The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1859-01-12

collection and q p0rron Will remaln for SIX
months or more, the point of custody will re-
main one of great IMPORTANCE.
The safe keeping olpublic money, therefore,
properly engaged a large share of the attention
of your Immediate predecessors, as we'll as of
your own. The chic essential point of differ
ence between the mdes adopted seems to be
that the latter, Will requiring ample securi-
ties from depositariesfo FOR payment on demand,
did not contempEAdhe withdrawal of the mo-
neys deposited froH the transactions of bust
ness, until wanted For public purposes, while
the latter seems to intend the actual keeping
of the public money! in the hands of the State
and County Treasuers until required for dis
bursemcnt in discharge of public obligations.
IF the safety of the public moneys is equally
insured by either NODE, the former appears to
be entitled to preference; for money is ma
chinery, whose wek is exchange, and it is
obvious that the withdrawal from use of con-
siderable sums for considerable periods must in
some measure interrupt and embarsass the OPP
erations of business But safety is the para
mount consideration, and no mode of custody
Is admissible which does not secure it as far as
it can be secured in any mode.
THE sU-B-TREAsURY.
In a former communication / thought it my
duty to comm to your consideration a
plan for the safe-keeping and disbursement of
the public moneys, which seemed to me to COM
bine security with convenience. That plan
failed to mmen itself to your approval; but
you did not omit to establish by law a system
of regulations, intended to accomplish the same
general purpose. Few measures fulfil perfect
Ely the designs of their authors and some de-
fects have become apparent in the practical
working of the act of last session to which l
think proper to direct your attention.
The act itself was doubtless designed to in
corporate into the administrative system of
Ohio, the leading provisions of federal legisla-
ton on the same subject. There are, however,
among other differences between the Federal
system and that which has been thus Inaugural
ted in our own State, two which seem to me
to be especially worthy of consideration
Under the Federal laws all officers having Gus
tody of public money are appointed by the
Federal Government, and are required from
time to time, to give such bonds, with such
securities as the Federal authorities may re-
quire. Under the act of last session the Coun-
ty Treasures throughout the State are made
depositaries of the State as we'll as the County
revenues; of the revenues derived from canal
tolls and other sources, as well as those derived
from taxation. These are also constituted
agents for the transfer of public funds and ifs
cal agents of the State, under the law. Yet
these officers are not appointed by the State
Government; are not required to give bonds to
the satisfaction of any State officer; no State
officer is authorized to ascertain the sufhciency
of the bonds actually given, or to require in
proper cases new bonds or additional securities.
The whole matter of these bonds is left where
former laws placed it, under the supervision of
the County Commissioners, and it may well be
doubted whether thesconditions of those here
tofore given apply to all the duties required
by the recent treasury law.
This is a matter which deserves, and will, 1
doubt not, receive your attention. While you
will probably think it best to4adhere to the
plan of constituting the County Treasurers
State depositaries, rather than recur to the
plan, which seems to me preferable, o fdirecting
the selection of depositaries by the State Treas
urer, you cannot fail to appreciate the impor-
lance of throwing around the public deposits,
in whatever hands, all practicable guards and
securities.
The other point of difference between the Fed
eral and State sESfnAaEWhieh seems to me most
important is this: The Federal systems pre-
scribes the medium in which payments may
be made into the Treasury. 1t directs that
all such payments shall be made in gold or
silver or Treasury notes. A corresponding
provision in State Legislation would require
such payment in gold or silver, or the notes of
specie paying banks organized and regulated
by State laws. The act of last session, makes
no provision at all in relation to this very i'm
portant matter; and, by the omission, seems
virtually to require the receipt, for taxes and
other State dues, of whatever may be current
as money in the several localities where pay
ments are made. Such has, [ understand, been
in fact the general ifnot universal construction
of the act by the County Treasurers and other
public officers.
Thus csnstruced, the act fails wholly of its
intent. 1t allows tn. Treasurers to receive,
and under it the Tretsurers have actually re-
ceived, a large proportion of the taxes in the
notes of numerous banks of other States. 1t
has thus virtually encouraged the circulation
within our limits of currency subject i'll no
respect to the control of our legislation, and,
to this extent, has promoted deterioration rath-
er than improvementor the circulating medi-
um. The paper thus paid into the different
Treasures is, at bet, only the representa-
tive of money in tn. possession of the banks
which issue it; and thus, to the extent of It's
reception, foreign banks and not the Treasur-
ers have been the red depositaries of the pub
lie funds. Instead Of increasing the security,
it has thus increasedhe insecurity ofcustody.
L respectfully recommend the correction of
these defects. If it shall be decided that the
County Treasurers slall be continued as de-
positaries and agents for the transfer of State
revenues, they should be subjected, at least in
respect to these funls, to the supervision of
State officers, and required to give ample bonds,
to be deposited with the State Treasurer, for
the performance of tese duties. Nor is it less
important that the mdium in which taxes may
be paid, be ascertaind by positive legislation.
A provision requirig such payments to be
made in coin or spece notes of our W banks
would, in my opinion be safe, useful, and not
inconvenient. 1t would be safe, for every dol
lar in the Treasury would either be specie,
made such, not mercy by the solvency of the
bank issuing it, but by tie guaranty of all the
branches of the State Bank, or by State and
Federal stocks in the actual custody, rendered
absolutely secure by your judicious legislation,
of the State officers it would be useful, for it
would promote a sound circulation of specie
notes; and it would not be inconvenient, for
the circulation, obging we'll known principles,
would increase and diminish with the demand.
AGRICULTURAL.
The agricultural ,rogress of the State du-
ring the past has Een steady, and upon the
whole satisfactory. BY the unfavorable wealth
or ond tba o+tooE of insect enemies some