The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1858-12-09
Our Financial Policy; the "Inde.
pendent Treasury" System.

A
We have given our readers and the
public, full and fair view Of the general
features of the financial system, as devils,
ed and adopted by the Republicans OF
Ohio We now propose to discuss the
system of our opponents, which they devls
ed and enacted into law last winter and
which they are pleased to designate as the
Independent Treasury System.
When the bill was first introduced into
the legislature it contained aprovlsion that
all sums of taxes less than FIVE dollars
should be paid in gold or silver. AS we
shall see in due time, the theory OF the
law is based upon the Fundamental IDEA
nor the common circulation of the coun-
trv is unsound, and not 10 be trusted. and
Nat the State must deal in different ar
HcIe from that of common business men,
and refuse every thing but gold and sil
vor in its intercourse with the people.
While the Treasurers OF Counties and
States had heretofore been left to receive
s,ch currency as was common among the
~aon,s and was receivable in bank. these
new Gght financiers came 10 the conclusion.
that The law must now step in and direct
ghst sort of funds should be taken. Not
f:L;no to assume the responsibility OF de-
manding all taxes in gold and silver at
once. il Was thought expedlent to ap'
proach it by degrees, and thus 1t was
proyided that ouly sums of FIVE dollars
and less should for the first year, be paid
in cold and silver But, after debate, even
this provision was stricken out, and the
law was left just as ii was before, without
word to designate what funds should be
received by the Treasurer. While pay
ments from the Treasury were 10 be in
specie, and in few years all payments
were to be so made, yet nothing was said
as to the kind of currency that was to be
received. This, then, was an utter fail
ure to carry out their theory by cores.
ponding acts, but all the odium of doing
It was attempted to be thrown upon the
Treasurers. They were compelled under
heavy penalty to pay specie, but no proVls'
ion was made for them 10 getit. But, we
are anticipating this part of the case.
The independent Treasury bill be-
came law on the 18th of April, and took
e feet on the first day of July, 1858. Il
provided that the Treasury shall be in
' The Treasury rooms in the Capitol, and
7 shall be the sole place for the deposit ant
e safe keeping of the money of the State.
S All moneys when paid in, shall remain il
= the Treasury till paid out by process o
law. The Treasury is prohibited, unde
; penitentiary penalties, from depositing
Il dollar in any bank or banking institution
: for anv purpose whatever. He shal
not deposit with any company, corpora
= ton association, or individual, any portion
of the public money, or any other funds
property, bonds, securities, assets, or Ell
k ffectts of any kind, received controlled o
t held by him for safe keeping, transfer, o
disbursement, or in any other way o
= manner, or for any other purpose DC
: No matter how much the public Interests
y or convenience would be advanced by it
: not dollar is to be left outside the iroI
vaults in the Treasury Office. No matte
> if millions of dollars are thus locked up
u and Withdrawn from business, and clrcu
S .a,ion, they cannot be used. No matte
what is the amount or kind of securit,
~, rendered, this fund is 10 be kept from cir
" cula,ion till it is called out by the de
u mapds of the Auditor of the State. NJ
o matter what may be the depreciation o
/ risk of millions Of dollars thus locked up
it must be kept there, at the risk of tn
State, instead of being deposited, and tn
u risk thus transferred TO the deposlta
ry.
The thirteenth section of the law is a
4, follows: On and after the 4th day OF Ju
" " 1853, all payments from the Stat
d Treasury oftwcnty dollars and under; an
IS after the 4th day of July, 1859, all pay
Of ments Of fifty dollars and under; and aite
the 4th day of July, 1860, all payment
of one hundred dollars and under; and al
ter the 4th day of July, 1861, all pay
monts of two hundred dollars and under
J., and after the 4th day Of July, 1869, a
" payments of three hundred dollars an
ic under: and after the 4th day of July, Ii
i'll SO, all payments Of four hundred dollar
te and under; and after the 4th day of July
W 1864. all payments Of five hundred do
lars and under; and after the 4th day
is July, 1865, all payments whatever sha
he be made in specie.
he The fourteenth section provides tn
ID Comfy Treasurers shall begin by payin
IS out ali orders Of five dollars and under
Y, specie, and increase the specie PAYNE
n. in the same ratio as the State Treasure
n. ill 1865, after which all payments fro
nd County Treasurers shall be made in sp
of Gle.
or Such is the present law. 1t conteI
nd plates an entire specie transaction so 1
tn as State and County are co
,G cerned. Ofcourse must
ey mand the specie, as : 80 provlsl'
es by which they are : wed compe
sation for converting%Ppy money in
he specie. At present, the State TreaSur
a is protected by the allowance OF an ext
We thousand dollars TO his contingent fun
I'M and which he was notified was given
lat him for the express purpos of enablil
lly him to buy specie to carry out the Ia
of and thus avoiding the necessity of calIlI