The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1859-01-12

as may be deemed necessary to give practical
effect to these suggestions by providing Tor the
prompt payment into the State Treasury the
States proportion of taxes as soon as collected
and requiring earlier settlements b. the County
! GrcaSurers with the State Treasurer. Such
legislation would enable the Al d tor Of State
to lay bef,re the General Assembly, at an ear
ler day in each session, statement of the actu-
al receipts rom taxes in December, and the eS-
timated receipts in June, as well of the actual
and estimated receipts from all 9th 3r sources
:. during the year, and this statement would sup
ply a basis FOR economical and intelligent appro-
priations for The ensuing three quarters OF the
current and the first quarter Ot the next fiscal
year.
/ A jpdieous law prescribing rates of levy will
( tend to ensure moderation in taxation; the pay
mcnt Of current expenses from current income
will prevent the evils OF accumulation in the
Treasury; the restriction Of appropriations to
actual receipts, and Of expenditures to appropri-
atoms will restrain, the former, legislative, and
the latter, administrative extravaganza. These,
! in my judgment, are the eSsetials OF good IL
nancml system.
Uuder such a system the custody Of the pub
/ lie revenue would involve far loss hazard than
hcreto toiorc STILL under any system, while col
J lections from taxes for all purposes, State and
/ local. cannot be expected soon to fall below four
millions, and may exceed, as in 1871 and in the
present year four millions and a half an
nuaily of which moiety will not he required
for disbursement until sometimes after collec-
! ton and portion will remain Tor six months
Or more, the point Of custody will remain one
| Of great importance.
The safe keeping Of the public money, there
fore, properly engaged a large share of the at
tention of your immediate predecessors, as well
as of your own. The chief essential point OF
difference between the mObS adopted seems to
be that the latter, while requiring ample secu-
rites from depositarics for payment on demand,
did not contemplate the withdrawal Of the mon
eys deposited from the transactions ofbusineSS
until wanted for public purposes while the lat
ter seems to intend the actual keeping OF all
public moneys in the hands Of State and Coun-
| ty Treasurers until requied for disbursement
in discharge Of public Obligations. If the safe
ty of the public moneys is equally insured by
either mode, the former appears to be entitled
to preference; for money is machinery, whose
work is exchange, and it is obvious that the
withdrawal from use OF considerable periods
must in some measure interrupt and embarrass
the operations Of business But safety is the
paramount consideration, and no mode Of Gus
tody is admissible which does not secure it as
far as it can be secured in any mode.
In former communication thought it my
duty to recommend to your consideration q plan
for the safe keeping and disbursement of the
public moneys which seemed to me to combine
security with convenience That plan failed to
commend itselfto your approval; but you did
not omit to establish by law system of regula-
l,l Il n
purpose. Few measures fnliil perfectly the do
signs Of their authors; and some defects have
become apparent in the practical workings OF
the act Of last session to which thnk proper
to direct your attention.
The act itself was doubtless designed to incor-
porate into the administrative system Of Ohio,
the leading provisions of federal legislation on
the same subject. There are, however, among
other differences between the Federal systems
and that which has been thus inaugurated in
our own State, two which seem to me especially
worthy Of consideration. Under the Federal
laws all officers having custody Of public money
are appointed by the Federal Government, and
are required. from time to time to give such
bonds, with such securities as the Federal au
thorities may require Under the act OF last
session the County Treasures throughout the
State are made repositories Of the State as well
as the County revenues; of the revenues derived
rom c&nal t0'iS ana o'Her sources as wen a.
'"oSe oelINeu rom ''N@Ilon. rcy arc aIro
co''SNlu'Co agents 'or 'l'G transfer VI Puo,lc
,u''"' a'o i,>c"l "Sc"'S VI 'I' o'"'e' u!uoi 'Ilo
ia"' 1et lheSe oiHceIS are MOI apPothteo oy
she oIate government are not require 10 give
n'h,iS 70 INC S'''"I't'oh 9lahy 0''te Onicei' 40
State officer is authorized 20 ascertain the sufti-
cheney OF the bonds actually given, or orequire
III p'oPen c"9GS' nc" poi'"S ol "uu',l seCu-
I't'cS' ne "noio matter VI 'HeSe tT'"'a u le''
WAero io.Ler ia"S placed ~ uhuel 'he super
VISION o. county commissioners, anu IL may
wen oe DOUBTED "tether me coh1''ionS OF 'i!oSe
heie'oole gwen Apply 10 alithe ou'ie' ie4u'ito
| "y we recent treasury law.
ms Is matter WHICH deserves; anu "Hl' l
uouo' ho' RECEIVE your a'teh'iUh' n,V ~"
VIII pFoDaoiy lhihk IL best 10 aaheIe 10 the pan
u constituting lhe NohhEy lreasuFefs 0I@'e 4s'
posil"!leS, rathcr than fecur 10 lne pan, "nlch
seems 10 me pFcieraole' Oh N'iecIlhS 'he selec'
tloh OF repositories ny the Ntate IeaSurer' you
cannot "'l 10 appreciate the Importance o'
throwing around the pubic uepositS Ill "hateV-
CT mahdS, al practicabIe guards ana securities
ne othcr point OF dlIercnce between the
Federal and State systems which seems TO me
most important Is TINS; me fedefai system
| > " w. ~ Al "HH ~ ~,, 49, ;
be made into the treasury 1t directs that all
Such payments shaii be made 9olu OF shEef or
treasury notes. a corresponding. provision at
all IN state legislation would require such pay
ment IN gold or SILVER, or the notes oil specie
+ payment banks organized and regulated by
State laws me act OF last session makes 10
provision in relation to 'hiS very important mat
ter; and' by the OMISSION seems virtually 70 re-
qulre the receipt, Tor taxes and other State dues
| OF Whatever may he current as money IN The
| several lOcH lltlcS where payments are made