Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1863-01-17

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which was made without moments previ
oOs notice TO the Treasurer, herewith sub
mitted, proves, what all who know th'
Treasurer and bis assistants had reason tc
believe, that they are honest men and com
petent accountants.
REPORT OF AUDITOR or STATE.
In calling your attention to the report o.
the Auditor Of State, you are invited, really
to the consideration Of true, perfect and
full history Of all operations Of the State
government for the past year. This officer
is entitled to great credit for the care, skill
and labor he has bestowed in preparing this
important document His several recon.
mendations are entitled TO your fullest con.
siderstion aud confidence; and, without
troubling you here with particular recital
of them, | commend what be has said 10
your favorable action,
1t will be seen from this report, that the
total amount Of taxes levied during the year
1861, was $llO71,l27 SO; that the ordinary
expenses OF the State Government for the
year, were S7l5,4l4 10; and that there was
paid, for the interest on the State debt, $S74,-
$50 89.
STATE DEBT
That the entire Indebtedness OF the State,
on the 18th day of November, A. D. 1861,
was $l4,897 273 "a, Of which there was paid,
during the year, the sum OF S755,6l0 t3.
leaving due, November 18th, 1862, $l4l4l,
666 6l.
That of this debt, the sum of s2,879,379,-
29 is irreducible; that of the balance. 1857 :
sS3 sc is payable both principal and inter
est at the State Treasury, and is designed
from this fact as the Domestic debt OF the
State aud is supposed to be owned, mainly,
by our own citizens; and that Sl3, ,2S3,719 80
the balance of the redeemable debt, is paw.
able, both principal and interest, in the city
of New York, from which fact it is called
the Foreign debt, owned partly by citizens OF
our own State, but mainly by citizens OF 9th.
or States.
SUSPENSION OF SPECIE PAYMENT.
BY the Act Of January l6, 1862, entitled
"An Act to authorize the banks temporarily
10 suspend specie payments" etc, it is pro
vided, that "any solvent banking institution
Of this State, avaiing itself of the provi.
sons of this suspending act, shall, during
its continuance in suspension under this act
if required by the Treasurer of State, furnish
him with sight exchange, payable in New
York, in coin, for its own notes, in the pro.
portion that the circulation Of such bank
bears to the circulation OF all the solvent
tanks OF this State al a rate not exceeding
one-haIf of one per cent premium, to the
extent required TO pay the semi.annual inter.
est on the present Foreign debt of the State
and so much OF the principal as is now OF
may he provided for by law"
All the banks Of the State, believe, avail
ed themselves of the provisions of this act
and hence became liable, on presentation OF
their paper at their counters, each for itself
to furnish their several proportions of the
coin required
PAYMENT OF INTEREST on STATE DEBT.
The sum needed to pay the July interest
was $405, 625 90, which was PROMPTLY fur
nished by the several banks, without exact
ing the presentation of their aper, thus ga v
ing TO the State the expense incident TO as
sorting and presenting their paper.
The difference between coin and currency
or legal tender notes, prevailing for the past
few months, was so great, that il was scarce.
ly to be expected that this liherality on the
part OF the banks would be repeated, Tor
our interest becoming due January lst. 1863
amounting 10 $393,5 90. Hence, the Fl.
nancial officers Of the State wisely provided,
themselves with the notes OF the several
banks for presentation. Thus provided, the
banks promptly met the demand upon them.
The interest, therefore, upon that portion Of
our debt, made payable out OF the State, has
promptly been paid in coin.
The interest upon our domestic debt has
been paid, like all ordinary transactions le.
tween man and man, in what is known as
currency, which is now, and has been for
some months past, about thirty per cent. be.
low coin. 1t is difficult TO find any good rea-
son for making this difference with our cred.
ltors 1t is therefore recommended that Won
make provision for the payment of interest
in com, upon all of our debt, or that all be
paid III the legal tender notes of the Federal
Government The banking interest is not
alone interested in this question. II is true
that for the past year, this interest has sus-
talned the burtheD; but it is idle 10 suppose
that 1t will continue to do so, for any consid-
cradle length OF time. Much as the bank
ers may derire to continue in the business OF
banking, 1t is sale 10 assume that they will
be governed by what they may consider their
ultimate interest. And it requires but little
knowledge OF the business to see, that they
cannot make money in purchasing coin at
thirty per cent, and selling it half per cent.
a iai'ure, therefore, on your part, to relieve
Ihe banks from the provisions Of the act
heretofore recited, is substantially inviting
them at once TO wind up their business.
This great interest is so intimately con.
nected and blended with all the other varied
Interests Of the State, that any measure,
tending to drive them out OF existence hur.
riedly or or rashly, must necessarily derange
NIL oiler interests 1t 10 therefore recon.
that you relieve the banks of this
burtben.
Upon the question, itself, OF paying our
interest in coin, much may be said on either
side In favor Of the measure, it may he
claimed that Ohio agreed to pay in coin, and
being abundantly able to perform all her
agreements, we cannot with honor, compel
our creditors 10 take anything clse
On the other side, il may be said that
when this agreement was made, it was not
even contemplated by our wisest statesmen,
hat any thing but coin would ever be de,
clared legal tender, nor, that the national
government would ever be compelled TO is-
sue currency, 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,
and the wlsest cannot 'ell how long il may
continue. In this sufficient reason to JUS
my us IN violating an agreement Surely
Dur constituents will respond, No. The Fund
commissioners should therefore be directed
by law, TO provide sufficient coin 10 pay the
interest upon all OF our debt. The principal
ot the debt, being payable at our pleasure,
amer stated periods, may be suffered TO run