Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1863-01-09
from Judge Hoffman, Private

The report of the Commissioners Of the Re
form School and Farm, in fairfield county,
herewith, presents q most gratifying exhibit
Of that Institution. The number IN attendance
at the close of the year, was I85. The total
expenses Of the Iustitution for the year, we're
Sl6,67e 40. The high character of the gen
tlernen in charge Of this Institution, should
command for their report your favorable con-
sideration.
The report OF the State Treasurer, herewith
submitted, is gartiying exhibit of or fuan-
cial condition.
It viii be seen that the payments into the
Treasury from all sources, during the fiscal
year entering on the 18th Of November, 1862,
was Sc ,239 323 IA, and that tie payments
therefrom, during the same period, amounted
to So 5,S90,O43 0s, ard that the cash balance
in the Treasury, en- that day, was S479 456-
40.
Under the authority derived from the Act
entitled "An Act to establish the Independent
Treasury of the State Of Ohio" passed April
18TH 1858, Royal Taylor, Esq, of Cuyahoga
county. Ohio, was, on the 15sh day OF SepteHl-
be-, a. D. 1862, appointed to examine the
accounts OF this department, and count the
funds in the iron chest.
Mr. Taylor's report OF this examination,
which was made withoat a moments previous
notice to the Treasuret, herewith submitted,
proves. what all who know the Treasurer and
his assistants had reason to believe, taht they
are honest men and compel9nt accounts.
In calling Jour attention to the report Of
the Auditor of State, you are invited, really,
TO the consideration of true, perfect and fall
history of ell the operations of the State gov
| ernmSnt for the past year. This officer is en-
| titled TO great credit for the care, skill and
! labor he has bestowed in preparing this impor-
/ tant document. His several recon- endations
are entitled te.your fullest consideration and
confidence and, without troubling you here
with a particular recital Of them, l commend
what he has said to your favorable action.
1t will be seen from this report, that the to-
tai amount Of taxes levied durisg the year g.
62, was 81 OIL, ,127 SO; that the ordinary ex-
penses Of the State government for the year,
were S7l5,4l4 13; and that there was paid
for interest on the Shate debt, 1914 $50 IS.
That the entire indebtedness of the State
on the 18th day Of November, A. D. 1861
was $24, 897.273 81, Of which there was paid
dnring the year, the sum OF s755, Clio 73, leav-
ing due. November Is, 1862, 14,l41. .6G5 GI.
That of this debt, the sum of $2.879.379 &c
| is irreducible; that of the balance, 1857, 1888
Sc is payable, otbprincipal and interest. at
the State Treasury. and is designated, from
this fact, as the Domestic debt Of the State
and is supposed to be owned, mai,ly, By ON
own citizens; and that S13, ,233,77S 80, the
balance of the Iredeernable debt, is payable
both principal and interest, in the city of New
York, from which fact it is called the Foreign
debt, owned partially by citizens of our OWL
State, but mainly by citizens of other States
By the Act OF Jauary 16, 1862, entitled
IAN Act to authorize the banks Temporarily
OF suspending specie payment" &c, it is pro
vided, that any "sOlvent banking institutions
OF this Siete, avaiiug itself of the provisions
Of this sUspending act, shall, during its contin
nance in suspension under this act, if required
by the Treasurer sof the State, furnish him
with sight exchange, payable in New York
in coin; fer its own notes. ia the proportion
tllat the circulation OF such bank bears 10 tbs
circulation OF all The solvent banks of this State
at rate not exceeding one-hGlf of ono pei
cent premium, 10 the extent required 70 pay
semi-annual interest on the present Foreign
ds5t OF the State, and so much oc principal a:
is now or may be provided for By law"
All the banks OF the State, I believe, awaited
themselves OF the provisions Of this act; snd
hence become liable, on presentation of their
paper ct their counters, each for itself, to fur
nzh their several proportions Of the coin re-
quircd. The sum needed to pay the July in
terest, was S405 62j 90, which was prcioptly
furnished by the several banks, without exact
ting the presentation CT ihciri paper, thus sa
Wig - tile State the expense incident to as
sorting and presenting their paper.
The difference between coin and currency
or legal tender notes, prevailing Tor the past
few months, was so great, that it vas scarcely
to be expected, that this liberality on The part
Of the banks woHId be repeated, for our inter
est becoming due January 1st 1868, anoun
ting to $393506 co. Hence, the financial
officers of lhe State wisely provided them
selves with the notes Of the several banks, for
presentation. Thas hrovided, the sevcra
banks promptly met the demand upon them
, The interest, therefore, upon that portion o
, oEr debt, made payable out Of the State, has
promptly been paid in coin.
: The interest upon our domestic debt has beon
paid, like all ordinary transactions betwee
man and man. in what is known asz currency
past, apOut thirty per cent, below coin. 1t ],
difficult to find any good reason for maxi ing thii
difference with our creditors. It is therefore
l recommended that you make provision for tht
payment Of interest in coin, upon all of ON
debts or that all be paid in the legal tender
notes of the Federal Government. The bank
ing interest is not long interested in this 0ues
ton. 1t ia true, that for thc pu3l year this in
interest has sustained the burthcn: but it i
Eidie to suppose that it will Continue to do 50
f,rla -.nr,T, Ia r,ortl, = -
the Banker may desire TO continue in the busi
ness Of bat king, it is safe to assume taat the,
t will be governed by what they may conside
their ultimate interest. And it requires bli
little knowledge of tho business to see tAa
! they cannot make money in purchasing coin q
thirty per cent. and selling it at half per cent
failure, therefore, fen your part, to relieve th
banks from the provisions of the act heretufor
recited, in substantially inviing them, at ono
: to wind up their business.
i This great interest is SO intimately connectet
e and blended with all other varied Interests c
the State, taat any measure tending to driv
them out of existence hurriedly or rashly, mus
necessarily Gerange all other interests. It
: therefore, recommended that you relieve tn
= banks of this burthen.
Upon the question, itself of paying our in
= terests in coin, much may be said on citbo
side. In favor of the uleasue it may be claimed
G that Ohio agreed to pay in coin, and havfn,
3 thus agreed, and being ahundanty able to pei
@ form all her agreements, we cannot with homo
compel our cfedite to take any thing else.
On the other side it may be said, that whe,
this agreement was made, it was not even con
templated by cur Wisest statesmen, that any
! thing but coin would ever be declared lega
+ tender nor, the national government woul
T ever be compelled 10 issue currency, and re
; quire the business community to receive it q
s par, ween tie same would not command ii
d coin lis nominal value.