Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1861-03-20
COLUMBUS CORRESPONDENCE.
CoLrNprs. NTarch a. 1sGI-

DEAR CHRONICLE The week past ha
been stirring one in the general Assem-
! bly,, and numerous important measure
have been acted upon in one branch or tn
other. In the Senate the carly part of tn
week was occupied in part with the bill
for the reorganization of insolvent Raj
Road companies, the capitalization of thei
bonded debt, Sc. The measure is one o.
great Importance. 1t is claimed that un
less it is passed, a score of railroad com
panies in the State must 60 out Of existence
and in many of them the roads themsclye
be abandoned. The bill provides that i
two thirds the creditors and stockholderi
of the road agree, in writing, the road may
be sold under a decree of fOreclosure Qf tho
mortgages, so as to convey to trustees tho
whole of the old franchises and chartered
privileges of the corporation. and thus ena-
bic the stockholders and creditors to re-
organize upon such plan as may be stated
in their agreement, which shall definitely
fix the per cent in new stock which shall
be issued to the holders of the old stock
and the several classes of debts In this
way the wholG of the bonds and foatin Q
debt will be capitalized, and insOlvent
roads made sllvent again, with no credi-
tors in the way to prevent the collection
of the debts incurred afterward for run
ming expenses, repairs &c. The fate of the
bill is as yet doubtful, but the probabili-
ties favor its passage.
4 bill passed the Senate also, to change
the mode of taxing banks. 1t provides
that banks shall list for taxation, their
capital stock, their surplus fund used in
banking in whatever form, and all time de-
posits, on which interest is paid. The
most influential Of the Democrats joined
in voting for the bill, admitting that the
present unjust mode of taxation is driving
our own banks out of existence and leav-
ing the State to be flooded with millions
of foreign currency. 1t remains to be seen
what the House will do with the bill.
The Senate also passed bill changing
the present sub-trea:ury law of the State,
50 as to allow Treasurers to pay out specie
and Ohio specie-paying currency, for all
sums over five dollars from county Treas
uries, and twenty dollars from State treas
ury. The present law forbids the paying
out of anything but specie for all sums
under two hundred dollars after July Of
this year, and increases the minimum till
in 1863 nothing whatever but specie is to
be paid out. 1t is found in practice that
the specie can't be got, and that we have
instead some fifteen millions of kentucky,
Indiana and Virginia currency aAoat in
the State. while the Treasurer of State has
to buy specie in Orc,r 10 comply with the
law, and has paid some fifteen hundred
dollars the past year for premium on gold
and silver. Either the law kas to be
changed. or an iufexible rule Of receiving
nothing but specie in payment of taxes
must be adopted, and in the present state
of affairs the former alternative Is deman-
dcd by the people.
Tic House of Representatives has been
working hard for some days at bill to
sell or lease the canals of the State. Af-
ter long debate the proposition to sell
was defeated, the general IMPRESSION being
that the State would be wOfully swindIed
if a sale were now to be made. The ques-
ton of leasing is now favorably considered,
and it is quite likely bill for ten years
lease may pass this week.
Nothing new has occurred in regard to
the Senatorial election. Mr.. Chase's for
nal resignation Of his seat in the Senate
was not received till this afternoon, and
has not yet been communicated to the Leg
islature it will probably be late in the
week before the election can be held. The
candidates l named last week are still
the prominent ones, and the friends of each
are numerous enough to leave it very doubt
full who will succeed.
The new districting Of the State for con-
gressional purposes is occupying a good
deal of attention, and numerous schemes
and plans are ahoat. l will give you
some of the various ones 50 far as they
affect your own district, for as the usual
place of beginning is Hamilton County,
every different cast for the rest Of the
State will more or less modify the Reserve
districts One plan keeps your district as
it is except that Columbiana county is ad-
ded. Another adds Lake and Gcauga
counties instead of Golumbiana. Another
makes til district of Columbiana, Maho-
ming, Trumbull, Portage and Geauga.-
Another puts Trumbull, MahOning, Geau-
ga, Portage aud Summit together, and
there are perhaps some others Which do
you like best? The fact that the State
loses three Representatives in Congress
under the new census, makes some enlarge
ment of the several districts necessary,
and the work of uniting conflicting plans
and wishes will be no little one, especially
rs YOU can't change one district without iu-
terfering more or less with nearly all the
rest.
BY the way. it is currently reported
lere that lIr. Giddings is to be appointed
Counsul General to Canada. The post is
| very important one and the recognition
# his claims by the new administration I
would give general satisfaction. G.
PowBR OF A BIRDS SOXG.-When We