The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1861-01-18

D state authority, with one uniform result
e he introduction Of a debased foreign cur
= rency, incouvertible into gold and silver
2 with all the disastrous aud demoralizin,
consequences OF such a currency. We eshoult
learn wisdom from our own experience n
we'll as from the experience OF other state
in this matter. At this very time Ohio Il
suffering great Inconvenience and loss from
, the depteciaied currency Of other state
whose banks have suspended the payment o
specie. u was to obtain relief from such
currency that our existing system Of bankinC
was established under the act Of iSi5, Gre
ating the Slate Bank Of Ohio, and othet
banking companies.
tSee synopsis of Message in last wcrk : issae.
This amount of banking capital and issnr
bears very small proportion. a. compared
+ with the population, wealth aud business o
ths state, to the banking capital AMI issues oI
most Tho other states, and, As n consequence
: we find our deficiency ia supplied liy their ox.
resS NJ issues. II is hardly an over.esiimite
to say, that the Issues " foreign banks nnw in
the hands of the peuplc ~ Ohio, are equal to
the issues pf our nwn banks, or sbnut cish,
and Il half millions ~ dollars. Ofthis sum- 4
very considerable portion consists vt the Is
sues OF banks which have suspended specie
payments, embracing the banks Of Pennsylva
ma, Maryland, Virginia, Missouri, aud parts "l
the issues of other states. All such issues
ihave deprecated IN the hands of the people OF
Ohl"' al least ten per cent, amounting IN the
aggregate to several hundred thousand dollars.
when II Is remembered that IN tho Fall of So,
only three years ago, liko loss was sustain ,,l
by the people Of this state from the game
source, II becomes = question Of serious mo.
mont to consider whether any, and II any,
what measures can be adopted tn guard tho
people from such frequent aud heavy pecuni.
AIRY disasters. So 10 u as the supplv of circu.
liiting notes issued by our own banks. Is inSuf.
ncient for the transaction of the business Of tho
state, II WILL IN my opinion. he IN vain TO at
tempt by legislative enactmentS. to cxpel the
issues of foreign bai ks. The laws oftrade and
the necessities Of the people will prove more
potent than statutory restrictions and pruhi.
Buttons. u the fact may be considered rs de
monstrated. ~ think IL clearly may. that We
must depend chiefly for currency for the husi.
ness transactions 0t the people of the state.
either on the issues oi fJrcign b INKS, or Of the
banks Of our own stilte, think no citizen of
ON" can hesitate moment ~ to which he
wIuiI prefer ahd especially in view of tue
fict that while within three years the banks
of nearly Ill tho other states have SUSPENDED
10 r":''aV"N &c oT~' - ""h 'tt"ug 90 ttir."
twice IN that space at time, the banks of Ohio
have proved true tI their obligations, and
rqu.d To these tests of their strength, aud now
command the universal confidence of the peo
pie Of the state. ! respectfully submit tn the
consideration Of the Legislature. the question
whether any plan can be devised for the in
crease of the banking rapitLl, and consequent
enlargement "l the is1ues of banks within our
own state, rs the only practicable means uf
,cNpelling the issues ot foreign banks. and uf
PROTECTING the people from the manifold dIs.ts.
tcrs Of a d"blsei currency. This question /,
AS" important in another view. IL Is but Ave
years from the first Of May next. when the
charters 1T the banks Incorporated under the
act ~ February. lSli, viii expire. THIS ON
braces tho thrty.six branches of the stats
bank, and the seven independent banks, the
circulation of which being withdrawn, we
would he practically without any Ohio crcu.
lation, and dependent upon foreign banks for
our entire currency. The state may tu.w
the example of the general government in re.
>tricting the circulation and disbursement of
Tits rev nues IN gold and silver Bat, after all,
this will be- found I" exert little influence over
lac great business intcyests ot the people
! The fact. then. Of the near approach at the
time for i've years IL but a bricf period in the
history at a staiC-when the existing banking
! system vlil terminate, aud view uf the very
/ important consequences which must follow
THIS event, unless provision be made in time To
meet II, ara sufficient reasons for recommends
! ing this important matter to your ConSidera.
b tlon. There IS abundant reason tu bclieva
that a large majority of the people 1rG not only
satisfied with their present system of bank ng.
but that they would regard u ~ great public
calamity Ia sec II pass out uf existence. H.
hts met it, obligations under all rircIm stance.
maintained It's credit. aud furnished a currency
AZ all times convertible int" gold aud silver
These are advantages which the people duly
| With amendments uI the system which may be
dcem"d desirable, II any, for the better pro.
lection ut Ia" creditors of the banks, and, In
t rus suldcctmg the property of the banks to
taxation equal To that Imposed un the prop
crty Of individuals, as provided by our C"n,ti.
tuition. do not doubt the system would, during
its renewed existence. give rs universal sItla.
faction Ia the people of the state ts 1t is nov
giving.
'TnE rvRLtC wORKS.
/ again invite your attention to our public
works. During the past year the expenses Of
that department have cons dGrably exceeded
the reccipt'. This, it is said, IL mainly owing
tu the extraordinary nnudS ut ApII,, which
caused much damage tpa portion of the works
The tact that for the ll>t i've years the result
has been th" same, has induced the opinion
that they viii continue Il permanent tax 80
long rs they are controlled by the state: aud a
feeling prevails I" a considerable extent that
the eutr" interest ut the state in them should
hG disposed ui. There are grave cunsIdera.
tiuIlS connected with this subject, which will
doubtless receive YOUR carciul attention. That
the people Of the state viii demand the sale OF
these works. when they become sat tsfled ihcy
cannot be made sclfsuStaining, think admits
ut little doubt.
/ am not inScnsblr tu the great advantages
these works have been tn thc state. In dcyrl.
I Inping its resources. and increasing its wealth,
/ They have created far more capital than they
| have cost. Bat the counties not lying upon
4
any, advantages ir IN them, object to taxes tn
keep them IN repair for tho benefit of others.
They have built their own railroads and means
TT communication ~ @ithout tho AID of the state,
and sustain them At their own cost, No matter
how expensive they may be, and they contend
that K - lust us llir and proper rr the rest Of
the state "a be ttS@d " pay the expenses OF
keeping thor railroads ~ repair, IA It ~ 10
compel them to pay taxes I" Keep up the "a
malls. The active carrying competition ui the
. If hs "A
business on tho canals, hut " III ~ all time tu
come prevent them from trtnsLcting enough
business to make them self sustaining.
[See synopsis nj Message IN last weeks issue !
The estimated total cost OF cur public works,
ut tho time Of th9ir completion, WAS sl4, ,G21,-
$40 10. The average annual expense, beyond
the income ior the last Ave years. has been "a
fraction lass than ou" hall ut one per cent. on
this cost. Wa have then thiS unElvor,ble cx.
hibt. We have property that Cost uS about
iftcCu millions ct drltrI, and We ind by Ave
consecutive years experience that. iuslcai ~
It's phy ~ the interest un MS Cus, 10 Is actually
runulng us IN debt.
! This Is uno view 1T he ease. Let us look at
( the other. Many Intelligent citizens urge that
{ the public works. hy proper system uf inau
| agemeut and graduation ct tolls, rlu hc made
. not only Scli.su~ ltlnlng, but "A source of reVo.
nue. n The state. There are many and wrishty
rcrsOns why tins should he thoroughly tested.
hG,nrG We abandon th1S" costly and important
works. Larg" Ec'lmrutS have been uidc on
the line nf these works, rs T. claimed, under an
implied pledge un III" part ot the state, that
they should be kept IN permanent condition tor
use. An abandonment of tho can;lls, or their
sale without sufficient guaranty iur their
maintenance wuuld be ruubuS In tn. Iart eE
Interested. II would dcprcciate the V 10 of
property To AN amount exceeding the cost Ui
the canals.
In l,2S Congress granted nearly half a NIL
lion acres Of Land, between Dayton and IA.
mouth Il tho AuSlaiLe river for canal con.
, struclun. This was upon tho cuaditiun ok
pressed in the deed of conveyance, THAT sand
! canals, when completed, shall iureyor remain
, public highways tor ia" Use of the government
nf the United States, free from tolls or other
charge whatever for any property of the Unit
ed States, or persons ~ their service pSSsL-
Through the same" These lands were accent
sd by the state of Ohio with this condition, 80
They haze bGou sold, and the proceeds have
AMI Ia, ha Of th..tt