M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1862-01-16

EoiNs lLo OyubluuahCo hA tuH VI sUl
most important matters that can CONS
before the General Assembly. Tho
idea of the Governor seems 10 be that
the Constitution can 10 avoided by T.
simple legislative act continuing tho
existence OF the charter. It issuppos.
ed that submitting the question OF
con.inuahce to the people may be
avoided in that way.
1 Attention is next called 70 the recent
report of the United State Secretary Of
the Treasury, wherein hesuggested The
creation Of a national paper currency
based on the Federal faith aud resouF.
ces, and the retiring of the issues OF
State banks by means Of the taxing
power. The Governor controyer,g at
some length the suggestions Of the
Secretary, He maintains that they
are impracticable, and if practicable
would be ruino1s as q financial policy.
On this point the Governor says.
The Secretary of the Treasury. IN
his recent able report 10 Congress On
the finances Of the Government has
called in question the constitution
power OF the State to authorize tho is-
sue OF q paper surency by local ins.i-
tutionS. He also suggests that ths
exercise of this power may be coh-
trolled under itS constitutional pow.
erS to levy taxes, to regulate con
mercS, and to regulate the valae Of
coin. In the judgment of the SecFe
tary the time has arrived when Con.
gress should exercise their autLority
Passing, for the present, the con.
slderations that the power thus called
in question has been exercised, BY eY.
cry State in the Unisp. and this from
the foundation Of the Government to
the present day; that it has baeu re-
cognized and sustained by the high.
eat tribunals Of the country in every
department--executive, legislative,
and jdcIclsl; that it has entered into
and become incorporated with al bus.
innsss transactions otpLe people. aud
Aht the introductionBf new bssis
and system OF credits Tor thirty mil
lions of people, by the summary re,
moval of one chat has tins, been es-
tablisbed and acted on, would be ST..
tended with most serious ditiicuities
under apY circumstances, and cape.
peel y mdM the existing emil barrass,
msnw of the country--pasaiug oil
these cdRSideh6oas, see the most 80,
riouS objections to the whole project
10 tue means suggested for itS accom-
IplishmeAt.
The Secretary suggests that tl.u
gradual withdrawal Of the notes Of
private corporations and the Issue, ia
their stead, of United States uotea.
payable in cQlRSbA demand, NAV be
effected by theex@cise, by Congress,
of the power to levy taxes, and that
moderate tax, graduslly augmented,
on bank'nOtes, will relieve the nation,
al from the competition Of local circu,
lation. If the Government will fur.
nish better currency to. the people
tban that Of their local banks, no such
process as that Of a tax; gradually aug
mented, to the extinction Of the .ateY
will be necessary for the protection ..
the former, The people ars not oa.Y
competent 20 decide, but will be real.
J and quick to choose the better chr.
irency.
The right 10 discriminate in the In.
position OF taxes, for the encouraga-
ment snd protection Of particular il.
teresis of the people, may be ADMITTED
and its exercise under peculiar cir.
cumstanees expected, but the night .
discriminate against a specific D!u.-
FEST, and to levy a tax graduated to tH9
declared purpose and object of ira de4-
truction, is power which, once GOA
ceded, may prove 10 be an engine VI
crushing force to any local or State ~
terest, Or State institution.
| The Secretary suggests two plane
for furnishing a paper currency rs
substitutes for that now furnished by
local.or State banks, both ofiwhivh
are liable TO serious. and, az / think
fatal oojectiona. "The first contem-
pilates the gradual withdrawal from
circulation OF the notes of private ca
operations, and for the issue. in their
stead, of United States notes. payab-,
in coin on demand, in amounts sui3i-
eient for the useful ends off repressn-
tatiVe eurreuey.n To this plan snch
serious objections presented themsel.
yes to the mind of its author, that Ag
abandous it, and dismisses It BY say
ing be contents himself with obsery-
ing that, in his judgment, these pos
BILE disasters (incident to the PLAN &C.
r far outweigh the probable benefits q
, the plan; that be feels himself con.
T strained to torbear recommending ,a
adoption. 1t may, therefore, be dis
/ missed from further consideration.
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