The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1859-01-14

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1t is obvious that tho withdrawal from
usc Of considerable Sums for consider
able periods muslin some measure inter
rupt and ssembarrass the operations q
businessf But safety is the sparamoun
consideration, and no modo of custod,
is admissible which does not secure it a
far as it can be secured in any mode.
In former communication lfthough
it my duty to recommend to your con
-sidention u plan for the safe 1Seopins
and disbursement of the public moneys
which seemed to me to combine security
with convenience. That plan failed tt
commend itself to your approval; bu
you did not omit to establish by law .
sys.cm of regulations, intended to ac,
complish the same general purpose
Few IN assures fulfil perfectly the dc
signs Of their authors; and somc defects
have become apparent in'tho practical
workings Of the act Of last session to
which think proper to direct your at.
tention. y p" a'"| R''''N''E
Tho act itself was doubtless designed
to in corporate into the administrative
system of Ohio, the leading provisions
offederal legislation on the same subject
There are, however, among other diffsr.
enccs betwccn tho Federal system and
thaqwhich has been thus inaugurated in
our own State, two which soon to me
especially worthy Of consideration. I'm
der tho Federal laws all officers having
custody of public money are appointed
by the Federal Government, and are r,-
quircd, from timo to time, to give such
bonds, with such securities as the Fod
oral authorities may require. Under the
act of last session tho County Troasurcrs
throughout tho State are made deposita-
ries Of the State us we'll as the County re-
venues; of the revenues derived from ca
nal tolls and other sources, as we'll as
those derived from taxation. They are
also constituted agents for transfer OF
public fundsand fiscal agents OF tie State,
under the law. Yet these officers are not
appointed by the State Government; arc
not required to give bonds to the salts
faction ofany State otficor; no State of
ficer is authorized to ascertain the sufii
cicncy of the bonds actually given, or to
require, in proper cases, now bonds Or
additional securities The whole matter
Of these bonds is left where former laws
placed it, under the supervision OF the
County Commissioners, and it may wei
5e doubted, whether tho conditions o.
those heretofore given apply to all th(
duties required by the recent treasury
law. ~ f.7ta .r.;a,.t-s.,, ,,....s. ...,.
III This is q matter which deserves, and
will, doubt not, receive your attention
While you will probably think it best
70 adhere to the plan of constituting the
County Treasurers State depositarles
rather than recur to the plan, which
seems to me preferable, of directing the
selection of depositaries BY the Stat,
Treasurer, you cannot fail to appreciate
the Importance Of throwing around the
public deposits, IN whatever hands, all
practicable gu ards and securities. oa.
Tie other point of difference betweos
the Federal aud State systems which
seoms to me most importantls this: The
Federal system prcscrlbes tho medium
in which payments may be made into
tho Treasury. 1t directs that all such
shall be made in gold or silver
or Treasury notes. A corresponding
provision in State legislature would re-.
quire such payment in gold silver, or
tho notes of specie paying banks organ
lied and regulated by State lava. The
act of last session makes no provision
ut all in relation to this very important
matter; and, by the omission, seems vir.
tually to require the receipt, for taxes
and othor State dues, Of whatever may
be current as money in the several 10.
calitles whore payments are made. Such
has, | understand, been in fact tho gem
eral if not universal construction Of the
act by the County Treasurers and other
public officers. tH
Thus constructed, the act fails wholly
Of Its intont. 1t allows the Treasurers
to receive, and under it tho Treasurers
have actually received, a large proper.
ton Of the taxes in the notes of numer.
Gus banks of other States. 1t has thus
encouraged the circulation
within our limits Of currency subject
in no respect to the control of our legs-
lation, and, to this extent, has promot.
cd deterioration rather than improves
msnt of the circulating medium. The
paper thus paid into the different TreaI
suries is, at best, only the representative
Of money in the possession of the banks
which issue it; and thus, to the extent
Of its reception foreign banks and not
,he Treasurers have been the real de-
positaries Of the public funds. Instead
If increasing the security, it has thus in
creased the insecurity Of custody.
respectfully recommend the correc.
lion of these defects. II it shall be do
.idnd thnt the Cannty Treasnrers sh nll