Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1861-03-28


er, and foreign bank paper, or 'rags," il
you please, for the people, q revenue tariff
for the protection of Office holders, discriini-
mating against the people
The evil fruits Of this system have as yet
been but partially developed. Owing to a
commendable desire on the part of county
treasurers, generally, 10 evade the evils re-
sulting from. the collection of therevenues in
specie, nearly the entire amount coming 10
the State has been collected and paid over to
the State Ireas,,rer in paper money; the ne
cessary result ofvhich has been to compel the
State Treasurer to purchase coin to meet the
requirementsofthe law for paying out specie
for all sums under q given amount.
BY reference to the books in the auditor s
Office, il is found that the amounted pre-
MUM paid by the State Treasurer for coin,
purchased since the 18th Of November last,
is S63l 10, embracing a period Of but little
more than one quarter ofthe present fiscal
year. The cost ofthcse purchases, at present
onerous, is rapidly increasing under the. pro-
visions of the law, and promises speedily to
become a heavy item of expense to the State
The burdens of taxation, already sufficiently
intense, should not be increased except from
the most imperative causes.
Your committee object to another impor-
tant feature Of the "independcnt treasury
law :" which they deem worthy the careful
consideration Of the general assembly, to
wit the clause requiring the State and coun-
ty trcas,lrers to keep the funds locked up in
their vaults -and safes-thus Withdrawing
from circulation, for great portion of the
year, a large amount of money, unnecessarily,
as they think, tnIhe manifest injury Of trade
and commerce. THE workings of this law
are essentially different from that of the
sub-trcasury of the United States nftcrwhich
It was supposed to have been copied. The
United States sub-treasury law provides for
the collection as well as the disbursement of
the revenues in specie, which may be safely
locked up; but the Independent treasury law
ctG0ntemplatesthe disbursement only inspecie.
The practical working of the law, so far, has
been the collection of nearly the whole
amount Of the revenue in bank paper, and
the law requires that this paper shall be lock-
ed up and kept securely, without dcpositing,
etc. Now by this system, we make the
banks virtually the depositaries of the public
moneys, and without any security whatever.
If the banks fail, we have nothing but their
worthless paper. True, we have that Clock
ed up securely" Your committee regard
this provision of the law as not only inju-
rious to the business interests of thecommu-
nifty, but as wholly inadequate to the safe
keeping and protection of the public reve-
nues. l.e tt
Doubtless, the authors of this law con-
templated, undcf It's provisions, at an carly
day, the collection of the entire revenues in
gold and silver They did not, however,
take the responsibility to say so in the law. -
They, no doubt for satisfactory reasons, pre-
ferred to transfer that responsibility to the
county treasurer, by saying he should pay
out in specie. Many of the treasurers gave
public notice that twenty or twenty-five per
cent. ofthe taxes for the current year would
be required in specie; but this demand soon
yielded to public opinion, or to the still
stronger law ofpublic necessity, and the rev.
enues were collected, as usual, in paper
money, and that money was locked up for
safe keeping. The State proportion of the
money was mostly paid over in paper mon
ey. and the necessity thus imposed on the
State Treasurer, of purchasing coin to meet
the payments of all sums of one hundred
dollars and under, In accordance with the
provisions Of the present law.
Your committee deeming it unjust and
oppressive for the Legislature to provide, at
the expense Ofthe taxpayer, better cur
rency for the office holder and public credi-
tor than it does for the people, would re-
commend the repeal of those sections of the
law which require the disbursements of the
revenues in specie also that the Treasurer
Of State and county treasurcrs be authorized
to deposit such portion of the public funds
as may not at the time be needed in the
Treasury, by requiring of the repositories
the most ample securities for its return on
demand.
The advantages of the deposit system, in
point of safety, over the present one are
quite apparent where any considerable por-
ton Of the revenues are collected in bank
paper. 1t implies the endorsement of such
bank paper by outside parties of undoubted
pecuniary standing, or the pledge of Ohio,
or United States stocks, for its solvency and
ultimate redemption ON demand
BEBEE TRUESDELL,
ISAAC WELSH.
.t JOSEPH BRUFF,
w. b. McLUNG.
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