Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-12-16

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dred and seventy five dollars; and q
those belonging 10 the Miami Exlon.
SIGN, 10 the sum Of sixteen thousand &
sixty four dollars. Ia all cases, the
lands sold were paid for in bonds. From
this attempt, | became satisfied tina
further sales, 10 amount large enough
10 justify the incidental expenses, couIc
not be made, | therefore took no mea.
sures, after the sale in June Last, TO pu,
these lands in market. submit 10 The
Legislature tina proprioty Of reducing
the minimum price OF these lands, us a
present established by law, as the only
mode by which it seems practicable lc
effect sales Of them at this time. In de
lormlning this question, the necessitie!
Of contractors who have received bonds
and the prospect near or remote, of q
rise IN the present market value of land
Will at once suggest themselves aa bear
ing directly upon any measure on this
subject, which it may become necessary
TO adopt. The Reports Of the Board OF
Public Works, and the Commissioner RS
Of The Canal Fund, will in due time be
laid before the Legislature, and presen,
IN detail, the facts connected with that
branch of the public service, and Of
course throw much ligh; on the topic
just suggested.
The interest on the public debt has
been PunctuaIIy paid, and the install
ment 10 become due on the lst of Jan.
uary, lS43, will be promptly discharged.
II lsa subject of great qualification and
Just pride TO every citizen Of the Stale,
that while in various portions Of The
Union, States and communities, sinking
under the pressure Of the times, have
Jailed 10 comply with their compacts.
the pledged faith OF Ohio has been
hitherto preserved without a stain -
With a proper economy in the manage
ment OF our rCsources; q strict fidelity
IN the iuifilment Of out obligations al.
ready contracted, and due caution ia the
further extension of State credit, il can
not be doubtad that all our public works
will be completed in a reasonable time.
and every engagement ofthe State faith.
fully kept. When this State of things
shall exist, tho increased wealth and
population ofthe country will enable the
Legislature 10 relieve the burden OF flax
alton, which at this time weighs heavily
upon all, but especially upon the farm
ing portion Of the State. The present
scarcity OF money, and tho depression
OF value in the staple products Of the
country is greatly to be deplored. In
such a state Of things, while The amounl
of taxes tho people are compelled to
pay, remains the same, tho value Of la
Dor and property, from which these tax.
es are to be raised, is constantly falling
in proportion to the dlmlNu,ion IT, she
amount OF money IN the country. Mea.
sures, therefore, which look still far
Their to reduction Of the currency in
circulation, are equivalent to an Increase
OF taxation TO that amount. The sltua.
.ion Of the banking institutions of tho
State, is a subject which necessarily
connects itself intimately with the fore.
going suggestions. According to n re ,
port made by the Bank Commissioners to
the Legislature in July last, there were
in the State at that time, twenty 1.-Two
Banks doing business, and redeeming
their Liabilities with coin on demand -
Since that report was made, the Frank
liz Bank OF Columbus, which, in conse
quenco of a failure on the part Of the
State 10 comply with its engagements,
was in q state Of suspension, has resum
ed the payment OF specie, and may be
considered among the sOundest inslilu
tions Of the State.
From this data, it will appear that
there are at this time % banks in the
State, all OF which may be justly entitled
10 full confidence. Of this number,
however, the charters Of thirteen expire
on the LIST of January, lS43, and OF TWO
others in January, 1874. The capital
of these banks paid in, from the best dA
Ia at my command, amounts to about
five millions OF dollars. Thus it will
be seen that without Legislative action
on this subject, within the present month
thirteen Of The 23 banks in the State
must cease business operations, and two
others in a year from this time. This
will necessarily require about five mil
lions OF capital, now engaged IN furnish
ing a sound currency, 10 be withdrawn
from that operation, to be collected and
paid out 10 stockholders, many OF whom
reside in other States. This process
must inevitably have the effect to in.
crease existing embRrrassments, retard
the payment Of debts, sink still further
the market value of properly, impover'
ish the debtor class Of community, with.
out any benefit 10 the creditor, aud re.
suit only in advantage to the capitalist,
who will be enabled to speculate upon
thu Wynrka1 lortunns of dphInFs Win