The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1849-01-05
Balance
SS6l9l73J7

Balance, si6lgl73J7
Total amount Of canal debt,
wiihn'erestto january,
lSlg sOl2G22C0
Total amount Of state dcbi SlGG6l 1885, 81
With The exception of the debt due the
school fund and special appropriations. iii
believed the foregoing exhibits the amount
and present condition of the state debt, lr.
respective OF the canal debt, and as correct
an estimate Of the latter as can be obtained
from information within my possession. Not
having received the rerUrlut the canal trus-
tees, TO whom this matter is entrusted 10 =
liirltpd extent, IN time for this C0mmuulca-
ton, | am prevented from awaiting myself
of the only means of correct information
which would authorize me TO state de liniIely
the exact condition oftEe canal debt. Some
allowance, therefore, may be made for min.
or differences which may appear between
the above statement and that embraced in
their report. ] shall forthwith lay the latter
before you, so soon as il may be received
by me.
That clause in the new constitution relat-
irs more directly TO the subject Of banking
and the currency, differs 80 materially IN
lis most important particulars from the pro-
visions Of the old constitution upon the
same subject tha, trust some aliusiun to
/ 1t here may rot be regarded as altogether
inappropriate.
! am not unmiudiul OF the fact that by
the virtual destruction of the veto power,
by a provision of the new constitution.
there remains to the executive Of the state
but the merest shadow of power or infu-
ence by which 10 arrest tie passage 81 any
/ law, however obnoxious it may be IN itself,
or great the danger it may threaten TO the
public interest. Yet the limited agency
sill allowed the executive in the enactment
Of all laws, and his accountability 10 the
people for lis lsihlul discharge, require of
him 10 less conscientious performance of
this duty than what is reasonably expected
from the more active and efIicien, depart
mens Of the law.making power. There
is also associated with the opinion here tx.
pressed the gratifying reflection that if my
views fail 10 harmOnize with those of the
people or their representatives., they can
form no serious hinGrance to those Of the
latter in any attempt made 10 carry them
out.
From the above general remarks | am
not to be understood as indicating in any
respect the course | may feel called upnu
10 adopt in any contingency, particularly
in reference to the suhjec, OF the following
remarks but simply 10 call attention TO the
true relation which the executive suslalns
under the constitution TO the law.making
power of the state. There is sill stronger
reason Why am desirou, OF being thus uu-
derstOod, in the fact that before any law
relating 10 the suhlec. of banking can be
rendered operative i. must receive the sane.
ton OF the people, whose interests are 10
be affected by ii, and with " nom the whole
subject may be sslely in,rusled.
A class of speculative opinions on tue
subject of banking has received encourage.
meni IN this stale, which seem TO derive
most o! their strength, as well as origin
from various schemes resoried TO in olhel
states as substitutes for modern incorporate
banking, and by means of which it is hop.
ed to secure all the real advantage. without
I mourning the admitted dangers incident IL
the operation Of incorporated banks. TC
estimate the correctness Of these views cal
! be done only by careful comparison o
: the principles by which each system il
: conducted, and the relation they sustain I,
, each other when practically carried out
In connection with these opinions we usu
ally hear made the very common remarl
. that bank paper will circulate in the stat
: IN the very face OF the most stringent lega
: prohibitions. Taking i, for granted tina,
will be So, and that It's circulation canno
be restrained, 1t By no means follows tina
This is asdiiicient reason for flooding III
, state with bank paper, even also il taken i
l connection with the ready suggestion
= which is more plausible Than sound, ,hu
!, our own citizens ought to reap the profit
; olbanking and no, strangers. This latte
is partial view of the subject, mas much n
1t takes for granted tina, the people of hi
= state would derive large profits from bank
$ ing among themselves, when experlenc
: has proved such speculations the mere.
' delusions. The actual profits of bankin
> are shared by few, and those seldom {
the mass OF the people. who have bee
long since laugh, TO Look for the elemen,
\ of their real wealth and prosperity to som
$ other source than banks. But more esp,
= cially it conceals from view the real quci
= llon. which is simply choice of evil,
Z and i, is the par, of wisdom To choose Il,
= least. and then labor 10 render it the lea,
r noxious to the general interests. SOpp,
G sing then limited quantity Of bank pap,
= shall continue 10 circulate in the state