Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-05-27
POLITICS HIS RUIN.
Ex-Governor Foster, of Ohio,
Financially Smashed.
HIS LIABILITIES REACH seoo,ooo

And His Assets Will Not Cover Them-Thc
Victim of Business Makes a Statement
| and Lays His Troubles in Part to Devo-
tion to PoIitics-Other Causes of the
Failure.
FoSToRIA, O.. May 27.-There will be
few people in Ohio who know the man who
| will not be sorry when they hear that
Cherles Foster, ex-governor and eX-secre-
tary of state in the national cabinet
'Calco Charley" as he used to be called
has made an assignment and will be al
most, if not quite, penniless when all his
debts are paid, and that at the advanced
age Of &C. The ex-governor has given out
the following statement: Words cannot
express the deep distress and humiliation
/ feel. If could bear all the burden that
my failure will entail, should feel a sense
of relief. 1t is no consolation to look back
over a business life of forty five years that
has gained for me IA position of confidence
that has rarely been achieved; to know
that l aided hundreds of people to main
tain an honorable standing and TO gain
competency, and for some II large degree of
wealth.
Tided Through for Time.
II know that now l have by my failure
injured many people, but hope none are
ruined. When l returned from Washing
ton knew that my Endorsements for the
window glass companies and the brass and
iron works company were very large; so
large, in fact, as TO induce me to fear that
! would have to suspend at that time l.
however, prevailed upon a friend to give "A
large amount of help and felt confident
that | could maintain myself and finally
come out all right. These concerns owed
more than | then supposed, and to add to
my msfortunes the affairs of the Fostoria
Light and Power company. of which am
large stocllholder and indorser proved to
be in bad shape financially.
Everybody Was After Money.
"Then came the unfortunate financial
condition of the country. Every one that
l owed wanted his money, and no one
would lend Payments for glass, instead
of being made in cash, were made in paper.
Sales, in fact, came to a standstill. l strug-
gled, seeking every possible means to tide
over the situation, until am compelled to
assign. did not give up the struggle till
today, May %. l can see plainly that in
settling my affairs through the courts,
thus compelling my assets to be reduced to
cash, large sacrifices will be made. This
being so / cannot give encouragement that
my debts will be paid in full.
Will Try to Redeem His Fortunes.
at is only just to myself to say that
two things have caused my downfall One
was neglect of business, occasioned by my
devotion to politics, and the other an
over-zealous desire TO build up Fostoria.
l don't know that at my time of life 4.
on sht to indulge in the hope of being able !
to repair my fortunes and pay my debts, |
but l shall try, and it will be the one end for !
which 1 shall live. In this hour of.unspeak- |
able distress l only ask the generous juds- /!
ment of the public, public that will be |
deeply shocked over the financial downfall I,
of a.man who has enjoyed their confidence /
to a remarkable degree.
Amount of Liabilities.
THE aggregate amaunt of the liabilities, |
including bank deposits, my Individual !
debts, the three glass companies, the brass /
and iron works company, the light and .
power company will be about 5000, 600. The F,
assets on paper viii more than cover the ,
Liabilities. Mr.. Wilkinson has secured the
school fund and the building and loan as
sociation funds against loss"