Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1858-01-19
ULTRA HARD MONEY DooTRINEs.

referred TO-, the uncertainty OF obtaining
the assent of. the banks to the necessary
legislation. the fact that we are surrounded
by States whose banks issue such notes,
and the practical difficulty Of excluding
the notes of these banks from circulation
lin Ohio, created the apprehension / have
heretofore, expressed, that comparatively
little can be accomplished in the direction
of the proposed reform by State legislation.
These apprehensions yet remain. The eff
iectual remedy is with the Federal Gov
ernment. Looking at the manifest intent
of the Constitution to protect the people
from the evils of q paper currency, as well
as to the'specific powers granted 10 Com
gress, canLot doubt the power of the
National Legislature to prohibit the circu-
lation as money ofany substitutes for coin.
Nor can doubt that the exercise of that
power by the gradual prohibition of notes
of the smaller denominations, under twenty
dollars, would be wise and salutary. The
denial of this power virtually submits the
regulation Of commerce in its most import
ant tinstrumentality to the variable and con-
fcting, policies of thirty-one States, and
defeats one of the main purposes of the
Constitution.
GovERoNR VS.. PRESIDENT.
| Entertaining these views, l have OBJ
served with regret the recent declaration
Of the Chief Magistrate of the United
States, that "the Federal Government can
not do much TO provide against the recur-
renee Of existing evils and that "we must
mainly rely on the patriotism and wisdom
of the States for their prevention and re-
Dress" Such declarations, especially
when accommpaied with a recommends.
ton of the issue by the General Govern
ment of large addition to the mass of
paper currency in the from of treasury
notes, are calculated to Illustrate the hopes
of reform which might be otherwise rea-
sonably entertained. While do not doubt
that the General Assembly will do what
ever may be within it's Constitutional power
towards the object proposed, respectfully
submit that its whole duty will not be per-
formed until this matter be commended to
our Senators and Representatives in Con-
gress by appropriate resolutions.
FREE BANKING.
| An act to incorporate new banks having
been twice submitted to the people in diff
ferent forms, and having twice failed re-
ceiping the popular sanction, it may now
be considered as settled that the majority
of the electors do not desire the further
creation of Institutions of the character
proposed. see no reason, indeed, especi
ally if small notes be once excluded from
circulation, why the business of banking
may not be safely left as open and free to
all who desire to engage in it, as any other
kind of business, care being taken that
ample securities be given in bonds Of the
State or the United States, and by the pro-
vision 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 it is the duty of the State,
representing the community, to see that
these debts are perfectly secured. Such
securities are Indispensable; and respect
fully submit to your better judgment
whether the experience of the last few
years does not suggest the expediency of
requiring similar securities, or at least of
providing efficient guards of some kind,
insuring punctual payment of deposits for
safe keeping.
THE PLUNDERED TREASURY - BREsLIN AND
| GIBSON.
| The condition of the State Treasury re-
quires prompt attention.
On the 10th of June last, William II.
Gibson, the then Treasurer of State, dis
closed to the State Auditor the existence of
deficit in the State Treasury to the
amount, as he stated, of about 1851 900,
occasioned, as he alleged, by the defalca-
ton of John G. Breslin, his immediate
predecessor. At the earliest practicable
moment this information was communica-
ted to me. Pea
10 Up to this time I bad not entertained
the least suspicion that Mr.. Breslin had
failed to pay over to his successor the
whole amount Of public money which had
come to his hands, except tho sums re-
ported by him as deposited with failed
Banks and Bankers, or retained by him
under claims for exchange. The repeated
declarations Of Mr.. Gibson to this effect,
in varied forms and on frequent occasions,
confirmed by the reports of the several
Legislative committees charged with the
Termination Of the Treasury, and by the
report of the Auditor, after performance
Of the same duty, seemed to leave no
lquestion on this point. "4'''
l50 The allegation of the Treasurer, now
made to the contrary, though supported
BY strongly corroborating circumstances,
did not appear to me to be entitled to much
consideration. unless confirmed by thor
ough and impartial examination:
Therefore availed myself of the earliest
: opportunity of conference with him to
urge his resignation, expressing to him
my conviction that he had placed himself
/ by his own statements, in the position o.
r defaulter, and that he was consequently
j liable to an arrest, which would in my
!. Judgment work vacancy by disability. t
' be filled immediately by the appointmen
t [of new Treasurer. fit 4
e Mr.. Gibson resigned, and forthwith
s appointed Alfred p. Stone, of Franklin
: county, to the vacant Office, who gav
= bonds, was qualified, and entered upol
\ 4