The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1860-03-08
Letter from Governor w,sner.


Letter from Governor wlsner.
To the Editor of the Detroit Daily Advertiser.
| feel it due to the public and to my
political and personal friends as well
as to myself that | should make and
publish a full and distinct statement of
all the facts within my knowledge in
relation to the negotiation and sale of
the ''Sault Canal Bonds" under the act
of the l4th of February, 1859. twill
be observed by reference to said
act, (page 47S of the session laws of
1882 that it bacame the duty of the
Governor and State Treasurer to nego-
tlate and contract for loan in the city
OF, New York or elsewhere, not ex-
ceeding in all one hundred thousand
dollars, "on the most favorable terms
and conditions that in their Judgment
could be obtained" at rate of inter
est not exceeding six per cent. annum,
payable half yearly. That for the pur-
pose of negotiating said loan, and as
an evidence thereof bonds were to be
issued and sold in the manner pointed
out for said act, and which said act,
contains the following proviso: Pro
vided, however, 'that said bonds
should be sold to the highest bidder,
but shall not be sold for less than par,
and the money accruing from said loan
or loans shall be paid over to the State
Treasurer" (See section two of the
above mentioned act.) In pursuance
of said act, Mr.. Mckinney and would
negotiate said loan and sell said bonds
to the highest bidder at the Artisans
Bank i'll the city of New York, on the
25th- day of April last past. ca copy
OF said act was receipted at length in
said notice.( And all proposals were
to be sealed, and by us opened at the
time and place above designed. In
pursuance of said notice we appeared
at the Artisans Bank, upon the said
25th day of April, 1859. and then and
there at two O'clock P. NJ, we opened
such. proposals as were presented to us
in relation to said loan. 0 do not
distinctly recollect the precise numbe,
ofproposals by us received and opened,
but according to my recollection there
were eleven of them.) Upon examina-
ton it was found that "E. III. Halle
ton 81 Co." of Detroit Michigan, were
the highest bidders for said loan by
nearly one per cent on the whole one
hundred thousand dollars. The law
required that we should make sale OF
bonds on the most favorable terms that
we could obtain, and to the highest bid.
der We did SO and awarded the loan
to 'sE. III Huzieton q Co." Before de
claring the award we sent for E. HI
Hazleton, who was then in the city
and upon his appearing before us, we
Informed him that E. III. Hazleton &
Co, were the highest bidders, but that
we should not award the loan to them
unless bond of satisfactory sureties
was first executed and delivered to us
conditioned that they would pay to
John Mckinney, the State Treasurer
of Michigan, on the lst day of July
1859, the full amount of the loal
together with the premium bid thereon
| (Which premium was a little over three
per cent? and in default of such pay
nent, that they would pay to the State
of Michigan as liquidate damages, the
sum of five thousand dollars. This
bond was executed by E. H. Hazleton
with four sufficient sureties, and de
livered to lis, aud we then awarded thu
loan to E. III. Hazleton & Co., as tn,
highest bidders. | then returned
home, bringing with me said bond, ex
I ecuted by said Hazleton aud his snre
ties as aforesaid. This is all that tool
place within my knowledge, in regart
to the negotiation of said loan, Sub
sequently, and in the latter part o
June 1859. the loan bonds contempla
ted by said. act to the amount of on,
hundred thousand dollars, drawin.
4 interest from the first day of July 1858
were by me executed in the city Q
! Detroit, in the Office of Hon. j. M
Howard, the Attorney General, AM
, were then and there in the presence o
; Mr.. Howard delivered over to tn
; State Treasurer to be by him taken t
the city of New York, that they nigh
be delivered foE. HI. HazIeton & Co.
upon their paying to him the full fac
; thereof, together with said premium
5 according to the condition of sal
: bond, executed by said Hazleton a
' aforesaid.
At the time the bonds were exec,
ted by me in Mr.. Howard's Office bot
: Mr.. Howard and / expressed to M
4 Mckinney hope that under no eli
cumstance would he part with sal