Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1862-01-15
" redeem d BY re-is-
sues .......-... -.6 o u ass 43
outstanding Nov.
Is, IS5l-...-....sf4.S9..2T3 81

I redeem BY re-is-
| sues -.......-...- 66ll, ASS 43
! outstanding Nov.
Is, 1851 r. S9..273 81
! repeat the recommendation made in m,
/ Annual Communication to the last Lsgisla
/ ture, for such an amendment of the law
! ''To establish the Independent Trees Iry O
| the State of Ohio" us VII require the nav
/ m Mt of public dues to be made in specie. an,
I TIE notes Of specie paving banks of tn
State, to which may b. added Treasury Note
of the United States; and respectfully rcfe
t. the Communication for the reasons whicl
have induced the Recommendation. 1t /
manifes,ly only proper that the Genera
! Assembly. AMI not the Treasures, should
pres .ribe the kind o funds to be received
in payment of the public dues Especial
ly is this an important duty for the Legis
lature to perform. in view Of the inancia
perils to which the State may be exposed
during the troubles that now afilict the
country. For although it is true that, al
this crisis, the financial position and re-
sources of the country are strong beyond
all precedents in our history, and rs CON-
pared with other nations who have passed
successfully through similar trials, they
are fully equal to any probable exigeneies,
We should bear in mind, that novel and ex-
traOrdinary financial expedients may be re-
sorted 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 fnan-
cial security of our State that its means,
received from its taxes and otLer dues,
should be of the most certain, and Of the
highest value.
In the pu.s su nee Of the Act of the Gen
eral Assembly, 40 provide for leasing the
Public Works of the State" the Miami and
Erie Canal, Ohio Canal, Walhonding Canal,
Sandy and Beaver Canal, Muskingum Im-
prOvement, and Western Reserve and Mau-
NEE Road were, on the second day of June
last, transferred to lessees fer the term of
ten years, at annual rent Of twenty thou
sand and seventy-fve dollars.
Sufficient time has not elapsed to test
the wisdom of the legislation providing for
the lease of these Works cannot but
express my regret, that the Legislature
did not adopt my recommendation for the
of a Commission to make
detailed examination of the Public Works;
for the purpose of ascertaining whether
such changes in our laws could not be made
as would sufficiently lessen the expense,
or augment the income, to render the canals
now call the attention
Of the Legislature to the subject only to
recommend 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 prof.
able use Of the canals consistent with the
iisbts of he lessaes.
Ihs total receipts from tolls, fines and
water rent, for the fiscal year ended No
-ember Is. 1851, were sI27,s42 60
The disbursements, Cor all pcrpOses, were
'l3L,G73 ~, showing At excess . exPen-
litures, over receipts Of s., 8JS3 a.
again call the attention of thr Legs
lture to the important subjects of the CT
ency and banking interests of the State
he subjects are not only intimately con
eeted with the business interests Of the 4
tate itself, in its large financial operations.
involved in the collection of its taxes and
ther revenues, the payment of Interest on
IS foreign and domestic debt, and the va
iOus disbursements incident to its own
upport, but with the wages of labor, the
x;hanges Of commerce, the business trans
ctiOns, large and small, of every citizen
IS NJ greater evil can be inflicted upon the
larterial interests Of any people than that
a deprecated and debased currency, 50
o higher duty to those interests can devolye
pom a legislative body than to protect
nose they represent from such a calamity
In former commune Ition, l directed
&c attention of the Legislature to the
'sses and many evils the citizens of Ohio
ad sustained from this source, chiefly By
le use of the bank issues of other States:
hist those of our own banks had main
lined their credit the then recent CONNER
al crisis, before which the banks Of near
every other State gave way. And it is
source of qualification that the currency
I'd banking institutions of our State, af
r thus successfully meeting and passing
trough the commercial crisis, have met
lth equal frmness and success-in fact I
I've grown strOnger-under the influences
the political troubles in which we are ,
volved.
From the official reports of the Branches :
the State Bank Of Ohio, made on the :
It day Of November last, [ extract the =
flowing facts: y
ggregate amt Of capital, si.II4.516 90 O
DO OF surplus, $50, ,955 GS ;
90 of coin in vaults
and subjee, to or c
der, 4,O66.555 10
10 Of notes and bills +
discounted, S,I43, ,277 GO :
10 Of notes in circula-
tion. s,I36ISI 90 t
This exhibit shows the Institution as 0
wing on hand more than fifty per cent. !
its circulating notes in coin in its vaults [
d subject to its order; besides an amount, c
eater than Its entire circulation, in notes a
i bills discounted b
L am thus particular in referring to the q
ssent condition Of the State Bank, not u
ly because it is the chief banking insti- C
ion of the State, and furnishes nearly $
r entire Ohio currency but from the fact o
1t, | think the time has arrived to de- a
mine whether it is expedient to continue d
existence beyond the period for which it d
$ originally chartered; and if expedient, G
take the necessary steps for that purpose. l
e charter Of the bank will expire in W
Il years from the first day Of May next. 1t
e sixteen years of its existence have
9rded ample opportunity of testing the v
,stiOn whether the objects proposed to be a
aimed by It's authors have been accom- 7
she'd d
These objects were b
First. The furnishing currency to the al
pie Of the State, convertible into coin m
"