Year: 1859

er. You all know the result. This legis
lative act was brought before the Suprem'


Court and it decided that the appointing


power was with the Governor, aud the leg


islature could not exercise it.


But our Democratic friends say, awe


have made amends for all this partizan leg


islation by giving you the sub-treasury law


l have no doubt they will be disappointed


that l do not 60 into an extravagaut eulogy


of the banks. But let us look at this sub


treasury. 1t is an ill-adjusted and dis


joined concern. 1t pretends to be what il


is not. II is not the safest way of keep.


ing the public treasure. Your State treas


urer gives bond of $3.50, 900, and yet he


is entrusted with half million, and fire.


quently a million of dollars of the public


money. Where is the safety of such a sys-


tem?. Why do not you require his bonds


TO come up to the largest sum entrusted to


his custody. What security is there, if he


attempted 10 defraud the people of the


States He might hand over to his bonds


men the amount for which they were re-


sponsible, and escape to Canada with the


balance. The Republican law, required


the depositors of the public money TO give


full security. These securities were sub


jected to the use of the State, for its pro-


lection.


do not now, fellow citizens, purpose to


go into discussion Of this question:


Whatever is the safest mode of keeping the


public moneys, it is the duty of the legis-


laturs to adopt. l object to this law, be-
cause it locks up the money from circula-
tion in the State, and prevents the people


from the enjoymen: of that circulation. If


the Treasury of the State can be as secure


under system that will keep the money


in circulation, it will be better than tie
present law. Instead of having two or
three hundred thousand dollars in the vaults
of the Treasury, TO be kept there for the &C
commodation of the banks who have the
benefit of the use of that which they have
received for their notes, to be subject to
losses, if the banks should break, it is far
better that these bills should be put into
circulation so that the people may have the
benefit of the circulation, provided the re-
quisite and undoubted security be given
to the State. l do not care with whom
the money is deposited, if the repositories
can give ample security-that is all we
want. If you cannot take individual Sc
curity, take stocks of the United States or
of the State of Ohio. was in the Treasu-
ry department few days ago, and was
there informed that there were some -s-ro
hundred -asd fifty thousand dollars there,
chiefly. in bank paper, which had been
there since the first of January. If the
banks failed whose bills were there, who is
the loser by it? Do the banks lose? No
sir! You lose. The people of the State
lose. Would you think it safe in man to
keep that amount, or even five thousand
dollars of bank notes locked up for even
three months? Ifyou have that amount,
you would either convert it into gold er sill
yer, invest it, or deposit in some way so as
to protect yourself against loss. Now ap-
ply these principles of private life to those
of public life and conduct, and you are al
ways safe. The present system takes pa
per and deposits it in the Treasury. The
banks have the use OF it, without paying
any interest whatever. Ifyou would take
this very sub-treasury law, and 60 to banks
out of Ohio, and agree to take their notes
to hold or deposit three or five months,
they would be poor bankers if they would
not let you take it and keep it SO long,
and pay you for doing it.


The people do not want to pay their
taxes in gold and silver; yet this law is
based upon this principle. If it is to con-
tinue in force, prudence would require that
the taxes should be so collected. If the
vaults of the treasury are to have in them
two or five hundred thousand dollars, let
it be in coin. If the Democratic party is
prepared TO take ground in favor of thu COL
lection in gold and silver, let them do so.-
l am not in favor of such measure, so
long as our currency matters remain as they
are. This sub-treasury law, does not, as
is claimed, assimiate 10 what is called the
of the United States. Under
that system moneys are paid on checks issu-
ed on repositories, who give bonds for the
safe keeping of those moneys. Why do
not you do the same thing here? Why
entrust your treasurer with these prodigi-
Gus sums9 I repeat that am in favor of
the best mode that can be devised, for the
safe keeping of the pubic moneys. If no
other system can be devised, except to col
lect your taxes in gold and silver, then col
|ect them in gold and silver; though l
think there can be means adopted, without
TO this, at least for the present.
When the time comes for making collec-
tons in that way, we will all be in favor
lit; but that time has not yet come.


Let me call your attention to some 9th
er questions connected more Immediately
with our national affairs. Here let me say,
nay fellow citizens, that political organiza-
tions, in party forms are not merely acci-
dental results. They grow out Of the con-
dition and necessities of society. They
are the aggregation of men united for one
Or more common objects. Every such Or
yanization must, from logical necessity,
have some leading, central principle, look
10 some one measure of first Importance,
from which it derives its distinctive charac-
Ieristic, and to which all other principles
and measures must be subordinate and sub
sidiary. Hence it is that upon the an
of any new measure or the
declaration of new principle of public