The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1858-01-14

In former communication to the General As |
emily, while admitting the convenience Of a |
mixed currency Of coin and convertible notes,
md the improbability that a currency entirely of
'oin win be soon adopted In the country, ex.
,ressed my own opinion in favor of currency
II coin for ordinary transactions and Of large
notes for the convenience Of commerce, and at
he same time urged the necessity Of the most
stringent legislative guards against suspension Of
specie payments, and against mere paper mon
ey system.
Subsequent reflection and observation have
Inc in these views.
A leading object in all regulations Of currency
should be TO the interests Of the masses of
the people, by such provisions as will ensure to
labor Just compensation in actual value. This
cannot be effected while the laborer Is paid In |
paper, subject to continual iluctuation, and ex-
posed to all the hazards of financial disorder.
Whatever can be constitutionaly effected by |
State Legislation, towards the exclusion of the
smaller denominations of notes for circulation,
and substitution of coin in their place, should
be earnestly attempted. The quantity of coin In
the country is now so great. and SO steadily in
crcasing, that no injury aud almost no nconvc.
uiencc could arise to any interest from iudicious
legislation for this subject. On the contrary, IL
seems to me certain that the increased circula-
ton of coin which will thus be secured, cannot
fail to result in most substantial benefits to all
interests, by additional sccurit cs against huctua
ton aud revulsion. Their benefits seem to me SO
obvious that should hope for the assent of the
banks themselves to the legislation ncccs.
sary to secure them. Without that assent, under
the decision already referred to, such legislation
would avail nothing, as to the banks organized
under the act of 1913.
The existcucc of this decision the uncertainty
of obtaining that assent, the fact that we arc
surrounded by States whose bank issues such
notes, and the practical difficulty of excluding
the notes OF these banks from circulation in
o hio, created the apprehension | have hereto
fore expressed that comparatively little can he
accomplished in the direction of the proposed
reform to State legislation These apprehensious
yet remain, The cffcctual remedy is with the
Federal Government.
Looking at the manifest intent of the Cousti-
tuition to protect the people from the evils of a
paper carrcncy, rs well us to the specific powers
| granted to Congress- cannot doubt the power of
! the National Legislature to prohibit the ciucula-
| tion as money of any substitutes for coin. Nor
| can doubt the exercise of that power by pro-
hibiting notes of the smaller denominations would
! be wise and salutary. The denial of this power
virtually submits the regulation of commerce in
! its most important instrumental to the variable
and conflicting policies of thirty-one States, and
defeats one of the main purposes of the Consti-
| tuition.
|
| regret the recent declaration of the Chief Magis-
sratc of the United States, that "the Federal Gov
ernment ctnnot do much to provide against the
recurrence of existing evils" and that 1--WE must
mainly rely on the patriotism and wisdom of the
States for their prevention and redress" Such
declarations, especially when accompanied with a
recommendation of the issue 9by the General
Government of large addition to the mass o
paper currency in the focm of treasury notes. arc
tnI Al,
might be otherwise reasonably entertained
While do not doubt that the General Assembly
will do whatever may be within its constitutions
power towards the object proposed, | respect
fully submit that its whole duty will not be per
formed until this matter be commended to on,
Senators and Representative in Congress by ap
pIopriate resolutions
An act to incorporate new banks having beer
twice submitted to the peoploin different forms
and having twice failed receiving the popular
sanction, it may now be properly considered al
settled that the majority of the electors do no
desire the further creation ofinsttutions of th
character proposed. II see no reason, indeed, es
pecially if small notes be once excluded from
circulation why the business of banking ma,
not be safely left as open and free to all who de
sire to engage in it, as any other kind of busi
ness care being taken that ample securities b.
given in bonds ofthe State or the United State
for the prompt redemption of all notes in COIN
Bank notes circulating as money are debts du
to the community at large, payable on demand
and it is the duty of the State representing tn
community, to see that these debts are perfect
, secured. Such securities are indispensable; mn
| respectfully submit to your your better iudg
ment whether the experience of the last fe'
years does not suggest the cxpediency of re
, quiring similar securities, or at least of pre-
g Wiz kria arIo Of
prompt payment of deposits for safe keeping.
The condition of the State Treasury require
prompt attention. rn H
f On the 10th of June last, William II. Gibson
the then Treasurer of State disclosed to th
State Auditor the existence of deficit in I'll
State Treasury to the amount, as he stated,
Q about $56l 200, occasioned, as he alleged by I'll
defalcation OF John g. Bresin, his immedat
predecessor. At the earliest practicable momer
this information was communicated to me.
A Up to this time had not entertained the leai
suspicion that Mr.. Bresn had failed to pay ovC
to his successor the whole amount of public MOI
ey which had come to his hands, except the sun
Z reported by him as deposited with failed Banl
: and Bankers or retained by him under claims ft
exchange. The repeated declarations of NJ
Gibson to this effect, in varied forms, and on fr
. quent occasions, confirmed by the reports of ii
! several Legislative committees charged with ii
examination OF the treasury, and by the repo
OF the Auditor, after performance Of the san
+ duty, seemed to leave no question on this poin
, The allegation Of the Treasurer now made
i the contrary, though supported by strongly co
II roborating circumstances, did not appear to N
J. to be entitled to much consideration, unle
confirmed by thorough and impartial examin
It ton.
/ availed myself of the earliest opportunity
l. conference with him to urge his resignation, e
s pressing to him my conviction that he had place
s himself, by his own statements, in the position
l. a defaulter, and that he was consequently lab
to an arrest, which would, in my judgment, wol
s a vacancy by disability, to be filled immediate
u by the appointment of new Treasurer.
y Mr. Gibson resigned, and / forthwith appor
Al ed Alfred p. Stone, of Franklin county, to Il
n vacant office, who gave bonds, was qualified, al
Is entered upon his duties without delay.