Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1863-01-16


Treasury from all sources, during the fiscal wear
ending on the 18th of November, 1869, was S6.
259,525 Ia, and thatthe payment therefrom. dur
ing the same period, amounted to S5, 800. .O43 Oa
and that the cash balance in the Treasury. on
that day, was $499,456 40.
Under the authority derived from the act on
titled "An Act to establish the Independent
Treasury of the State Of Ohio" passed April
18th, 1883, Royal Taylor, Esq, of Cuyahona
county, Ohio, was on the 18th day of September.
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 withouta moments previous notice
to the Treasurer. herewith submitted, proves.
what all who know the Treasurer and his assis-
tants had reason to believe, that they are honest
and competent accountants.
AUDITORS RRroRr.
In calling your attention to the report of the
Auditor of State, you are invited really, TO the
consideration of true, perfect and full history
OF all the operations the State government for
the past year. This officer is entitled TO great
credit for the care skill and labor he has bestowed
IN preparing this important document. His sew
eral recommendations are entitled to your full
est consideration and confidence; and without
troubling you here with particular recital OF
them commend what he has said to your fa-
vorable action.
1t will be seen from this report that the total
amount oftaxes levied during the year. 1861 was
$1l ,04l 1877 80; that the ordinary expenses oftbe
State government for the year were S7l5,4l4I3;
and that there was paid, for interest on the State
debt, $s74,3S9 SO.
STATE DEDT.
That the entire indebtness of the State on the
18th day of November, A. d. 1861, was $l4S97.-
213 "a, of which there was paid during the year
Iae 5., sum OF $1556lO 49, leaving due, Nov. 18th,
Id n
That of this debt the sum of so,s7o 379 90 il
lrreducible; that of the balance 1857, ,eS3 sc is
payable, both principal 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 mainly, by our citizens, and that
$l3263,I7S 80, the balance of the redeemable
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
oi own State, but mainly by citizens Of other
States
SUSPENSION OF sPEcIR PAYMENT
BY the act of Jan. l6 1862, entitled AN act to
authorize Banks to temporarily suspend Specie
ray yments DC, it is provided that solvent
banking institution of this State, availing itself
OF this suspending act shall, during its continu-
ance IN suspension under this act il required by
the Treasurer of State, furnish him with sight
exchange payable in New York. in coin, for its
own notes in the proportion that the circulation
of such bank bears to the circulation of all the
solvent banks of this State, at rate not exceed
ing one-half of one per cent premium TO the ex-
tent required to pay the semi annual interest on
the present foreign debt of the State, and SO
much of the principal as is now or may be pro-
vided by law"
All the banks of the State, believe, availed
themselves of the provisions of this act; and
hence became liable, on presentation of their
paper at their counters each for ITSELF to furnish
knnF H.. e.
PAYMENT OF INTEREST ON STATE DEBT
The sum needed to pay the July interest was
$4O5,625 90, which was promptly furnished by |
the several banks, without exacting the presen-
taton OF their paper, thus saving to the State the
expense incident to asserting and presenting |
theirpaper
The difference between coin and currency, or
legal tender notes, prevailing for the last 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 becom- |
ing due january ist, 1868, amounting to 1898,
506 co. Hence the financial officers Of the State
wisely provided themselves with the notes Of |
the several banks for presentation. Thus pro- |
vided, the several banks promptly met the de-
mand upon them. The interest," therefore, upon
that portion of our debt made payable out of the
State, has been promptly paid in coin.
The interest upon our domestic debt has been
pau; llke all lTdilSdCIlOn between man |
and man, in what is known as currency, which
is now, and has been for several months past
about 3O per cent below coin. It's difficult TO |
find any good reason for making this difference |
with our creditors. 1t is therefore recommend |
ed that you make prouisions 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 alone is not !
interested in this question. 1t is true, that for
the past year, this interest has sustained the
burthen; but it dleto suppose that it will con-
tinue to do so for any considerable length of
time. Much as the bankers may desire to con-
tinue in the business of banking it is safe TO as
sumo that they will be governed by what they
consider their ultimate interest And itrequires |
but little knowledge of the business TO see that
they cannot make money by purchasing coin at
30 per cent and selling it at a half per cent A |
failure, therefore, on your part, to relieve the |
banks from the provisions Of the act heretofore
recited, is substantially inviting them to wind
up their business.
This great interest is so 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 interest in
coin, much may be said ON either side. In favor
OF the measure 1t may be claimed that Ohio |
agreed to pay in coin, and having thus, and being
abundantly able TO perform 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
templated by our wisest statesmen that an ythinQ
but coin would ever be declared legal tender,
nor, that the national government would ever
be compelled TO issue a currency, and require
the business community to receive it at par, when
the same would not command in coin its nation
al value.
This state of things however, is upon us, and
the wisest cannot tell how long it may continue.
Is this sufficient reason to justify us in violating
an agreement? Surely ourconstituents will re-
spond, "No" The Fund Commissioners should
therefore be directed by law, to provide sufficient
coin TO pay the interest upon sll Of our debt
The principal ofthe debt being payable at our
pleasure after stated poriods may be suffered
to run until more favorable time for its LIQUID
alton.
REPORT OF FUND COMMISSIONERS.
The semi-annual reports of the Fund Commits
sioners herewith presented, contain a detailed
statement Of their proceedings for the past year.
The total receipts for the year were $l952836
90, and the disbursements 81 ,699552 &c. I'm
derthe authority given them by the act Of March,
1862 they have exchanged certificates due in
1851, for like certificates due in 1860, to the
amount of $A095,309 At. They show that the
total funded debt Of the State, ia Sl4l4I, ,662 81
These reports should command your profound
attention.
NO BANK LEGISLATION RECOMMENDED.
As all the legislation authorizing associations