Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-05-01
HOUSE OF REPRESENTATIVES.
I i TurspAY, April 30, 1861.

AfTEkNUON bhorioN'
Mr.. NILSSON introduced H. B. 50l-Regu.
tlat;np the appointment and prescribing the du-
ties Of Chaplains in the Ohio Volunteer Militia,
which was read the first ard second times, ana
referred to the committee on the Militia.
Mr.. SCOTT, Of Warren, introduced d: b; <
502-Making appropriations in part Tor ieoi-S
which was read the first and second times, ana
referred to the committee on FINANCE
/ Mr.. VINCENT, from the Finance committee,
renorted back n. B. 4s7-To suspend the 18th
and IAN sections of the sub-treasury act, for q
llimited time, with an amendment, allowing the
payment Of notes Of Ohio specie paying banks
/ in small sums. IN
Mr.. FLAGG said the amendment was good,
hut the bill was bad. To change our system at
this time, in the face Of war, is impolitic. Be-
sides. gold will be plenty If the war goes on,
snecie will be paid out in abundance; and the
i banks will be able to meet all demands. East
{ ern banks are full of gold; and it will come
vest under Government operations, and we
; shall have enough to answer all our purposes
There was no need of the law; and we shall on
" disturb public confidence by passing this bill.
Mr.. PLANTS said there was one OF three
things to be done. We must either mooiiy TINS
law, suspend its operation, or q large sppropria,
tion must be made for the purchase OF gold and
silver. The price of gold, now, is three or foul
Der cent. We must provide for this state o.
/ things, or great Inconvenience and embarrass
ment will follow.
3 Mr.. WOODS replied that he held with Mr.
; P. that the banks Of Ohio were good and hkel.
to remain 40; but if that were 80, there could b
mo need of this bill, for all the Treasurer vii
have to do to get specie will be to draw the spe
o. Gle from the banks, by presenting their specl
A having notes. He held that there was no ney
occasion for this bill. and he therefore opposes
lit.
4 lin the present law, which required the count
and State Treasurers to keep the money they re
ceiye in the vaults, until paid out, making
j impossible for him to use it for exchange. n
q lcontended that IL would be impossible Tor tn
;. kTreasurer to get the specie. tss,
~ Mr.. BALDWIN favored the bill, and shove
what it would cost, under Che operation OF th
to specie clause Of the independents treasury Law
q 70 purchase specie for the present year havin
~ large sums to disburse from the State Tfeasur!
as growing out Of the present crisis, the COZ
Of would be from ten to twenty thousand dollar
az Il a probable we would have to buy one millio
Of dollars, If not more. At one per cent, tt
coat would be Ten thousand dollars; II spec
,s should advance to two per cent, the cost won
v. be twenty thousand dollars. Isit not an objec
in with our large expenses, to avoid this unneces
q sary expenseq Outside Of this, we must look
= the business interests Of the State. The bus
IL nesa men want bank accommodations, al
re therefore it is important that the financial pol
10 oy Of the State should not besuch 40 70 comp
Il the banks to 60 contract their circulation as
"a hamper our merchants, manufacturers and bus
~ ness men,by withholding the usual accommod
pc tions. Again. It were no security 70 lock
the bills of foreign banks in our state a.
2 county treasures for months, and them On y
~ day Of paying out the money, to sell these not
as for specie.
= 8, Mr. FLAGG said that all the argumen
= based upon the idea Of having TO buy gold wou
xt be lust as strong In favor Of paying out o.
at kind Of currency that may be taken In, becau
epecie-paying notes are worth more, and won
;, have 70 be bought. He said all the Treasur
70 had TO do was 70 take good bank bills, and VIII
nd he wants specie, get IL on these notes. ln tim
fitl of war he would not shoot paper walls, nor wou
!, he use paper money. He would use good sol
= iron shot and good gold money.
ee Mr.. STUBBS referred tothe Bank Stateme
he to show that there was not quite two millions
Of gold and silver in the State; and supposiug \
,hs banks TO have one-haif Of the whole amount
the State, il would bt impossible 70 pay =
'p7 pxes at the next time Of payment He wou
NJ therefore the specie clause Of the sub tfes
h ury law suspended. n sfl'sa "a x5aC.s f1
q. MIR. WOODS replied 10 the argument th
ise the Treasurer was not allowed 70 take I
ng money out Of the Treasury for exchange ID
.he isoecia; and contended that II was complet'
within the range Of tho Treaaurer's duty
~ handle the money in this manner To suppC
no tie contrary Ia an absurdity. I. (.
me The amendment Of the committee was agrs
the 10, when is a5iss !. y ssj ,l "A "a
= =. The vote was called on ordering the bill to
Ivy eneroased, which fesulted-yeas AZ nays 43
pei The senates resolution providing for I
lat vic adjournment, on Monday, the sixth day