Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1861-01-16

the Issues OF our own banks OF ABOUT elgnt
and half millions Of dollars. Of this sum
a very considerable portion consists Of the
issues of banks which have suspended
specie payments. embracing the banks Of
Pennsylvania, Maryland, Virginia, Mis-
souri,. and parts of the issues of other States
All such issues have deprecated in the
hands of the people of Ohio, at least ten
/ per cent. amounting in the aggregate to
several hundred thousand dollars. When
it is remembered that in the fall of 1857,
only three years ago. like loss was sus-
tanned by the people of this State from the
same source, it becomes question Of seri-
GUS moment to consider whether any, and
if any, what measures can be adopted to
guard the people from such frequent and
heavy peeuniary disasters So long as the
supply of circulating notes issued by our
own banks, is insufficient for the transac-
ton of the business of the State, it will, in
my opinion, be in vain to attempt. by leg
islative enactments, to expel the issues Of
foreiga banks. The laws of trade and the
necessities of the people will prove more
potent than statutory restrictions and pro-
hibitions. If the fact may be considered
as demonstrated. as | think it clearly may
that we must depend chiefly for currency
for the business transactions of the people
of the State. either on the issues Of foreign
banks, or of the banks Of our State, l think
no citizen of Ohio can hesitate a moment
as to which he would prefer, and especially
in view of the fact, that, while within three
years, the banks of nearly all the other
States have suspended the payment of spe-
Gle, and many of them twice in that space
of time, the banks of Ohio have proved true
to their obligations, and equal to these
tests of their strength, and now command
the universal confidence Of the people Of
the State. respectfully submit to the
consideration of the Legislature, the ques-
ton whether any plan can be devised for
the increase of tie banking capital, ind
consequent enlargement Of the issues OF
banks within our own State, as the only
practicable means ofexpelling the issues OF
foreign banks, and of protecting the Peo-
pie from the manifold disasters Of adebased
currency. This question is also important
in another view. 1t is but five years, from
the first of May next, when the charters
of the banks incorporated under the act of
FEBRUARY, lS45, will expire. This en-
braces the thirty. six branches Of the State
Bank, and the seven independent banks,
the circulation of which being withdrawn,
we would be practically without an Ohio
circulation, and dependent upon foreign
bans for our entire currency. The State
NAV follow the example of the General
Government in restricting the circulation
and disbursement of its rtTenues IN gold
and silver. But, after all, this Will Dc
fund to exert little influence over the grea'
business interests of the people. The fact,
then of the near approach Of the time-for
five years is but b.ief period in the his
tory of State-when the existing banking
system will terminate, and view of the
very important consequences which must
follow this event, unless provision he made
In time to meet it. are sufficient reasons
for recommending this important matter TO
your consideration. There is abundant
reason to believe that large majority of
the people are not only satisfied with their
present system of ban-ing. but that they
would regard it as great public calamity
to see it pass out Of existence. 1t has met
its obligations under all circumstances,
maintained its credit, and furnished cur
rency at all times c)nyertable into gold
and silver. These are advantages which
the people duly appreciate and would very
reluctantly forego. With amendments Of
the system which may be deemed desirable
if any, for the better protection of the cred
itors of the banks, and, In terms su6jeetlng
the property of the banks to taxation
equal to that imposed on the property of
individuals.as provided by our Constitution,
do not doubt the system would, during
its renewed existence, give as universal
satisfaction to the people of the State as 1t
has heretofore, and is now giving
THE PUBLIC WORKS
I rgain invite your attention to our
Public Works. During the past year
the expenses of that department have
considerably exceeded the receipts
This, il is said, is mainly owing to the
extraordinary foods of April, which
caused much damage to portion OF
the works. The fact that for the last
five wears the result has been the same,
has induced the opinion that they will
continue permanent tax so long as
they arc controlled by the State; and
a feeling prevails 10 considerable ex-
tent that the entire interest OF the
State in them should be disposed OF.
There are grave considerations con
nected with this sabject, which will,
doubtless, receive your careful atten-
ton. That the people Of the State
will demand the sale of these works,
when they become satisfied that they
cannot be made selfsustainlnS, L think
admits of little doubt
/ | am not inscnsible to the great ad-
vantages these works have beento the
State. i'm developing its resources and
increasing its wealth. They have Gre
ated tar more capital than they have
cost. But the counties not lying up
on the works and which receive but
little, if any advantage from them, OBJ
ieet to taxes to keep them in repair
for the benefit of Others. They have
built their own railroads and means OF
communication without the aid OF the
!, State, and sustain them at their owa
cost, no matter how expensive that
may be, and they content that 1t Is
just as fair and proper for the rest OF
the State to be taxed to pay the ex-
penses of keeping their railroads IN re-
pair, as it is to compel them to pay
taxes to keep up the canals. The ae-
tive carrying competition OF the rail
roads, it is said, not only diminlshes
the business on the canals, but will in
all time to come, prevent them from
transaetinor enOuOh business to make