Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1858-01-14
TERMS $3.50 A YEAR TN ADVANCE
WHOLE NO 1912

1t will be observed that the system now
established resembles, in some respects, that
1t the Independent Treasury of the United
States. TEE resemblance would be almost
comPlee exceP; as to receipts and disburse-
ments of revenue in coin, if the Treasurer
OF State were excluded from actual custody
OF public money. and all payments were re.
qdred to be made to repositories, and all
disbursements by drafts upon them, under
suitable restrictions and regulations.
! ! recommend a provision of this nature,
and that hereafter all public moneys be re-
quired to be collected and disbursed in spe-
Gle or notes of specie paying banks in this
State, and that no payment be made from
he Treasury Of any sum under twenty dol
lars otherwise than in coin. Every guard
which legislative wisdom can devise should
be provided against future misuse of public
! funds reccommend, also, that provision
| be MADE for thorough exam nations into the
condition of the County Treasures, and
( full reports of the results, for the informa-
lion Of the General Assembly.
| Some further provision of law is necessary
in regard to the custody and transfer OF
State and Federal bonds held by officers of
State, as security for the circulation of
banks At present the bonds belonging to
the Independent Banks are held by the
Treasurer, while those belonging to the
Free Banks are he'd by the Auditor. In
case Of insolvency, the bonds are required
20 be sold by the officers holding them, and
the proceeds applied in full or prorata pay
ment Of the circulation. The large powers
conferred for these ends are liable to great
abuse, and have, in fact, been greatly abu-
sed ! see no reason why the bonds belong
ing to all the banks should not be deposited
with the Treasurer, and such checks impo-
sed upon his action, through the agency Of
the Auditor and otherwise, as will elTecual-
ly guard against all abuse. | respectfully
Recommend to your favorable consideration
the suggestions contained in the report of
Treasury herewith transmitted.
The transactions above detailed, together
with the outstanding liabilities of 1855. have
seriously affected the financial condition of
the State. as connected with revenue and
disbursement.
To obtain clear idea Of the actual situa-
ton it Will be necessary to revert to the
close of the fiscal year 1915.
Tie balance in the Treasury on the
I5ir of November, 1855. applicable
TO the disbursements of 1856, was,
according to the report OF the late
Auditor OF State, S103, SO 80 |
But of this balance there
had been deposited with
failed banks and ban !
kers, by the outgoing |
Treasurer, S204, ,636 &c
And there was retained by |
him under claims for ex-
change though not
credited by the Auditor. ls,457, 10
And Ih re had been un-
lawfully abstracted, as
appeOr5 lrUm the repo'ls
OF Hr. SpDrrOw and the
present Treasurer 519,9ll 0C
Making an aggregate OF s03 ,004 76 |
Show iTg insteod of an available bal
ance Ut s7J3. SO 60, a real deficit of 9o,i32 IS |
To provide the means of carrying the Coy
ernmcnt, in the absence of the reported balance,
the outgoing Treasurer obtained from the Coun-
ty Treasures the sum of ST6O,7l 20, and appro-
prated the sum of S94,7S 35, held in trust for
the bill holders at the Canal Bank of Cleveland,
making an aggregate of S555, ,5e2 05; of which
he disbursed in payments forsthe State, S54T,
ii OF; and paid over to his in different
Su.llS anu Ut UlEGECHl llHits SOO0,oOO Al, DelnG
the whole amount thus obtained and appropria-
ted, except S3, 1872 81; Of which last he re-
tained for exchange, claimed to have been paid L
for the January interest, S2,725 81. The small I
balance is included in the defacation as reported
by the present Treasurer.
But not only was there this actual deficit of |
cash means, but debts also existed, contracted in
lS55, and, to the greater portion, without war
rant of law, to the amount OF $3.50 665 IS. These
debts originated in supplies and labor furnished
t. the State and its Institutions, for the most
part in good faith; and the creditors, therefore,
could not properly be denied payment.
Tn, actual condition of the treasury ia exhib-
Ted by the following statement:
Aggregate of SUNS deposited with l.
filled banks AMI bankers, re aimed
tor exchange and uulawfully alb
stracted $S03, COZ 76
AID the amount, retained as exchange
paid for an. interest 1856 2725 81
Also the amount OF debts oflS5s, unpaid $50 SOS IS
The total zmount is $l,445 1896 O5 /
This total exhibits the amount by which the
condition ol the Treasury Tss worse than Il would
have been had Ifo money been deposited excep
with depositaries giving ample securities; had ar
rIngeInenis been made with these depositaries,
as they doubtless nigh have been, for the pay
ment OF the interest on the State debt without
cost for exchange; had no money been unlawful
ly abstractel; and bad no debts been created to
bepaid out ofthe subsequent years.
Now, if !roil this total of Sl,445,S96 Oj
There be deducted the reported bal
ance Of Nov. is, 1855 50S,57O 80
There will remain ST4l, ,S25 25 |
This remainder is the am unit left. with an
empty treasury, charge upon the revenues
oi Iooj-5 and subsequent years; except 50 far as
means to meet it mi ght be derived from the claims
against depusitaries and against the ex-Treasu-
rcrs and their sureties; or from revenues due in |
1850 but not then paid. From these sources
have beSu in fact received:
Payments by Daniel Beekel on account
ofdepoSit With Dayton Bank $4,000 20
Taxes OF Banks due in 1853, but paid
IN 1875 I26,59S 50
Total SIIl,39S SO