New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-08
G0yEENCR CHASE s MESSAGE.


.or,bls of beine made productive, but a. vet only
10. 9CO eco are actually cultivated; about one half OF
hat ex,en. with the pow. The whole area OF the
State, however has become private property, and IS
divided. exclusive Of town lots, among 10000 pro-
prieors. giving an average of about ninety acres 10
each proprietor.
The present population - estimated az 2'iVV'VVV'
Agricultural machines have been put INTO operation
within few years past which do the work OF more
than hundred thousand Iaborers while il is COM
ruted that the esm engines alone IN operation in the
State performs the labor of more than half million OF
men.
The agricultural products OF the State for ls5' are
reclaimed at $50 600 coo in value; the live stock at
about s76CCO GEO. and the products of manufactures
end mines at $40 COO. The total valuation of the
State j. set down Tor purposes of taxation at 1919
CsI on which is levied State tax of e. so, 263;
county taxes amounting 10 81 1856 500 and township.
local and special taxes g. 2i7 io6 Properly speaking
about third of the State tax, being devoted to the
.rrro,4 Of schools is in fact expended for local pur
noses The entire taxes OF the State OF Ohio for 1884,
including deluouences and orfeitures, amounted to
g. GIG. l22, being very nearly the amount which IS
levied upon the city OF New-foik, which, as to the
payment OF taxes has il seems, the undesirable henor
Of standing ON par with the great state OF ONO.
The public deb; of the state amounts to So
bearing an annual interest of S96i9S. Oh this debt
g. JOB e7 i nredeemable being composed oil the pro-
ceels of lands granted by Congress TOR educational OF
religious purposes which have from time to time been
paid over to the state under apedge OF SIX per cent
interest 10 be appropriated TO the objects OF the re-
.pective giants This Iredeemabe debt Is hkeyto ne
ill further augmented by additional sums from the
same sources but the policy has been adopted OF pay
nc all suns thus received into the sinking fund. That
fund, the Governor complains has been, to certain
extent diverted from its proper Object oil sinking Inc
debt He recommends that all sums thus taken rom
II be restored and that it be reserved exclusively Tor
IT. proper object.
fbe retrrns from the canals and other public i'm.
nroyement. in the construction of which the state
Debt was contracted, are not very hsterng. The re-
ceipts during the past year have fallen shon OF 'he
Expenditures. including repairs, by Sl3,6lJ. This, 1t
VIII be seen. is decidedly worse than our New'foFs
canals Underthe.e circumstances, and considerngthe
necessities ofthc Treasury growing out oil the deiaea'
,icns ot The lae treasurer Brcsiip amounting upward
of hall million OF dollars, the Governor anticipates
movement for the sale of the caua.s. Though III the
abstract iv the policy Of separating the state
nom the control ard management OF public works OF
this description the Governor is opposed TO selling
these canals exccp; az their actual vslue-wheh he
thinks is not to be subject by their returns 81 this
moment-snd under such restrictions as will secure
the ends Of their construction Their average net
income for ten wears past would, ne thinks, afford
lust criterion ofther value. He would be willing 20
sell them for sum the interest of WHICH, at six per
cent, would produce that amount.
In addition TO the State debt, the Governor sets
To .l,f,f. oi eitie
end municipalities; $50 OCO, 600 for railroad debts
with private debts the amount of $4,000 900, OF
which $4,000 GOO are supposed to be secured b.
mortgage s2jOOO0 600 to be due to banks and baukers
aud $l5, OO0, 600 due outside of the State.
1t is made ground of congratuatiOn that, although
the Immediately available resources of many OF the
Ohio banks were swept away by fraudulent proceed
ares OF the Ohio Life and Trust Company, yet with
very few exceptions they have succeeded in maintain
ing specie payments. These banks at present, fifty
four IN number thirty-sx branches OF the State Bank
with eight independent banks, organized under the
a.; 1910 and ten free banks under the act OF 1871
Tie Governor admits however, that in addition 10
the Legal suspension oi OF then others were, or
had been in state OF virtual SUSPENSION while the
Danger of general suspension had been mm!nen;. He
avows hmsofin favor ofthe suppression OF small notes
but considering the obstacle OF existing bank charters,
and the fact that Ohio is surrounded by States which
authorize their sue be doubts if much can be done By
State legi-lai Oh. The ehectua remedy, he thinks 10
with the Federal Government. But upon this point,
We ,ba let the GoyaInOr speak for himself
Looking q. the manifest intent Of the Constitution
to protect the people from the evils of paper cur
renCy, as well as 20 the specific powers granted to
Congress, cal not doubt the power OF the National
Legislature to prohibit the circulation a. money OF
any substitutes for coin. Nor can | doubt that the
OF that power by the gradual prohibition OF
notes Of the smaller denominations under twenty dol
lars, would be wise aud saluary The denial OF this
power virtually submits the regulation OF commerce,
in It's most important nstrumehtaiiy, 10 the variable
and conflicting policies ci thiny-one states and de-
ieats oDe OF the main purposes Of the Constitution
Entertaining these views, have observed with
gre the recent declarations OF the Chief Magistrate
of the United States, that the Federal Government
cannot do much 10 provide against the recurrence
Of existing evils, and that we must manly rely on
the patriotism and wisdom of the States Tor their
prevention and redress Such declarations espe
| Tally when accompanied with a recommendation o;
the ssue by the General Government OF large adj
Citon 10 the mass OF paper currency IN the form OF
treasury notes calculated to Illustrate the hopes Of
reform which might be otherwise reasonably enter
tanned While | a. rot doubt that the General As
sembly will DO whatever may be within its con.tltu-
tional power toward the object proposed. respect.
fully submit that its whole duty will not he performed
until this matter be commended 10 our Senators and
Repr .tatiyes IN COnge-- by appropriate resolu-
tiCns
The Governor complains Of the circulation in the
State, through means OF private bankers, OF foreign
notes, eIpeiDg from not merely coin but notes Of
the Ohio Banks. lie thinks this should be eTectualy
prevented. He also suggests the expediency Of
Clearing House at Cincinnati for the Banks Of Ohio.
Kentucky and Indiana either through the voluntary
action OF the institutions concerned by the
rent legislation of the States. Additional provision.
re rennr1d nr the .afe c,iody and trhn-ler OF The