The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1859-09-07
Extracts frem Chasc's Speech at
SanduSky as reported FOR thc CiaA-
eseiAnRti Gazette.

#SlnHNSky as reported aOc the SieA"
eiHnati Gazette.
&fFg THE ~sUB-rREksUEY.
Again. We are told, and pointed to the Sub
treasury, as it Is called, as the great achievement
cfthe Democratic legislature during the last
two years. Let US look at it for a moment.
II start by saying that | believe whatever plan
is necessary for the security of the public funds,
should be adopted. | believe that the Treasurer
ought 10 be held responsible, beyond all perad-
venture for everything that he receives. If You
add to that the simple provision of the law that
ell your revenue shall be collected, either in
specie or in the notes of specie paying banks oil
eour State, ! gu have got the suth-treaSury sys-
TEN Of The United States, with this simple dit
ference, that under the sub treasury Of the Uni"
ted States nothing is loaned-eycrythins Is
kept nntil it is wanted for public USE, at least
that is the theory Of the sub-treasury system
Well, under this theory mon y is kept in cir
~cuiation until it is wanted for public purposes.
l know there are differences Of opinion as to
these two plans, as to which is the saltr. |
say that which IS the safer ought to be adoped,
whichever it be. If the first is the safe plan, ii
is the most convenient, but the point Of safety
should supercede every other consideration.
Il want to call your attention to this system
put before the people. In the first place, the
su5-treasury system OF the United States is dis
tinsu'shed BY one or two principal teatures.-
The frstfeature is, that all the revenues are col
fected in specie, either in gold or silver, or II
notes authorized by the government of the NJ
ted States. In the second place every deposit,
DRY ofthe public funds is required to give boat
10 tho United States, and that bond is in pos
session Of the officers of the Federal Government
Thus you see there two features. First, TIA
receipt and disbursement Of the public reyenu
in certain funds, specie authorized by the gen
eral Government. Second, bonds given to til
Government to which the revenue belongs, am
immediate accountability Of them.
Test our own system by that. What is th
provision in this law in regard to the receipt
moneys? Is there any? None at all. Ever
treasurer Of every county is left to receive Is
what money he picases, and | suppose in you
county you paid IN any money which happene
to 10 current among you. Did you not? if
am wrong I should like to be corrected.
know that the treasurer Of State received wha
ever was paid to him by the counties, and
know that the T'reasurers Of the counties,
most cases, received whatever was paid to thel
by the people, and that, / suppose, was the cas-
here. 1t was, Of course authorized by law, f
the law made no provision whatever as to tt
funds to be received. Then what would follow
OF course YOU pay in whatever you happen
have. You pay in notes Of Indiana banks, sc
paw in the notes Of the Kentucky banks, yo
pay in the notes Of the New York or Easter
banks, generally. You are not required to pa
either in gold or silver, or notes authorized
the laws Of your State, but you pay in ever,
thing. Now, your Treasurer, we will say, HI
ten thousand dollars in notes of the Bank Of II
diana, or in notes of some bank in Michigan.
What is he doing with it? Watching it,
Watching what? Paper! Has he got the sF
Gle? No! Has he got anything that he c.
convert into specie in the State Of Ohio? NJ
He has got paper. Then suppose ! have
thousand dollars in specie, and have issued II
notes for five and ten dollars, and these not
70 into the treasury, and there is your treasur,
watching them. What is he watching?-
Money? No; he is watching my notes. WI
has got the specie? have got it. Who TIKI
is your sub treasurer? Is your county treasur
the sub treasurer, when he is watching not
ing but my paper, or am | the sub-treasur
who have the specie in my pocket?
Take the instance Of banks. They have
sued their paper, These foreign banks ! spei
of. Itpasses into the hands OF the people; t
people pay their taxes with it. 1t is placed
your treasury and your treasurer has got no a
thority but to pay it out. What has he to d
He is watching with all his might, but has
specie, SO far as these banks are concerned.
The banks have got the specie, perhaps. al
perhaps not. 1t is not in Ohio, at any rate
is not perhaps within a thousand miles of Oh
and vet we are told that this is a Sub TreasuT
and safe, very sale.
Suppose the foreign bank fails. You have
law in Ohio by which you can reach it; it is su
iect to no legislation Of yours: you cannot CO
troll it; your money is gone, and how are y
to get redress? You can sell the notes to
broker If they are worth anything, and i Il
YOU ret nothin I. That is what they call
Sub Treasury system. say it is entirely U
sale. (.
But II Is net only unsafe in this, but III OIL
respects. There is no provision in this law
which the sub treasurers are required to 6
bond TO the State for the proper performance
the duties required Of them by what is call
tie Sub Treasury Act. They give bond to
county commissioners, and those bonds are
tho custody ofthe county commissioners, exal
.sined by no State authority. In this IL is entii
Nv unlike the general treasury syste
afthe Unitod States, and to this extent 1t is u
ssfe. 1t ~ d question among gentlemen lear
~. IN law. whether these bonds, in many ]
stances, are good; whether they oblige the trea
srrsr IN respect to the particular duties require
Nv sl.ig act. Ifthey are not good they give
hsrds. and there is no security at all. l say
botb these particulars this system y n
anlv unsate. but it Is entirely unlike the TIL
aitar which Il has been named