American Lancaster gazette. [volume] (Lancaster, Ohio) 1855-1860, 1859-01-13

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lio calsers.
Thus constructed. the act fails Wholly
% its attempt. Il islloEs Ghs Trersarer 10
rseeivs. aud uadeS Il the TreasuFesrs have
actually received. proportion. Of taxes 10
notes Of numerous banks Of other States
It has hsen thus virtually encouraged the
circulation within our limits Of currency
sabieI In no respect 10 the cOntro! Of our
Legislation. and, 10 this extent. has ptomp-
ted deterioration rather than improvement
lof the circulating medium. The paper
thus paid into the difiersBI TFeasuties is,
at best only the representative Of money 10
the possession of the banks which issues Il
and thus. 10 the extent Of Its reception,
foreign banks and not the lTressurers have
tbsen the real dSpoSitsrirs Of the pnbIio
funds. IuStead Of increasing the security
il hss thus increased the insecurity Of Gus
loIJ.
| respectfully recommend the correction
Of these defects. lft shall be decided
that the County TCeasurers shall be con.
tiuued as depositaries snd agents for the
transfer Of State revenues. they should Le
objected, ct tlsast in respectto these funds,
to The supervision Of State officers, and
required to give ample bonds, to be de.
posted with the State Treasurer, for the
lperfornance Ofthess cuties. Nor is IL lees
Iimpourot tha: the medium in which taxes
may be paid. be ssctFlained by positive
Legislation. A provision requiring such
payments 10 be made In cola OF specie
notes Of our own BaSks would. in my o.
pinion, be safe. useful. and not inconve-
nient. Ii would be safe, for every dollar
in the Treasury. would either be specie or
the equivalsnt Of specie, made suoh. not
merely by the solveDcy Of the Bank issu.
ling Il. but BY the guaranty OF all the Branch
% Of the State Bank. or BY State and Fed,
eFal Stocks 10 the actual custody. rendered
absolutely secure BY your jujicious leeis.
latiOu, Of the State SofAceTs; il would be
useful, for II would promote sound eircu-
ltlion Of specie aud specie notes; and j,
would not be incouven.ent, for The siFeu.
lation. obtying well known principles,
would increase and diminish with the de.
mand. hr IatsH 3li rH
The debt Of the State 10 Of two classes,
TsimbursablO aud iFEeducib e; the former
embraces the foreign and domestic iabiIi.
ties payable sitter certain Fixed periods;
while the latter 10 coOsii uled Of the pro.
cesdS OF lands. granted by Congress for
the support OF Schools and Religion. 70.
oeived into the Treasury upon sales By
The State. under pledge 70 pay six pei
eer,um on the amount, for the same piir-
rose, forever. fo3 $40 sa4i bp-s4l
j The Reimbursable debt has been some.
times spoken Of as the whole debt Of the
STATIC. but the irFeducible differs from Il 10
nothing except that il is permanent. and
incapable Of reduction. but, On the -coaira
ny. Gertsin 70 be gradually increased until
the last proceeds Of school and ministerial
lands shall be received. II follows that
no real reduction Of the smount Of the
State debt can hs effected except by pay.
meHts exceeding ia amoupt the sums de.
rived from ihsss lands
i During the last year the rsimbursable
debt was increased BY 800. 600. being the
amount Of the temporary loan authorized
st your recent session, aud the irreducible
BY @69. 9.60a.s .s0, being The amouut Of pro-
cesds Of School and Ministerial lands 70.
csived into the Treasury. II was dinin.
minishsd By the psyH ent OF @i2.O04. 90
OF foreign debt. Al the commencement ol
the present yssr The aggregate debt Of all
descriptions was Ell .I69. e79, ,e4
fthis, the sun OF 90. ais, ,526, ,27 Will
bec me payable after the 3lst Of December
, 1850. have heretofore invoked The at.
tention Of your predecessors, 90 well az
your own. to this maturing liability; urged
the propriety and necessity Of seasOnsble
, provision for il, and suggested what seem
cd to me the hest modes OF making tha,
provision. II 10 to be regretted that no
provision has been made. II seems highly
probable that. had the necessary authority
been conferred by the Legislature, on The
Commissioners Of the Sinking Fund, the
means 70 pay 80 much Of this debt as will
not be discharged by other resources,
might have teen Obtained during your re-
cess, through q new loan At FIVE per cent.
or even less rste. 1t may bs that such
q loan can yet be negotiated. and / trust
that the msgnitade oflhe saving 10 he thus
effected will command for this subject your
earliest attcn ion.
! Under the operation Oi iheyery salutafy
act OF the last session in relation 10 the
Sinking Fund, the sums legitimatsly be.
longing 10 It. but heretofore appropriated
under legislative sanction, to other State
purposes, will doubtless be replaced thro'
the additional levy required BY the act,
and future diversions 10 any other uses
ihsn those TO which the Fund Is pledged,
will be prevented. Under another act
providing means for rsimbursing the tenn
porary loan. over two hundred thousand
dollars will soon be paid into this fund. Il
will not be required for payment Of the
loan until July, 1860, Provision should
be made for iIs safe and productive invest.
ment during the interval.
An act OF the last session prescribed a
rule for the uniform tsxa'ion Of brDks.-
The justice Of such asule cannot be sue.
oessfnlly impeaebed, por can II be denied
that property employed in banking should
bear proportion OF the common burden
equal to that imposed on other property
Upon the point whether the rule prescribed
ia in fact equal. differences OF opinion may
well exist; but repeated decisions Of the
Supreme Court Of the State leave no ques
! ton that the rulo Of the act is, substantial
= ly, the rule Of the Constitution; or for ex.