Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1863-01-15


dence; and, without troubling you here with a
particular recital of them, l commend what he
has said to your favorable action.
IL Will he seen from this report, that the TO-
tai amount ef taxes levied during the year 1861
was 81 OH ,I27 SO; that the ordinary expenses
Of the State Government for the year, were
S7l5,4l4 l3; aud that there was paid for inter
est Oh the State debt. ss74 .3s9 SO.
That the entire Indebtedness Of the State, on
The 18th day Of November, A. d. 1861. was
Sl4SgI2 213 "a. Of which there was paid, during
the year. the sum Of S755.6l0 70. leaving due,
November Is, 1862. Si4l4I ,666 81.
That Of this debt. the sum Of s2.s79,3 ,379 20
il irreducible; that Of the alanee, 1851 s53 Sc
IL payable, both principal aud interest, at the
State Treasury and is designated, from this
fact. az the Domestic debt Of the State, and is
supposed 10 be owned. mainly, by our own
citizens and that $l3 2S3 .77e 50. the balance Of
the redeernable debt, Is payable, 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 tnainy Y
by citizens Of other States.
BY the act Of January l6, 1862 entitled IAN
Act to authorize the banks temporarily to sus-
pend specie payments" DC, 1t IS provided. that
ANY solvent banking institution Of this State,
avalIDg itself "f the provisions OF this sus-
pending act, shall. during its continuance in
suspension under this act, ii required by the
| Treasurer Of Stale, furnish him with sight ex-
change. payable In New York, in coin, for it.
owa notes. in the proportion that the circula-
tion Of such bank bears to the circulation Of
all the solvent banks OF this State. at rate not
exceeding one-half of one per cent premium,
to the extent required TO pay the semi-anaual
interest on the present Foreign de5t of the State.
and 50 much Of the principal as is now or may
| be provided for by law."
All the banks Of the State, believe, availed
! al e lo rF III ,,,I
hence became liable, on presentation of their
paper at their COUNTERS each for itself, to fur
nish their several proportions Of The coin re-
CURED.
| The sum needed to pay the July interest,
was SF5,625 %, which was promptly furnished
by the several banks. without exacilng the pre-
seuiaii"n Of their paper, thus saving to the
State the expense incident 10 asserting and
presenting their paper.
The difference between coin and currency, 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 be-
coming due January lst, 1863, amounting 10
1898 506 co. Hence, the financial officers Of
the State wisely provided themselves with the
notes of the several banks. for presentaton.-
Thus provided, the several banks promptly met
the demand upon them. The interest, there
fore, upon that portion of our debt, made paya-
bic out of the State, has promptly been paid in
coin.
The interest upon our domestic debt has been
paid like all ordinary transactions 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 tind any good reason for making
this difference with our creditors. 1t is there
fore recommended that you make provision for
the payment of interest in coin, upon all of
our debt, or thai all be paid ia the legal tender
| notes of the Federal Government. The bank
ing interest is not alone interested in this ques-
ton. 1t is true, that for the past year. this in
terest has sustained the burihen: but it is idle
to suppose that il will continue to do 80, for
any considerable length Of time. Much as the
bankers may desire to continue in the business
of ban king, 1t is safe to 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 can
not make money in purchasing coin at thirty
per cent and selling it at a half per cent. A
failure therefore. Oh your part, to relieve the
banks from the provisions OF the act heretofore
reciied, is substantially inviting them, at once
to wind up their business.
This gleat interest is sn intimately connected
and blended with all the other varied Interests
of the State, that any measure, tending to drive
them out Of existence hurriedly or rashly must
necessarily derange all other interests. Ii is
therefore recommended that you relieve the
banks OF this burden.
| Upon the question, itself, of paying our in
cresl in coin, much NAV be said on either side.
Ia favor of tie measure it may be claimed
that Ohio agreed TO pay in coin, and having
thus agreed, and being abundanlly able to per-
form all her agreements, We cannot with honor,
compel our creditors to take anything else.
On the other side it may be said, that when
this agreement was made, it was not even con-
templaled by our wlsest statesmen, that any
thug but coin would ever be declared legal
tender, nor, that the National Government
would ever be compelled 10 issue a currency,
and require the business community to receive
it at par. waen the same would not command
in coin lis nominal value.
This state of things, however. is upon US, and
the wsest cannot tell how long it may con-
ilnue. Is this a sufficient reason TO justify us
in violating an agreemenlg Surely our con :
stiiuents will respond, No. The Fund Com
missioners should therefore be directed by law
to provide sufficient 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 10 run until a more ia
yorabe time for lie liquidation.
The seml-annual reports of the Fund Com
mssioners herewith presented. contain detail
statement of their proceedings tor the past year
The total receipts for the year were 81 952,o3
W. and the disbursements 81 $4,000 63.--
Under the authority given them by the act ol
March. 1862, they have exchanged certificates
due in 1881. for like certificates due i'll 1860. to
the amount OF S4095, ,309 AZ. They show that
the total funded debt of the State. is Sl+,l4l,-
Coz 81. These reports should command your
profound attention.
AS all legislation authorizing associations for
the business OF banking. must be submitted TO
the people. for their approval; and rs the char
ters OF most of the present institutions will ex-
pre- in May, 1865. it may be thought advisable
by some tina: measures be taken at your pres
ent session to ascertain the views OF Our con-
stituenls upon the subject
With great difference to the opinions OF all
such. can but think that the present is most
inauspicous period to legislate on this sui hject
The unsettled condition uf our monetary affairs
hereinbeiore alluded TO. is enough, of itself, 10
embarass, and render uncertain, the workings
of any system of banking In addition 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 Successors.
The report of the Superintendent of the State
House is herewith submitted. 1t affords mC
pleasure to bear testimony to the faithfuiness
this officer. He is ever at his post of duty, ant
dsburses the fund placed at his disposal, with
strict integrity aud economy. His recommend
atons are fully. iudorsed, and merit your ap
proval.
The report of L. L. Rice, Esq, Supervisor
of Public Printing, herewith should not escape
your special attention. Mr.. X. is by trade
4 Ill IL, taI A