M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1858-06-03
The Independcnt Trensury,

the gradual approach to specie, as a
basis for the State finances. AL,
though the present Banking system ot
Ohio has, thus far, proved safer than
any other yet adopted in any part Of
the country, still the influx Of specie
into the United States, with a pros
pect Of increase, proportionate to the
increase of population and business,
render it quite improbable that the
people will enlarge the banking facil-
Iities of the State, or create any more
new banks, for it is we'll known that
a paper currency has been the medi-
um Of abstracting from the people
more Of their earnings than all their
losses caused by fire, food, shipwreck
forgery, and larceny. The benefits
derived from a paper medium, are
poor compensation for-the reckless
system OF credit and speculation that
lit engenders, whereby business NOR
ais are corrupted, and the necessary
confidence between man and man des-
Itroyed.
No charge of hasty legislation can
be brought against this measure, which
was chiefly the work Of Senator Hatch
Of Hamilton county. He had prepar-
ed the bill which embraced the essen
tlal features Of these three eractments
before the meeting Of the Legislature,
His experience ir legislation, his init.
mate acquaintance with all the varied
Interests Of the State, combined with
a thorough knowledge oflaw, and OF
political economy, eminently qualified
him for recasting the funding sys-
TEN of the State.
When his bill went before the Fl
nance committee ofthe two Houses, he
was ready to defer to the judgment oi
Others. Numerous suggestions and
amendments were made by the com.
mittees, aud the original bill of Mr.
Hatch was, finally, cut up into three
parts, merely on prudential grounds
But before these bills were put upon
their final passage, they had been care
fully considered and debated in com.
mittee, line by line, and section by
section.
They also received the most scru-
tinizing attention of such men as
Speaker Woods, Edison, Rankin, Gil
son, Andrews, Clarke, Mott, Morse,
Finetrock, and others, i n the House;
and Of Phelps, Schleich, McKelly,
LangGon and Thomas, of the Senate;
and all the members who met, some
times, in joint consu itation upon
them. | will here add that the com.
mittees often called upon VIM. D.
Morgan for suggestions in the prcpa-
ration Of this measure. His acute un.
der8tanding had enabled him, while
State Auditor, to point out many Of
the vices Of the old system. From his
large exper fence, the committees de-
rived mnch valuable assistance.
The provision for the semi annual
collection of taxes, first recommended
BY Gov. Medlll, will leave in circula-
ion four and a half millions of dol
ars, from December until June, every
year, that has heretofore been placed
IN deposit, with bankers and brokers.
During Breslin's term of office, the
State lost two hundred and twelve
thousand dollars thus deposited. Tile
Independent Treasury Of Ohio, like
hat ofthe general government, di-
Vorces the moneys of the people from
banking institutions, and places it un-
Ter the control of officers of the people,
with such checks and safeguards
brown about them as will prevent
any illegal use or application Of mon
,y without speedy detection and Sc
we're punishment.
The Independent Treasury system
Of the United States has been in ope-
ration about fifteen years, funding, ev-
cry year, over seventy-tive millions OF
dollars, and yet not single deialca-
tiou has occurred during the time.-
Our law is in many respects similar
to that the United States. To in
sure complete and safe funding sys-
tenn it becomes necessary to create the
office Of comptroller,-this will be APP
parent from reading the law. Aside
from his immediate duties, the comp
iroller takes charge Of all claims due
the State. Claims of this nature
which arc lost, from year to year for
want OF proper attention will, more
than five times, pay the salary OF the
comptroller.
1t may safely be predicted that this
measure will, for a while, encounter
for it was passed by a
strict party vote, every democrat vot-
ing for it, and every Republican
against it. Time and experience may
develop some defects in the details OIL
the measure, yet am confident that
the leading principles of the act will
be acknowledged and adopted, by a
great majority of the people of our
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