Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1862-01-16

Up to JAM IS SIT 4s25o 1852 a2745 $685. $50;
Redeem loan of'5o, 4,14l,4 451.4s 4141,46s AS
During ls5s, 7oo,Ooooo 7oo,ooo.oO
| Domestic debt, IS e49S7sl3 6T216s.77 2772lo SO
Domestic issued '61 $50, ,l73.45 s3217 As
sas 1885, ,s07.Ss Il, ,s0l, ,os4. p 4, ,se5 .2!a. g
AMOUNT sfs Of stock {, itcs1 eonoeled s4ss5s.7s
| Amount redeemed 5,o0e,73s.es
Amt redeemed by reissues 8.ea2 l6s4s
Amt outstanding Nov. Is, ,'6l, 14,S -273 "a
| The message commends TO the assembly As
orihy of their best consideration revision of
| our tax laws, in view of the increased sale Of
public expenditures which naturally attendsthe
present condition of the country. The wealth OF
the State is such that. in any probable duration
of war, and in any probable extremity OF war
taxes, the rates of taxation will still fall short
of the rates for ordinary peace establishments
In some OF the most prosperous countries of Eu-
rope, and will not in any serious degree OBJ
struet its prosperity or depress its industry.
repeat the Recommendation made in my
Annual Communication to the last Legislature,
for such an amendment of the law, ITO estab-
lish the Independent Treasury of the State of
| Ohio" as will require the payment of public
| dues 10 be made in specie. and the notes of spe-
eie-paying Banks, of the State, to which may
and respectfully refer to that Communication
for the reasons which have induced the recon
mendation. 1t is manifestly only proper that
the General Assembly, and not the Treasurers,
should prescribe the kind of funds 10 be receiv-
ed in poyment of the public dues. Especially
is this an important duty for the Legislature to
perform, in view Of the financial perils to which
the State may be exposed during the troubles
that now afiict the country. For although it is
true that, at this crisis, the financial position
and resources of the country are strong beyond
all precedents in our history, and as compared
with other nations who have passed successful
ly through similar trials, they are fully equal to
any probable exigencies; we should bear in
mind, that novel and extraordinary financial
expedients may be resorted TO by some of the
States, and by the Federal Government, to meet
the real or seeming demands of the crisis which
may disturb the currency of the country, and
render it indispensable for the financial securi-
ty of our State that its means. received from
taxes and other dues, should be the most cer-
tain, and of the highest value.
THE PUBLIC WORKS.
In pursuance of the act of the General As
sembly, ITO provide Tor leasing the Public
Works of the State" the Miami and Erie Canal,
Ohio Canal. Walhonding Canal, and Beaver Ca
nal, MuskiHgum improvement, and Western
Reserve and Maumee Road were, on the I'd day
of June last, trans erred TO lessees for the term
of ten years. at an annual rent oftwenty thous-
and and seventy-five dollars.
The message expresses regret that n Com
mission was not appointed to examine the Pub
lie Works and to ascertain whether they could
not be rendered self-supporting. before they
were leased.
The total receipts from tolls, fines and water
rents, for the fiscal year, ended Nov. Is 1861,
were SI27 $40 95. The disbursements for all
purposes, were Sl3l .673 ~, showing an excess
Of expenditures over receipts OF $3.SoO n,
THE BANKING INTERESTS OF THE STATE
In former communication, directed the at
tention of the Legislature to the losses and
many evils the citizens of Ohio have sustained,
chiefly by the use of the bank issues of other
States, whilst those of our own banks had main
tanned their credit through the then recent COM
mercial crisis, before W. hich the banks of nearly
every other State gave way. And it is a source
Of qualification that the currency and banking
institutions of our State, after thus successfully
meeting and passing through the commercial
crisis, have met with equal hrmness and success
in fact have grown stronger-under the iutiu-
nnces Of the political troubles in which we are
involved. .- q.
From the official reports of the Branches of
the State Bank of Ohio. made on the lst day OF
November last, extract the following facts.
Aggregate amounr of capital s411t.Soo %
of surplus e5o,ss3 o
of coin in vaults and sub
eea 20 of notes and bills s.
Of notes in circulation 1,I36lSl 90
This exhibit shows the Institution rs having
On hand more than fifty per cent of its circula-
ting notes in coin in its vaults and subject TO Its
order. besides an amount. greater than It's en-
lire circulation. in notes and bills counted.
/ am thus particular in referring TO the pres
INT condition Of the State Bank. not oriy be-
cause it is the chief banking institution of the
State. and furnishes nearly our entire Ohio
bht from the fact that ! think the
lime has arrived to determine whether il is ex-
pedent 10 continue its existence beyond the
period for which it was origionally chartered;
and, ifexpedient, TO take the necessary steps
for that purpose. The charter of the bank VIII
expire in four wears from the first day OF May
next The sixteen years OF its existence nave
afforded ample opportunity OF testing the qnes-
ton whether the objects proposed to be attain
ed by its authors have bsen accomplished,
These objects were
lat. The furnishing of currency to the
pconlo of the Stale. convertible into coin at the
pleasure of the holder.
Cd. The securing of this currency in such
manner to protect the holder thereof against
oss, in the event of failure Of the bank which
ssued it.
Sd. The securing to the several sections of
he State fair participation in the privileges
,ranied by the Act.
As 10 .he first object. all must admit that 1t
las been fully attained. the issues oil The bank
,eing treated as equivalent to coin IN every
business transaction, large or small, among the
,oople of this State. On this snblect there,
an be no difference Of opinion.
As TO the second object-that of protecting
he bill holder against loss. il the event of the
allure of tue bank issueing til may remark,
hat this has been regarded as the great prob
EN- to be solved, on the success of which de-
'ended the fate of any system of banking that
cay be adopted. Various plans of eftecting
his have been proposed. The "Safety Fund"
ystem. first introduced in New York. has
roved an entire failure. The plan Of securing
be circulation by deposit of State bonds. aad
ther securities. has not worked satisfactorily.
hiefiy from two reasons: the liability to depre-
alton in the securities pledged; asd the delay
accident to their conversion into money under
be most favorable circumstances. 1t is during
his delay that the holder of small sums suffers
is loss. The plan of securing the note holder.
roposed in the system known as that Of the
tate Bank of Ohio. is to make all the bauks.
ssociated in the system. liable to the full ex'
mt ofall their means and assets. for TIM issue
each Branch. 1t has "Safety Fund. but
iat fund is not. rs other systems OF banking
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