The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1859-01-13
WHOLE NUMBER, 5el

sXceoo, de IN loo4 ana IN the present year.
four millions and hsf semi.snnually, Of
Of which amoiety will not BE- required for
disbursement until some time after colIso-
ton and PARTON will remsin forsix months
Or mote, the paint OF custody will rem,In
one Of great Importance. svsges
The safe keeping Of the public money.
therefore, properly engageda large share Of
The attention of your Immediate prsdecea.
Iors, as we'll as OF your own. The chief 90.
sential point Of difference between The modes
| Idopied seems to be that the latter, while
requiring ample securities from depositaries
for payment on demand, did not contemplate
the withdrawal OF the moneys deposited from
the transactions Of business. until wanted
for public purposes, while the hitter seems
TO intend tie actual keeping Of all public
moneys in the hands of the State and Coun.
l'y Treasurers until required for disburss.
| nent in discharge OF public obligations. If
the safety OF the public moneys IL equalled
insured by either mode, the former appears
to be entitled to the preference; for money
1t machinery, whose works exchange, andit
80 IL obvious that the withdrawal from use
ofconsiderable sums for considerable periods
| must in some measure interrupt and en-.
bsrrass the operations Of business. But
safety Is the paramount consideration, and
no mode Of custody Is admissible which
does not secure it as far as it can be secured
in any mode. .os
TIE suB-TREAsuRY.
| In former communication / thought it
my duty to recommend to your consideration
a plan ior the safe.keeping and disbursement
Of the public moneys, which seemed TO me
to combine security with convenience,-
That plan failed to commend itself to your
appfoval; but you did not omit TO establish
by law a system Of regulations, intended to
accomplish the same general purpoN. Few
! measures fulfil perfectly the designs Of their
! authors; and some defects have become mp.
parent in the practical workings Of the act Of
last session to which think proper to direct
your attention.
The net itself was doubtless designed to
incorporate into the administrative system
OF Ohio, the leading provisions Of federal
legislation on the same subject. There are,
however, among other differences between
the Federal system aud that which has been
thus inaugurated in our own State, two
which seem to me to be especially worthy
of consideration. Under the Federal laws
all officers having custody of public money
are appointed by the Federal Government,
} and are required from time to time, to give
, such bonds, with such securities 40 the Fed.
: eral authorities may require. Under the act
: of last session the County Treasurers
throughout the State are made depositaries
} Of the State as well as the County revenues;
, Of the revenues derived from canal tolls and
, other sources, as well as those derived from
) taxation. These are all constituted agents
for the transfer OF public funds and fiscal
; 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 tho
sutficiency of the bonds actually given, or to
= require in proper cases new bonds or addi.
> tional securities. The whole matter Of these
bonds is left where former laws placed it, un.
! der the supervision of the County ComInis.
8 sioters,an it may well be doubted whether
n the conditions of those heretofore given ap.
ply to sIl the duties required by the recent
treasury law.
This is a matter which deserves, and will,
doubt not, receive your attention. While
you will probably think it best to adhere to
the plan Of constituting the County Treas.
urers State depostaries, rather than recur to
the plan, which seems to me preferable, OF
directing the selection Of depositaries by the
State Treasurer, you cannot fail to appreci.
ate the importance Of throwing around the
y public deposits, in whatever hands, all prac.
ticable guards and securities. ..
q The other point Of difference between the
y Federal and State systems which seems to
me most important is this: The Federal
, system prescribes the medium in which pay.
4 ments may be made into the Treasury. II
. directs that all such payments shall be made
ia gold or silver or Treasury notes. A cor
, responding provision in State legislation
u would require such payment in gold or silver,
n or the notes Of specie paying banks organ.
= lied aad regulated by State laws. The act
! of last session makes no provision at all in
. relation to this very important matter; and
- by the omission, seems virtually to require
the receipt, for taxes ard other State dues,
- of whatever may be current as money in the
, several localities where payments are made.
:, Such has, understand, been in fact the
general if not universal construction OF the
act by the County Treasurers and other
=, public officers.
nH Thus construed, the act fails wholly OF its
,e intent 1t allows the Treasurers to receive,
=. and under it the Treasurers have actually
Is received, large proportion of the taxes in
lv the notes of numerous banks Of other States.
l. It has thus virtually encouraged the circula.
m ton within our limits Of currency subject in
,e no respect to the control Of our legislation,
.e and, to this extent, has promoted deteriora.
n ton rather than improvement of the circula'
n. ting medium. The paper thus paid into the
m different Treasures is, at best, only the
Ii representative OF money in the possession OF
to the banks which issue it; and thus, to the
" extent of its reception, foreign banks and
,e not the Treasurers have been the real de.
o, positaries of the public funds. Instead OF
% increasing the security, it has thus increased
r the insecurity of custody.
S. respectfully recommend the correction
to of these defects. If it shall be decided that
r. the County Treasurers shall be continued
1e as depositaries and agents for the trans
nd fer Of State revenues, they should be subject.
OF ed, at least in respect to these funds, to the
III supervision OF State off GERS, and required TO
e. give ample bonds to be deposited with the
al State Treasurer, for the performance OF
u. these duties. Nor is it less important that
st the medium in which taxes may De paid, Do
ascertained by positive legislation. A
W provision requiring such payments to be
n; made in coin or specie notes OF our, own
nj banks would in my opinion, be useful, and
a. not inconvenient. 1t would be safe, for ev.
4 u L-s.- A H.skI aAA