The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-01-24
$2O4,l6I l9

BY the above statement, it will be seen that the
heaviest deposites are made with the Bank OF
Wooster and Prentis Dow s. Co. By an agree
ment with them, all moneys due the state; depos-
tied with them, are transmitted to New York, free
of CHARGE on the lst of January and July, for the
payment OF our interest
In directing the moneys thus to be deposited, |
have been governed by the 9th section of the law,
passed April 3, 1887, which directs the Auditor
and Treasurer of State to authorize and direct the
County Treasurers to make their payments lnto
the State Treasury. by depcsting IN some safe
bank, in the vicinity oi such County Treasurer,
the sum due the state.
The law providing for the collection of canal tolls
passed March 2S, lS4O, section l24. makes it the
duty of the Treasurer of State to direct the collec
tors to deposite the amount of tseir collection In
bank. This plan has been pursued for eleven
years, during which time, of all the moneys which
have been deposited by the collectors to the credit
Of the state, not one cent has been lost.
Respectfully submitted,
JOS. WHITEHILL,
Treasurer of State.
1t appears by this, Mr.. Speaker, that
the Treasurer keeps the money, not
in the Treasurys, but with banks and
bankers. throughout the state, of whose
responsibility the people know moth
ing. 1t also appears, that there was on
hand, on the 18th Nov. last, S23,o2s "a,
of unavailable funds" On the I'd of
January, ls45, year ago, there was
in the Treasury, $92,693 "a, "depre-
ciated paper" made up of 2l,69o "a,
certificate of deposite, Of the Urbana
banking company; and $50 90 of its
notes, together with some Illinois, Gran
vile, German Bank OF " ooster, Ham
ilton, West Union, and other broken
bank paper. One of the objects Of the
resolution, is to ascertain from what
source and in what manner, the Treas
urer received this "depreciated paper"
which he now claims, is loss to the
state.
hold, sir, that he has no right to
receive any thing but gold and silver;
and if he do receive bank paper, and
it depreciate-or ifhe receive counter
feits--or if he makes deposte with
banks or bankers, and loss is thereby
sustained, it is the Treasurer, and not
the people of Ohio, that must suffer-
1t also appears that since the Cd ofJan-
uary, l845, the Treasurer has received
$3.50 OF deprecated paper. If there
be no restraining power that can be
used to prevent this continued increase
of unavailable funds, there will be no
end to our loss. intend, hereafter,
to introduce a resolution, authorizing
the sale Of the broken bank paper in
the Treasury, and providing that, what
ever the loss may be, it shall be sus-
tanned by the Treasurer. For if the
principle is to be established, that the
state must sustain the loss of all the
counterfelts that may be received by
the Treasurer--of all the depreciation
on all the bank notes he may see fit to
receive-of any amount his particular
depositors may conceive it for their in
terest toretain --or, by failure, be una
Bile to pay over, we may as well open
the doors of the Treasury, in order that
it may be plundered by others than
the Treasurer and his peculiar friends.
Where is the necessity of laws regulat-
ing the receipt and disbursement of the
public funds, when they are every day
disregarded? and why do we not take
bond from the banks and the bankers,
instead Of the Treasurer of State, if
they, and not he, are the ueasurers?
In case Prentis Dow & Co., or the
Bank Of Wooster, should fail, with a