Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-01-04

line report OF SJate treasurer Hooper,
appointed in September last by Governor
Anderson on the removal of Treasurer
Dorsey, is avery brief document, and con-
tains nothing especially novel or impor-
tant. The receipts and disbursements
during the year have been as follows:
Receipts ----.....-....---. Sl3,246, 1915
...........- . II, 49O,OS3.2
h4nifEf s5 IL Treasury 49,: SO. 1858
during the year, has amounted to s4,435,
429.s2. The total collected of soldiers by
State Agents, and paid into the Treasury,
since the State, in February, 1862, under
took the transfer of money from the sol.
diers to their families, amounts to the
large sum of Ss,47O,494.76. Of this fund
there is a balance in the Treasury Of $54,-
I9l. OF, which has probably been paid over
to soldiers or their families, by the Coun-
ty Treasurers, who hold the warrants
against the State Treasury. This large
business has been transacted without cost
to the soldier, and without fee or charge
by the officers of the State or county treas
uries. yar ~ep- a
The Independent Banks of the State
have generally given way to the national
hank system. Their bank notes in the
Treasury have been destroyed with their
consent; and their actual outstanding cir
c~ulation has been reduced to S444.O63-aI
decrease during the year of $l,OG9 {, 227.
The circulation of the State Banks is 1918,
7O9, making the total circulation of Ohio
banks to be $l,122, 7t2; all of which is
being redeemed as fast as the public pre-
sent it.
Of the broken banks, the notes Of the
Savings Bank of Cincinnati are redeemed
in full the certificates of the Canal Bank
of Cleveland arepaid in full eighty-seven
and a half per cent. is paid on the notes of
the City Bank of Cincinnati; the notes of
the City Bank of Columbus are paid in
full, and the notes Of the Seneca County
Bank presented thus far have been re-
deemed.
The Treasurer proceeds to submit an
abstract ofthelaws and regulations of the
Legislature in regard to the management
of the Treasury showing the safeguards
with which legislation has surrounded the
monies of the State. The general princi-
pies of the law he considers wise and
proper. The system of bookkeeping is
perhaps ~cumbrous, but the " sub-treasury"
principle is desirable to be adhered to.
The money of the State should never be
jeopardied by the fluctuations of trade.
Yet, says the Treasurer, u legislation
should not be construed to trammel legiti-
mate business by preventing the establish
ment Of a small fund to draw on in New
York, and he recommends that it be per-
mitted the Treasurer to keep an account
in Cincinnati and New York, limited, if
it must be to prevent abuse, to ten thous-
and dollars in each place, for the accom-
mediation of the State Departments, which
have no need to remit funds.
Treasurer Hooper concludes this portion
Of his rapport by the following sensible re-
marks in regard to the bonds required Of,
and the salary granted to a State Treas
urer;
al am led, in this connection, to refer to
the bond required Of the Treasurer. The i
Legislature appears TO nave considered q
bond of large amount to be necessary as
constituting security against loss or fraud,
and having fixed it at $6O0,O0O; in strange
contrast with the salary of 81, 500 assigned
to that officer since advanced TO $4,000 for
the next incumbent). The inference is rea-
sonable that having given q 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
yiteto 8 violation Of the law by the use of
the funds to acquire a support which the
Office did not provide. No man in the posi-
ton TO give the required bail, can be ex-
pected to devote his time to an Office of such
responsibility with such salary,except as an
act of patriotism, or for politician ambition.
In its desire to be economical the State com
mits a grave mistake. No amount Of bond,
but in exceptional cases, with inadequate
pay, can be security against loss or the
breaking of the statute. Besides, an exces-
sive bond is never collected. The true di-
is, a sufficient salary TO induce men
Of high character to assume the duties and
responsibilities with moderate bonds. Many
persons of real ability are now excluded
from offering themselves for the Office be-
D