Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-01-07

sources of the country are strong beyond
all precedents In our history, and as COM
pared with other nations who have passed
successfully through similar trials, they are
fully equal TO any probable exigencies, we
should bear in mind, that novel and extra
ordinary financial expedents may be resort
ed to by some Of the States, and by the Fed
eral Government, TO meet the real or SEEM
ing demands Of the crisis, which may dis
turb the currency of the country, and rem
der il indispensable for the financial securi-
ty of our State that its means, received from
its taxes and other dues, should be of the
most certain, and of the highest value.
In pursuance OF the Act of the General
Assembly, "To provide for leasing the Pub
lie works of the State" the Miami and Erie
Canal, Ohio Canal, Walhonding Canal, San
dy and Beaver Canal, Muskingum Improve
ment and Western Reserve and Maumee
Road were, on the second day Of juno last,
transferred to lessees for the term Of ten
years, at an annual rent Of twenty thousand
and seventy. fve dollars.
Sufficient time has not elapsed 10 test the
wisdom Of the legislation providing for the
lease Of these Works. I cannot but express
/ my ANbAptj thfsb Alo ki1lhhuIb ulu uub h4up
my recommendation for the appointment o.
a Commission TO make q detailed examina
! ton OF the Public Works, for the purpose o
sscertaining whether such changes in our law
cOuld not be made as would sufficiently les
sen the expense, or augment the income, L
render the canals selE-sustaining. l nov
call the attention Of the Legislature TO thu
subject only, to recommend that such ad
ditional legislation be had, if in the wisdom
of the General Assembly any may be neces
sary, as will aid in securing to the peopl
the most profitable use of the canals consis
tent with the rights Of the lessees.
The total receipts from TOLLS, fines ant
water rents, for the fiscal year ended No
vember 10, 1861, were $127,S42 95. Tn
disbursements, for all purposes, were $l3l,
673 70, showing an excess Of expenditure
over receipts Of 1880 n.
! again called the attention of the Legis
lRture TO the important subjects of the cur
rency and banking interests of the State
These subjects are not only intimately con
nected with the business interests of th
State itself, in its large financial operations
involved in the collection of its taxes an
ether revenues, the payment of interest o
its foreign and domestic debt, and the var
GUS disbursements incident to its own SUP
port, but with the wages of labor, the eI
changes of commerce, the business transat
tons, large and small, of every citizen.
no greater evil can be inflicted upon tn
material interest Of any people than that
a deprecated and debased currency, SO n
higher duty to those interests can devol7
upon legislative body than to protect tho:
they represent from such a calamity.
In a former communication, directed Il
attention of the Legislature to the losses an
many evils the citizens of Ohio had sustaine
: from this source, chiefly by the use of Il
bank issues of other States, whilst those
our own banks had maintained their cred
through the then recent crisis, befoi
which the banks of nearly every other Sta
gave way. And it is a source of gra
ification that the currency and banking il
stitutions of our State, after thus successfu
: ly meeting and passing through the con
mercial crisis, have met with equal drmne
and success--in fact have grown strong
under the influences of the political trol
bles in which we are involved.
From the official reports of the Branch
| of the State Bank Of Ohio, made on the
, day of November last, 1 extract the follow
ing facts;
Aggregate amount of capltal ........ 81 ia 900