The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1858-01-14


currencyof Sein lor ordinary transac-
tons, and Of Iafge notes for the convent
ence OF commereP, and at the same time
urged the necessity Of the most slring-
ent legislative guards against sisPehsion
otsPecle payments, and against mere
paper money system,
Subsequent reflection and dissertation have con.
frmed me in these views,
Aleading object in all regulation Of currency
should be to secure the incres3s Of the masses oi
IN people, by such provisions a. will ensure TO Ia
Dor Just compensation in actual value. This can
not be effected while the aborer IL Uaid in payer
subject 70 continual auctuation. and exposed tl
all the hazards Of financial disorder.
Whatever can be constitutionally effected by
otato Legislation, towards the exclusion Of the
smaller denominations Of notes for circulation. and
the substitution Of coin in their place. should be
earnestly attempted. The quantity of coin in the
country IS now SO great and 50 stealy Increasing
that no injury and almost no inconvenience could
arise 10 any interest from Judicial legislation for
TINS subject. On the contrary it seems TO me GER
tam that the increased circulation Of coin which will
thus be secured, cannot fail to ro suit in most sub
stantlai benefit to all interests. by additional co.
eurites against luctuatiOn and revulsion These
benefits seem to me so obvious that should hope
Tor the assent OF The banks themselves to the Leg
islation necessary to secure the.A.
Tho existence Of this decision already referred to,
the uncertainty Of obtaining the assent Of the banks
to the necessary legislation the fact that VIC are sur
rounded 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 com
paratiYcly little can be accomplished in tho drec-
setion OF the proposed reform by State legislation
These approximations yet remain, The effectual
remedy is with the Federal Government. Looking
at tho manifest intent of the Constitution to pro-
tect the people from the evils Of paper currency
as well as to the specific powers granted to Congress-
cannot doubt the power of the National legislature
to prohibit the circulation as money of any substi-
tutes for coin. Nor can doubt that the exercise Of
that power by the gradual prohibition of notes Of
the smaller denominations, under twenty dollars.
would be wise and salutary. The denial Of this
power virtually submits the regulation of commerce
~ It's most important instrumentality to the varia-
Die and conflicting policies dfhirty-onc States; and
ueieats one OF the main purposes Of the COnstitu-
ton.
Entertaining these views, have observed with
regret the recent declaration Of the Chief Magistrate
OF the United States that "the Federal Government
clnnotdo much to provide against the recurrence
OF existing evils, and that I'VE must mainly rely on
the patriotism and wisdom of the States for their
pecially when accompanied with a recommendation
Of the issue by the Federal GJyornmont Of a large
addition to the mass of the paper currency in the
form OF treasury notes, are calculated to lrrstvate
the hopes Of reform which might be otherwise rca-
sonably entertained. While do not doubt that the
General Assembly will do whatever may be within
its constitutional powertOwards the object proposed
| respectfully submit that its whele duty will not
be performed tdtil this matter be commended to
Our 2op pnto nd Ia =. ~
appropriate resolutions.
An act to incorporate new banks having been
twice submitted to the people in different forms and
having twice failed receiving the popular sanction,
it may properly considered as settled that tho ma
Orty Of the electors do mob desire the further crea
ton Of institutions of the character proposed
see no reason, indeed, especially if small notes BE
once excluded from circulation, why the business of
banking may not be safely left as open and free to
all who desire to engage in it, as any other kind Of
business care being taken that ample securities be
given in bonds Of the State or the United States.
and by the provision Of an adequate specie fund for
TOR the prompt redemption Of all notes in cOin.-
Bank notes circulating as money are debts due to
the community at large, payable on demand and it
is the duty OF the State representing the communi
ty, to see tina. these debts perfectly secured
Such securities are indispcnsable and respectfully
submit to your better judgment whether the oxpsr-
ience of the last few years does not suggest the ex
pediency Of lrequirny similar securities or at least
of providing efficient guards of some kind insuring
punctual payment of deposits for safe keeping
The condition Of the State Treasury requires
prompt attention.
On the 10th of June last, William II. Gibson, the
then Treasurer Of State disclosed 10 the State Aud
itOr the existence Of decitin the State Treasury
to the amount, as he stated, of about $55l 900 oc
casioned as he alleged by the dcfalcation of John
6. Breslin, his immediate predecessor, At the ear
licst practicable moment this information was com
municated to me.
Up to this time had not entertained the |
least suspicion that Mr.. BrelIin had failed to pay
over to his successor the whole amount of pub. |
lie money which had come to his hands, except |
the sums reported by him as deposited with |
failed Banks and Bankers; or retained BY him T
under claius for exchange. Tho repeated dec
CldFatiohs Of Mr.. Gibson to this effect, in varied
forms and on frequent occasions, confirmed by
the reports of several Legislative committees
charged with the examination Of the Treasury,
and by the report of the Auditor, after per.
fOrmance Of the same duty, SEEMED 10 leave no
question on this point
The allegation d the Treasurer now made to
the contrary, though supported by strongly
corrroboratng circumstances. did not appear
to me TO be entitled to much consideration; un
less confirmed by thorough and impartial ex-
animation.
therefore avaied myself Of the earliest op-
of conference with him to urge his re.
expressing to him my conviction that
he had placed himself by his own statements
in the position OF detaulter an that he was /
consequently tablet TO an arrest, which would
in my Judgment work vacancy by disability
to be filled Immediately by the appointment Of
a new Treasurer.
Mr. Gibson resigned, and forthwith appoint
cd Alfred r. Stone, of Franklin County, to the
vacant office, who gave bonds, was qualified and
entered upon his duties without delay.
1t seems to be the opinion of SOME persons
that the Governor has some supervision or con
troll over the other Executive Offices, and is
therefore in some measure responsible for their
action, Such persons do not reject that each
Of these officers is elected by the people, ana is
made by the Constitution wholly independent
If th he Governor: in the administration OF his own
department, except SO far as the Intervention
Of the latter may BIZ sanctioned by express en-
lctment. The only act providing for any inter.
vention of the Governor with the action of the
Treasurer, previous to Mr.. Gibson resignation
was that of April 8, 1856. That act authorized !
The Governor, upon request OF the Auditor OF y
State, to appoint suitable person to aid that
officer in examining The Treasury, and required
him to direct the Auditor to make such an e1-
animation. under certain circumstances. At the '
proper time directed the attentioA Of the Aud |
tor to this law, and he made tbs examination Il
required by it, and reported that the funds Of
he State 'ere safe in the Treasury. He made G
10 request for the appointment of any assistant
md in the absence 0f that request there was no
authority to appoint one. His report, and those "a
,f the Legislative Committees, furnished no S
,round for any furthnr direction to him. and /