East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1860-01-19
TmE sAUT Canal svyINDLE.
THE FACT CONFESSED.

There is no attempt on the part ofany
of the black republican papers to deny
that the Saut Canal fund is now out "
through the sharp management of some
of the present State administration, fifty
thousand dollars at the least; they say
it is "amply secured" and all that, but
fail to tell how it is secured, and the
blame of the whole transaction they en-
deavor to put upon "IIonest (?) JOHN
McKMNEY." How much cold line whig"
jealousy has to do with such spot" and
"kettle" arrangement, the future will
doubtless devclope. For present partic
ulars Of this interesting case we quote
from the Free Press of the 18TH
The music Of our two city bucl; republican organs
is not harmonious. For example, the morning or.
gan tells ~ that "tho State Treasurer in order to
raise money to commence the work the canal
the past summer and have it ready for use at the
opening of navigation this year, found il necessary
10 grant a short credit 10 Messrs. lIAZELTON Co,
the purchasers Of the bonds, upon $4,000 Of the
'omouut which they wore TO pay for them, which
was 100000 The balance $4,000, was paid
down, and is in the trcdsury to tho credit Of the
cnna fund" Its Slightly iueXplicablc 20 US how
became necessary SIN order TO raise money to COM
mencc the work On the canal TO grant short cred
/ It to Mos59 INELrOy Co, We have never
known Of party raising money by loaning 1t to
somebody else. AID then, why was il necessary to
! raise money 20 commence tho work on the canal II
$4,000 Of the loan had already been paid into the
rcasuryl But the evening organ explains the mat
tor differently. IL tells that, ''tho bonds having
been properly prepared and Signed the state
Treasurer proceeded 90 Now York TO receive the
] money and deliver the bonds the FIRST Of July.
Tho amount of the loan and premium, SlO3OOO,
was placed 10 his csadit al the Artisans Bank in that
city; but insealOf receiving the money. there APP
/ pears 20 have been 'apriyate side undertaking.
/ that tho Treasurer should give ilAZELrUN Co,
. his check on that bnnk for $4,000 and receive
] their voucher for that amount The purpose Of
! 'su.h peculiar fnmcicriug does not yet appear
] Why iINELToS g Co, the ostensble purchasers of
| tho bonds were allowed to retain one-huf of the
! 'proceeds nul be made depository Of $4,000 sa
/ nlysieryh So the whole proceeds Of the bonds
were actually placed 10 the credit Of the State Treas
urer in the Artisians' Bank, and the Of $50 600
afterwards loaned to iINELTOS Co, "thc Cstonsi-
Bic purchasers Of the bonds" on their check. (Who
were the actual purchascr9 This fact disposcs Of
the ridiculous story Of the morning black republican
orran of somebody belonging in this city having
written TO Now York dceryng the credit Of the State
bv wlish the value Of those bonds was dCprcCiatcd
The Guilt Of the State Treasurer is thus fixed
Now, what does the evening black republican organ
mean when it gnys; "Who else may lie implicated il
the wrong By errors Of omission commission OF
ly completely remains 20 be zen, not only regorC
to the $4,000 item hut others and in relation TO nj
Of which we must defer further remarks until fTth
en- posted" What does IL meant Is the evening
organ itself in doubt to who Of the administration
are implicated with tho treasurer And Isl in fea
lest other couuptons caunot be much longer conceal
edl "rr g. .s"t
Bot both our black republican organs insist tha
this 0000 loaned by the Treasurer TO IMELToN
& Co IS not lost They assure us that the Governor
and Attorney General have been to New York and
/ procured security for the payment, at some future
time, Of the money The people Of this state woul'
Ike to know something of the nature of This security
And why dill not the Governor and Attorney Genera
| 70 90 New York long ago and procure security 10
the payment of the money! They knee Of "a
transaction for his part IA lrhicha The Treasurer 4
nor to be drumH6d ont u camp 10 the tune u n
Roguss March as long ago as JUly tq8k IL isno nov
thing 20 them Why did they not denOuncc the Trcasu
err six months agol Does the business failure
IIAzrLgov & Co alter the nature of the transaction
Not Mt all Perhaps the Governor and Attone
General regarded the names Of SILAs NJ llOLME
= and WurrNEY JoNRs, which were upon llzEtTo
& Co.'s voucher to the Treasurer for the S5OOOO,
4, abundant security They are just as abundant nov
l MS they were then. They were good for nothin
/ then and are no better now.