The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1853-02-23
I. WoODsFIELD OHIO, WEDNESDAY, FEBRUARY ss 1858
Substance Of the Speech

4 Substance Of the Speech
4 OfMr. Ferguson, In tie Senate, Feb. Sd
i on the motion to strike o,A all after til
enacling clause ofthe Bill for The re
organization Of tie State Treasury.
| Mr.. Ferguson said:
i Mn. PREs1DENr:-The proposition nov
is to strike out all the original bill, an,
substitute another, by way ofamen dment
to which ! am opposed. In my remarks
| will notice but one or two points in tn,
bill thus sought to be stricken out, and il
SO doing will detain the attention Of th'
Senate but short time. The main ant
important features in The bill, are, in my
opinion, founded in true and correct prin
ciples. It's avowed purpose and object il
to provide for the better organization ofth,
State Treasury, and for the collection
sale keeping, transfer and disbursement
Of the public monies Of the State. In or
der that The State have funds which will BE-
competent TO supply her wants, and dis.
charge her liabilities, her dues and taxes
must be collected in that kind OF money
which will at all times have par value,
independent ofthe ability, action or con.
troll Of any bank or corporation. Under
no circumstances can this position be prop
erly carried out, and the State, as 10 the
value Of her funds, be entirely freed from
the control and power Of banks and corpo-
rations, unless her dues are received in
gold and silver coin alone. Have the law
require the funds of the State to be paid in
gold or silver, and the government will OF
be compelled to appeal to the mercy, wait
upon the pleasure, and court the will ofthe
banks and associated monied powers Of
the State. So long as any portion Of the
public revenues are received in bank pa
per, in proportion to the amount thus re-
ceivcd, the finances Of the State will be
within the power, and subject TO the will OF
these institutions; and in the same proper.
tion the hazard OF the loss TO the treasury
increased. The bill permits the payment,
Of dues 10 the State. to be made in Ohio
bank paper. not because il is or ought to
be considered equivalent to gold or silver
coin. nor yet. because it is such funds as
ought to be dsbursed by the State in pay
ment of her liabilities; but. for the reasons
that The people have acquesced in the ere.
ation OF the banks, surprising they would
furnish a somewhat reliable paper circula.
lion for the State, being compelled by their
charters to redeemin gold aud silver; and
that the officers, to whom such bank paper
may be paid. can without any inconven.
iencc. trouble or material cost 10 the peo.
Pile. convert il into gold and silver, provid.
ed the banks have the will and ability to
redeem them when called on, for the pnr.
pose. Though il were the fact. that the
banks ofthe State have fulfilled every pro.
mise. md the people. in relation TO them.
have realized their most sanguinc expecta.
lions; vet. the State would be unlrrio OBJ.
legations. aud could not without mani.
iesi violation Of duty 10 herself and credit.
ors refuse to convert all her means into
gold and silver for disbursement.
q The general contracts aud liabilities of
the State 10 her creditors. Shomsoever they
may be. are 10 pay in money which in le.
gal contemplation is the constitutional al cur
rency Of the Union, gold and silver. Such.
sincc the existance ofthe State, has been
The express or implied import Of her con.
tracts with creditors. and acting upon the
true principle, aud properly approaching
lhe constitutional currrencyol the country;
such will ever continue to be the effect
and meaning Of her obligations. Then,
Sir. the contracts Of the State being to pay
her liabilities in money. that is gold or sill.
YER coin. that she may save her credit.
preserve and protect her honor and escape
The withering charge of reputation, she is
forced and bound to collect her dues in
gold or silver coin; or receiving, as mat.
ter of convenience and accommodation to
her taxpayers and debtors a portion in
Ohio bank paper, she is compelled to con-
vert the same into coin. The mere offer
On the part Of the State 10 pay her debts
and liabilities in bank paper, is a viola.
lion of her plighted faith. and repudia.
ion of the contracts under which she is in |
,onor hound. much less her absolute refu.
,al TO provide for the payment ofsuch La
Dilities with the proper means. the consti.
utional currency. But. Sir, itmay be an.
,wered that if her creditors choose to take
bank paper in the discharge oftheir claims
he State will be justi6able in making pay,
nents and disbursements in such funds. i /
most positively claim that 5the creditors
,anno OF freely, and without restraint. make
my such agreement. IL the State has
her dues in coin, ,,or having col.
scted them in hank paperhas before pay.
nent or disbursement converted it into
,oin. the credi,oris not permitted to made
uch agreement, for the6reason that the
State has no ability TO pay paper lfthe
State has neither collected the coin, nor
converted the bank paper into ii, the cred.
Tor is forced to take the paper or get Moth
ng, and his agreement would notin any
Al. t. L = - i