The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-08-14
A Democratic Legacy.
OVER-ISSUE OF STATE
BONDS.
A HundTei Thousand Dollars Goes Where The
Democratic WMibile TWilath-Ths WAY
The Thing Was D1ne-The Efforts
to UlraVs The Mystery Prom
iG TO be Successful.

Last March Capt. William 3.
Hart, late cashier of the State Treas
ury, after he had RENTED to the
Farmers and Mechanics Bank of
Philadelphia al amount Of money
sufficient to pay the semi-annual in
teres. on the State loan of April 10,
1858, as that loan appeared on the
books of the department, was sur
prised to receive q statement from
the bank that the amount RENTED
failed 10 satisfy the coupons present
ed; Is coupons representing $25 each
of the loan of 1853 were presented at
the bank for payment in excess OF
the coupons formerly paid and known
to be outstanding. This excited
Capt Harris suspicious, and be i'm
media,ely notified the bank officials
to trace up the discrepancy as far as
possible and report to the Treasury
Department. The bank authorities
were unable, after a search of three
weeks, to throw any light on the
matter, and so reported to Captain
Hart, who %thereupon commenced a
systematic investigation 10 the Treas
ury Department. In the midst of
this investigation Captain Hart was
succeeded as cashier by j. Blake
Walters, Esq, when Colonel Noyes
became State Treasurer. To the
new officials the transaction was
carefully detailed and they contiu.
ued the investigation with the fol-
lowing result, which clearly shows
that the State has been swindled of
$72, 600. either by the carelessness or
criminality of n Democratic State
Treasurer who held office from 1850
TO 1854:
On March 10, 1858, the Legisla-
ture authorized a loan to take up the
bonds of the State falling due in 1858
and 1854. Under this act $500. 900
of bonds were prepared, numbered,
and signed, but only $500, 600 of the
amount appears on the books Of the
department as having been legally
issued, snd never was interest on a
greater sum than 500, 900 paid or
demanded, and nothing was known
to show that more than the latter
amount Of bonds was ever issued up
to 1858, wbea a singular transaction
that was hastily consummated and
slurred " in comparative silence
occurred. This was, that in 1858,
the administration of Henry
S. Magraw, S2S. 600 Of The loan of
1853 was sent to the Treasury De-
partment by the Girard bank Of Phil
adelphis, with the statement that
these honda had been left in charge
of the bank by John NJ. B.ckel, late
State Treasurer.
The Sinking Fund Commissioners
then ordered these $2s, 900 of bonds
to be placed on the books, thus in
creasing the legally issued loan OF
1853 from $500. 900 to S42S, 600. But
there was nothing wrong in the
as the Girard Bank sur
rendered S2S, 900 Of old State stock
and was allowed to retain tn, BE binds
in lieu thereof. This leaves the
amount of the bonds of the loan of
1853 outstanding, but never legally
at $4,000.
But was it not singular that the
Fuud Commissioners would
consent to receive these bondsl If
tbeir records were intact it could
have been seen that only $500. OOo
Of the 1853 loan bad been issued.
and the presentation OF this addi-
.ional sum should have caused an
Investigation. 10 this light it looks
much as If the Democratic successors
IF the defaul,ing Bickel decided BY
accepting and issuing the $4,000 to
cover up bis transactions. While,
IN the other hand, if the records of
be commissioners had been already
destroyed ut that time, was there not
ground presented for an in
resignation when the Girard bank
anne offering s2s, 600 o fbonds which
rere OF IN o~verissue?
In May last J.. & W. Sleigman 4
10, of New York, sent $4,000 of
'onds of 1853 to the Farmers and
Mechanics Bank of Philadelphia,
aying they had been received from
European correspondents and asking