Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1861-03-28
MIR. yyELsH,s REPORT.
Report of Select Committee, on
House bill No. n.

Report Oh SeteCt OOnmlttee, Oh
House Bill No. n.
The select commit ee, to whom was refer
red II. b. No. IL; BY Mr. Truesdell---To
amend section IA of an act entitled IAN act
to establish the independent treasury of the
State of Ohio, have had the same under
consideration and coos.
aa' REPORT.
That portion of the Independent treasury
law proposed to be repealed by this bill eyi-
dently contemplates, at an early period, the
collection and disbursement of the entire
revenues OF the State in gold and silver on
y. Although the act does not designate
what kind Of funds shall be taken in pay
ment Of taxes, it provides specifically for
what kind shall be paid out Of the Treasury (;
requiring, at the present time, that all pay
ments made from the State Treasury, in
sums of,Sl00 and under; after the fourth
day Of July, 1861. all payments Of 5000 and
under after the fourth day of July, 1862,
all payments of $500 and under; after the
fourth day of July, 1868, all payments of
$400 and under; after the fourth day
of July, 1864, all payments of $500 and un-
der; and after the fourth day Of July, 1865,
all payments whatever, shall be made in
specie. The same system is made to apply
to County Treasures, and the whole reve-
nues of the State and of the Counties will,
after the fourth of July, 1865, be required
to be disbursed IN specie only.
The sums heretofore required to be dis
burscd by county treasurers. in specie, were
50 small Tint fhe trcasnrers were generally
enabled, with o good deal of trouble to them
selves, to procure coin sufficient for the pur-
pose, without very great annoyance or in
convenience to the taxpayer /; but this pc
riod, under the present system, is about at a
close, and the tax payer, under the next as
sessment, will have practical foretaste of
the evils of the law, which would grow rap
idly and ripen into full muturity in the fall
of 1864.
So radical change in our financial and
revenue system, cntailing on our people great
cost and Inconvenience, could only be justified
by some great corresponding benefit. Is
such benefit likely to be realized under the
workings Of the eprcsentlaw2 Your commit
tee think not ., ..s..a
Taxation is an arbitrary power, and al
though necessary to the existence of all gov
ernments, it should be exercised with due
regard to the rights and convenienees ofthose
taxed, and no burdens imposed on the peo-
pie not really necessary in the exercise of
that high prerogative. Taxation in tho State
has become oppressive-the gross amount
of revenues for the last year reaching the
enormous amount Of ten million eight hun
dred and sepentcen Housdndsir hundred and
sevents si1 dollars and thirty four cents. =
Can this large and annually increasing
amount be collected in specie only, without
unnecessary inconvenience and great op-
preston to the, people2 To answer this
we'll into the condition of our c;rculoting
medium in Ohio, as well as to the financial
condition of tho whole country. and ;ts rel
We find bv reference to tho ouarterlv bonk
lnst in nnrsuance of law, that the wbole
nmonnt @ IF Ohio Ronk c;rc,,,at;on % IL @ "r,v Sio ss
I43.6II. being 40. 674. O65 less than The
amonnt Of onr taxes far tbc last vear % Tho h
specie basis of this circulation was Mt tbc
sa%o ov t;me s 20 ~ aaT aSs asnot MS ~ 'nt ~
! tbe amount reoured to nav The tayes fnr ono
veor y. - - ~
A very largo norton of the c;rculot;ro
medium of The State Is The issue of banLs oni
of the State. which. although nfforIino great
facilities and convenience IN Mi orr cnmmer. H.
cial transactions could not be made nva;Ia.
bic in the PAYMENT Of toxes nnder this law
sxcept at rninous sacrifice to the M taS nav, "
er. Our own banks, with capital stock Of
only AZ. 74I. 700. and less tbon two and one.
half millions of specie. could hardly be OK.
nected to survive the collection of one vear's
taxes in coin. This result was no donbt in
tended by the authors of thelaw. No hank
pnper of our own. MS we'll astbe collection ot
the entire revenues in specie. The vacancy
occasioned by the destruction of our own
bank circulation, over which we hare con.
troll, would be filed I'M bv the naner ot
other States, over which we have mo control
The ordinary business of the country would
be transacted about as formerly eycent with
this differenco: the merchant. manufacturcr'
tho mechanic, or the farmer shinning his
Goods or produce out of the State wonid @ ret
his return directly in the currencv of other
States. or bv draft on broker in onr own
State, who would nav him in currency, in. IN.
stead of getting draft to one Of omr own WI
banks or to a broker who would be comnell.
ed to nav in bankable finds How tbcn
would the tax-payer nrocnre snoc;ep The
farmer has to sell his grain. his nork fonr'
tobacco.~in short. oyeythina he has has To % sell
for the currency of the country Ifbe does
not do this. and renuires navment in co;n
he has 10 submit IN n less nricc that IL he
has to nav the nurcbascr for his trnnble % "a, and G
expense in procuring coin for him Tins the The
seller, Indirectly, bsvs his coin And the I