I've
millions OF lumber was 10 be got into the market Tae