The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1859-01-14

Is exchange, and il 10 obvious tha
the withdrawal from use Of cohsid
leraole sums for considerable period
must, In some measure, interrup
and embarrass the operations Of bu
: s'ness. But safety is the paramount
consideration, and no mode OF cus
y t"dy Is admissible which does nc
: secure 1t "a far as /. can be secure
in any mode.
In former communication
{, thought it my duty to recommend {
your consideration a plan for the saf
keeping and disbursement OF th
publ&pmoneys, which seemed to m
tocombine security with convenience
u That plan tailed to recommend itsel
to your approval; bnt you did no
omit to establish, by law, a system
OF regulations, intended TO accom-
pllsh the same general purpose. -
Few measures fulfil perfectly the de
signs OF their authors; AMI some dc
fccts have become apparent in the
practical workings of the act OF las,
session, to which think proper t.
direct your attention.
The act itself was doubtless de
signed TO incorporate into the ad
ministrative system of Ohio, the
Leading provisions of federal lcgis.
lation on the same subject. There
are. however, among other differ
ences between the federal system
and that which has been inauguratcd
in our own state, two which seem to
me especially worthy OF consider
otion. Under the federal laws, oil
officers having custody of public
money, are appointed by the federal
government, aud are required, from
time to time, TO give such bonds.
with such securities as the federal
authorities may require. Under the
act OF last session the County Treas
urers 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 AZ those derived
from taxation. They are also con-
stituted agents for the transfer Of
public funds, and fiscal agents for
the state, under the law. Yet these
officers are not appointe / 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 sufliciency of the
bonds actually given. or to require.
/, proper caeoe, nav bonds or addi.
tional securities. The whole matter
OF these bon Is is left where former
laws placed il. under the supervision
of County Commissioners, and it
may we'll bo doubted whether the
conditions Of those heretofore given
apply to all the duties required by
the 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 the County Treasurers
state repositories, rather than recur
to the plan, which seems.to me pre-
fcrable, OF directing the selection OF
ldepositaries by the State Treasures,
you cannot fail to appreciate the i'm.
portance of throwing around tn,
public deposits, in whatever hands
all practicable guards and securities
The other point OF difference be
tween the federal and state systems
which seems to me most important,
is this: The federal system pre-
scrbcs the medium in which pay
rnents may be made into the treasu-
ry. 1t directs that all such payments
shall be made in gold or silver, or
treasury notes. A corresponding
provision at all, in state legislation,
would require such payment in gold
or silver, or the notes Of specie pay
ing banks, organized and regulated
10y state laws. The act of last ses
sion makes no provision in relation
to this very important matter; and
by the omission, seems virtually to
require tho receipt. for taxes and
other state ducs, of whatever may
he 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 aud other public officers
Thus construed, the act fails wholly
'of i:s intent. lt allows the Treas
nrcrs to receive, and under it the
Tressurers have actually received, O
large proportion of the taxes in the
notes OF numerous banks OF other
states. 1t has thus virtually encour.
aged the circulation, within our linn
its, OF a currency subject in no respect
to the control OF onr legislation, and.
to this extent. has promoted deterior-
alton rather than improvement of the
circulating medium. The paper
thus paid into the different treasnries
is, at best, only the representative oi
money in the possession OF the hanks
which issue it; and thus, to the ex-
tent Of its reception, the foreign
banks, and not the Treasurers, have
been the real repositories OF the pub
lie funds. Instead Of inoreasin the
security. it has thus increased the in.
security OF custody.
| respectfully recommend the cor
reotion o! these defects. II il shall
be decided that the County Treas
urers shall DO continued as desposit-
ories and sgents for the transfer of
state revenues, they should be sub
jected, at least in respect to these
funds, to the supervision OF state OF
6cers, and required to give ample
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