Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1862-01-16
H o. HaH=AaaalII - - -
prRLIc DERT
PUBLIC DEBT.
sTArrHESTs o. issULs AND REDtMPTIoys or THE


Dplestc gebi. ~ UfJ-Js ID CTsIf0.17 21121O. 20
Domestic Issued sl s3l17a45 ss2,i7sl5
f2siOssj7.5o Il,0si i,oJ4a2 u sg7 279.9e
Amount Of stock eoneeled 3,os5s 20 ''o'''''''''
AIo919, @ ls5sesg redeemed Led ...,n. SoS9IS3ss eGS
Amt outstanding Nov 1871, 1897 27S "a
- s2s, ,7a3, ,3o7 80
TAX LAWS.
The message cOinmends 10 the assembly As
worthy Of their best consideration revision of
our tax laws. in view of the increased sale of
public expenditures which aturally attends the
prcseht 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 Tor ordinary peace establishments
IN Some OF he most prosperous countries Of Eu-
rope, and will not in any serinus degree OBJ
struct its prosperity or depress its industry.
! | repeat thc recommendation made in my
, Annual Communication to the last Legislature
Tor such an amendment Of the law. To estab-
iish the independent Treasury Of the State of
Ohio n 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 NAV
be added Treasury Notes Of the United States;
and respectfully refer to that Communication
Tor the reasons which have induced the recon-
, mendation. 1t is innniesfly only proper that
the General Assembly, and noi 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 Lcgislature 10
perform. in view Of the financial perils TO which
the State may be exposed during the troubles
that now affict 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 n. compared
with other mai ions who have passed successful
ly through similar trial. they fully equal 10
/ any probable exigencies; We should bear in
/ mi nd that pnvai .,I aT.r1prIiurry fpopcioI
expediens may be resorted TO by some of the
States, and by the Federal Government. TO meet
the real OF seeming demands of the crisis, which
may disturb the currency of the country, and
render it indispensable for the financial sccuri-
ty of our State that its means. received from
taxes and other dues, should be the most GER
tain and Of the highest value.
THE PUBLIC WORKS.
! In pursuance Of the act Of the General AS
sembly, "To provide for leasing the Public
Works of the State the Miami and Erie Canal
| Ohio Canal. Walhonding Canal. and Beaver Ca
nal Muskingum improvement, and Western
/ Reserve and Maunee Road were. on the I'd day
of June last. trans erred to lessecs for the term
of ten years, at an annual rent oftwenty thous-
/ and aud scventy-fve dollars.
The message expresses regret that 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 Sl21.S42 95. The disbursements for all
purposes were 81 81 ,613 -, showing an excess
of expenditures over receipts OF S3,sS0 II.
! The BANKING INTERESTS OF THE STATE.
I In former communication, ldirected the at
teniion 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 which the banks of nearly
every other State gave way. And il is soulce
of qualification that the currency and banking
institutions of State, after thus successfully
meeting and passing through The commercial
crisis have met with equal tirmness and success
! in fact have grown stronger-under the iufu-
ences OF the political troubles in which we are
involved.
From the official reports of the Branches of
the Stale Bank of Ohio made on the LIST day of
November last, l extract the following facts.
Aggregate amounr of capital s4ll4,J00 90
- Of surplus 9jO,9s5 6S
Of coin in vaults and sub
er2esate eSs 20 Of notes and bill. disc ned si4s276 %
Of notes in circulation l,l36,lsl 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 10 its
order, besides an amount, greater than ITS en-
tire circulation in notes and bills counted.
| am thus particular in referring TO the pres
cnt condition of the State Bank, not only be-
cause it is the chief banking institution of tho
State. and furnishes nearly our entire Ohio
currency, but from the fact that | think the
time has arrived to determine whether il is ex-
pedient to continue its existence beyond the
period for which it was OrigiOnally chartered;
and. ifexpedent. 10 take the necessary steps
| for that purpose. The charter of the bank will
| nypira in f,ur vears frun the first lay of Nav
! next The sixteen wears of its existence have
afforded ample opportunity Of testing the ques-
ti,n whether the objects proposed to be attain
ed by its authors have b9en accomplished,
| These objects we're
| lst. The furnishing of \ currency TO the
people of The State. convertible into coin Mt the
pleasure of the holder.
I'd. The securing of this currency in such a
manner to project the holder thereof against
loss, in the event of n failure Of The bank which
issued it.
3d. The securing to the several sections of
the State e fair participation IN the privileges
granted by The Act.
AS to the first object. all mrsi admit that it
has been fully attained. the issues OF The bank
being treated as equivalent 10 coin in every
business transaction. large or small. among the
pc ople of This State. On this subject there,
! can be no difference of opinion.
AS to the second object-that OF protecting
lnc Dill holUeT against loss, IN tle event ol tue
failure of tue bank issueing it-I may remark,
that this has been regarded as the great prob
lem TO b. solved, on the success OF which de-
pended the fate of any system of banking that
| nay be adopted. Various plans of effecting
this have been proposed. The Safety Fund"
system. first introduced in New York. has
/ proved IN entire failure. The plan OF securing
! the circulation by deposit of State bonds. and
other securities, has not worked satisfactorily;
chiefly from two reasons: the liability TO depre-
cation in the securities pledged; and the delay
incident Ia their conversion into money under
the most favorable circumstances. 1t is during
this delay that the holder of small sums suffers
his loss The plan of securing the note holder.
proposed in the system known as that OF the
Sia,c Bank Of Ohio, is TO make all the banks
associated in the s, stem. liable, 10 the full ex-
tent of all their means and assets, for the issue
Of each Branch. 1t has q "Saiety Fund. but
that fund is not, as other systems of banking
and is often msapprehended, as to this-held
rs n fund for the protection of the note holder
hat fur the benefit of lbe bands themselves
The Safety Fund" SO TO speak. from whief
the noie holder is protected, consists OF the en-
tire capital, assess and means ofall the branch
cs and it Is the duty of the managers. IN cas'
Of the insolvency of any one branch, TO make
p immediate provision for the payment OF the
6 notss Of such. in coin, by requisitioh upon fh'
solvent bran ,hes.
e Thus in the exhibit above stated. the entir'
. four millions of coin is liable for The redemp
i lien of the notes of any insolyent branch,
!. But this is not the only means Of sustaing tn
Q credit OF these issues in the eyunt Of a failure
!. Every branch is required to receive the issue
/. Of such failing bank. in pay ment OF all deb's
- at their par value. This prevents their depre
in M