The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-01-13
Nd. OHIO, WEDNESDAY MORNING, JANUARY Is, 1858.

notes for circulatioa, and the substitution
of coin in their place, should be earnestly
attempted. The quantity of coin in the
country is now so great, and SO steadily
increasing, that nofiniury and almost nc
Inconvenience could arise to any interest
from judicious legislation for this object.
On the contrary, it seems to me certain
that the increased circulation of coin
which will thus be secured, cannot fail to
result in most substantial benefits to all
interests, by additional securities again st
| f1uctuation and reyalsion These benefits
for the assent of the banks themselves
| the lsgislationkheossGsar to secure them
The existence offthe decision, already
referred to, the uncertainty of obtaining
the assent of tue banks to the necessary
legislation, the fact that we are surround.
ed By states whose Banks issue such notes
and the practical difficulty of excluding
the notes of these Banks from circulation
in Ohio, created the apprehension | have
heretofore expressed. that comparatively
little can be accomplished 10 the direc
tion of the proposed reform by State leg
islation. These appfehensions yet remain.
The cffeetual remedy is with the Federal
Government. Looking at the manifest
intent of the Constitution to protect the
people from the eriis of paper currency
as well as to the specific powers granted
60 Congress, cannot doubt the power OF
the National Legislature TO prohibit the
circulation as money of any substitutes
for coin, Nor can / doubt that the exer-
else of that power By the gradual prohibi
tion of notes of the smaller denominations
under twenty dollars, would be wise and
salutary. The denial of this power vir-
tually submits the regulation of commerce
in its most important instrumentality to
the variable and conflicting policies of
thirty one States, and defeats ons of the
main purposes of the Constitution
Entertaining these views, I have OBJ
served with regret the recent declarations
of the Chief Magistrate of the United
| States, that the Federal Government
caunot do much TO provide against the
recurrence Of existing evils" and that 9
We must mainly rely on the patriotism
1 aud wisdom of the States for their rreyen.
tion and redress Such declarations
especially when accompanied with re-
com mmendation Of the issue by the Gencr
al Government of largo addition to the
mass of paper currency in the form oI
treasury notes, are calculated to frustrate
the hopes of reform which might be 9th.
erwisc reasonably entertained. While I
do not doubt that the General Assembly
+ viii 80 whatever szsaJt l,s-nithiin fts con.
ststutional power towards the object pro-
posed, respectfully submit that its
whole duty will not be performed until
this matter be commended to our Seua.
tors and representatives. in Congress by
! appropriate resolutions.
An act to incorporate new Banks hav-
ing been twice submitted to the people ii
different forms, and having twice failed &c
receive the popular sanction, it may non
be properly considered as settled that the
majority of the electors do not desire th.
further creation of ins. itutions of the char
acter proposed. Il see no reason, indeed
especially if small notessbe once excluded
from circulation, why the business of bank
ing may not be safely left open and fee
to all who desire to engage in it, as any
other kind of business, care being taker
that ample securities be given in bends o.
the State or the United States, and BY
the provision of an adequate specie fund
for the prompt redemption of all notes il
cein. Bank notes circulating as money
are debts due to the community at large
payable on demand, and it is the duty o
the State, representing the community
to see that these debts are perfectly Sc
cured Such seeurities are Indispensable
and I respectfully submit to your better
judgment whether the expediency of re
quiring similar securities, or at least o
providing efficient guards of some kind
insuring punctual payment Of deposits fo
safe keeping,
The condition of the State Treasur,
requires prompt attention..
On the 10Th of June last, William II
Gibssn, the then Treasurer of State, dis
closed to the State Auditor the existenc
of deficit in the State Treasury to th
occasioncd, as he alleged, by the defalca
ton of John G.. Bresliu, his rmmediat,
predecessor. At the earliest possible mo
mept this information was communicate
to me.
Up to this time had not entertaine,
the least suspicion that Mr.. Breslin hat
failed to pay over to his successor TIL
whole amount of public money which ha,
como to his hands, except the sums re
ported by him as deposited with failet
Udnho ah0 VI os-iHSA ~ AAh
under claims for exchange. The repeated
declarations of Mr.. Gibson to this effect
in varied forms and on frequent occasions
confirmed by the reports of the severa
legislative committees charged with tn
examination of the TreasuryRnd by tn
report of the Auditor, after Performance
of the same duty, seemed to leave N
question on this point.
The allegation of the Treasurer nov
made to the contrary. though supporte,
by strongly corroborating circumstances
did not appear to me to be entitled t
much consideration, unless confirmed b,
thorough and impartial examination. .
I therefore ayailed myself of the EARL
est opportunity of conference with him t
urge his resignation, expressing to bir
my conviction that he had placed himself
by his own statements, in the position Q
dcfaulter, and that he was consequent
liable to an arrest, which would in m
Judgment work vacancy by disability
j to be filed Immediately by the appoint
ment of new Treasurer.