Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-01-07

coin. It is difficult to find any good reason
for making this difference with our creditors
1t is therefore recommended that you make
provisions for the payment of interest in
coin, upon all of our debt, or that all be paid
in the legal tender notes of the Federal Gov
ernment. The banking interest alone is not
interested in this question. 1t is true, that
for the past year, this interest has sustained
the burthen /; but it is idle to suppose that it
will oontinne to do so for any considerable
length Of time. Much as the bankers NAV
desire to continue in the business of banking,
it is safe to assume that they will be gov
erned by what they consider their ultimate
interest. And it requires but little knowI-
edge Of the business to see, that they cannot
make money in purchasing coin at thirty per
cent. and selling it a half per cent. fail
ure, therefore, on your part, to relieve the
banks frem the provisions Of the act hereto
fore reeited, is substantially inviting them to
at once wind up their business
This great interest is so intimately con-
neeted and blended with all the other va
ried interests Of the State, that any meas
ure, tending to drive them out Of existence
hurriedly or rashly, must necessarily de-
range all other interests. Il is, therefore,
recommended that pa. ,-4liAva AZ bs-.l-s- -of
this burden.
Upon the question itself, Of paying in
reresI IN cOTni NUN - : ?.L
side. In favor Of the measure it may be
claimed that Ohio agreed to pay in coin,
and having thus, and being abundantly
able to perform all her agreements, we can
not, with honor, compel our creditors to
take anything else.
On the other side, it may be said that
when this agreement was made, it was not
even contemplated by our wisest states
men, that anything but coin would ever
be declared legal tender, nor, that the
national government would ever be com
PEELED to issue a.ourrency, and require the
business community to receive it at par.
when the same would not command in coin
its nominal value
This state of things, however, is upon
Us, aud the Wisest cannot tell how long it
may continue. Is this a sufficient reason
to justify US in violating an agreement p
Surely our constituents will respond, No.
The Fund Commissioners should therefore
be directed by law, to provide sufficient
coin to pay the interest upon all of our
debt. The principal of the debt being paw
able at our pleasure, after stated periods
may be suffered TO run until more fnvor-
able time for its liquidation.
The semi-annual reports Of the Fund
Commissionersh herewith presented, contain
a detailed statement of their proceedings
for the past year. The total receipts for
the year were 81, ,952, 838 90, and the dis
bursements 81, ,S99, ,552 SO. Under the au-
tbority given them by the act Of March,
1862, they have exchanged certificates due
in 1851, for like certificates due in 1850 to
the amount of S4,O95, 800 AZ. They show
that the total funded debt Of the State, is
Sl4, IA, ,662 81. These reports should com
mand your profound attention.
As the legislation authorizing assoeia-
tions for the business of banking, must be
submitted to the people for their approval;
and, as the charters Of most ofthe present
institutions will expire in May, 1865, it
may be thought advisable by some, that
measures be taken at your present session
to ascertain the views Of cur constituents
upon the subject.
With great Difference 10 the opinions of
all such. U5ru but think that the present
is most inauspicious period to legislate
on this subject The unsettled condition
of our monetary affairs, hereinbefore al
luded to, is enough Of itself, to embarrass
and render uncertain the workings Of any
system Of banking. In addition to this
the Congress of the United States have the
same matter before them, and will proba-
bly, adopt some measure materially affect
ing the whole subject. 1t is therefore re-
commended that you postpone all action,
looking to the re-charter of our banking
institutions, and thereby leave the matter
to our successors.
The report of the Superintendent of the
State House is herewith submitted 1t af-
fords me pleasure to bear testimony to the
faithfulness Of this officer He is ever at
his post of duty, and disburses the fund
placed at his disposal, with strict integrity
and economy. His recommendations are
fully endorsed, and merit your approval.
The report of L. L. Rice Esq, Supervi-
sor Of Public Printing, herewith, should
not escape your special attention. Mr..
Rice is by trade printer, and hence well
educated to the performance of the duties
of his Office; and it is but a simple act of
Justice to faithful public officer, that I
bear testimony TO his industry and atten-
ton to duty. A faithful discharge Of the
duties committed TO his hands, standing
as he does between the Treasury and the
several contractors, is certain to bring
down upon him a severe pressure. His re-
port will demonstrate the wisdom Of the
law under which he acts, when, as it has
been, faithfully administered.
The report of the Commissioners created
by the Act Of May lst, 1862, entitled " An
Act to provide Board Of Commissioners
to examine certain military claims and
make an appropriation for their payment" 7"
herewith submitted, should command your
respectful attention. The total amount of
claims submitted to this Board, was $780,
972 "a; Of which sum, the Commissioners
allowed the sum Of S33, $50 90. By the
provisions Of the 4th section of the Act,
the powers of the Board ceased on the Isl
day OF UecemUer last. To avoid special
legislation, l respectfully recommend that
further time be give to the Commissioners
to adjust these claims.
The members of the State Board Of Ag-
riculturs have faithfully discharged the
important duties committed to them. Their
report, herewith presented, is a document
of interest, and should receive great con-
sideration at your hands. You will be
glad to learn that throughout the State the
husbandman has received rich rewards for
his labor.
Your attention is invited to the report
of the Board Of Commissioners of the State
Library, now prepared. The Librarian, by
strict attention to duty and gentlemanly
department to visitors, has won for him
self the profound respect Of all who know
him.
1t will be seen that there has been added
to the Library, during the past year, l,326
volumes, making the total number 25, ,423.
The condition of the several Canals of
the State will be shown by the report Of
the Board of Public Works, herewith pre-
sented. Although these important ave-
nues Of trade and commerce have passed
from the immediate custody and control of