Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1862-01-07

nual communication to the last Legislature. for
| such an amendment of the law ITO establish
the Independent Treasury Of the State of Ohio"
as will require the payments OF public dues TO
be made In specie, and the notes Of speeie-pay-
ing banks of the State, to which may be added
Treasury Notes of the United States, and re.
spectfully refer 10 that communication. for the
reasons which have induced the recommends
tion. II is msnifestly only proper that the
General Assembly, and not the Treasurers,
should prescribe the kinds OF funds to be re-
ceived in payment of the public Dues Espe.
cially ia this an important duty for the LeRisla
ture to perform, In view Of the financial perls
to which the State may be exposed during the
troubles thst now aflict the country. For al
though 1t iB true that, at this crisis, the 6uan-
cial position and resources Of the country are
strong beyond all precedents in onr history.
and az compared with other nations who have
passed successfully through similar trials, they
are fully equal to any probable exigencles, we
should bear in mind, that novel and extraordi-
nary financial expedients may be resorted TO by
some of tho States, and by the Federal Govern
ment, 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 security Of our State that its means,
received from its taxes and other dues, should
be of the most certain, and of the highest
value. tu .ftH OF.
In pursuance of the Act of the General As
sembiy, "To provide for leasing the Public
Works of the State" the Miami and Erie Ca
nal, Ohio Conal, Walhonding Canal, Sandy
and Beaver Canal, Muskingum Improvement,
and Western Reserve and Maumee Road we're,
on the second day of June last, transferred to
lessees for the term Of ten yeare, at an an.
nual rent Of .Tenty thousand and seventy-fITe
dollars. ..a .
Sufficient time has not elapsed 10 test the
wisdom of the legislation providing for the
lease of these Works. l cannot but express
my regret, that the Legislature did not adopt
my recommendation for the appointment of
Commission to make detailed examination of
the Public Works, for the purpose of ascertain
ing whether such changes In our laws could not
be made as would sufficiently lessen the ex-
pense, or augment the income, to render the
canals self-sustaining. now call the attention
of the Legislature to the subject, only to rec,
ommend that such additional legislation be
had, If in the wisdom Of the General Assembly
any may be necessary, as will aid in securing
to the people the most profitable use Of the ca
malls consistent with the rights of the leasees
The total receipts from tolls, fines and water
rents, for the fiscal year ended November Is,
1861, were 1927 ,S4295. The disbursements.
for all purposes, were $l3l ,673.72, showing an
excess of expenditures over receipts OF SO,
| 930.77. .f HHt ta.
again call the attention of the Legislature
to the important subjects of the currency and
banking interests Of the State These subjects
are not only Immediately connected with the
business interests of the State itself, In its
large financial operations, involved in the ccl-
lection of its taxes and other revenues, the
payment of interest on it's foreign and domestic
debt, and the various Disbursements incident to
its own support, but the wages Of labor, the ex.
changes OF commerce, the business transactions
large and small, of every citizen. sn0 great.
or evil can be inflicted upon the material inter.
ests of any people than that Of deprecated
and debased currency, go no higher duty to
those interests can devolve upon q legislative
body than to protect those they represent from
such q calamity,
In o former communication, directed the
attention of the Legislature to the losses and
many evils the citizens OF Ohio had sustained
from this source, chiefly by the use of the. bank
Issues of other States, whilst those of our own
banks had maintained their credit through the
then recent commercial crisis, before which the
banks of nearly every other State gave way.
And il is source of qualification that the cur
rency and banking institutions of our State, af-
ter thus successfully meeting and passing
through the commercial crisis, have met with I
equal hrmness and succees-in fact have grown
stEonger-under the influence of the political
troubles in which we are involved.
From the official reports Of the Branches of
the State Bank of Ohio, made on the Let day
of November last, extract the following facts:
Aggregate amount Of capital. 500 90
| - OF surplus. $50, ,935 60
OF coin in vaults and
| subject to order...... ,4,066, SIS IL
| f " OF notes and bills dis
counted.s s's......... {, ,143 277 G3
Of notes In circulation. a,l36, lsl 90
This exhibit shows the Institution as having
on hand more than fifty per cent. of its circu.
lating notes in coin in its vaults and subject to
its order; besides On amount, greater than its
entire circulation, in notes and bills discounted
/ am thus particular In referring to the pres
ent condition of the State Bank, not only be-
cause it is the chief banking institution Of the
State, and furnishes nearly our entire Ohio cur.
rency, but from the fact that, think the time
has arrived to determine whether il is expe-
dent to continue its existence beyond the pc
riod for which II was originally chartered; and,
If expedient, to take the necessary steps for
that purpose. The charter of the bank will
expire in four years from the first day of May
next. The sixteen years Of its existence have
afforded ample opportunity Of testing the ques-
tion whether the objects proposed to be attained
by its authors have been accomplished.
These objects were
FiTst. The turnishiDg q currency to the
people of the State, convertible into coin at the
pleasure of the holder.
Second The securing Of this currency in
such manner as to protect the holder thereof
against loss, In the event of failure Of the
bank which issued it.
I Third The securing to the several sections
of the State fair participation in the privileges
granted by the act. Iaa
AS to the frat object, all must admit thatit
has been fully attained, the issues of the bank
being treated as equivalent to coin in every
business transaction, large or small, among the
people Of this State. On this subject inere can
be no difference of opinion. 1a
As to the second obect-that OF protecting
the bill holder against loss, In the event OF the
failure of the bank issuing Ill may IemaIk'
that this has been regarded 90 the great pro-
blem to be solved, on the success OF wnicn de-
pended the fate of any system OF banking tnat
might be adopted. Various plans Of etiecting
this have been proposed. The "Satety Fund"
systern.. first introduced in New York, has
proved an entire failure. The plan Of securing
the circulation by q deposit of State bonds, and
other securities, has not worked enthusiastically
chiefly for two reasons: the liability 70 degfe-
citation in the securities pledged; and the deiny
incident to their conversion into money unuer
tho most favorable circumstances, His uus,ns
this delay that the holder of small sums spnsls
his loss. The plan Of securing sne ho.e9v ~
or, proposed in the system known ~ 'nS' VI 'He