Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-01-03

1t is of the highest Importance that the |
money which has been drawn from the |
people by taxation (sufiiciently Onerous)
should be held and kept securely aloof from
the fluctuations Of trade, and that the State
credit should not be jeGDarded by the |
changes which So frequently oVertake the
commercial community, 1t should be con.
stantly at command, and be ready at all
times for the purposes of the State, which
may not always bejthe case if placed with \
corporations or individuals, as experience
has shown. But while the practice should
be to keep the bulk of the funds within the
Treasury vaults, it is not necessary to pro-
hibit any and all transactions with banks
1t frequently arises that remittances are
made to the Treasury in checks or drafts
upon New York banks, as safe and con-
venient mode OF transferring funds; anu al
though, for the use of the State Departments Z
it is desirable to haye a small fund to draw
upon in New York, which the checks re-
ferred to would furnish without expense, ,it'
Is held by some that it would be violation
of the statute to deposit any money there,
and would subject the officer to fine and and
Imprisonment.
1t is iniudicious to trammel legitimate
business in this way; and / recommend
that it be permitted the Treasurer to keep
an account in Cincinnati and New York,
limited, if it must be, to prevent abuse, TO
ten thousand dollars In each place, for the
accommodation of the State Departments,
which have need to remit funds.
Frequent examinations of the Treasury,
as provided by the law, are a great safe
guard against loss or improper use of the
| public money. The appropriation Ofa large
sum at one time, and for the first time, by
persons in fiduciary trusts rarely happens.
EmbeZzement always begins with small
amounts, which, it may be, are only bor-
| roWed to be returned, but misadventure
preventing, further sums are taken with
| which to speculate to cover the deficit; and
| this course repeated, grows into defalca-
tion. If periodical and unexpected occa-
sional Inspections are faithfully made, 1t is
hardly possible that any serious misuse OF
the Treasury can OCCUR. Ha q.
| am led, in this connection, to refer to
the bond required of the Treasurer. The
1 Legislature appears to have considered a
bond of large amount to be necessary as
constituting security against loss or fraud,
and have fixed it at 100000, in strange
contrast with the salary OF $l,500 assigned
to that officer (since advanced to $4,000 for
the next incumbent). The inference is rea-
sonable that, having given large security,
| It was expected that the Treasurer would
look elsewhere than to his salary for COM
pensation; and on the face it seemed to in
vlte to violation of the law by the use OF
the funds to acquire support which the
office did not provide. No man in theposl-
ton to give the required bail, can be ex-
pected to devote his time to an Office OF
such responsibility with such salary, eX,
cept as an act of patriotism, or for political
ambition. In its desire to be economical
the State commits grave mistake. Nc
amount of bond, but in exceptional cases
: with inadequate pay, can be security agains
: loss or the breaking of the statute. Be
sides, an excessive bond is never collected
The true direction is, a sufficient salary t.
: induce men of high character to assum'
: the duties and responsibilities. with mode
g rate bonds. Many persons of real wortl
{ and ability are now excluded from offering
themselves for the Office, because they ar
Q not in circumstances to comply with TIN
8 required bail: In Massachusetts the Treas
Q urer gives bonds of one hundred thousant
e dollars; New York requires bond of httl
= thousand dollars only. Is it expedient tina
5 Ohio should continue on the statute bool
such anomalous legislation? ...a....
There will have accrued to the Treasury
up to the 10th of January, and since the las
report, derivable from interest upon 7-3
Treasury notes (paid in by State agent
from Soldiers Allotment FUND.-, and upol
v compound interest legal JenuST uOGeS, Ie
served, about $4,000. This fact suggest
that good management of the public funds
in the present changed condition of tn
: national currency, would indicate the pro
prlety of investing the large unemploye
: surplus generally in the Treasury, in som
? of the National or Ohio securities, or de
I' posit of them in the National Treasur.
D., upon interest, subject to few days notice
r which can now be done. | estimate that i
n this way they might be made to yield to tn
Q State $50000 or upward, per annum in in
e terest, and at the same time be availabl
for the demands or claims upon the Treas
ury. q. D.. ..-.. .lir-"H .|...| la-.....I
81 In view of this, 4 recommend that
e Board be constituted, to consist of tn
n Treasurer, Auditor and Governor, to dc
! termine upon the investment, from time
= time, and in what kind OF securities (limite
!, to National and those of Ohio, of any SUI
Z plus not likely to be required for paymeI
y out. Said Board also to order the sale 9
conversion of such securities to meet tn
d wants of the Treasury, or demands |
y money upon it. ..t %. f... ..,-l
is There is in the Treasury-gold, SCI, 300
3 silver, $2,134, which, being dead capita
D should be sold for currency. r.
II mi, Respectfully submitted, nu
4.f.. la w. HOOPER,
TX .... Treasurer of State,