Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-07-16
Am Independent Treasury.

Independent Treasury. Upon this
question the Dayton Empire speaks our
sentiments, which says: "This is a
matter Of great importance, ono that
must interest every citizen. Years age
it was urged upon the attention of the
people by some of the Democratic ora
tors, as well as the press, but the people
satisfied with the manner in which the
public finances were managed, paid no
attention to the appeal, and the monies
of the State continued, as previously, to
be loaned out to banks, and other ire
sponsible corporations, or used for spec
ulating purposes by private individuals.
At length, however, after the loss of
some 5000 900 and upwards, from the
Treasury, resulting from the depositing
by Mr.. Breslin of that amount in un-
safe banking Institutions and after the
subsequent defalcation of his successor
to the tune of some $500, 600, the peo-
pie are beginning to open their eyes to
the fact that some new method is ne
cessary for the safe keeping and disbur-
sing of the public monies.
The Independent Treasury system is
the only one that can succeed, and Tho
people will call loudly for the passaGe'
of an act to create such an institution
at the next sitting of the Legislature.
So long as the money belonging to the
State remains in deposit i'll the various
banks, or is in the hands of other spec
~ulative institutions, however safe they
may be considered in the commercial
world, We cannot be said to have money
in the Treasury. a sudden disarrange-
ment of its business may cause a bank
to suspend payment, and should the
State be at that time depending upon
that institution for monies held by it,
embarrassment and Inconvenience would
of necessity follow. A certificate of de-
post, or a large balance on the credit
side of a bank ledger, are neither Of
them money, but simply the evidence
of Indebtedness on the part of the bor-
rover.
Establish a Treasury of our own, for
the depositing and safe-keeping of the
public monies, and all the delay and
vexations which often follow the efforts
of the creditor to collect his own will be
avoided. An instance of what may, at
any moment, result from the system of
depositing with banks is shown in the
history of the United States Treasury
Department. Every one remembers, or
mas heard of, the financial crisis of 81.
At that time the general Government
had on deposit, in the various banking
institutions of the Union, moro than
10000, 600. The crisis came-the bank
suspended paymcnt-and the Govern
mcnt was obliged to 6orrom money to
defray her current expenses. To such
a humiliating pass are We liable to any
moment. . e
Under the administration Of Van
Buren, the Independent Sub-Treasury
was perfected, and since that time no
delay or loss, even to the amount of one
dollar, has occurred. But we need not
go abroad for examples of the conse-
quenccs of the system we have them
here at home, and if reform is not soon
established, we may have a REPETITION of
them.
So long as the monies Of the State
can be used for purposes of speculation.
it will be to the interest Of those having
them i'll hand to delay the reduction Of
the principal of the State debt, and
keep up the ratio of taxes in order that
a large surplus may be had with which
to speculate. But change the system
and it becomes the interest of ere1y
citizen to reduce the indebtedness of the
State as speedily as possible. Then the
surplus in the Treasury might be ap-
propriated to the buying of the outstand-
ing bonds of the State, upon which we
are paying a heavy interest, and in a
short time We would be able to reduce
our taxation-iRstead of keeping them
up for the purpose of creating a evenue
for the benefit of specializing i%nstitu-
~tutions which reap all the benefit.
1t is due to the creditors of the State
of Ohio. as we'll as to her citizens, that
a safe and reliable system for the care
of her Treasury should be adopted with
as little delay as possible. Her credi-
tors should not be dependent upon the
turning of fortunes vince! for the mo-
ney due them-nor should her citizens
be subjected to the danger of losing
that which has been contributed by
them for the defraying of the expenses
of the Government. The arguments in
favor of the creation of an Independent
Treasury are manifold. Under such
a system, the public funds will be
under the control of sworn officers
of the Government, and not in
the hands of irresponsible men. The
money VIII at all times be on hand