The weekly Lancaster gazette. (Lancaster, Ohio) 1860-1863, 1861-01-17
Extracts from Governor Denni-
SONS McsSage.

welcome your return to your ofiicia
iabors, and congratulate you upon the pros
porous condition of our State.
FINANCES AND PUBLIC DEBT.
rier you to the report of the Audito,
. lor detailed exhibit OF the financial con,
al'lon OF the State, and earnestly recon.
menu TO your approval the plan which
win the concurrence OF the Fund Com.
> m'sSlonefs' he submits for the payment Of
I our entire public debt by means of taxa
tlon, without the renewal of anv of ,ho
, existing loaDs. The reasons presented bv
the author in favor of the immediate odon.
l'on OF this policy, are. in my judgement,
unanswerable. The whole amount of our
reouclole debt, foreign, domestic AMI tenn.
Porary. is Sl4250, 1888 90, which sum
CUT htt'e exceeds one and half per cent.
OF the taxable values of the State. anoun.
llng to S9o0,0OO.O0O in round numbers
WIN such resources at her command. it
dors not seem reasonable that Ohio should
iaoK to loans to meet her accruing liabil.
tues so lnconsiderable when Compared
with her resources unless the increased
lax over tie present levy which will be
required TO meet those liabilities within
reasonable time would impose an unnec.
esSarlly heavy burden upon the people
such DO not think would result from
the adoption of the proposed plan.
Ihe levy Tor the year 1861, for the paw.
men. oil the interest, and the gradual re-
ductlon OF the public debt, is one and four.
tehths oi mill on the dollar. The same
levy continued would result in the reduc.
ton OF the public debt III January. 1871
to the sum Of 1870, ,392 90. The a,
mount to be raised in the meantime TO
meet the accruing interest," and priucipal
oil the debt, by taxation-alI the otter
sources of the Sinking Fund being nearly
exhaus cd would be 50, 100, O93 Sd max
Ing the sum paid to ia. .uary, 1871, and
to De paid thereafter on the principal of
the debt, S2I ,43O, ,465 "a.
Instead Of achering TO this mode of pav.
ing the public debt, the Auditor proposes
an addition Of six-tenths of a mill on the
dollar to the present levy, making the en-.
'ire levy two mills on tie dollar which
VIII provide sufficient sum to meet tie
acerulng interest, and those proportions
OF the principal of the debt maturing pri.
or to, ana on the first day of January, {
ISL leaving them only $1,000, 600 Of the
debt unpaid.
uhder this plan the amount of princinol {
PaiI rom January /, 1861, to January Il
iotl, Wouid be........,.......,SO SO s0T OIL on
me interest paid during the same Pc {
f'ou would oe.''''.''"... $3.50 1888 so
Making the total paid on principal and
interest' AK 572 s7I IN
ddlng to this the principal of the debt ~
foa'ns unpaid, January, ls7l...... 1000, 900 90 G
Ald tho total amount paid to January. /
io'l, and to be paid thereafter, would
'.''.................. Sl05T3 A74 IN
This is $l.856, ,99l Oh less than would Q
have to be paid under The present system
PRIOR to- and on the first day of January, 9
1871. 10 this favorable showing of the {,
'esult OF the proposed plan of payiag the .
public debt, il should be addtd d. that while Il
he increased taxation necessary to cor. s
'umnlate the plan will amount to less than u
twenty-five cents year, to each inhabi. -.
ant OF the St'ie, after the wear 1870. the u
people will be relieved of three-ffths Of It
his levy, as the remaining ,wo.ffths will o,
held sufficient sum to meet the interest u
md provide for the payment, at its ma. II
url'y' Of the principal of the remaining a a
our millions of the public debt. le
BANKS AND CURRENCY. ?
The subjects of banking and currenev " "
ddress themselves with equal force and VI VI
,!Iectness to the people Of the State .t
hateVer theories we may entertain on a,
hese subjectS-whstever inge nious and i, ~
eau'liul visions ola people without banks n
nd gold and silver their only CURRENCY '
ne practical realities are be ore us: We 70
ave banks; We have paper money. AS &,
lauer OF fact, banking is but one Of the ~
visions Of labor into which commerce is r, p
b'dlvided, and among every commercial r in
eople the business proper Of the banker &C,
as indispensable as that of the shipper, or
consignor, in transacting the business r,
The country! The practical question Il,
men addresses itself to the Legislator is on
OF whether the State may or NAV not 'r
Is2ense with the use of all banks. bu, T., r.
hat is the best system or plan of banking o,I
II the people whose interest he is called -,
pom to act, and how and to what extent " "
lould it be applied. ", -
And so also of the currency of the State. ~
long as the people Of Ohio are in busi ~, w.
ass connection with the people of other Of n>
tates, we ale and will be in the receipt a.,
I'D use OF the issues Of the banks of other ~.
tates which circulate with the issues of ~
If own banks, OF which to the extent of ~
elr existence they take the place and be. "a,
'me the substitute. The practical ques. no no
IN Is not whether We are to have PAPER I~
oney; or gold aud silver as the common ~ ~
lrrency Of the State. but whether we are ~, ',i.
have the issues of foreign banks, or OF s5L'
INKS, existing within our own State. re. q"
onsible under our own laws, and regu. n,
ted and controlled by our own action h H."
le experiment has been tried, not only Il
Ohio, but in several other States OF dis. a.,
nsing with bank issues under State au. g. g.
orlty with one uniform result-the in -
oduction of a debased foreign currency, G,r
convertible into gold and silver, with all -,
disastrous and demoralzing conse. a., %
Iences Of such currency. We should
lrn wisdom from our own experiences as ,io,
ell as from the experience Ofother Sta .es o,h
this matter. At this very time Ohio is fro
tfering great inconvenience aud loss ,
I'm the deprecated currehcy OF other rul
ates whose banks have suspended the and
Ynent Of specie. L. WAS 10 nhtnin 70. ~