Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-04-03

and Ohio Canal.
We published, a few days ago, whatpur-
ported to be an abstract of the report Of
the State Senate Committee upon the sub
ject above-named, but find on examination
of the abstract with the full report that
the former conveyed a wrong idea Of the
conclusions of the COMMITTEES. Justice re-
quires that the fall report be given, and
we quote it below. The report having
been mislaid, earlier publication has been
prevented. The authority under which the
Fund Commissioners acted is found in the
following resolution, passed in 1858, viz:
ResoEOed, By The General Assembly Of the
State Of Ohio, That the Board Of Commits
sioners of the Sinking Fund, or a majority
Of said Board, are hereby authorized and
required to sell for cash, and at the mar
ket value, or if there be no market value,
at such price as said Board shall deem
I, equal to their sctual value, all stocks own
ed by the State in any canal or railroad
companies, and also all bonds owned by
it, Of any railroad company.
REPORT OF sENATE's COMMITTEE.
The Select Committee to which was re-
ferred the subject Of the sale Of the stock
owned BY the State in the Pennsylvania
and Ohio Canal, have had the same under
consideration, and in answer to the sew
eral propositions submitted 10 them by the
Senate, Report.
lst. To the first proposition, Whether
Ohio can authorize the sale, and closing Of
any part of said canal, without violating
the implied faith of the State to Pennsyl-
vania, your committee reply, that Ohio
had an undoubted right to sell the stock in
the canal but your committee are in
elined TO doubt whether she can authorize
the closing Of any part Of it without viO-
lating the faith Of the State implicitly
pledged to the State Of Pennsylvania.
%. To the second proposition, By what
authority the Directors loaned said money
to said Railroad Company, and on what
security, ,Y-your Committee report there is
no express authority; but suppose all
Companies, having a fund on hand, have
q right to loan it. The money was not
loaned directly to the Railroad Company,
but to the Directors of it, who gave their
Individual security for it. This individ-
ual security vas subsequently given up,
.
amount 10 that loaned, were given, and tht
same amount in the stock Of the Railroad
Company.
Sd. To the third proposition, " Whether
the money has been refunded, and if SO,
how and Where2' Your committee an
swer, 1t had not been refunded at the time
Of the sale Of the State stock but in Janu
ary last, after the sale, dividend was de-
elared of $74, 900, and the dividend declared
on what had been State stock, was paid L
the Company purchasing the stock.
the money on hand at the time Of the sal
Of the stock passes to the purchasers Of tn
stock, the debt is cancelled by such sale.
4th. To the fourth proposition, "Whs
ther the same persons, or some Of them
acting as Directors Of the Canal Company
in leaning st. we're not also Directors o
officers Of the Railroad in borrowing il
and who, if anybody, acted in both cspac
ities7" Your committee report that at tn
time Of the loan, Jacob Perkins, DaYiC
Tod, Charles Smith, Frederick Kinsman
and Charles I. Rhodes, we're Directors il
the Canal Company, and Jacob Perkinl
was President, and the others Directors il
the Railroad Company.
9th. To the fifth proposition, Who soil
said canal stock, BY what authcrity-Wh
did they sell it tO-and for how much 2
Your committee answer; The Fund Com
missioners sold the stock Of the State
which was S420, 900, to Charles L. Rhodes
Vice President and Superintendent Of th
Railroad and Director in the Canal Con
pany, for S85, 600 It was sold By authol
ity ofa joint resolution Of the Legislature