M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1862-01-23

equalization. By this means defects
now existing may be remedied with
trifng expense to the State and it 10
confidently expected that large ad-
i ditiona amodnt will thereby be aided
to the duplicate. 1t is hoped that all
new causes Of expenditure may now BE-
avoided, and that every effort to pro-
mote economy will be made. ! am,
I however, constrained, Pom o sense Of
strict duty, tc recommend the continu.
ance OF the recent law author;z nR
County Commissioners to assess tax
iOr the support Of the families OF our
troops during the war. The YrOvi.
Sions Of this law were wise and bene.
fcent, and have prevented lauch die.
tross aud suffering.
The charters Of the several banks Of
the State, created by the act Of FsSru-
AIRY 2+, 1S45, will expire on the Let Of
\ May, 1865. In view of the very ex.
tensive interests involved in any sud.
dea change OF tho monetary system Of
0 our State, it would be wise that the
future policy of the State on the sub.
ject OF banking be early made known;
r under ordinary circumstances, there.
8 fore, would invite your attention to
t this subject at this time. You are,
however, aware that the Secretary OF
: the United States Treasury has recon.
!. mended measure which, if adopted,
!. will have d most important bearing
: upon the subject; hence | deem it ad-
s visable, for the present at least, to ab.
i stain from interfering in the matter.
h Should Congress dispose ofthe subject
at an early day, | may deem it my
duty to send you special communi.
e cation during your present session.
- 1t may be advisable at this time,
r however, to consider tho propriety Of
;. promptly relieving the banks from
their disability OF paying out !he pa.
Or per Of institutions that do not redeem
their issues onsdemand in specie. IL
IS is known that the demand notes Of tho
10 General Government, as also the notes
20 20 of nearly all the banking institutiOna
10 Of our sister States, are now redeemed
IS in coin OH demand hence our banks
are unable 10 receive, in paymen, Of
'8 debts due them or on deposit, any Of
20 20 this vast description Of currency for.
= not being permitted to pay it our. OF
81 course they can not receive it safely.
- This condition Of things must neces-
- =. 3ariy affect the credit and circulation
o. : of the issues Of the Federal Treasury,
y and greatly cripple it in obtaining
, means to prosecute the war. Great az
i the evil OF tolerating by law suspep-
. . slou oil specie payments to any extent
y y is known to he, il iS better to endure
.. " it than to embarrass the Federal Gov
, eminent in obtaining means to vigor.
g ously crush out the rebellion. ! have.
!; therefore, to recommend that you at
- once authorize the several banking in.
= stitutions Of the State to offer in pay.
ment their issues, when presented for
4 payment, the notes of the Federal
- Government payable on demand.
4 The broker or Shylock, who may
- wish TO hoard his money in times like
q the present, should not complain if hs
, is offered the notes Of the Government
+ from which he demands protection for
- his person and property.
1t is, believe, conceded by all, that
- the banking institutions Of our State.
- now in existence, have been managed
'o 70 with skill and integrity, and with a do.
n gree of liberality to our Government,
:. ~ highly commendable; it would, there,
y fore. be ungenerous to presume that
> their managers will attempt to make
improper use Of the reliei now recon.
y mended but be the risk of this great
- or little, we must risk every thing Ne.
= ceSsary to put down this unholy rebel.
;, >. lion.
y The banks avaiing themselves Of
- the provisions Of the law recommend.
# ed, should be required to furnish the
. State, in proportion to their capital
= respectively, with par funds necessary
to meet the interest on our bonded
, debt.
Long years of qniet, prosperity and
Seening freedom from danger, have
r led US practically to ds.egard the safe
+ maxim, " In peace prepare for war;"
n Let the experience of the past year
induce US to be ready to snip ir the
n bud" any rebellion from within and
| promptly repel any invasion from
a abroad. Such preparation will be an
ever present guarantee against temp.
# tation to comrlit any breach OF the
{ public peace. A thorough orgauiza.
; ton ofthe militia Of the State should
y at once be commenced and continued.
b THIS force, numbering abont $50 900
$ men, shculd be divided into compa.
! nies, regiments, brigades and divi-
sions, and each should be we'll OFF.
5 cered. The companies should be mus
j.. tered at least twice in each year N