The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-12-01
OHIO-IIER IMPROVEMENT -DEBT-POSI,
TION--RESOURCES-& OBSTACLES,

the prosperity of Ohio Is it MT outrageous thai at the
very time when exports $5 600 00U more Than
they ever were Federalism should destroy market
by high tariff, merely to benefit few Danulacturersf
lfit was not for this sudden and iniQm Gus drawback
on her prosperity, Ohio would soon be the most PROS
porous, as she is The richest State i9 the Union.
From the Money ticle Of the N. Y Herald.
The stock Of the Stale of Ohio, although that IS une
of tn richest Staes of the Unnn, stands very low in
the market, say II cents for 6 per sock. The
cause OF this low price seems 10 be msapprehcn
sion OF the existing laws relative to the stale debt An
Act passed in March, 1912 authorizing the Fund
Commissioners to 60 into the market and sell much
foreign OCk, the best possible terms as would
produce the sum of $500, 900 after which 'no more
stock which The interest is payable out of
the State, to be issued or sold The sama act
also authorized the Commissioners in order to pay con-
tractors and complete the unfinished works. to negoc.
ate loan, principal and interest per cent payable at
the State Treasury; aud in default of the negotiation
Of this stock to issue instead per cent bonds to the
contractors The stock was not negotiated aud the
bonds were consequently issued to the extent of $780,
OOO of which Sal 900 have been redeemed. The ILL
success of these measures induced at the extra session
tie proposition to issue ten per cent loan interest and
principle payable at the State Treasury; and in addition
to allow the Commissioners if they deemed necessary
to 90 into the foreign market the best possible terms;
thus cOntraVenng the pledge under the act of March,
ed had the house not piematu ely dissolved And on
this ground will it be defeated if again brought up be-.
fore the legislature In s this there is no want
of faith or ability to pay The mismanagemsnt seems
to consist the part Of The Commissioners who per-
sisted prosecuting the unfinished works Of the State
under the act of March last after they found that they
could not obtain the M the terms provided in
that act. The works like those in New York, should
be Immediately discontinued until a more favorable
time for their completion. Instead of so doing they
have up debt to the contractors of about $780, 000
in addition to The $340 000 for which bonds have been
issued This forms the embarrassment of the state.
The distinction which the authorities affect make be
tween domestic aud foreign debt, is more nominal than
real and At m st amoun To but two three per cent.
he present debt of The State amounts 10 about SIS.
600, 000 bearing interest about S. 900 000. To meet
this The following revenues are provided;
Nett revenues of the canals, lS4 $436 900
State dividends on the Turnpike road, Is, 600
Due by Railroad Companies loan Of State
credit 80 900
Proceeds of the aas of School laodS 1776OO
Stale tax ot2i mills upon every one dollar of
taxable property 352 900
Total revenue applicable to payment of the
interest 81 01O 600
The items are proceeds for lsl1 except The School
lands which is lol 1889.
The tax under the existing laws s required to be
made sufficiently high to supply any deficiency from
the other funds towards the interest," and in pursuance
of that law has been raised mill or $32 000 during
the past and The January interest is nearly ali
now in the hands of the agent for the payment
1t thus appears that the debt of Ohio, up 10 this mo,
ment does not exceed its resnusces The Wabash and
Erie canal has been completed this fall The only re-
naming work unfinished is the Miami extension This
will begin to weld revenue. In the mean time
the State wants $3.50 900 already due, and in in add-
ton 10 finish the extension. This latter circumstance
it is that depressas the stock.
The condition of the public works as reported las.
year are follows:
Public York, otonedsy the SLATE Of Ohio.
Cost paid byI Sum Gross lCost of
State to reqrd fin am'tof repairs
Nov. IS, State to tolls red & col.
Names of Public Miles 1910. finish by State of tolls
Works rngh lin 84OI &c.
O. Canal bches 1888 4694934 finished 452 % i22 OO4
Miami can. & br'chs So l,237552 do 1852 2Ol92
Wabash and Erie
Canal lin ohiol SO 1,6s66l9 773s8O 164)
Miami Exten'n can. 125 l,5O69O9 l,393,09O 1895 g.
Hooking valley can. 56 62l,375 27s,472 1926 80
Walhondng canal "a 49l 1854 89623 i,Sh'
Muskingum River I'm FsH.
p,oTs%sn, 80 1,Oas1s7 as7,sss s,sseS1S
Western Reserve and
Maumee Road, 81 l65;OOO $4,000 s:24O S132
Pennsylvania & Ohio
Canal; in ohio4 So 100000 finished 42oO
Milan Cana4 10 22692 2;307
Cincinnati & White.
water Cam. 25 $4,000 10000
Turnpike roads l;00888 563;2l5 1856
12;9948O4 3;536;926 557;535 l45;33O
From the estimated necessary be provided by
the State finish public works. deduct estimated proceeds
of Wabash and Ee and Miami Extension Canal lands 379;
$50 acres; SO acre=S1 1885, leaving the of