The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-12-11
Z ana honL stockholders, an

IN and hank stockholders, and
a6ade 90 provision to do 30. OByMarcn
10Th. l842, sales of Ohio State stocks al
auction brought fraction oyer my 6, cIs, )
on the d6llaf--a fraction less wheh VA vne
accrued interest on the bonds 10 ,consid-
ered-Or 800 900 bringing under the
hammer but $60992 so, loss to the
State of n:ore'than $4,000, On MarGn
11Ib. $4,000 Of Ohio stock sold for SloN
600. a loss to the State Of one'half. Oa
the 10th the prices on the hrst saie OF
$40 600 rose to 5000 on the Sl00. But
other sales followed, and 10000 ONO
State bonds we're sold for $l5,0OO, ioss
of one. half. After that, the sale contln'
uing, the price rose to 55 cts. on the SL
and at the end of June it raised 10 7Oc.
These bonds were redeemable in 1861 al
& per cent interest, On the bonds, some
of them selling at so cents on the
ST. the taxpayers of Ohio were forced to
pay eighteen years interest at 6 per cent
per annum on the full amount called for
on the face of the bonds.
1t was truly a sad year for Ohio tax
payers and Ohio credit Other loans
were made by the same Fund Commits
sioners. Other of the 6 per cent Ohio
bonds were pledged as security, and sold
by banks and bankers. Between Dec
3ist, l841, and Jan. 18th, 1912. Ohio State
bonds, pledged as security by the Ohio
Fund Commissioners to Barring Broth
ers & Co., of London, to the Wooster
Ohio, Bank, to the Chillicothe Bank,
Franklin Bank of Columbus, Manhattan
Bank of New York, the Life Insurance
and Fund Co., of Cincinnati, and other
institutions of similar kind, to the
amount of 81, ,023 800, all bearing 6 per
cent interest, and redeemable in 1850,
we're sold or sacrificed for milling fraC-
tion-$725 ,29S, loss Of $297 ,502.
The men composing the Board Of
Fund Commissioners, acting for the
State, were bankers, Mr.. Lake was the
chief owner of the Wooster Bank; Mr.,
Kelly was large sstoekholder, if recol'
lection serves me, in the F lnklin Bank
of Columbus, as was also Judge Swayne.
All are now dead except Mr.. Swayne,
who is at this time one of the Justices OF
the Supreme Court of the United States.
At that time the banks controlled ev-
erything but the Democratic party. 1t
was anti-bank then, as the National
Bank stockholders know it is now; or, if
they don't know it now, they soon will.
If the Franklin Bank Of Columbus and
the rotten Chillicothe Bank had forced
a recharter, all the other brood of rotten
banks would have demanded the same
thing, and would have received it. But
they failed, and deep had the State cred
it to suffer, for in revenge they did their
utmost to ruin Ohio credit, by forcing
her bonds on the market at time they
knew they would not sell but at ruin.
GUS price,
The banks that acted thus had exclus'
i've privileges granted them by the State
They never acted an honest part when
interest le6 tham to act otherwise; and
because the Legislature would not be
cowed into granting a recharter, they
turned upon the State that had granted
them the power by which they feeCed
the people. Openly refusing to redeem
their own bank notes, they sought, with
malice prepense, to shstter the credit of
Ohio, by exposing its bonds at auction
and bidding on them-they or their
friends-at one.half the amount the
bonds thus sacrificed called for on their
face, F.