The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-01-14


= The proportion Of our population and Of our
means engaged in Mining, Mechanical and Man
ufacturing Industry, is steadily and largely in
creasing. The pursuits of Industry, supply
great market, constantly becoming greater, for
the propuctions of agriculture. Care should be
taken that the financial burdens Of the Stste be
not permitted to press in disproportioned meas
ure, upon them.
have already referred to the growing extent
and Importance Of our commerce. No inconsid-
cradle amount Of Revenue is collected by the
General Government from duties upon the di-
rect importations of our merchants from foreign
countries. The Treaty of Reciprocity with
Canada has enlarged the field and stimulated
the activity of merchantle enterprise especially
IN the northern part OF the State. And the great
interchange of commodities with our. sister
States and between different parts of our own
Commonwealth, give continual employment to
large resources and active energies Wise legs-
lation is never employed in arreSting the .devel-
opment or in cramping the activity Of CONNER
cial intercourse.
Among the instrumentalities by means Of
which intercourse is carried on between differ
ent parts OF the State and different sections of
the country, Railroads may now be regarded as
the most important. The rapidity and ease of
transit by rail gives to that mode of conveyance
decided preference over every other; and the
Bnumher who commit their lives and property to
the skill and fidelity of Railroad conductors and
other employees, already vast becomes, hourly
greater The number Of miles of Railroad in
actual operation in this State, in 1855, accor-
ding to statement made by the late Secretary
ef State, was 1888 The present number is
about two thousand eight hundred. These
i, Il. a.,
dollars; more than million of passengers are
annually carried upon them; and their gross re-
ceipts are not less than six millions Of dollars
year. 1t is doubtless within bounds to estimate
the probable increase for the next ten years, in
extent, cost, transportation and income, at one
quarter the present amounts. This vast iater-
est affecting vitality 50 many other interests,
has grown suddenly to its present dimensions,
without system without general organization,
and in some important respects, without due
responsibility. The benefits Of Railroads are
such, and their safety and prosperity is so iden-
tilted with the safety and prosperity of the pco-
pie, that no proper protection or support should
be Withdrawn ilom them; while the dangers
from mismanagement are so great that no rea-
Sonable precaution against it should bc omitted
| respectfully recommend therefore, the organl-
zation Of Board of Railroad Commissioners,
with power to exercise q general supervision
over the construction and operation OF the sew
eral roads, and required to report from time to
time TO the Governor, for the information of the
General Assembly u full statement Of their con-
dition and management. | cannot doubt that
the Salutary influence Of such legislation would
be speedily manifest in the increased value Of
the roads and the greater security of travellers
and Geighters.
A sound currency aad securc exchanges arc
not less important to the intercourse Of society
than safe means Of transportation. in almost
ALL, and, perhaps, in all civilized communities,
the currency is composed of coin and Of circu-
latng notes, convertible into coin, supplied c-
thcr directly by the Government, or by Banks
organized under its authority In this State the
powers functions, duties and liabilities Of banks
have been defined by law; sometimes by special
laws under the name Of charters, and sometimes
by general laws, amenlablc and repealable at
the pleasure Of the Legislature. Whatever diff
ference may exist upon the abstract questions
relative to n mixed currency, none, apprehend
viii be touad among practical men in regard to
the certainty that such a currency will continue
for an indefinite period to constitute the actual
medium of purchase and sale, III this, as well as
in every other State in the Conederacy. Ger
tainly no power less ample than that OF the
Federal Government is competent to the eticc-
tual exclusion Of such notes from circulation as
money; and no present indication suggests any
probability that that power will be exercised for
that purpose.
While opinion upon this point thus approach
cs unanimity, the public Judgment in this State
remains divided upon the question whether the
franchise OF banking should be limited to dc
,yJ,l
who are willing to give the required securities
and guarantees against abuse. | have, upon y
former occasion, expressed my preference for
the most liberal extension Of the franchise, with
such restrictions upon its exercise as will effect
naily protect the community against mere pa
per money currency.
The act to incorporate the Bank of Ohio and
other Banks, passed April H. 1856 and sub
mitted to the people in conformity with the
provisions of the Constitution on the second
Tuesday Of October last, not having been appr0-
we'd 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 to authorize
free banking passed March 81, 1851 but suppo-
sed by some to have been abrogated by the new
Constitution, remains in full force unaffected
by any provision of that instrument | submit
to your better judgment whether sound policy
does not suggest the eXpedicncy of observing
the practical operation OF this act, and Of 50
amending it from time to time as may be neces-
sary to protect and secure the interests of the
community, without invoking the decision oi
the people upon new banking law.
Considerable practical difficulty has arisen in
carrying into execution the provisions of the
act of April l, 1856, for the taxation of proper
ty employed in banking TO determine the pre-
else rate to be levied upon the property and
means included in the first statement, required
by the act in order to produce the sum which
would be produced by the general rate if levied
upon the second, and to levy that precise rate
when ascertained, prove, not unfrequently, to
be complex and embarrassing operations. The
requirement, also, that the gross amount OF
property and means, emboaced in the first state
ment shall be entered upon the duplicate for
to xation and be taxed by different and usually
much less rate than that levied upon the prop
erty of individuals, is calculated to produce an
impression in the public mind that property en-
ployed in banking is not charged by the act
with its fair proportion of the public burdens.
Such an impression, in my judgment, can not
fail to prove injurious. 1t is the true interest
of banking institutions, as well as of the peo-
pie, that all legislation concerning them should
avoid even the appearance of special favor. The
most absolute impartiality in the distribution Of
burdens is demanded by every consideration o.
policy as well as Of justice. 1, therefore, res
pectfully suggest such amendments of the law
as will require all property employed in bank
ing to be embraced in one schedule and entered
upon the duplicate for taxation at the same rate
as is imposed upon other propertv.