The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-07-23
Words FIFTY Spoken.

Dayton Enpirei
| AN INDEPENDENT TREAsUnY.--A part Of the
press of Ohio have spoken out in favor OF the
Democratic doctrine of establishing an Indepcn-
dent Treasury for the STATE. This is a matter
of great importance; one that must interest ey-
cry citizen. Years ago it was urged upon the
attention of the people by some of the Demo-
cratic orators as well as the press, but tie peo-
pie, satisfied with the manner in which the pub
lie finances were managedy paid no attention to
theappeal and the monies of the State continued,
as previously, to be loaned out to banks, and
other irresponsible corporations, or used for
speculative purposes by private individuals,
At length, however, after the loss of some
100000 and upwards, from the treasury result
ing from the depositing by Mr.. Breslin of that
amount in unsafe banking institutions; and after
the subsequent dealcation of his successor to
the tune ofsome $500,0O0 the people are begin
ming to open their eyes to the fact that some
new method is necessary for the safe keeping
and dsbursing of the public moneys.
The Independent Treasury system is the on
ly one that can succeed, and the people will call
loudly for the passage ofan act to create such an
institution at the next sitting of the legislature.
So long as the money belonging to State remains
on deposit in the various banke, or is in the
safe they may be considered in the commercial
world, we cannot be said to have money in the
Treasury. A sudden disarrangement of its bu-
siness may cause a bank to suspend payment
and should the State be at that time depending
upon that institution for monies held by it, en-
barrassment and Inconvenience would of neces-
sity follow A certificate of deposit, or large
balance on the credit side of bank ledger are
neither of them money but simply the evidence
of Indebtedness on the part OF the borrower
Establish u Treasury Of our own for the de-
posting and safe keeping of the public moneys,
and all the delay and vexations which Otter fol
low the efforts of the creditor to collce1 his own
will be avoided. An instance of what may at
any moment, result from the system of deposit
ting with banks is shown in the history of the
United States Treasury Department. Every
one remembers, or has heard Of the financial
crisis of '37. AT that time the General Gov
ernment had on deposit in the various banking
institutions OF the Union, more than 100000
900. The crisis came-the banks suspended
payment-and the Government was obliged to
bo7olo money to detray her current expenses
10 such Illuminating pass are we liable at any
moment.
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 enc dollar, has occurred. But we
need not go abroad for examples of the conse-
quences OF the system: we have them here at
home, and if reform is not soon established, we
may have q 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 in hand to
delay the reduction Of the principal of the State
debt, and keep dp the ratio of taxes in order
that large surplus may be had with which to
speculate. But change the system and it be-
comes the interest Of every 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 UP of the outstanding
bonds of the State, upon which we are paying
heavy interest; and in q short time we would be
able to reduce our rates Of taxation-instead of
keeping them up for the purpose of creating
revenue for the benefit of specializing institutions
which reap all the benefit.
1t is due TO the creditors of the State ofOhio,
as well as to her citizens, that safe and relia-
BILE system for the care of her Treasury should
be adopted with as little delay as possible. Her
creditors should not be dependent upon the tur-
ming of fortunes wheel for the money due them
nor should her citizens be subjected to the
danger of losing that which has been contribu
ted 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 system, the public
funds will be uuder the control ofsworn officers
of the government, and not in the hands of r-
responsible men. The money will at al, times
be on hand and subject to draft and no vexa-
tous delays would occur. 1t will be attended
with no additional expense to the government,
except perhaps the employment Of one or two
extra clerks by the State Treasurer, at salary
OF $1,000 or $l6O0 each. In points Of safety
and economy the State will be largely the gain
er. Under the present aspect Of affairs, and with
the late defalcaton (stll unsettled) fresh in the
memories of the people, we are sure they can
not close theta eyes to the Importance ofat once
taking the matter in hand and instructing their
representatives to provide for the establishment
Of all Independent Treasury system, as the on
ly safe and reliable means Of caring for the pub
lie funds We shall refer to this matter again