Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1859-01-13

tion IN Its practical operation. The act
authorizing drafts by the Comptroller api
on the County Treasurers, for the taxes
collected in December, Just past, in order
to their application to payment of the in
terest due on the first Of the current month,
was another step towards the same end
Justly obnoxious to censure as was the
practice of collecting from the County
Treasurers by similar drafts, in advance of
their regular settlements, large sums to
be added to large balances already in the
Treasury or to supply the place of large
balances fraudulently abstracted, it can
now hardly admit of question that our sa-
fest future policy will be 10 pay our Janua-
~ interest from December and our July in
terest from June collections. As far IS
possible also, the expenses of the first two
quarters of each fiscal year should be de-
frayed from the former, and those of the
two last quarters from the latter collections.
1 recommend such legislation as may be
deemed necessary to give practical effect
to these suggestions by providing for the
prompt payment into the State Treasury
Of the States proportion of taxes as soon
as collected, and requiring earlier settle
ments by the County Treasurers with the
State Treasurer. Such legislation would
enable the Auditor of State to lay before
the General Assembly, at an early day in
each session, a statement of the actual re-
ceipts from taxes in December, and the es-
timated receipts in June, as we'll of the ac-
tual and estimated receipts from all other
sources during the year, and this statement
would supply basis for economical and
intelligent appropriations for the ensuing
three quarters of the current and the first
quarter of the next fiscal year.
A judicious law prescribing rates of levy
will tend TO ensure moderation in taxation;
the payment of current expenses from cur
rent income will prevent the evils Of ac-
emulation in the Treasury; the restric-
ton of appropriations to actual receipts,
and of expenditures to appropriations will
restrain, the former Legislative, and the lat
Ter, administrative extravaganza. These,
in my Judgement, are the essentials Of
good financial system.
In former communication / thought
it my duty to recommend to your consid-
Grafton plan for the safe keeping and dis
bursement Of the public moneys, which
seemed to me to combine security with con-
yenience. no
Under the Federal laws all officers hav-
ing custody Of public money are appointed
by the Federal government, and are re-
quired, frome time to time, to give such
bonds, with such securities as tho Federal
authorities may require. Under the act Of
last session the County Treasurers through
out the State are made depositaries Of
the State as well as the County revenues;
of the revenues derieved from canal tolls
and other sources, as well as those derived
from taxation. They ara also constituted
agents for the transfer of public funds and
fiscal agents of the State, under the law
Yet these officers are not appointed by the
Stale Government; are not required to
give bonds to the satisfaction of any State
officer; no State officer is authorized to
ascertain the suficiency of the bonds ac-
tually given, or to require, in proper cases,
new bonds or additional securities. The
whold matter of these Bonds is left where
former laws placed it, under the supervision
of the County Commissioners, and it may
well be doubted, whether the conditions Of
those heretofore given apply to all the du-
ties required by the recent treasury law.
This is matter which deserves, and
will, l doubt not, receive Your attention.
While you will probably think it best to
adhere to the plan of constituting the Coun-
ty Treasures State depositaries, rather
than recur to the plan, which seems to ma
preferable, of directing the selection Of de-
positaries by the State Treasurer, You can
not fail to appreciate the importance of
throwing around the public deposits, in
whatever hands, all practicable guards and
securities.
The other point of difference between
the Federal and State systems which seems
to me most important in this: The Feder-
al system prescribes the medium in which
payments may be made into the Treasury.
1t directs that all such payments shall be
made in gold or silver Of Treasury notes.
A corresponding provision in State legisla-
tion would require such payment in gold
or silver, or the notes of specie paving
banks organized and regulated by State
laws. The act of last session makes no
provisions at all in relation to this very i'm
portant matter; and, by the omission, seems
virtually to require the receipt, for taxes
and other State dues, of whatever may be
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 and other public off,
GERS. rti ' tr
Thus construed, the act fails wholly of
its intent. 1t allows the Treasurers to re-
ceive, and under it the Treasures have ac-
tually received, large proportion of the
taxes in the notes of numerous banks of
other States. 1t has thus virtually encour-
aged the circulation within our limits Of q
currency subject in no respect to the con-
troll Of our legislation, and, to this extent,
has promoted deterioration rather than
improvement of the circulating Medium
The paper thus paid into different Treas
uries is, at best, only the representative Of
money in the possession Of the banks which
issue it; and thus, to the extent of its re-
ception, foreign banks and not the Treas
urers have been the real depositaries ofthe
public funds. Instead Of increasing the
security, it has thus increased the insecure
ty of custody. 81 So 2 -aiisr ltis
The debt of the State is of two clasea.