Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1852-12-29
EHnGeEeemGeMs Treasury.

Of bill recently introduced in the Senate Of this
State, to provide for the better organization OF
the State Treasury, and for the collection, safe
keeping, transfer and disbursement of the public
revenue" and expressed an intention of laying it
before our readers in our present ISSUE But as 1t
is quite lengthy substitute the following briet
summary of its provisions, which we find in an
exchange:
| Sec /. Declares that the Offices, rooms, safes,
vaults, provided for the of the Treasurer OF
State, shall be the Treasury of Ohio
! Sec. 2. Says Treasurer shall pay money only
on the draft warrant of Auditor.
Sec, 8. Says Auditor and Treasurer shall
compare account with bills, drafts, &c, on first
Monday in March, June, September and second
Monday of November. --....
Sec. 4. Says Treasurer shall sign drafts on
Treasury when no money to pay and they shall
then draw interest. s--.,- -...
| Sec S. Treasurer shall not receive money
unless accompanied by certificate of State Au-
ditor --...... .:-s..
Sec. 6. Books, Records, &C., always open to
inspection of Governor, Members Board of Pub
lie Works, Commissioners Sinking Fund, and
members OF Legislature.
Sec. T. November l5 annually, report of re-
ceipts and expenditures shall be published
Sec. 8. Defiance Land Office, Western Re-
serve, Virginia Military, School Lands, National
Road and Maumee and Western Road Offices
shall each be repositories for the public money
Sec. 8. Prohibits public money being loaned,
or deposited in Banks, &c.
| Secs. 10, II, y, and 49,. Treasurer shall give
bond in the sum OF three hundred thousand dollars,
and take like bond of their depositors, and may
transfer money from one to any other.
Sec. IA. If any official uses, loans, or depos-
its money in bank or elsewhere, it shall be held
an embezzlement and he shall be imprisoned in
| Sec. H. Any officer refusing to pay money
shall be guilty of embezzlement.
| Sec. 10. Taxes shall be paid in gold or silver,
or in paper of Ohio specie paying banks, and no
checks, drafts, notes, certificates Of deposit of
any bank which has withheld Or may withhold the
payment of its taxes shall be received by any Off
Ger or person charged with the collection of pub
lie moneys.
The remaining five sections prohibit exchang-
ing funds except for specie-authorizes Treasurer
of State to cause examinations to be made of the
sub-depositories, with some other requirements.
We like the bill much, ,and hope it will become a
law. It proposes substantially the same great
reform in our State affairs which was effected
in the General Government by the adoption of
the Independent Treasury, the beneficial results
of which have completely sienced the clamors of
it's opponents but it does not limit the collection
Of the revenue to gold and silver. It will entirely
divorce the Treasury from all connection with
Banks and corporations, and put an end to prac-
tce, too long INDUCED in by officers in charge Of
the public icrevenue loaning the money drawn from
the pockets Of the people, 70 Banks, Railroad
Insurance Companies and individuals for their
own private advantage and gain. 1t is high time
that game was blocked
The Report of the Commissioners of the Sink
ing Fund, recently made to the Legislature fully
demonstrates the necessity of such law. 1t shows
that under the management Of that fund by the
late acting Canal Fund Commissioner, Mr.. E. n.
SILL, the people were paying interest on Ss63,-
1875 3S, Of bonds issued i'll payment of claims for
work done on the National Road, and which were
redeemable at the the pleasure of the State, while
the Columbus Insrance Company indebted
to that fund for money loaned in the sum of
300, ,0oo which is yet unpaid; and that the addi-
tional sum of ss25o,0oo of the fund was loaned to
three Railroand Companies, and sSl7 ,450 to bank
ers. The Report further shows that it cost the
State, from Nov. Is, 1850 to Jan. l2, 1852, the
snug little sum of $22,018 Is in the shape of
exchange, to pay in the City of New York. 49,
olo,236 50 of principal and interest of the foreign
public debt, at time, too, when we had nearly
score of Banks pledged to furnish 'shome curren-
cy'' equivalent to specie and convertible into
gold and silver at the will of the holder If they
had redeemed their pledge, and the taxes been col
lected in equivalent to specie and disbursed with
out the agency of banks,t could have cost no such
sum. The people will hardly consent that the
money drawn from them in the shape of taxes
shall be loaned to Insurance Companies, Rail-
roads and spectators, and much less that the
Banks shall have the custody and use of the pub
lie funds, and at the very time too, when they are
arrayed in open hostility to the laws of the State
and refusing to pay their proportion Of the taxes
necessary to defray the expenses of government
The passage of this bill will effectualy put stop
to these practices in the future. The provision
requiring the taxes to be collected in specie or
notes of specie paying Ohio Banks will tend to
furnish the people with sufficient of the promised
,home currency" with which to pay their taxes, at
least; and that prohibiting the receipt of the notes
ofsuch banks as refuse to pay their taxes will con-
vince those institutions that the people have yet
a little power over them, and their own interest
will induce them to yield obedience to the law
We hope every Democrat in the Legislature
will give his support to this BILL and thus put a