The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1860-07-12
From the Indiana Journal
NolsSnges---w willard.
To the People Of Indiana:

As sm . private citizen, and not in the
enjoyment Of very good health. and am
not taking m active part in the political
strife which unhappily exists in the country
0 it is extremely unpleasant to me to be drag
; ged before the public. feel a natural re.
, serve in speaking of my private or public life
5 and do not wish to d. so unless compelled Il
vindicate my self against unfounded charges
Yet do not fear but invite investigation oi
either Demagogues at various times. have
misrepresented my official acts for the pur-
pose OF making political capital. but have
thus far forborne making any reply, feeling
conscious Of having faithfully discharged
my duty rs an officer. and believing that.
although the people might for a short time
be misied. the truth u would ultimately reach
them. But when the Governor of the State
condescends to make unjust charges against
me. as he has done in his late speech deliv
cred at New Albany. manifestly TO injure
me, or 10 affect the election Of others by
striking at them through me, justice and
honor alike require that should reply to
his charges. and show the public how
widely his statements differ from the truth.
/ have no quarrel with Gov. Willard and
desire none. But when he publishes calum-
nious charges against me. he cannot blame
me if | show the public that they are un-
founded.
Gov. Willard charges that during my
service as Treasurer. the State lost $780,
this assertion fiat denial. and / defy him
Gov. Willard, in speaking of the State
losing s39 .963 OIL '.loaned and deposited
BY me. alludes. l suppose. to some bills of
nkon h..k i oH
drawn and endorsed by Michael G.. Bright
and James P. Drake. to p,y interest on the
public d.bi. which has to be paid in the
city of New York. Gov. Willard knows
that this was neither deposit or a"loan;"
Gov. Willard knows, or ought tn know, that
the usual mode of transmitting funds to
New York to pay interest on the public
debt and to buy bonds for the Sinking Fund,
is by bills of exchange on that city. He
knows that it was my duty annually as
Treasurer of StsIe to provide and transmit
nearly S4OO, 900 Of exchange to New York
Tor the purpose above named. Our cur
rency was not ~ par and not receivable in
payment of interest on the public debt, nor
in the purchase Of bonds for the Sinking
Fund: nothing but gold would answer thai
purpose, which had either To be sent to New
Yo,k or drawn there on bills of exchange
Previous to the introduction Of the free bank
ing system there lad been no trouble in
keeping the revenues of the State, or in
the funds to New York. The
I'D State Bank then kept the revenues
If the Stste. and furnished all the exchange
needed; but the introduction OF the free
banking system. and especially the breaking
down ot some fifty or sky Of these banks
in the years 1854 and 1855. completely de-
stroyed the financial system of the State.
l was Treasurer Of State from February
9th, 1855. to February Sth. 1857. The
State during this time did not provide a safe
or suitable place for keeping she revenues,
nor did she require that the revenue should
be paid in gold or silver. nor what kind of
funds should be received for taxes. The
most OF the revenue was paid in free bank
paper. This free bank paper as general
thing was not bankabe in the State Bank,
and, as 1 had no safe place 10 keep these
funds. and if there had been it would have
been dangerous to have kept them on hand.
AS the banks issuing this paper were sus-
pending constantly. was forced to deposiie
in the free banks and other banking houses.
As before stated the large mount of inter-
est which was semi i-anuu ually TO be paid in
the city Of New York, made it necessary
for the Treasurer of State to commence some
time beforehand to convert his funds into
exchange. The most OF these funds con-
sisted OF free bank paper. The usual mode
Of converting these funds into New York
exchange. and placing this exchange in New
York at the proper time, was 10 buy sight
or time bills Most of the banks Kept on
hand only exchange enough TO supply their
ordinary custom. They could not furnish
the State with exchange without first hav-
ing in their hands the funds of the State.
out Of which to make this exchange. When
they got these funds they either gave time
drafts or certificates OF deposit. which GER
tiicates were to be taken up with sight bills
Of exchange at the proper time. Iregar,led
the time bills endorsed by responsible per-
sons safer to the State than simple deposit
in a bank; bu, where deposit as guaran-
tecd to the State BY the bonds Of responsible
persons outside OF the banks. there was no
material difference in the safety of the money,
the time bills, however. being the more di.
rect and convenient mode.
These were the circumstances under
which l bought the bills above referred TO-
At that time Col. May owned q specie pay
ing free bank iu this city. Just a few months
previously had bough, OF him some S40,-
900 OF $4,000 Of exchange, (which was
all promptly paid, and had no doub, but
tha, the exchanges which l Afterwards pur-
chased Of him would be promptly paid at
maturity. Regarded l Col. May As perfect
ly good for the amouns Of these bills Of ex-
change. withou, security. Yet. in the abua-
dance Of my caution I accepted III, security
which he offered viz: James p Drake and
Michael G Bright. May. Drake and Bright
are all distinguished Democrats, and were
At the time considered rich and responsible,
believed them honest, too. I needed this
exchange which l purchased of them. to
pay the next semi annual interest Ii was
no "loan," and Governor Willard ought TO
know il Was not. 1t was q boua ide pur-
chase of exchsnye for the bona iide purpose
of paying the interest on the public debt
And the parties Of whom purchased will
so testify. See Col. Nays letter. puo-
li.hed below. Any business man in lodi
annapolis would have deemed it . perfectly
r