The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-23
Total Debt as per Auditors report. $ls,66s );
This amount is larger than The neonle Stato

Total Debt per Auditors report. sls,ses 1921
This amount is larger than the people of the State can
provide interest for The have reached point not
to be exceeded The Auditor is of this and earnestly
beseeches the Legislature not to add single the
liabilities of the State The present must be re-
duced the several dividends can be paid from the
actual receipts of the Government without resorng to
illegal acts to temporarily sustain their credit The re.
ceps from the public works less this year than last
and from all the Of the State there was an ac
tual deficiency to meet the expenditures Amid the nso
vency that has oveaen several of the States Ohio has
not suffered the annual interest her debt to remain un
paid but the resored to prevent such dsas
ter not the most honorable The Governor in his
late Message admits that the Indebtedness of the State is
larger and the less than in any former year
The public works of the State have cost $40 32 of
which SIT 2 is stock debt the interest on which is
sl,o55,22e. WM
REVENUE OF PUBLIC WORKS.
Toll. I'D f5sesDs: from canals &c. s s
ssso,ss7 s27s17
This leaves deficiency to meet the amount of interest
of S777ll2 which has to be made up from the canal tax
and from loans The latter alternative has been resored
to- too oen not denier resort blind the people
Money has been borrowed at immense sacrifices. About
year since Of six per cent stock redeemabe
roes and illegal acts have far destroyed the credit Of
the State that loan by the Legislature to f.
nish public works and pay off contractors could not
be negotiated any terms The act that created this
stock authorized the sale of much foreign stock
would produce $4,000, and pledged the faith of the
State that stock which the interest could he
paid out Of the State should be issued This righteous
law passed in March s42 At the next regular session
of the Legislature act passed to issue per
Gov M IN nfract
and domestic creditors of the State This papabe viola
ton of previous act and faith could be dis
gused and the credit of the State suffered great dprecia
ton At that time the per cent stock daily selling
in Wall street at 62l per cent BIZ per cent below par
Notwithstanding this fact existed, the law authorizing
the per loan compelled the Auditor to not sell be-
low par The financial genius Of the parties interested in
negotiating the loan brought in play and the stock
was all sold netting par in Ohio, literally fulfilling the
requirements of the law At that time considerable spe-
culation was carried in the Ohio SIS, which was in
tended raise the price as possible so as to
have favorable influence on the when they into
the market
The following statement was published at the time
by the State commissioners
INV ;qm't. flint, Of 1T; &c &C,
Papable o6debt. cruing in lsi3
FIVE per cent Stock 1850 and 1856 IN sso ooo 500
| SIX per cent stock. in 1850, 1856 %, o,o
r ssIss, ssf Sssf essTss: Ban. Of
Domestic bends, per cent ss,o,2 2l,o62
contractors isootsSts NJ int, 'ssss
!Msma Canal '''-' ~'''''' $4,000 ION \ a7,s
ru - ,,., !, New vo,. 1855 'sssss s' 2 go
Total public debt, r,ls6,,gl 9eG os7
| the perpetual investme, OIL Sl,'
| i7l,saa of sundry school funds in
| at per cent, 88.39l
Total interest for tn. year ls,s sl,o5,2.9
We have omitted the cents in the column Of interest
REvrsuE son s,s Arr Sss TO PAYMENT
| Net proceeds of tolls, water rents. Nc. s,os o,o
rs an !S%'' m %H on s,s,ooo,ooO 10000
Deduct sinking Fund and cnausnc les $4,000 $4,000
Treasury, $4,000
Total. $Ioos, ooc
The incorrectness OF this statement is proved by the
official returns in the Governors late message and Audi
tors report The proceeds of the public works being
more than 100000 less than the estimate At that time
the negotiation of the loan the object and all other
considerations sacrificed to achieve that result
In the above estimate it will he that the canal tax
is placed at mills being double the amount that
sessed for lsl2 The power to increase decrease this
per cent 10 create the canal tax vested in the hands
the state Auditor who governed by the wants of the
government in fixing the rate For 1913 the rate estimated
mills the dollar The assessment OF so great an
increase would affect the popularity OF any State officer
and the responsibility would be avoided so long as dol
lar could be borrowed.
RESOURCES OF ONO.
1912. 1919.
Canal 1898 395 $329, 22t
Tolls public works 3si,95i 278, III
Due Interest Fund 900
" u. states. 3082
Excess General Fund. 1859 10000
S92o,ooo S6i7 "a;
Interest. 100000 I55, 22!