Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1858-12-28
MORNING LEADER.
Ohio Finauees--.Our January Interest.

By inquiry at head quarters, We learn that
every thing is in readiness to meet the semi
annual payment of interest upon the debt OF
Ohio. which will be due in the city of New
York, on the first of January, proximo. The
Fund Commissioners will be there at the time,
with the funds, and Ohio will continue to stand,
as she deserves, among the foremost of the re-
sponsble States of the Union.
The tax payers do not generally understand
the process by which these payments are met
We propose a short sketch thereof, for their
enlightenment Since the discovery of the
grand defalcat'on in our Treasury, there has
been no fund in hand sufficient to meet these
semi annual demands. The amount required
every six months is about four hundred and
ffty thousand dollars. The County Treasurers
by law are not required to settle and pay over
to the State Treasurer till February. But, to
meet the January interest, and, under the semi
annual payment of taxes system, the July in
terest also, the law provides that whenever it is
necessary for that purpose, the Comptroller may
draw his order on the County Treasurers in ia
vor of tie State Treasurer, for any sum not ex-
ceeding cne half the amount due the State. In
July last, we paid our interest out of the $780,
900 borrowed by the Fund Commissioners to
supply the Breslin deficiency. To meet the
January interest, the Comptroller, on the 24th
of November last, drew upon the various Co.
Treasurers for an aggregate sum of S45O,000.
These drafts were passed to Mr. Stone, and
charged to him. He at once proceeded to the
task of their collection. Ohio has eighty-eight
countless and drafts were issued upon the treas
urer of each. This duty has been promptly
performed, andithe County Treasurers have no.
bly, responded by as prompt payment AT the
request of the Fund Commissioners, the Treas
urer of State has proceeded to convert the pro-
ceeds Of these drafts into Eestern exchange
He was limited by them to one-fourth Of one
per cent. premium, and we are happy to say that
the Treasurer has procured all the funds at this
rate. This is much less than it has cost the
State at any previous payment. Last winter
the pecuniary embarrassments of the times did
not prevent the Treasurer from procuring the
exchange at a rate much less than was ever
charged here before This year it is still less,
and will cost the State less than twelve hundred
dollars.
The prompt and satisfactory mannerin which
all this heavy and complicated business has
been managed by our State officers. reflects
great credit upon them, and deserves the thanks
and gratitude of the people of Ohio. The sew
eral County Treasurers should also be remem-
bered for the excellent spirit with which they
have ponded TO the call upon them forfunds, in
advance of the time which requires them to set
tie and pay over to the State Treasurer
We understand that the same process of
drawing in adDaRee upon County Treasurers to
meet the coming July interest must be resorted
to, as there will be no funds in the Treasury at
that time for that purpose. We think this is
an error in the system which should be correct
ed, and we may take occasion to discuss the
subject more at length when our law makers
are assembled at the CapitoL-State JoRrnal