The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-12-16

stance nave lhey been obtained at rate OF interest
cecdng six per cent although the act of last session
would have authorized the loan Of over one million at
higher rate.
will be perceived for the reasons already assigned
lhatthe debts due the public works. for labor done
during lS4O, amounting accurate ascertanment to
about SIX hundred thousand dollars and the amount
necessary to complete the Wabash and Erie Canal on
which Ave hundred and eightytwo thousand four hun.
dred and seventeen dollars have been paid during the
current year. making together million of tol-
lars, of peculiar character and SUCH as in good
faith, the State was bound TO see promptly obtained and
disbursed Tho great decension in the price of State
stocks those of the unquesonabe character
for The last year, is well known ALL and presented to
the Canal Fund Commissioners difficulties of the most
formidable character, Permanent loans OF large sums
any reasonable rate of interest, could not be had Ell
ther in Europe or the Atlantic the United States
Acluaied by laudabe zeal to preserve unsuliod tho
good faith Of the State hitherto proudly maintained
through every vicssilude the Fund Commissioners sa
the best that could be obtained negotiated loan Of q.
bout one million of dollars, early in the last spring from
two of the banks Of Ohio. By the terms Of this loan,
the nocs ofthe banks making it were received at par,
and the interest is to be paid at the State treasury sum
annually, in current money tho State, the rGte of
six per cent per year.
The interest on the public debt during tho year has
been punctullly paid; and the various public works Of
the State have been provided with funds TO carry them
forward as rapidly could be desired The Muskln.
gum improvement has been completed, and is nav
gaeG by steamboats, the entire dit tance from Zanes>
vile to the Ohio al Marietta. The balance duo for la-
Dor done on this work. s estimated at eighty thousand
dollars.
The Hooking Canal is finished to point within ten
miles of its termination, and about twenty five thousand
dollars supposed to oe due already done on
that line The cost of its entire completion is esti-
mated at fifty thousand dollars.
The debt due TO contractors on thes Wabash and Erie
Canal, for labor during The present. year, is estimated
aI about fifty thousand dollars. Assuming the es-
mates sent to the Legislature by the Board of Public
Works, during the last session, safe guide, it may
be considered as probable that, this work be CONS
completed by further expenditure of about two huns
dred thousand dollars.
The amount now due for labOr on the Miami extern
sion is estimated one hundred thousand dollars and
according TO the estimates furnished in the report OF the
Board of Public Works. at the last session Of the Le-
gislature, an additional sum Of about nine hundred
thousand dollars will be required 10 complete the
work. ...-
From these data, not protesting to bo minutey ex-
acl, but which, doubt not, near approximation
to truth, it will appear that the debt owing at this time,
for labor done, with the estimate for the work not yet
lnshed and part of which is not under contract will
together amount to about 81 1856, 600. Of the Miami
| Canal and Extension, (beng Hundred and
nnety-one miles, including uavgable FEEDER, there
remain lightweight miles, TO complete the navigation
from Cinoinclnnati the Ohio, to the Maumee Bay
! When this work shall be finished. thore will be seven
ly by the State, and including hundred and twenty
| ono miles of Canals, constructed by companies, in
which the State has an interest," there will be hun
dred aud fourteen miles of Navgable canal within the
| limits of Ohio. Thsse enduring evidences Of enterprise
and wealth. traverse the State IN such directions as to
draw TO them tho productions Of the richest agricultural
and mineral regions Of the state aud bring markets to
the door Of the farmer aud mechanic, for the products
| of their labor
The amount paid into the treasury from these canals
| during the present year, s$4S4758 lS: When the
route though the valleys ofthe Miami and Maumee shall
present an unbroken communication from the Maumes
| Bay 10 Cincinnati. and tho Muskngum and Hooking
Canals VOW quite finished shall be in full operation it
is obvious that at the present rate of tolls, the receipts
INTO the teasury will enable the Legislature greatly 10
diminish the taxes. The amount (as ! have shown)
necessary to the completion of all contemplated works,
now unfinished will add comparatively little to our ex.
slng debit and that sum is necessary to enable US to
use those works which large expenditures have been
made expenditures which must be quite unproduct,
i've until The works to which they applied shall be
completed In the existing slate of the money market,
the arrangements OF the currency, and consequent
barassment of trade. it is not probable that loans TO
any extent he mado during the present year by sales
of stock fair terms, either the Atlantic EuropeN
an markets. Should any favorable change be efected:by
the action of Congress upon the currency, during the
present session of that body its influence would
doubedy lie felt in an increased facility given to every
department Of business, and in that case, sale OF
stock terms more advantageous 10 the interests oil
the State, might be expected In the present condition
of the national councils any in that quarter
tending towards relief from the evils that have so long
operated with malignant energy upon the currency, are
scarcely to be hoped for, and certainly not to be at al
relied upon as basis of our legislation. Should the
sound banks of this State whose charters will expire in
ls43 be rechartered their capital be transferred tc
any now scheme of banking which the Legislature may
enact at this session, there good TO believe ha
loans might be obtained from that source, the ineres
on which would be payable in State; and thu:
we might be enabled from capital, TO carry on
to final competionour own public works. Other means
there are, undoubtedly by which the necessar,
for carrying forward our public works might be raised
which the wisdom of the Legislature may devise, bu
the foregoing has occurred to the most safe ant
practicable, upon the supposition that some genera
scheme of banking shall be adopted at this time,
In contemplating the future operations Of the State II
the management of her public debit should not for
get the late act of Congress- making distribution of tn
proceeds Of the sales of the public lands among th
StateS The amount to be received by Chic, under thi
bill must Of course depend upon the quantity of publi
lands which shall be annually sold. The best coniec
ture upon the subject, would probably give least $500
600 10 Ohio annually for the four five years, au
when the large amount Of new lands, held by indivd
uals, shall have been sod the dividends to the State
may he expected to increase, with the increasing sale
of the proper public domain. Under the act of Con
gress tho first distributions to be made on the first da
of June next l regret to observe desire manifesto
in vurovs ways effect repeal of this most saluar
law; one that has oen5een passed by both branch
e and aCa hav, ko.. L..