The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1863-01-16
JANUARY 8, 1863,


upon tnoms luz tuterotte tnoroioio, upou
that portion of our debt, made payable out
Of the Stato. has promptly beon paid In coin.
The interest upon our domestic debt has
been paid. like all ordinary transactions be-
twesn man aud u,sn. Ia what 10 known as
currency, which Is now, aud has been for
some months past, about thirty per cent.
below coin. Ii ID difficult to 6nd any good
. reason for making this difference with our
creditors. IL is therefore recommended
b that you make provision for the payment OF
ieterest Ia coin, upon oil of our debt, or
that ell be paid In the legal tender notos Of
tho Federal Government. The banking in
terest is not alone Interested In this question.
1tis true that. for the past year, this inter-
Get has sasiained the burden but il Is idle
20 suppose that IL will continue to do 90.
9 for any considerable length OF timo. Much
ns the bankers may dcsiro TO continue In
the business of banking, u is safe to assume
shat they will DO governed by what they
q may consider their ultimate interest. And
It requiros bot little knowlodgo of tho busi-
ness 10 SOS, that they cannot make money
IN purchasing coin at thirty per cent. and
selling il at q half per cont. A failure,
therefore, on your part, to relieve the banks
from the provisions Of the act heretofore
recited, 10 substantially inviting them, al
once to wind up their business.
This great interest 10 so intimately con-
nected and blended with all tho other varied
interests of the State, that any measure
tending TO drive them out Of existence
burriodly or rashly, must necessarily de-
range all other interests, IL is therefore
recommended that you relieve tho banks Of
this burden. rf nElfl~
Upon the question, itself, OF paving our
a interest 10 coin, much NAV be said on either
aide. In favor of the measure. Il NAV be
claimed that Ohio agreed to paw In coin
and having thus agreed. and being abupd
Rntly able TO perform all her agreements
r ve cannot With honor, compel our creditors
10 take any thing else.
On the other side, It may be said. that
when this agreement was made. it wac moi
even contemplated BY our wisest statesmen
that sny thing but coin would ever DO de
oiared q legal tender, nor, that the natons
government would ever be compelled tc
issue a currency. and require the busines,
oommuni,y to receive il az par. when thc
sams would not command in coin its nomi.
nal value.
This state of things. however. IN upon us
and the wlsest cannot tell how long IL NAV
coutipue. IL this a sufficient reason 10 ius
sify us 10 violating an agreement Srrely
our constituents will rospond. No. The
Fund Commissioners should therefore be
directed by Law, to provide su fficient coin "a
pay the interest upon all of our debt. The
principal of tho debt. being PAYABLE at our
pleasure, after stated periods. NAV be suf
fered 10 run until more favorable time for
9 its liquidation. 80
nrpo,rs on rpr yr,n coyv,s,onrps
= i-aThe semi.annuaI renorts of tbe Fond
Commissioner. herewith nrosented. contain
n detailed Abatement of their prooeednoa for
=, tbe mast wear. The total fsooints for the
Z wear vers seI o52 s3s go and the disbursa.
nents al 800 652 90. Under IN, authorize
given thom by tho act of March 1869 thoy
o. baye exohanGed oertjlcateg dine In Isel n,
lilo cecli6cates dne in $40 4, ,ha snonn,
. NJ IA 0s5 400 az Thev .bow TINT tho so,s ii
Srnded dahl Of the state isSsI1I4I Geo aI
Thasa ,eno,,s sbopld command vonr nro.
found attsntion 'N p''
No RANK I,EaIsr. .rroN ppoovuprnpn
As ali Ieoislation anthorizing assoc;a, ,ion.
Sor the business of BANKING nnst bo ami.
,,nitted N the reonIa for ,ha;r arnrovoI .
and ma tho charters N most Of the present
;nst;tu. ,ons will ernire In Nav ,a65 n ma .
.LNL.' ..Lrr - -, 80 - , ,