The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-07-30


might be tempted to refer somewhat to the sd-
verse influences which were brought to beart
not oRly against the bills herein referred, bu,
against every proposition, come from what
source it might, which looked to throwing ad-
dtieRal guards and restrictions around the
Troasary. At the very outset the composition
Of the Committee en- Finance in the Senate was
remarkable. was, perhaps the only commit
tee IN the Senate cA which there was not ma
joritypf Democrats! But on that Committee,
the very Cosamlttee above all others at that
time where a majority OF soand reliable Demo-
cats shoHld have bees placed, there were two
known or elsssed as Democrats, (Joel W. VII
son and mySelf) two known as Freesoilers, and
one Wing! During the second session, the FL
nance Committee efthe Senate was a unit, so
lar as the Democratic memberS were concerned
bat, unfortunately, in the House there were con-
Hicting views and interests. Still, all these
difficulties might have been obviated or sur
mounted, had it not been for the extraordinary
lRAuence brought to bear, from interested sour
ces, on few Democrats. Moreover the mo-
tVes OF the friends ofthe bill were aSsaited.-
They were charged with being actusted alone
by feelings Of personal hostility and enmty to-
ward the Treasurer Of State,
All these unteward influences had their
weight in dividing and distrectiug Democratic
oeunSels; while the compact and united vote OF
all the opposition members Of the Legislature
was, on every occasion, thrown directly against
any and every proposition to organize the Trea-
sHry on an independent basis, or to provide a
gainst improper use being made of the public
funds. Far be it from me, however, to impute
corrupt motives or wilul disregard of public du-
ty to those who did not perceive, at that time,
the necessity for such legislation as was propos-
ed They were assured that all was right;t
| no harm could beall the State; and had they
dreamed that such developments as are now be-
ing made would come to pass, | do not doubt
but that they would have heartily concurl ed in
almost anything that seemed likely to avert
such calamity. But the results which were
predicted are upon us. A course Of official NAL
ieaSance has been exposed to the public gaze
which staDdS without a parallel in the history
OF any State in the Union, furnishing the fair
lame OF our State, and almost bankrupting the
Treasury for time being. There is now RES
POSSIBILITY to be borne, and however misguid-
cd or mistaken men have been in their actions
heretOfore-howeyer honest they may have
been-it cannot now be expected or permitted
that they shall shoulder the responsibility upon
others, who, more Fortunate perhaps, than
/ they, stand right on the record and sounded the
alarm at q time when prompt and decisive &C.
lion would have prevented the calamity now
felt and regretted by all.
| might here. with propriety, refer to the re.
| port OF MessrS. Morgan, 'Irevilt, and Pugh
Commissioners of the Sinking Fund, dated uly
10, 1852; the reports ofAuditor Morgan of Feb
rnary II and December 25, 1858, March % ant
d cember 81, 1855; and the Message of Cover
nor Medill, of January 2, 1851, in each of which
communications legislative action was recon
mended on this subject, substantially such as
was embraced in the bills to which have re-
emed. But my main object in this letter has
been to repeal the charge of "dereliction of du-
| ty' on the part OF the majority of the Demo
cratic members Of the Legislature leaving the
responsibility to rest where the record put it
whether that shall be on political friends or op
| ponen!s.
There was another measure connected witt
the financial policy attempted to be inauguura
ted I'm Ter the new constitution, which deserve;
a passing notice. This proposition had for its
object, primarily, the reduction and speedy pay
ment Of the public debt of the State; and, sec
ondariv, the keeping ofthe Treasury as nearly
empty a. was consistent with prompt dis
charge ofits liabilities. Knowing tull we'll thai
! Wllie rye iJluScS were 10 dCCu
mu ate and remain in the Treasury unemp owed
it was the interest of those having their custo.
dy to keep up taxes and at the same time post.
pone the payment Of the public debt so that
large amounts Of public money should remtr
in their hands, on which they could speculate.
This policy looked to the payment of that por.
ton Of the State indebtedness falling due De-
cember 81 1856; and a continued reduction ex.
ceeding the minimum fixed by the constitution
| by the purchase Of the outstanding bonds in ad.
! vance Of their maturity, and thus saving to the
/ State the interest that would necessarily accrue
| by prolongation OF the time Of payment.
| The first Legislature under the new constitu
ton had initiated this policy in an act prescrb
| ing the duties ofthe Commissioners Of the Sink
ing Fund, wherein the Commissioners were au
thorized and directed to apply all money
4 belonging to that Fund to the purchasing of out
standing bonds ofthe State, or stocks of the
States, whenever they were unable to procur
State bonds. AT the commencement ofthe ses
sion of January, 1854, Governor Medill, in hi
Message to the Legislature, urged the prophet
of making provision for the payment of th,
bonds falling due December 81 1856, then a
mounting to the sum of S3.442 1873 24;the sam
! policy having been strongly recommended b.
Aud tor Morgan, in his annual report of Febru
/ AIRY II, 1853.
The Senate Committee on Finance to whom
the subject was referred, introduced a bill max
ing appropriations for the payment of the prin
cipal and interest OF the public debt for l95
and 1850, and levying tax of three fourths 0
mill on the dollar on the valuation OF 1865, 70
the payment Of principal of the public debt fall
ing due December 81, 1856.
I The bill was accompanied by carefully pre-
, pared report reviewing the resources of tn
, State, and enforcing The correctness Of the poll
cy recommended. (See Appendix to Senat
Journal, PIP 14) The bill passed the Senate
but the House did not concur in that portion o
it which provided for levy to pay the principa
of the State debt; and after struggle, in .whic
! the House, after one committee OF Conference
declined to grant second committee, but ad
: hered to its amendment-thus again forcing o
the Senate the alternative of concurring in tha
or loosing that appropriation bill-on the las
t night of the session mjorlty concurred in tn
House amendment.
Nevertheless the Democratic adminstratio
from the 1st ofJanuary, 1852, until the 31st
December, 1855-was enabled to reduce til
principle of the public debt, by the purchase
outstanding bonds, to the extent of 81 ,6lO,4
a 7S. (See Report of Auditor Of State, Decembe
e 81 1856; PIP. ~
Since then 1t does not appear that any reduC
ton of the public debt has been made by NEAR
5 drawn from the Treasury as surplus funds. Th
unpaid bonds falling due on the 3lst of Decen
ber, 1856, have all been taken up by an issue
# new bonds, having twenty or twenty. five yeal
e to run. The Democratic policy OF purchasin
4 the outstanding bonds seems to have been r(
l yersed on the incoming the new Admnistri
, tion, by the Commissioners ofthe Sinking Fun
l-nlthnnoh [ am not aware that the siatnta