Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1857-01-14

millions OF dollars year. Ii is doubt
less within bounds 10 estimate the prob
able increase for The next ten years, in
extrnt, cost. transportation and income,
At one quarter The present amounts
This vast interest. affecting vitality so
many other interests, has grown sud
denly TO its present dimensions, without
system, without general organization.
and in some important respects. without
due responsibility. The ben, ti!s of Rail
roads are such. and Iheir safety and
prosperity is SO identified with the safet-
aud prosperity of Tie people, that no
proper protection or support should be
withheld from them while the dangers
from mism ana cement are so great that
no reasonable precau,ion againstitshould
be- omitted. respectfully recommend,
therefore the organization Of Board of
Railroad Commissioners, with power 10
exercise a general supervision over the
construction and opeI aIion Of the several
roads, and required to-report from time
TO time 10 the Governor, for lie informa-
ton of the General Assembly, a full
statement of their condition and manage
mrnt | cannot doubt that The salulary
influence of such legislation would be
speedily manifest in the increased value
of the roads and The greater security oi
travellers and freighters.
A sound currency and secure ex.
chan es are not less important TO the in.
tercour7e OF society than safe means OF
tran> poriation. In almost all, and, per-
hsps. in al civiizri communities. tie
currency is composed Of coin and of cir
culatipg notes, convertible inra coin,
supplied either directly 10y the Govern
ment. or by BtnkS organized under lis
authority. In this State the powers,
functions, du les and liabilities of banks
have been defined by law; sometime by
special laws under the names of charters,
and sometimes by general laws. amend
able and repealablr at the pleasure oI
the Legislature Whatever difference
may exist upon the abstract questions
relative To mixed currency, none. ]
app'ehehd, will be found among the
practical men in regard TO the certainly
that such currency will continue, for
an indefni'e period. 10 constitute the ac-
tual medium of purchase and sale. in
this, as well as in every other State of
the Confedrracy. Certainly no power,
less ample than that Of the Federal Gov
crnm-nt. is competent TO the eiitclual
exclusion of such notes from circulation
as money; and no present iudic a,iun sug-
grSts any probability that that power
will be exercised for that purpose.
/ While opinion upon This point thus
approaches unapimily, tie public judy
m-nI in this State. remains divided upon
the Question whether the franchise of
banking should lie limited to defined
number Of institutions, or extended TO all
who are willing to give The required Sc
curities and guarantees against abuse
have, upon former occasions, express d
my preference for lie most liberal txten-
sion of The franchise, with such resuic-
tions upon las exercise as will efeclually
protect the community against mere
paper money currency.
The act 10 incorporate the Bank Of
Ohio and other B nks. passed April II.
1856, ard submitted TO the people in
conformity with The provisions OF the
Constitution, on the second Tuesd:.y of
October last. not having been approved
BY majority Of all the electors voting
at that election, has failed TO become
law. More recently. the Supreme Court,
Of the State has unanimously decided
that the act 10 authorize free bankin z.
passed March 81. 1851, but supposed
by some Ia have been abro gated by the
new Constitution, remains in full force,
unaffected by any provision of that in
strument. / Isubmir to your better judg
ment whether sound policy does not sug
gest the txpediency of observing the
practical operation of this act, and of so
amending it from time to time as may
be necessary TO protect and secure the
interests of The community. without in
vOking the decision Of The people upon a
new banking law
Considerable practical difficulty has
arisen in carrying into execution The pro-
visions of the act of April /. 1856, for
the taxation of property en- loyed in
banking. To determine The precise rate
TO be levied upon the property and means
included in the frs statement. required
by the act, in order TO produce the sum
which would be produced by the gene
raj Ia'e it levied upon the second, ard
to levy that precise rate when ascer-
tanned, prove. Rot unfrequen'ly, 10 De
complex and embarrassing operations.
The requirement, also, that the gross
amount oil property and means embraced
in the first statement, shall be entered
upon the dul licate for taxation and taxed
by different and usually much less rate
Than that levied upon the property of in
dividuals. is calculated TO produce an
impression in the public mind that prop
erty employed in banking is not charged
By the act with its fair proportion of the