Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1863-01-07

psper at their counters, each for itself, TO fur
nish their several proportions OF the coin re-
quired. ,e,S> 30.
: The snm needed to nav tho July interest, sss
$4O5, ,625 90, which was promptly furnished by
the several banks, without exacting the presen-
tAtion of their paper, thus eaving 10 the State
the expense incident TO asserting and present.
ing their paper. y W = ~
The difference between coin and currency, or
legal tender notes, prevailing for the past few
months, was 80 great, that II was scarcely to be
expected, that this liberality on the part of tho
banks would be repeated, for our interest be-
coming due January let, 1853 amounting to
$393, SOC 90. Hence, the financial officers Of
the State wisely provided themselves with the
notes Of the several banks, for presentation.
Thus provided, the several banks promptly met
the demand upon them. The interest, therefore,
upon that portion of our debt, made payable out
Of the State, has promptly been paid In coin.
The inteFest upon our domestic debt has been
paid, like all ordinary transactions between
man and man, In what Is known as currency,
which ia now, aud has been for some months
past, about thirty per cent. below coin. II ie
difficult to find any good reason for making this
difference with our creditors. II 10 therefore
recommended that you mako provision for the
payment Of interest In coin, upon all Of our debt,
or that oil be paid 10 the legal tender notes OF
the Federal Government. The banking inter-
cat is not alone interested In this question. Ii
Ia true that for the past year, this interest has
sustained the buFthen; but 1t is idle TO suppose
that Ii will continue to do 20, for any consider
able length of time. Much % the bankers may
desire to continue 10 the business of banking,
iI is safe to assume that they will pc governed
BY what they may consider their ultimate inter-
est And 1t requires but little knowledge Of
the business to eee, that they cannot make
money 10 purchasing coin at thirty per cent and
selling 1t at half per cent A failure, there
fore, on your part, to relieve the banks from the
provisions OF the act heretofore recited, is sub
stantially inviting them, at once to wind up
their business.
This great interest is so intimately connect.
ed and blended with all the other varied inter-
ests OF the State, that any measure, tending to
drive them out OF existence hurriedly or rashly,
must necessarily derange oil other interests 1t
is therefore recommended that you relieve the
banks OF this burthen.
Upon tie question, itself, of paying our in
terest 10 coin, muc1 may be said on either side.
In favor Of the measure, IL may be claimed
that Ohio agreed to pay In coin, and having
thus agreed, and being abundautly able to per-
iOru1 hli ucE hBIeotutulbb We CADuUb Will uUuOFS
compel our creditors to take any thing else.
On the other side, Il may be said, that when
this agreement was made, it was not even con-
templsted by our Wisest statesmen, that any
thing but coin would ever be declared legal
bendlE, nor, that the national government
would ever be compelled to Issue currency,
and require the business CON munity 10 receive
lt OF 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 1t may con-
tinne. Il this a sufficient reason to Justify Us
in violating an agreement Surely our con-
stituents will respond, No The Fund Com.
missioners should therefore be directed by law,
to provide suflcient coin to pay the interest upon
all of our debt The principal of the debt,
being payable at our pleasurei after stated peri
ods, may be suffered TO run until more fa-
yorable time for its liquidation.
The semi annual reports of the Fund Com
missioners herewith presented, contain detail
statement of their proceedings for the past
year. The total receipts for the year were
81, ,952, 1913 90, and the disbursements ST.
| 1893 552 60. Under the authority given them
BY the act of March, 1862, they have exchanged
certificates due 10 1881, for like certificates
due in 1860, to the amount of "a 095. .309 Al.
They show that the total funded debt of the
State, Ia $I4,I ,662.6l. These reports should
command your profound attention.
AS all legislation authorizing associations for
the business OF bsnkng, must be submitted to
the people, for their approval; and, as the
charters of most of the present institutions will
expire in May, 1865, it may be thought advis-
able by some, that measures be taken at your
present session TO ascertain the views Of our con-
stituents upon the subject
With great Difference to the opinions of all
such, can but think that the present is most
iDauspicious period to legislste on this subject.
The uesettled condition OF our monetary affairs,
hereinbefore alluded to, is enough, of itself, to
embarrass, 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. Il ia 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. Il affords
me pleasure to bear testimony to the faithful
duty, and disburses the fund placed at his dis.
Puooh VAN thsS6sty oha OcohOuys
recommendations are fully indorsed, and merit
your approval.
The report of L. L. Rice, Esq, Supervisor
Of Public Printing, herewith, should not es-
cape your special attention. Mr.. R. 10 by
trade printer, and hence well educated to the |
performance of the duties Of bis Office; and IL |
Is buta simple act Of justice TO faithful pub
lie officer, that bear testimony to his industry
and attention to duty. A faithful discharge Of |
The duties committed to his hands, standing as |
ie does between the Treasury and the several |
is certain to bring down upon him
. severe pressure. His report will demonstrate
The wiedom Of the law under which he acts
when, as 1t has been, faithfully administered.
The report of the Commissioners, created /
BY the Act of May !, 1862, entitled "An Act
10 provide Board of Commissioners to ex.
anime certain military claims, and make an |
appropriation for their payment" herewith |
should command your respectful at |
Iention. The total amount of claims submit |
led to this Board, was STAT, ,972 81; of which |
sum, the Commissioners allowed the sum Of |
s33, $3.50 80. By the provisions Of the 4th sec |
lion of the Act, tho powers of the Board |
ceased on the 18th day Of December last. To |
avoid special legislation, respectfully recon.
mend that further time be given the Commis- |
'ioners to adjust these claims.
o The members Of the State Board OF Agri-
culture have faithfully discharged the i'm.
poFtant duties committed 70 them. Their re-
port, herewith presented, 10 q document of In |
terest, and should receive great consideration |
Of your hands. You will be glad TO learn, that
the State, the husbandman has re.
L. T. T. -