The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1859-01-13


the acl By the County 1reasurer5 and other pub.
tic Officers,
Thus construct the act fails wholly OF its in
tcnt 4 allows The rrcasnrcrs to receive and IN.
der it the Ireasurers have actually received, II
large proportion Of tho taxes IN the notes OF Du.
ncrons banks Of other Siutcs fl has lhus virtu-
all y encouraged The circulation within our limits
OF a currency subject in no respect to the control
Of our legislation, and TO this extent has promo.
tol deterioration rather tlun Improvement of the
circulating medium. Tho paper thus paid into
the dill rent treasures is, nj best o1ly the repre-.
sentative Of money IN the possession OF the banks
which issue "; aud thus 10 the extent Of iis re-
ccption, foreign banks, and not the Trcasnrcrs,
have been no real depOsliares OF The public funds
Instead OF increasing the security it has thus in
creased the insecurity OF custody.
respectfully recommend tie correction oI these
defects. if IL shall be decided that the County
1reasurers shall be continued as dcpositurics aud
ogents for the transfer Of state revenues, they
should be subjected OF least in respect to these
funds to The supervision OF state officers, ond re.
onirrd to give ample bouds TO be deposited with
state Treasurer for the performance OF these du.
tics Nor is 1t less important that tue medium in
which taxes may be paid, be asccrtuined by pos
tive legislation. A provision requiring such
payments to be made in coin or specie notes of
our own banks would, IN my opinion be safe,
useful aud not inCOnvcnent II would he safe,
for every dollar in the treasury would either be
specie or the equivalent OF specie, made such not
merely by the sovency of the bank issuing it,,
hut by the guaranty Of all the branches of the
state Bank, or by Stnts aud Federal stocks IN the
actual custody rendered absolutely secure by
your iudicioui legislation, OF the STATE officers; it
would be useful, for it would promote sound
circulation Of specie and specie notes; and
i would not be incOnvcnicul, Tor the circula.
ton obcying well known principles, would in-
GREASE aud diminish with tho demand.
The debt Of tho State Is Of two classes, REIN
buraable aud and rrcducbc; tho former embraces
the foreign and domestic liabilities payable alter
certain txgd periods: while the latter is conslitu-
tod Of the proceeds Of lands, granted by Congress
Tor the support of Schools and Religion, received
into the Treasury upon sales by the state under
the pledge to pay SIX per centum on the amount,
for the same purposes, forever
The rcimbulsnbIe debt has becn sometimes spo-
ken OF as the whole debt Of the State, but the IT.
rcduciblc differs from it in nothing except Ih1t it
is permanent, and incapable Of reduction, but on
the contrrry, certain to be gradually increased
until the last proceeds OF school and ministerial
lands shall 10 received 1t follows that no real
reduction oi the amount OF the State debt can
bc effected except by payments exceeding III
amount the sums derived from these lands.
During the last year the relmbhrsable debt
was increased by $500 600, being the amount OF
the temporary loan authorized at your recent ses-
sion, and the irreducibe by 800, COZ So, being
the amount Of proceeds OF School aud Minlste-
rial lands received into the Treasury. ltwas di.
mnished by the payment of Sl2 O0lOO of Tor
cign debt At the commencement oi the present
yrsr the uggrrgit, debt OF all descriptions was
SlT l69,972 81.
or this, the sum Of sc, Il3 j2j, ,27 will become
payablr,ailcr the 3lst of December, 1860.
have heretofore invoked the att nUun OF youl
predecessors as we'll as your own, to this matur
ing liability urged the proprrty und Necessity
OF seaSonablc provision Tor IT., and suggested
what seemed to mo the best modes ot making
that provision. Il is To be Regretted that ne
provision has been made 1T seems highly prob
abc that, had the necessary authority been con
ierrrd by the legislature ON the Commissioner
OF the Sinking Fund, the means TO pay 50 mucl
OF this debt us will not be discharged by Other
rcsouIccs might have been obnncd duriug youl
recess, through new loan at five cent. or even
"a less rot1. II may I've that such lonu can yeI
be negotiated, and tru.t that the magnitude o
the saving to be thus effected will command io
this subject your earliest attention.
Uhdlr the operation ut the very sanitary ac
of the last SESSION in relation to the Sinking Fund
totort appropriated under legislative sane tion
to other STATE PURPOSES will doubtless be re
placed through theaddIllOnaI levy required 10y the
act, and luture diversions 10 ANY other uses than
those to which the Fund is pledged Will be pre-
vented. Under another act proNdlhS means iu
lelmOurSins The temporary loan, over Two nun
dred thousand dollars will soon b. paid lnlt
this fund. 1t will not BE- required Tor paynen
OF the loan until July, 1860, Provision shout,
b. made Tor IT'S safe aud productive investmen
during thc interval.
An act OF the last session prescribed a rule to
the uniform taxation of banks, The justice o
such rule cannot be successfully lmpeau uheI
nor eau it be denied that property employed II
banking should bear proportion oi the common
burden equal to that imposed on other property
Upon the polut whether The rule prescribed Is II
laCl equal d,' ,rtnCCS of opinion may welt rX
ist but repeated decisions OF the Supreme Cour
ui che Sta,e leave no room for question that th
rule ut the act is, substantially, The rult OF Ih
Constitution or for expectation that II can b
materially changed, While the Constitution llSel
. shall remain unchanged,
II is chimJd, however, By The Banks organize,
under the act ot 1913, incorporating the ) att
Bank of ONO unl other Banking Companies
,hat the section of that act prescribing the rul
OF taxation lor t cm, is contract, not liable &
be impaired 10y subsequent legislative or constl
ulonal provision; AMI lhat they are therefore
not lilhl, to be taxed bya different ru'e, howov
cr warranted by constitution or law IN rcspcc
/ to institutions not similarly protected Tn
claim, originally asserted against the rule OF tax
/ alton rstlh ishrd 10y the act uI tS92 was deniev
by the Supreme Court OF the State, nut suSt,lnet
4 hy the Supreme Cont OF the United States
] NolwilhS landnS the latter decision, the Slprcm
I Court OF the STATE, in a Judgment ot D'cemb'
/ FERN, lS57, has announced us adherence TO It
original position. The claim oil the Bank
therefore cannot ba recognized as valid by tn
/ officers ol the STATE.
/ These institutions however, relying upon th
| decision OF the Supreme Court OF the Unite,
States, have placed TO the credit OF the State, d
/ heretofore, the taxes required by the act OF lSl2
, and have made no ret,uN' tor taxation under Ih
act ct last session. IN some instances iujmc
tjunS have been obtained lom The Federal Court
restraining the proper officers from the execution
ol lha law. These miuncIions aud some defect
/ i'm the act indicated in the report Of the Stat