Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1863-01-14


much of the principal as is now OF may
be provided for by law"
i All the banks of the State | believe,
availsd themselves of the provisions oi
/. this act: and hence became liable, on
presentation Of their paper at their coun-
ters, each for itself, to furnish thei- sever
al proportions Of the coin required.
PAYMENT OF INTEREST on STATE DERT.
The sum needed to pay the July inter-
est, was S405, ,625 90, which was promptly
furnished by the several, banks, without
exacting the presentation Of their paper;
thus saving to the State the expense Incl
dent TO asserting and presenting their pa.
per.
The difference between coin and cur
.rency, or legal tender notes, prevailing
for the past few months, was so great, that
it was scarcely to be expected, that this
liberality on the part of the banks would
be repeated, for our interest becoming
due January lst, 1868, amounting to 1892
sos o. Hence the financial officers
of the S,ate wisely provided themselves
with the notes of the several banks, for
presentation. Thus provided, the several
/ banks promptly met the demand upon
them. TIE 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 transac-
tions between man and man, in what Is
known as currency, which IS now, and
has been for some months past, about
thirty per cent below coin. 1t is difficult
| to find any good reason for making this
! difference with our creditors. 1t is there
/ fore recommended that you make provis-
/ ion 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
| Government The banking interest Is
not alone interested in this question. 1t
/ is true. that for the past year, this inter
est has sustained the burthen; but 1t Is
idle to suppose that it will continue to do
so, for any length of TINE. Much as the
/ bankers NAV desire to continue IN the bu
siness of banking, it Is safe to assume that
thev will be governed by what they may
consider their ultimate interest. And it
requires but little knowledge of the busi-
ness to see, that they cannot make money
in purchasing coin at thirty per cent.
and selling it at a half per cent. 4 fail
ure, therefore, on your part, to relieve the
banks from the provisions of the act here
tofore reeited, 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 hurriedly or Tashly, must nee
essarily derange all other interests. It.is
therefore recommended that you relieve
the balzs of this burthen.
Upon the question, itself, of paying our
interest in coin, much may be said on
either side. In favor of the measure, it
may be claimed that Ohio agreed to pay
in coin, and having thus agreed, and
abundantly able to perform all her agree
ments, we 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 was
not oven contemplated by our wisest
statesmen, that any thing bnt coin would
ever be declared legal tender, nor that
the national government would ever be
compelled to issue q 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 wisest cannot tell how long it
may continue. Is this a sufficient reason
to justify us in violating an agreement
Surely our constituents will respond, No
The Fund Commissioners should there
fore be directed by law, to provide sufh-
cient coin to pay the interest upon all of
our debt. The principal Of the debt.
being payable at our pleasure, after stated
periods, may be suffered to run until a
more favorable time for its liquidation.
REPoRTS or THR FCSD COMMISSIONERS.
The semi annual reports Of the Fund
Commissioners herewith presented, con-
tain a detailed statement Of their pro
eeedings for the past year. The total re-
ceipts for the year were 1882, S38 90,
and the disbursements 81, ,S99, $50 Co.
Under the authority given thOm by the
act Of March, 1862, they have exchanged
certificates due in 1881, for like eertifi-
cafes due in 1860, 70 the amount of S4.-
O95.3 .309 AZ. They show that the total
funded dett of the State is Sl4, al ,662 Gl.
These reports should command your pro
found attention.
NO BANK LEGISLATION RECOMMENDED.
| As all legislation authorizing assoeia-
NlO1lS lOA tAC UNtSAA4NC= VI AAAts'L
be submitted to the people for their ap-
provai; and IS the charters of most Of
the 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
our constituents upon the subject.
With great Difference to the opinions
of all such, can but think that the pres
ent is most inauspicious period to leg
islate on this subject. The unsettled
condition of our monetary affairs, hereto
fore alluded to, is enough of itself to em-
barrass and render uncertain the work
ings of any system of banking. In addi-
ton to this, the Congress of the United
States have the same matter before them,
and will probably adopt some measure
materially affecting the whole subject
1t Is therefore recommended that you
postpone all action looking to the re-
charter of our banking institutions, and
thereby leave the matter to our success
sOrS.
STATE HOUsE-PUBLIC PRINTING.