Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1859-01-13
GOVERNORS MESSAGE.
[coErrruEp FROM rrssr fAss.

the Federal ane Stste syssems which seems
to me most important 10 this: The Federal
system Frescribes the medium in which pay.
ments may be made intu the Treasury. II
directs that all such payments shall be made
in gold or silver or Treasury notes. A cor.
responding provision at ali in State legisls-
ton would require such payments in gold
or silver, or the notes ofspecie paying banks
organized and regulated BY State laws. The
scl Of last session makes no provision in re-
lation to this very importsnt matter; and,
by the omission. seems virtually to require
the receipt, for taxes and other State dues,
OF whatever may be cunentss ssoney in the
several localities where payments are made.
Such, has, understand, been in fact lie
general If not universal construction Of the
act by the County Tressurers and other
public officers. re e.-
Thus construed, the act fails wholly Of
its intent. II allogs the Tressufers TO re-
ceive, and under 1t the Tressurers have ac-
,uaIly received, q !arge proportion of the
taxes in the notes of numerous banks oi
other States. II has thus virtually encour.
aged the circulation within our limits of Q
currency subject in no respects 20 she con.
troll Of our legislation. aud, to this extent
has promoted deterioration rather then i'm.
provemeat ofthe circulating medium. The
ps per thus psid into the drffsrt Mt Treasur.
les 10, at best. only the representative o,
money in the possession Of the banks which
issue it; and thus, 70 the extentef its recep.
iion, fereign banks and not the Treasurer
have 3een' the real deposi,aries OF The public
funds. Instead Of increasing the security
il has thus increased the insecurity of Gus.
tody. d
! respectfully recon mend the correction
of these defects. Ifit shall be decided that
the County Tressurers shr be continued
cs depositaries and agents for the transfer
Of State revenues, they should be subjected
at leas: in respect to these funds, to the
supervision Of State officers. and required to
give ample bonds, TO be deposited with the
State Treasurer. for the performance o!
these duties. Nor is il less important tha,
the medium in which taxes may be paid, be
a.cert aimed by positive legislation. A pro-
vision requiring such payments to be made
in coin or specie notes Of our own Banks
would, in my opinion. be safe. nseiul. and
not inconvenient. II would be safe. for
every dOllsr in the Treasury, Would either
be spaeie or the equivalent Of specie. made
suth, nUt merely by the solvency of the
Bank issuing it, hut by tho guaranty Of all
the Branches Of the State Bank. or BY State
and Federal Stocks in the actual custody.
rendered absolutely secure BY your judicious
legislation. Of the State officers; it would be
useful, for il would promote sound circu-
lstion OF specie and specie notes; ard II
would not be inconvsnient, for the circuia-
ton, obeying well known principles, would
in .rease and diminish with the demard d.
The debt OF the State is Of two classes,
reimburssble and irreducible; the former
embraces the foreign and domestic liabiIi-
ties payable aftercertsin fixed periods; while
the latter is constituted of the proceeds o!
lands, granted by Congress for the sup
port of Schools and Religion, received in,n
the Treasury upon sales BY the State, onder
. pledge TO pay six per ceBfum on the
amount, for the same purposes, forever.
The reimbursable debt has been snme.
times spoken Of as the whole deb, Of ,ke
State. but the irrdducible differs firm it in
nothing except that il is permanent, and in
capable Of reduction, but, on the contrary,
certain to be gradually increased until the
last proceeds of school and ministerial lands
shall! be received. II follows that no real
reduction Of the amount of the State debt
csn be effected except by payments exceed.
ing in amount the sums derived from these
lsnds.
During the last year the reimbursable
debt was increased by $70o, 900, being the
amour, Of the temporary loan authorized
at your recent session, aud the irreducible
BY s69 500 ss, being the amount Of pro.
ceed< of School and Ministerial lands re-.
ceived into the Treasury. 1t was diminished
bv the payment of $i2 0o4 90 of foreign
debt. At the commencement Of the pres.
ent year the aggregate ceht Of sll deecrip-
items was Si7,i6s.972 81.
or this, the sum Of e6.4l3s5a5.27 will
become payable after the sisi Of December,
1860. have heretofore invoked the stteu.
ton Of your predecessors, as we'll as your
own. TO this maturing liability; urged the
propriety and necessity Of sessonabIe pro-
vision for it, and suggested what seemed to
me the best modes Of making thst provision.
1t is to be regretted that 20 provision has
oeen made. II seems highly prC bsble that.
had the necessary authority been conferred
by the Legislature Oh the Commiss ionsrs
of the Sinking Fund, the means to pay so
much Of this debt as will not be discharged
by other resources, might have been OBJ
tanned during your recess, through . new
load 9. FIVE per cent or even . less rate. II
may be that such a loan can yet be nego.
t:sted, and trust that the magnitude Of the
saving TO be thus effected will commapd for
this subject your earliest attention.
Under the operation of the very salutary
act of the last session in relation the Sink
ing Fund. the sums legitimsiely belonging
TO l., but heretofore appropriated under
legislative sanction, to other State purposes.
will doubtless be replaced through the sddi
tionsl levy required by the act. and future
diversions to any other uses than those to
which the Fund Is pledged. will be prevent.
ed. Under another act providing means
for reimbursipg the temporary loan, over
two hundred Oh, ussnd dollars will soon be
paid into this fund. 1t will not be required
for ps, ,Inent of the loan until July. 1850
Provision should be made for it's safe and
productive investment during the interrsi
An act Of the last session prescribed g
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