The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1859-01-14
VOLUME X. NOA2.
Tcoseluded from the First roge J

The act itsolf was doubtless designed 10
Incorporate into the administrative system
Of Ohio. tho leading provisions OF federal !
legislation on the same subject lhere arcs"
however, among other differences between
the Federal system aud that which has been
thus inauguratcd in our own State, two =
uhict. seem 20 mo to be specially worthy Of
consideration. Under the Fedora! laws all c
officers having custody of pubic money are I
appointed by tho Federal Government, and l
Sre required from timo to time, to give such G
bonds, with such securities as the Federal !
authorities may require. Under tho act OF i
last session tho County Treasurers through
out the State are made depositarics OF tho 7
State as vol rs County revenues; of the {
revenues derived from canal tolls and other
eoprces, as well as those derived from taxa. |
ton, Those are also constituted agents for
the transfer of public funds and fiscal
agents of tho State, under tho law. Yet
those officers are not appointed by the State
Government; arc not required to giyo bonds
TO tho satisfaction Of any State offcor; no
State ofiicor is authorized to ascertain the
sufficiency of tho bonds actually given, or
to require in proper cases new bonds or ad-
dtional securities. Tho whole matter Of
these bonds s left where former laws placoG
il, under tho supervision of tho County
SU"hleslONCIs, dii'l " Ntlh w hONbt'N
wbethor the conditions of those heretofore
given apply to all tho duties required by tho
recent treasury law.
This is matter which deserves, and will,
doubt not, receive your attention. While
you will probably think it best to adhere to
the plan OF constituting County Treasurers
State depositaries, rather than rccur to the
plan, which seoins to me preferable, of al.
recting the selection of dopOsltarics by tho
State Treasurer, you cannot fail TO approci.
alto the Importance of throwing around the
public deposits, in whatever hands, all prac.
tieablo guards and securities
Tho other point of difference between
tho Federal and State systems which seems
20 mo most important, is this Tho Federal
system prescrbes the medium in which
payments may be made into tho Treasury.
1t directs that all such payments shall be
made in gold or silver or Treasury notos.-
A corresponding provision in State lcgisla.
tiou would require such payment in gold or
siives or the notes of specie paying banks
organized and regulated BY State laws -
Tho act of last session makes no provision
at all in relation to this very important
matter; and, by the omission, seeins vir.
tually 10 require tho receipt, for taxes and
other state duos, of Whatever may DO cur.
Tent as money in tho several localities
wherc payments arc made. Such has un-
derstand, been in fact tho general If no,
universal construction of tho art by the
County Treasurcrs and other public officers
Thus construed, the act fails wholly Of its
iptcnt Il allows the Treasurcrs to receive
and undor it tho Trcasurors have actually
received, large proportion of tho taxos in
tho notos of numerous banks of Dthoi
States. IL has thus virtually encouraged
Nhn Nlnl ion I,t
subject in no respect to tho control of ouI
legislation, and, to this extent has promoted
deterioration rather than improvement o.
tho circulating medium Tho paper thu!
paid into tho different Troasurics ia. at best
only tho representation of money in III,
possession of the banks which issue it, anC
thus, to tho extent of its reception, foroigt
banks and not tho Treasnrcrs have becn tn,
real dep0sitarics of tho public funds. In
stead of increasing tho security, it has thu
increased tho insecurity of custody.
respectfully recommend tho correction
OF those defects. II it shall be dccidcl
that tho County Treasurors shall DO contiu
ued as dcpositarios and agents for tho trans
fer of State revenues, thoy should DO sub
jected, at least in respect 10 these funds, Il
tho supervision Of State officers, and re
quirod to givo ample bonds, to he deposited
with tho State Treasurer, for the perform
anco of these duties. Nor is it loss impor
tant that tho medium in which taxes may b.
paid, DO ascortained by positive legislation
provision requiring snch payments to b.
nade in coin or specie notes of our owl
banks, would, in my opinion, TO safe useful
and not inconvenient. Ii would bo safe 10
cYery dollar in tho Treasury would oithc
DO specie or tho equivalent of Specie, mad
such, not merely by tho solvoncy Of tn
bank issuing it, but by tho guaranty nf nj
tho branches of tho State Bank, or b
State and Federal stocks in tho actual Gus
tody, rendered absolutely secure hv you
judicous legislation, of tho State officers
it would be useful, for it would promote
sound circulation of specie and spoci
notos; and IL would not bo Inconvenience TO
the circulation, obcying vol known princi
pies, would increase and diminish wIh th
demand.
STATE DEBT.
Tho debt of tho State is Of two classes
roimbursable and irrcduciblu. Tho formc
embraces tho foroign and domestic liabitie
payable after certain iiIod periods; whil
the latter Is constituted of tho proceeds q
lands granted by Congress for tho suppnr
of Schools and Religion, received into tn
Treasury upon sales by tho State undor
pledge TO pay six pGr cantum on tn,
amount, for tho same purposes, forever.
The reimbursablo debt has been somo
times spoken of as tho whole debt of til,
State, but the irreduciblo differs from it il
nothing except that it is permanent and in
capable of reduction. bur, on tho contrary
certain to bo gradually increased until tn
last proceeds of school and ministerial land
shall be received. 1t follows that no roa
reduction OF tho amount of the Stat,
debt can bo effected, except hy puymen,
exceeding in amount tho sums derived from
these lands.
During tho last year tho reimhursabl
debt was increased by 100000, hoing tn
amount of tho temporary loan authorized a
your recent session, and the irroduchlc b
800 coz 8s, aeing tho amount of pr rOcoeds Q
School and Ministerial lands received int
Treasury. Ii was diminished bv tho pny
neRt Of $4,000 90 of foreign debt. A
the commencement of the present year III
aggregate debt Of all descriptions was $I7
l69,972 81.
OF this, tho sum of S64I3,525 81 wi
become payable attor tho 3lst Of Dncombel
1880. l have, heretofore, invoked the nj
tention of your predecessors, rs woll n
your own, TO this maturing liability; urgo
the proproty aud necessity of seasonabI
provision for it, and suggested what SCENE,