The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-03-25

Columbus, Ohio.
Correspondence of the Herald
COLUMBUS, Ohio, March IL, 1913.
Ohio Stale Credit


Ohio State Credit
JAMES GORDON BENNETT, Esq: -
think you do this State great injustice in the
frequent remarks upon its credit In the moneyarcles
of the Herald. And some of The facts in regard to
our finances are incorrectly stated
You consider the issuing of scrip to pay the do
nestle creditors Contractors on the public works),
and to finish the Miami Canal, luxurious to the State
credit, and yet you say, "a refusal to do would
have destroyed it" What, then, would you have
the State to do? What more could she do?
Except for the Miami Canal extension, which
VIII render the whole greatly more productive, the
debt has not been increased by the new scrip
And 1897 600 is all that is required for that impor-
tant work.
You say that the people of Ohio have to nav
about $l,0OO,OW tor interest, and So 900 900
for State, County, and Town taxes, making
5000, 600 to pay annually
This Is great error; and 1t is remarkable that
the sagacity which usually marks your money ar
tices, did not discover that you have counted the
taxation applied to the payment of interest twice
over The State tax goes TO pay so much OF the
interest on the State debt as is not provided Tor by
the Canal tolls and this may be half million or
more. Yet you count 1t as tax, and you count it
as interest also.
Nor are the Canal tolls which are applied also TO
the interest, properly to be charged as tax upon
the people of this State. Much OF the tolls paid
for produce and merchandise of ether States. And
to argue that the tolls are burden, would be to de-
clare that the Canal ITSELF which affords such cheap
facilities for transportation, and has so largely in
creased the wealth of the State is burden to the
peope-a paradox hardly worthy the place il occu-
pies And if the tolls are thus forced in to swell an
aggregate of public liabilities" why not also add
all other expenses OF transportation, whether the
canal or on the rivers and common roads! Surely
with equal proprlety another million might be
added.
There is one important feature in the financial
policy OF Ohio, which is overlooked In yer articles,
and which Is important in sustaining her credit on
hrmer basis than that OF Pennsylvania, Indiana,
and Illinois, with which you are pleased to COM
| pare her. state it in the language of Senator in
recent discussion of the Legislature upon this par
ticular subject He remarked
| GAS the law now is, and has been for many
years, the auditor ls required to levy for canal pur-
poses an amount sufficient to supply any deficit in
Can any pledge be more satisfactory to the bond
holders! Can there be required better evidence
of the integrity OF the public faith of the State!
But you may refer to other States which have
failed to Increase their taxes, repealed them, to
show The probability of similar course in Ohio.
Happily decisive vote has just been given in both
branches OF our Legislature, which seals the fate
OF such proposition with the indignant reproba-
ton OF the representatives OF an honest and vrtuous
people, determined to preserve their faith unfair
nished.
| A few days after the Lower House had PROMPTLY
rejected motion TO take from the auditor the
power to increase the sufficiently to meet any
deficiency in the public interest," similar proposition
was made IN the Senate; and twas defeated by an
overwhelming vote, only four voting in favor, and
twenty-nlne against, being nearly all OF both
parties.
The proposition was made by distinguished Sc
major, not with design of creating or permitting
any deficit to be Otherwise provided for. but to
restore the whole taxing power exclusively into the
hands of the Legislature, it being deemed by him
TOO great power to be rePosed in any one man: l
hope you will do Ohio the justice to record this fact
in its connection with the law referred to-
Again, you alude to the low prices of produce as
reason why Ohio cannot meet her interest. But
you elsewhere record the great and continued in
fux OF specie, and the certain improvement of trade
and prices the inevitable results Is it fair there
lore, to predicate the ability of a great and popu-
ous agricultural State like Ohio, BY the present ex-
trenely low prices of her great staples DO the
achievements OF her past history, unexampIed as it
Is in every substantial mark of Improvement, pro-
mise nothing for the future
You repeatedly refer to the deficiency in the reve
nues of the past year, and with singular boldness as
sert that 'the fate Of Ohio is sealed" and that Ohio
has paid nothing 6 from her own resources I" What
then, have become of her tolls and State taxes?
In crisis like that which has nearly Frustrated
the business OF the whole country, is 1t at all strange
that the tolls of the Ohio canals should have de-
creased in common with the public works of other
States, not excepting New York And is it remark
able that such results should have dehed the keenest
sagacliy and disappointed the calculations of al
most every financial officer in the whole country p
And yet this was the re al cause of the deficiency
to the State. The truth is simply that the auditors
estimates were not realised, and OF course the tax
did not cover the deficiency.
But have prolonged these remarks longer than
was intended. Respectfully ask their publication
In this do not ask, trust, more than what impair
tlal justice requires, and you are willing to grant
lam, respectfully. yours, &c C.
Literary Notices.
The YOUNG MECHANIC. Saxton and Miles
This is an elegant little volume, containing num-
Der OF excellent essays the formation of charac-
ter, intellectual culture, and other subjects of i'm.
portance to the young 1t is especially addressed
to the young mechanics, and we heartily desire for
it their particular attention
IMpUrATIoN. Casserly and Sons. l0s Nassau street.
This is very interesting examination of the
views entertained by eminent English divnes re-
speeding the doctrine OF justification by faith. II is
written by Mr.. Vanburgh Livingstone, convert
from Professionalism to the Catholic faith The
g introductory Essay" is from the pen of Bishop
Hughes, and is written with great power and
ability.
Tom BURKE OF Ours" Nos and i6.-Just
issued by Wiley and Putnam. For sale at the
Herald Literary Depot.
HECrOR O'HAIroRAN No II Inst nublisbed