The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1858-01-01


The osisteuce Of ih,s deceaon. the uncei,ain.
" Of obtaining that assent. the fact that We are
surrounded ty Slaics whusc banks issue such |
nutes. and The practical difficulty Of excluding
The notes of these banks irum circulation in
Ohio. created the apprehension I have heroto-
fore expressed. that comparatively ltttle can be
accomplished In the direction vi the proposed
reform by Stale Legislation. These apprehen-
sons ct remain. The efectual remedy IL with
the Federal Government Looking at the man.
iiest intent of the Conatilutiou 10 prutecl the
people from the evils Of paper currency, a.
well a. 90 tie specific puwera granted to Con.
gross, | cannot doubt the power Of the National
Legislature % prohibit the circulation as money
of any substitutes for coin. Nor can ! doubt
that the exercise Vt that power by prohibiting
notes nf the smaller denomin Nious, would be-
wise and salutary The denial oi this power
virtually submits the regulation of commerce In
iis most important instrumeutaltty 10 the vaua.
bile and conflicting policies of thirty-uno States.
aud defeats one Of the main purposes OF the
Constitution.
Entertaining these vows. I have observed
with regret tho recent declaration Of the Chief
Magistrate Of the United States, thot "the Fed
eral Government canuot do much To provide
against the recurrence uf existing evils" aud
that "we must mainly rely on the patriotism
and wisdom Of the STATES iur their prevention
aud redress" Such Declarations. especially
when accompanied with recommendation Of
the issue by the General Government of a large
addition to the mass Of paper currency In the
form Of treasury notes, are calculated To frus
trate the hnpes of reform which might be other.
wise reasonably entertained. While / do not
dnubt that the General Assembly will do what.
ever may be within its constitutional power
towards the object proposed I respectfully sub
nit that its whole duty will not be performed
until this matter be commended 10 air Senators
aud Representatives In Congress by appropriate
resolutions
A leading object in all regulation Of currency
should be 10 secure the interests Of the masses
of the people, by such provisions as will secure
10 labor just compensation IN actual value
This cannot bo effected while the laborer H.
paid In paper, subject 90 continual nuotua,ion
aud exposed 10 all the hazards Of financial dis.
order.
Whatever eau be oonstitutionally effected by
State legi lauon, towards the exclusion OF the
smaller denominations ut nuies for circulation.
aud the substitution Of cnin 10 their place.
should be earbv-tly attempted. The quantity Of
coin IN the country h now so great, and 80
steadily increasing that no injury aud almost
no Inconvenience could arse to any interest
from iudicious Legislation for this object On
the contrary, d seems 10 be certain that the 10.
creased circulation Of coin which will thus be
secured, cannot fail to result M most subslan-
nal benefits to all interests, by additional se-
curities against fuotuaton and rovulsion.-
These benefits seem TO me 30 obvious that I
should hope for the assent Of the hanks them.
selves 10 the Legislation necessary 10 secure
them. Without that assent, under the decision
already referred TO- such legislation would avail
nothing as 10 the banks organized under the
act Of l645.
An act TO incorporate new banks having been
twice submitted to the people m different forms
aud having twice failed receiving the popular
sanction, It may now be properly considered as
settled that the majority Of the electors do not
desire the further creation Of institutions Of the
character proposed i see no reason indeed
especially IL notes be once excluded from CIR
oulatiou, why the business Of banking may not
be safely lell as open and free TO all who desire
TO engage in It, az any other kind Of business
care being taken that ample securities be given
10 bonds Of the State or the Uuited States, and
by the provision Of an adequate specie fund, for
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 il Is the duty Of the State, representing th,
| community, 10 see that these debts are perfectly
secured. Such securities are indispensable; aud
| respectfully submit 10 your better Judgment
whether the experience Of the last few year.
does not suggest the expediency Of requiring
similar securities, or at least Of providing Ell
cient guards Of some kind, insuring prompt pay.
The condition Of tho State Treasury require,
prompt attention.
On the 10th Of June last William II. Gibson
the then Treasurer Of State, disclosed TO the
State Auditor the existence Of a deficit iu the
State Treasury to the amount, as he stated, o.
about 1851 900, occasioned, as he alleged by the
deialcaton Of John G. Bresln, his Immediate
predecessor AZ the earliest practicable mo.
ment this information was communicated tC
me.
Up to this time l had not entertained tn,
| least suspicion that Mr.. Breslin had failed 1,
pay over to his successor tho whole amount o
! public money which had come 10 his hands, ex
cept the sums reported by him as deposited
| with failed Banks aud Bankers, or retained by
him under claims for exchange, The repeated
declarations Of Mr.. Gibson 10 this effect, Ia
varied forms aud on frequent occasions. con
! trmed by the reports Of the several Legislative
committees charged with the examination o
the Treasury, and by the report of the Auditor
after performance of the same duty, seemed lS
leave 20 question on this point.
The allegation Of the Treasurer now made /,
The contrary, though supported by strongly
cOrroboraiing circumstance, did not nppear tt
me 10 be entitled to much consideration, unles.
confirmed by thorough aud impartial exami.
nation.
| availed myself of the earliest opportunity
nf conference with him to urge his resignation
expressing 10 him my conviction that he had
! placed himself, by his own statements, ia the
position OF a deiaulie, aud that he was conse.
quently liable To an arrest, which would ia my
Judgment work vacancy by disability, 10 be
illed Immediately by the appointment Of a new
| Treasurer.
Mr.. Gibson resigned and forthwith appoint.
ed Alfred p. St'ne Of franklin County, TO the
vacant office, whO gave bonds, was qualified
aud entered upon his duties without delay.
Ii seems to be the opinion Of some persons
that the Governor has some supervision or con.
troll over the other Executive Offices and 1,
therefore in some measure responsible for their
action. Such persons do not reflect that each
Of these officers is elected by the people, and ID
made by the Constitution wholly independent
VI the Governor in the administration OF his
own department, except 80 far az the inlerven-
| lion Of the latter may be sanctioned by express
enactment The only act providing tor any in
tervention of the Governor with the action OF
he Treasurer, previous TO Mr. Gihson's resig-
nation, was that Of April g. 1856. That aoi
authorized the Governor, upon request Of the
| Auditor Of Slate, to appoint a suitable person
10 aid that officer in examining the Treasury
and required him TO direct the Auditor to make
such an examination under certain ciroumstan-
ces. At the proper time directed the atten-
ion Of the Auditor TO this law, and he made
ho examination required by IL. and reported
I d "A "a