The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-01-10

This shows falling off, in the value of exports of the
three principal articles, that than the total
deficiency. The Sl03a9 is made up in the additional va
ue of some other item Of export The movements in
wheat and flour at Cleveland suring the past year have
not exhibited that great increase that other places have
These staples have been diverted into other channels OF
transportation consequently the shipments of these pro-
auctions from that port have been unusually large
The falling Oft in the exports into Canada has been in
quantity as prices have throughout the ranged full
as high during ls13 they did in 1872 They ranged SO
high that Canadian spectators into our western
markets prepared to go into the business deep but re-
turned home without making any operations Prices rul
ed so low in England through the season. that the faci
ties afforded the Canadian merchant export America an
wheat through their ports availed them nothing Cana.
dian houses made heavy contracts to deliver -four Ii
veoo by the middle Of October prices that were ru
nous to the parties making the delivery. They calcua
ted upon very low prices for wheat in this country and
have been disappointed This the cause of the decrease
in exports
Among the various fluctuations In stocks operators
in this city experience very Often the stock of the
of Ohio has been subjected to the greatest extremes
s 1884, IS z io leo sc lSa SGM rs ias 80;
The sales, up to the 10th of December were made with
the dividend The largest operators in this stock have
lately abandoned for the purpose of running down
so as to take new and better hold The report made by
interest, has induced many private individuals to
take hold Of this stock in preference to all others The
stock ranges below par nearly three per The
annual report of the Auditor deceived only private in
divduas in this city but several OF the Wall papers
were as deeply taken in The Speaker of the Ohio Sc.
nate in speech regarding the State debt made use of the
following language
But that branch of the public affairs which our at
tention should most essentially directed is the state
debt and the public works From millions are
added to the debt Of the State every year. great pro-
portion of the public works unproductve and proba
bly, will continue to be Although this department of
the public service is far important amount than
all the rest yet it the least understood by the epsla
ture The management of this branch of our public a
fairs seems heretofore to have been enveoped
For years we have been told that the books of Fund
Board would not balance and cosld not be understood
said here this floor by those who have examined the
records of that board that their books and
loans have been negotiated which have reported
to the Auditor OF State according TO law. 1t that
there exists no certain and satisfactory
ny which 1t can be asceItained whether the millions Of
money borrowed have been disbursed upon the public
works Of the state And appears scarcely possible for
amount Of the State debt with any degree of accuracy
According to the report made to the Secretary the
Treasury OF the United States from this State iSi2 the
debt of Ohio then millions nine hundred and
wenty-four thousand hundred and twenty three dol
lars According to the report Of the Board OF Fund
missioners made TO the Legislature, December "a 3a2
the entire debt of the State both foreign and domestic
was Sld,967,59. According to a circular published by
the Fund Commissioners in June lsi3 the debt of Ohio
both foreign and domestic, 59l O5 and acc
ding to the annual report Of the Auditor of State of the
date of 18th December ls43 the entire State debt was
SIS 66S32 81. The inconsistency of these several state
ments cannot be reconced by the additional loans nego
t2ted between the periods of time in making the same
There is reason to believe that the total liabilities of the
State if they could be fully ascertained would not fall
short oil twenty millions at this time. We told here
ha no duplicate copies or regular accounts have been
kept of the certificates of stock issued behalf of the
state, and we find the Auditor of State every year re-
porting in his annual report large Of State stock
| taken by. or sold to, persons unhnown -
These remarks come from a from which there j.
appeal. They e~hibit picture ona rres
| facts that cannot be controvertcd.
When the public debt OF Ohio commenced for the
purpose of perfecting the contemplated improv emens
there sinking fund provided by law that would III
mately quidae the debt Every annual report made to
the Legislature represents this fund to be in fourishng
condition. when in fact this fund has applied
the payment Of the State debt but been loaned to the
canal fund and used up the public works the State
1t is sinking fund but its tendency is sink the State
| instead of the State debt"
The public officers Of Ohio have been guilty of the most
gross careessness, to say the least They either lack
sound judgment, honesty. The Auditor in his an.
nual report presented at the last session of the ega
| ture, says -
at is apparent that the public and will
not be sufficient for the payment of the interest without
the levy Of additional taxthat of the last
mills If the tolls and Of the present are to
be taken as the criterion, will require at least two mills
more to make up the deficiency"
At the session, the Commissioners of the Canal
Fund, their annual report used the following Ian
guage:-
"f the State wholly without the income derived
from her investments tax of mill and threefourths up
the dollar Of the actual value of her real and
property liable to taxation would than pay her
tire Interest," and tax Of and per cent on
the dollar, would more than pay the entire debt"
The parties that make these reports do agree very
well in their accounts and cannot expect people place
much confidence in their ability in the management O,
the finances Of State like Ohio The connexion that ex.
lists between many heavy operators in Wall street and
those in power in Ohio is too intimate for the interest
the holders OF the stock of the State The power vested
IN the hands Of the State Auditor auhorising him to levy
at his option, is too much to be delegated to one
Thepower to tax free people the greatest that
any legislative hodycan receive and should be usedwth
the greatest discretion The present of the State
debt of Ohio reported to be $751; a2i by the Auditor
probaby is much larger. The people have been taxed
much they possibly bear. The least additional
| taxation will terminate in reputation
Ola stock Exchange.
| $1,000 s Gs, go, Cou- so N Am Trust Co l5L