M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1863-01-22

lcAn'Dlt ot unr nnanclal condition.
| 1t will be seen that the payments
into the Treasury from al sonrceo,
diving the fiscal year ending on the
18th Of NoVcmb,r, 1862, was So, $780,
323,l4 and that tho Payments thUre-
from. dRring the same period amOun-
ted To $5,S90,0IS,0S, aud that the
cash balance in lhc TreasuIy, Oh thar
day was S47S456 10.
The difference between coin and
currency, of legal tender notes, pre-.
valling for the past few months, was
30 great. that it Was acprccly TO be ex.
pccted, that this libcrality on the part
of the banks wonld be repeated. for
our interest becoming dne January 1.
1868, amounting to 1898 SOC. Hence
the financial officers of tho State
wisely pfovidcd themselves with the
notes Of The several banks, for presen-
tatinn. Thns IrjvIded, the several
banks promptly met the demand upon
them The interest. therefore, upon
that portion Of our drbt, made payable
ont Of the State has promptly been
raid in c"in.
The interest upon our domestic debt
has heen paid, like oil ordinary Lrans.
actions between man and man, in
what ia" known lis cu6fcncy, winch 10
now, and has becntOr somo months
past, AhOut thirty per cent. below coin.
1t is difiicnt 10 find any good reason
for making this difference with our
cred ditorS. 1t is therefore recommend.
ed that you make provision for tho
payment of~inttrrst'n coin, upon all
our Gebts or that o |. be paid in tho
legal tend r notes ot the Federal Gov
ernm.nt. rho banking interest. is not
alone interested in this question. 1t
IL .rue, that lnr the past year, this
lutcr,sJ Has sustained tho barthen;
but it is idle TO suppose that it will
continue to do 30, for any cOnsi'ler-
able lergth OF tIma. Much as tho
brokers may desire to GENUINE. in tho
Hnsiness Of banking, il is silfuH tp as.
snne that they will he governed by
Shat they may consider their ultimate
interest. And It reqlires but little
knowledge Of thJ business to seo, that
they cannot make money in lurclas
'ng coin at thirty per cent, an selling
1t Il half per cent. a failure, therefore.
o. your part, Ia r'irvc the banks
ir'm The provisi 'ns Of the net hereto.
;ofe rrcitrd, is substantially inviting
lhcm a. once to wind up business.
This great intcrUst is SO intimately
co ,1tclcd and hlvndo with all tho
tr', varied Interests Of the State, that
any measure lcudnJ to drive them
out Of eX,stenoe mrriedly or rasIily,
Imnt necessarily dersnge al other
interests. 1t is therefore recommend.
ed that you relirve'the banks 6f this
burden. 49,.
| Upon the qucsti II, Itself, Of paying
our interest in coin, much may be sald
On the o!hpr side. In favor Of the
mcasurn it may be claimed that Ohio
agreed to pay in coin, and having
thus agreed, and b.iug a6undantly
able to perform a, her agreements. VIZ
cannot with i.onor, compel our crcdits
to take anything cl,o. ..".
On the ether side, il may TO. sail,
| that when this agreement was made,
1t WIS not even contemplated by our
wiscet stat, smcn, that anything but
i'm would ever bl declared legal
t,nler, nor, the national Government
would ever bS compelled to issue n
currency, aud require the bus u 81
community 10 tccylvo it at par, when
the game would not command in coin
its nominal value. f d" .5''s'.''|
This state OF things, however, ia
upon W., and the wisest, cannot toll
how long it may continuc. Is this a
sufficient reason to justify rs in violat,
ins an agreenient! Surely, our con
Stnuclts will respond, No. The Fund
Commissioners should, therefore, bs
directed by law, TO provide sufficient
coin 70 pay the interest upon oil o. our,
debt. The principal OF the debt. being
payable at our plcasura, after stated
periods, may be suffered to run until
IL more favorable time for it's liquida.
ton. 'r. ..
The semi.annual reports Of tho
Fund Commissioners herew tn pre-.
seuted, contain detailed statement Of
their proceedings for t. Q past year.
The total r, its Tor the year we're
81, ,952, ,S3S 90, and the disbursements
$1.S99, 5000. Under the authority
given them by the net OF March, 1862
they have exchanged certificates due
in 1851, for like certificates due in
| 1860, to tho amount vi 81 ,095, ,309,47. 4
They show that the total fund debt OF
tho state, is Sl4 l4l ,662,6i. These
reports should command your pro.
touud attention.
A. al lo,,;el,,;op onIhor;z mr., aaon