The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-12-15


thousand six hundred and tive dollars and nineteen
cents and on the Wabash aud Erie Canal lands, Bonds
to the amount Of eighty three thousand and twenysx
dollars. These bonds were intended to be paid to
tractors. To insure, as far as possible, the holders
against loss the legislature provided mode Of invests
ment, by ordering the Canal lands on bnth Lines to be
offered for SALE at times TO be fixed and advertised by
The Governor of the Stale In discharge of the duties
assigned under this law, procured from the General
Land office at Washington the requisite maps and ev-
licences Of title and advertised sales at each OF the Land
Offices of the State, that at Maumse City, TO be held
tho 18th of May 1892 and that at Lima the ls day
of June following. These lands appraised by
authority Of Law, and tract could be sold for less
than two dollars and fifty cents per acre.
The sales kept up easfT Dice fo the term Of
two weeks, and large amount of bonds receivable for
each class Of the lands had been previously issued and
received by contractors yet The actual sales reported
by the officers, small as to render it certain
thatths Bonds of the State considered by holders
in general rs more valuable than the lands 1 the mini.
mum price fixed by law The sales Of Wabash and
Erie Canal lands amounted to only twelve thousand
nine hundred and twenty-five dollars Of toss belong
ing to the Miami Extension to the SUN Of Axteeh thou
sand and sixty. -four dollars In all cases tle lands sold
paid for in Bonds From this attemIt, became
satisfied that further sales, in amount large enough to
justify the incidental expenses, could not be made
therefore took after the sale in June last to
put these lands in market.
submi, to the Legislature the propriety d reducing
the minimum price Ofhese lands, as at preent sStab
lished by law; as the only mode by which it seems
practicable 10 effect sales of Them at this time In de-
termlning this question, the necessities OF contractors
who have received bonds. and the prospect mar
mole of rise in the present market value Of landwl
al once suggest themselves bearing directly upon
any measures on lhissubjsct which may become ne.
cessary 10 adopt The Reports Of the Board Of Pub
lie Works and the Commissioners of The Cand Fund,
will in due time bs laid before the Legislature, and
present n detail the facts connected with that bmnch of
the public service and ofcourse throw much light OH
the topic just suggested.
The interest on the public debt has been
puncluaIly paid and the insta|ment 10 become
due on the first of JAN l543, will be pIompt-
discharged. 1t is a subject Of great grAnf-
cation and just pride 10 every citizen Of
the slats that while in various portions Of the
Union, States and communities sinking NO
der the pressure of tho times. have failed 10
comp'y with their conpacts, the pledged faith
of Ohio has been hitherto p'eservd without a
stain. With proper economy in the man
agement Of our resources. a slrlc; fidelity in
the fulf'ment Of Obligations already contracts
ed, and due caution IN the further extehtion Of
Safe credit, it cannot be doubted that all our
public works will be completed IN q reasona-
bic time, and every engagement OF the Staie
faithfully KEPT, When this state Of things
shall exist, the increased wealth and popu>a-
lalion Of the county will enable the legislature
10 relieve tho burden Of Taxation which, a, lhis
time weighs heavily upon all, especially upon
the farming portion of the State. The present
scarcity of money, and depression OF value in
the staple products Of The country, is greatly
10 be deplored Ia such slate Of things,
while The amount oftaxes the people are CON-
peIIed 10 pay, remains tho same, the value Of
labor and property from which these taxes
ale 10 be raised, 10 constantly falling IN pro-
portion to the dmunitIon in the amount Of mo-
ney in the country. Measures, therefore,
which look 10 a shl further reduction Of the
currency in circulation, are equivalent to an
increase Of taxation 10 iha, amount. The
situation Of the Banking institutions Of The
Sta'e, is a sub jecl which necessarily connects
itself intimately with the foregoing sugg gss'lors.
According TO Report made by The Bank
Commissioners to the Legislature IN July last,
there were IN the State, at that time, twenty
two Banks doing business, and redeeming
their liabilities with coin, on demand. Since
that Report was made, the Franklin Bank Of
Columbus, which IN consequence ola failure
engagement, was in state of suspension,
has resumed the payment o specie, aad may
be considered amongst the soundest instItu-
tions Of the State
From these data, it will appear that there
are, al this time, twenty three Banks in the
State, all of which may be considered as just
y emitted to full confidence, Of lhis number
however, the charters Of thirteen expire the
first day Of January, lS43, and Of two others
in Jan. 1874 The capital of these Banks
| paid in, from The best data at my command,
amounts TO abuut FIVE million Of dollars
Thus, it will be seen, that without legislative
| action on this subject, within the present
moah, thirteen of the twenty Two Banks in
the State must Immediately cease business
operaonsl and TWO others in year from this
tins, This will necessarily require sbout
five millions Of capital, nov engaged in fur
hishlng sound currency, 10 be withdrawn
from 'ha, operation TO be collected and paid
out to stockholders, many Of whom reside in
other States This process mus, inevitably
have the effeC, 10 increase existing embarTass-
ments, rel ard the payment Of debIs, sink still
further the market value ofproperiy, impover>
ish the debtor class Of community, without
any benefit to tho creditor, and result only in
advantage 10 The capitalist, who will be ena-
bled 10 speculate upon the wrecked fortunes o
debtors, who have only property wherewh Ia
to pay demand. against them. The subject
| cnlls cor anI I oanno, douhI hut IL u;ll oou,.