Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1858-04-23
Delaware, April %, 1858.
THE suB-TaEAsuar Bl11.--whateve.


THE SUB-TREAsURr BlLt.--Whatevel
neglect our Democratic Legislature may
have been guilty of, they did not neglect The
great measure of the party the sub-treasury
bill. That measure was adopted, and a beau
ty it is to behold. and a most interestin g
piece of machinery viii it prove to the tax
payersof the state in its practical opera.
tons. Our county funds are now deposited
in Bank, where they draw seven per ceni
interest, and for the safety of which the most
ample security has been given. Under this
Democratic law they are to be Withdrawn
and kept in the. County Sub-Treasury-
which at present is the small room in which
the Treasurer's office is kept. which, with
the addition of a safe (Which the laa
makes it necessary to procure) would not be
a secure depository for ten dollars, isolated al
it is in its situation, and the building notori
ousls insecure.
The CIeueEand Herald thus dissects this
great measure of the boosted reform party
arhe bill allows the Treararers to receive
taxes in such funds as they choose, which
they must lock up in their own vaults, and
pay out in larger and larger proportion Of
specie each year until 1855 and then in s9e.
Gle only. If the Treasurers take bank notes
they must pay out specie. Treasures have
no discretion in the matter, nor does the
bill permit persons receiving from the Treas.
ury to exercise any. They must take it just
as the law provides. The Treasurer sub
Iects himself to a fine of five hundred dollars
if he should pay out paper money, even i
the recipient should prefer the currency
Treasurers are forbidden to keep, or deposit
for any purpose, & dollar of the public mon
ey outside the vaults of the Treasury. The
language Is:
esThe State Treasurer and each County
Treasurer, shall be required to keep safely
in his treasury, without ioaning, using, oil
depositing in banks, or elsewhere, all the
public moneys, of whatsoever character,
paid into such treasury. or otherwise at any
time placed in his possession and custody .
&c.
Under the present system the Treasurer
may receive paper money, and deposit 1t in
Banks. upon their giving ample security in
double the amount of the deposit; the secu-
rity to be approved by the Auditor of State.
| Treasurerst take the usual currency of the
State, deposit it. and draw the money as
wanted. Under the proposed Snb-Treas-
Dry nothing of the kind cen be done, and
while The bill carefully omits to define in
words what currency shall be received ofthe
people for taxes, Statesand County, it virtu-
ally provides that nothingsbut goldand silver
can be taken as soon as the law goes into
operation. No Treasurer can or will take
bank notes which he is compelled to- lock up
and keep on hand for an Indefinite period, at
his own risk. He will demand the specie of
the taxpayer, and collect il, too, no matter
at what sacrifice of property, personal or
real. Brokers and shayers will thrive under
the lava law devised by the Democracy
for their especial benefit.
Tie law is a direct blow at the Banks Of
Ohio, and is intended as such. Nearly eight
millions of taxes are assessed annually. and
to require their payment in specie will not
only rob sshe Banks of egery dollar in their
vaults, but also every box and stocking foot
in which the precious metals are boarded
lard times will be made harder, Slyloeks
under the ten per cent. interest law will fat
ten, and the emigration from Ohio to the
West will be doubled the first year the Sub
Treasury is in p~racticaI operation. 1t is cer-
tainIy bad enough to be taxed on properly
until the taxes amount to fell ren., without
being required to pay those taxes in a cur
rency that can only be procured in sufficient
amount by paying tribute to money-sharks.
Why should o~fice-holders be favored with a
currency different from the people who e.
leet them! From such Democrats distrnc-
ton, stGood Lord deliver us!!F'
The Sub Treasury bill actually diminish
es the security of the public treasure against
loss, tloughit creates the Office of Comptrol-
Ter and numerous examiners to count the
funds and eat up a portion in salaries. IN
der the present law the Treasurer of State
has taken bonds of various banks and com
panies to the amount of one and a half uifl-
lion of dollars, to secure sums that may be
deposited with them. These bonds have
been approved by the Auditor and Attorney
General, and this security is in addition to
The bond of the Treasurer of State The
sub-Treasury bill relinquishes this million
and a half, and relies ike the miser, on a
frequent count of ~pieces.of silver and gold!