Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-01-15
EATON, PREBLE olETY. O. JAN. Is, 1857

EAlU
f of their condition and management.
cannot doubt that the salutary influence
of such legislation would be speedily
, manifested in the increased value of the
roads, and the greater security of travel
, ers and freighters, 81
A sound currency and secure exchan
gers are not less important to the inter
course of society than safe means Of
transportation. In almost all, and
perhaps, in all civilized communities
the currency is composed of coin and
of circulating notes, convertible into
coin, supplied either directly by the
4 Gexepnment pr by baRkss 01aani -. -.
a / n. tnis State The
powers, functions, duties and liabilities
lof banks have been defined by law
sometimes by special laws, under the
name of charters, and sometimes by
general laws, amendable and repealable
at the pleasure of. the Legislature
1 Whatever difference of opinion may ex-
ist upon the abstract questions relative
to mixed currency, none, 1 apprehend
will be found among practical men in
regard to the certainty that such a cur
fency will continue, for an indefinite
period, to constitute the actual medium
of purchase and sale, in this as well as
in every other State of the Confederacy.
Certainly, no power, less ample than
that of the Federal Government, is com
petent to the effectual exclusion of such
notes from circulation as money; and
no present indication suggests any pro-
liability that that power will be exercised
for that purpose.
While opinion, upon this point, thus
approaches unanimity, the public judg-
ment, in this State, remains divided
upon the question, whether the franchise
of banking should be limited to a defin-
ed number of institutions, or extend to
all who are willing to give the required
securities and guarantees against abuse.
l have, upon a former occasion, express
ed my preference for the most liberal
extension of the franchise, with such
restrictions upon it's exercise as will eff
fectually protect the community against
Il mere paper money currency.
The act to incorporate the Bank of
Ohio, and other Banks, passed April
IL, 1856, and submitted to the people
in conformity with the provisions of the
Constitution, on the second Tuesday of
October last, not having been approved
by saaj jasity -of~all the electors voting
at that election, has failed to become a
law. More recently the Supreme Court
of the State has unanimously decided
that the act to authorize free banking.
passed March p, 1851, but supposed by
some to have been abrogated by the new
Constitution, remains in full force, un-
affected by any provision of that instru-
ment. l submit to your better judg-
ment whether sound policy does not
suggest the expediency 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
provisions of the act of April 1, 1856,
for the taxation of property employed |
in banking. To determine the precise |
rate to be levied upon the property and
means included in the first statement,
by the act, in order to produce
the sum which would be produced by
the general rate if levied upon the Sc
cond, and to levy that precise rate when
prove, not unfrequently, to
be complex and embarrassing operations.
The requirement, also, that the gross
amount of property and means, embrac-
81, Ill L
ed upon the duplicate for taxation, and
taxed by different and usually much
less rate than that levied upon the pro-
perty of individuals, is calculated to
produce an impression in the public
mind that property employed in bank
ing is not charged by the act with its
fair proportion of the public burdens.
Such an impression, in my judgment,
cannot fail to prove injurious 1t is the.
true interest OF banking institutions, as
we'll as of the people, that all legislation
them should avoid even the
appearance Of special favor. The most
absolute impartiality in the distribution
Of burdens is demanded by every consid-
ration of policy, as well as of Justice
[, therefore, respectfully suggest such
VI Tile INV as VIII require II
Ill property employed in banking to be
embraced in one schedule, and entered
1pon the duplicate for taxation at the
same rate as is imposed on other prop
,rty.
The Constitution authorizes the es-
in the Secretary of State ]
Office, of a Bureau of Statistics. Some
provision for the collection of statistical d..
Information is already made The :
Township Assessors are required to :
make returns of the quantity of wheat : !
nd corn produced in their several =
ownships each year. The District As :
essors are required to report, under !
ertain classification, once in six years, Z
he number of acres of taxable land in i
he different counties. Various acts re- y
uire the collection of other statistical =
nformatioH, more or less specific, in r
elation to production, education, popu- o
alton and crime. Under these acts, al s
hough from want of system and of ade- v
ate means of enforcement they are oft q
n very imperfectly executed, large G.
mount of useful information is collect a