Eaton Democrat. [volume] (Eaton, Ohio) 1843-1856, 1856-01-24

has not thought nj t0repeai the law, anu
it may be doubted whether the Court,
upon reconsideration viii adhere TO the
opinion heretofore expressed. Should
the present Auditor, under these circum-
stances, think it his duty to conform his
instructions to the statute, which remain
unrepealed, rather than to the opinion Of
the majority of tho Court, the right de-
MED by his predecessor will borestored.
A sound and sufficient currency is in
dispeusable 10 the welfare of every civill-
zed community. The best practical cur
rency, in my judgment, would be q cur
rency ofcoin, admitting the use OF large
notes only, for the convenience OF COM
merce. Such a currency, however. is
only attainable through the Legislation Of
Congress, and the action Of the General
Government. Connected az we are on
all sides with States in which banks of
circulation ale established, our actual
currency, in the absence of adequate
banking capital within our limits, must
necessarily be supplied, in a great meas
ure, by Institutions beyond our control and
exempt from our taxation. All attempts
to exclude, by penal Legislation, the bank
notes of other States from circulation In
this, have proved Intellectual; and the
public sentiment demands an increase oil
banking capital, organized under our own
laws, contributing, in just measure, to oul
own revenues, andsuficient to furnish the
necessary facilities for the transaction Of
business. The Constitution of the State
1 indicates the mode in which this demand
may be satisfied.
1t provides for authorizing associations
with banking powers, by act ofthe Gene
raj Assembly, to be submitted to the peo-
pie atslhe next general election, and not
to take effect, unless then approved by a
majority of all the voters. In framing
such an act, should you deem it expedi-
! ent to exercise the power thus vested in
you, the utmost care should be used 10
secure the prompt and certain convertible
ity of every note issued, into gold or silver
coin, upon demand of the holder; to pro-
tect the community against all abuses Of
granted powers; and to guard against the
evils of monopoly by extending the bene-
fits of the act to ali who will give the am
pie securities and guarantees which you
will, doubtless, require. No general OBJ
lection exists to a mixed currency of coin
and notes exchangeable for coin at the
will of Of the holder without loss; while
all mere paper money systems, pregnant
with fraud and fruitful Of ruin, justly In
cur universal reprobation.
For several years past, the law has al
lowed contracts for interest at the rate o
ten percentum. There seems to be nj
valid reason why the capitalist should b,
encouraged to demand so large a proper
ton of the earnings Of the producer ant
the profits Of the manufacturer and tn
merchant. l therefore respectfully sug
gest material deduction ofthe maximum
rate allowed.
l need not commend to your judiciou
consideration the Educational and Benev
client Institutions of the State. Universe
Education is our cheapest defense, am
surest safeguard, and most enduring
wealth. Our Common Schools. whic'
secure to the people this great benefit, al
firmly established in their affections, an
will Justly claim the fostering care {
their representatives. Our Benevoler
Institutions are a noble complement
our educational system. Their existenc
honors the State, and every patriotic citi
gen must feel a deep interest in their i'm
provement and prosperity. The duty {
the State will not be fully performed unit
the benefits Of these institutions shall b
extended to all, without distinction, VIII
, need their care.
/, The organization and discipline Of th
e Militia will require your early considers
e ton. The laws on this subject need tho
: ough revision to adapt them 10 til
Requirements of the Constitution. ADJ
: quate provision should be made for til
r enrolment Of all citizens liable to militar
duty, in order to secure to the State h'
i; due proportion of the public arms. n
Q necessity, however, seems to demand az
tual service from any who do not feel di
posedto performit. Efficiency and enc
gy will probably be better secured by Il
judicious encouragement of voluntary o
ganization. The patriotism of individu
c citizens, properly sanctioned and supper
ed by Legislation, will doubtless supply
e military force fully competent to all Il
exigencies of police, and to whatey'
more serious contingencies may possib
arise.
v The Constitution Of the State provid
!. for its own amendment, and assigns to Il
Legislature the duty of proposing sue
G notifications as experience suggests
' Changes in the fundamental law.shou
ever be made with caution; but amenc
ments which commend themselves
e their intrinsic merits to the judgment
the Legislature, and seem tobc demands
also by a general opinion among the pc
. pie, have a Just claim to be submitted
the final test Of popular decision at Il
polls.
y That the people are the source of
political power is the fundamental prime