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

ioOU, Is zO,0 40 acres.
Valuation th.reof.. ..... $492 S93 90
Value Of real estate in cities aud villages "a 3uO21
Total value of real estate. s639. .s94 81
Value Of personal property -.....-..-.. "a 4OsS9O
Total vaIue Of taxable property in Is5O ss 3sa COL
As compared with the several amounts
on the duplicates of 1889. this shows an
increase in the quantity Of land Of l90,863
acres:
Increase in the value Of land, in cit -
les Sni villages, of....-.............. s54lS3,9s1
Decrease in value of real estate in cities
and villages OIL ........--...-....... h.S'S.o~u
Tot, increase in the value OF real estate si5r03u7
Total decrease in the val s'Personal prop 81 90
The basis of taxation being SSSS, ,3O2..
COL. and the State levy for all purposes,
thirty-nine and half cents on each one
hundred dollars of valuation, the total
amount of taxes for State purposes on the
duplicate of 1860. to be collected during
the year 1861, is s3.5O3.7l2 SO. This
sum is distributed among the several funds
in the following proportion, viz:
The Gen. Revenue, cts each 81. S5o9 32G e4
The Sink fund. I7lScis. each sIOO. 55l SIS II
The COmmsn school Pand. II cts on each -, -
SWU-- i--A-f'iA -
The taxes levied By local authorities,
amount to S1.3I3.963 Al. making total
of SlO.SI7,676 81, levied on the dupli-
cate of 1860.
REDUCTION OF LOCAL TAXATION.
From these exhibits. it will be seen that
the taxes levied for local and municipal
purposes far exceed, in amount, those lev
led for State purposes. l cannot doubt
that with proper vigilance and economy,
the local taxes might be considerably les
sened. The property holders of our cities
most particularly feel these burdens, and
with great justice ask for some prescribed
limit to local taxation. Ample authority
is given by the Consti utiOn to the Legis-
lature to restrict the levies of municipal
Governments respectfully call your at
tention to this important subject, and trust
that you may be able to provide some re-
lief for the people, from the oppressive 10
cal take with which they are now burden
cd.
AMENDMENT TO TIE TREASURY LAW.
l invite your attention to the sugges-
tions of the Treasurer of State, relating to
the description of funds to be received in
payment Of the public dues The law es-
tablishing the Independent Treasury. while
providing for the gradual prohibition of
payments in paper money ty the state and
County Trcasurers. and restricting the pay
i.cnts to gold and silver after the 4th of
July. 1868, does not prescribe, nor does
any law prOscrire. the kind of funds to e e
received Ly those officers. This is mani
festly a defect in the law, and inconsistent
with its frame work and purpose. The
responsibility ought not to rest upon the
Treasurers. to pros3libe the kind offunds to
be received in payment for the public dues.
This should be done by the General As
sembly My own opinion is, that the pub
lie interests would be promoted by restric-
ting such payments to specie, and the notes
of the specie paying Banks of this State,
and respectfully recommend that the law
be amended accordingly.
BANKS AND BANKING.
The subjects of banking and currency,
address themselves with equal force and
directness to the people Of the State
Whatever theories We may entertain on the
subjects; whatever ingenious and beautiful
visions of people without banks, and gold
and silver their only currency, the praeti-
cal realities are before us:-We have banks;
We have paper money. As a matter of
fact, banking is but one of the d.vis-
ions of labor into which commerce IS
is subdivided. and among every commercial
people the business proper of the banker is
as Indispensable as that Of the shipper,
transporter, or consignOr, in transac'ing
the business of the Country. The practi-
cal question which addresses itself to the
Legislator is not, whether the State may or
may not dispense with the use ofall banks,
but what is the best system or plan of
banki 6 for the people for whose interests
he is called upon to act, and how, and to
what extent should it be applied.
And so also of the currency Ofthe State.
So long as the people of Ohio are in bust
ness connection with the people of other
States, we arc and will be in the receipt
and use of the issues of the banks of other
States which circulate with the issues Of
our own banks, Of which, to the extent
of their existence, they take the place and
become the substitute. The practical
question is not whether we are to have pa
per money, or gold and silver as the COM
mon currency of the State, but whether we
are to have the issues of foreign banks, or
banks existing within our own State. res
ponsible under our own laws, and regula-
ted aud controlled by our own action
The experiment has been tried not only
in Ohio, but in several other States of dis
pensing with bank issues under State au-
thority, with one uniform rCsult-the- in-
PRODUCTION of debased foreign currency,
inconvertible into gold and silver, with all
the disastrous and demoralizing consequen-
ces of such currency. We should learn
wisdom from onr own experience as well
as from the experience Of other States in
tLis matter. At this very time Ohio IS
suffering great i1conveniencies and loss
from thc deprecated currency of other
States whose banks have suspended the
payment of specie. 1t was to obtain re-
lief from such currency that our existing
system Of banking was established under
the act of 1915. creating the State Bank
of Ohio and other banking companies.
1t appears from the quarterly report Of
the Auditor. for November last, that the
entire banking capital of the incorporated
banks Of the State il, viz
q ssI .3sl
! &c braneb., o, the State Bank of0 s4I04.5DO
| : Id.n.nIsnt hsnF......,,.. 631264
! VI tree banks.... .--s-'ss''' 'rA-'f'N~
/ The entire circulation 1t the same .,,,-
time viz. -. - 7fS@'sS@'
| Branches OF State Btnk...--..... -SI,4os'soJ
| Indepe ndent Btnks....--.s...--.. S.9'nrS
| Free ekauks............-..-. o1OF-S
This amount Of banking capital and IS
sue hears 4 very small proportion, as con-