The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1844-06-28
For the Spirit of Democracy.

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PRIVATE BUSINESS PUBLICLY PAID FOR
Mr.. Editor: One characteristic Of most Of our
so called public works, s the pitful litteness Of
the income which they afford 10 comparison with
the immensity of the outlay expended in their
construction. Why Is this soa Because when
one man directs the expenditure and receives all
the benefit, and another has to pay the bills, the
expenditure becomes lavish and wasteful to the
last degree. There is no way to prevent this ten
dency Of things, except to let those that dance
| pay the Piper. In case of our miscalled public
works, one little section, county, or district, pro-
jects the work, clamors for an appropriation. and
obtains il by intrigue, cunning, solicitation, log
rolling and underhanded influence, and all the
taxpayers in the State have to foot the bill. In
other words our public ,oorks are all priuate busi-
ness publicly paid for. Would the people of Mt
Vernon libel, bullyrag. vfy, blackball, threaten,
and attempt to nimidate the TREASURY GUARDS
in the House of Representatives, for opposing
the extension Of the Walhondng canal, if the
counties interested had to pay the expense' tell
you nay, if such weresthe case, they would regard
the opponents of that concern as their dearest
friends, for the worthless thing will in all probable
| ty, never make return of one tenth of one per
cent. on the outlay, If the State shall ever be so
foolish as to make the experiment. One thing is
certain. fan individual engages in speculatons
which compel him repeatedly to borrow money by
selling his own paper at forty or fifty per cent.
discount, we begin to suspect some error in his
plans, and if his capital invested makes him return
of less than one tenth of per cent. per annum,
we advise him to discontinue his enterprises. Is
not that economy which is wise or foolish in an
individual, wise or foolish in State or commune
ty? The question which the subscriber wishes
distinctly to propose to the citizens of this county,
is, whether it is proper for them to remain silent
and make no active opposition to that system of
legalized plunder which has been going on in our
beloved State for years, or whether they should in
conjunction with the other paying counties, en-
ploy their political powers against it, Arguments
may be fallacious, let facts speak. And if, like the
above mentioned unfortunate Spectator, we have
had our own paper sold at an enormous discount
and with as poor return, let us quit the business.
My space will only permit me to give very few
instances out of the many that might be produced.
In one case our State bonds, Clearing an interest
OF six per cent. per annum,) to the amount of one
hundred and thirty-six thousand do liars, were sold
by the commissioners of the canal fund for eighty
eight thousand, three hundred and lightweight
dollars and fifty eight cents. In another case, two
hundred thousand dollars were sold for one hun
dred and sixteen thousand eight hundred and fifty
one dollars and two cents. In another case, six
hundred and eighty seven thousand eight hundred
dollars were sold for four hundred and forty-seven
thousand four hundred and thirty seven dollars and
thirty three cents. In another case one hundred
and fifty three thousand four hundred dollars were
sod for one hundred a1d sixteen thousand, four
bundre! dollars and 81 cents. And in still an
other three bup,!.re;a thousand dollars were sold
for one hundred and eighty thousand. call these
salesthe substance of the nstter was
and is, that the canal fund commissioners borro"-
ed the smaller sum, issuing certificates of State !,
indebtedness for the larger sum, giving the differ
ence by way of discount for the sake of the loan
the reader may call them sales or loans or whatever
he pleases. And, gentle reader, would you be-
than eleven thous, and six hundred and twenty -four
dollars. and eigty-eight cents, by way of premium
for driving these precious bargains! Such is the
cost Of private business publicly paid for!! Let
he reader not suppose that the above are ihe only
of such wasting discounts given for
canal loans by our good State of Ohio.
For instance two hundred and seventy four thous-
md five hundred and two dollars and twenty cents
we're sold for one hundred and ninety two thous-
md one hundred and fifty one dollars aud fifty four
;ents, being discount Of thirty per cent. In an
,ther fifty two thousand dollars have been sold
or thirty nine thousand and in still another case
,inety eight thousand seven hundred and seventy
line dollars were sold for sixty nine thousand one
hundred and forty five dollars and thirty CENTS
These were six per cent stocks, our seven per cent
ave also been sold al discount. What premium
vas paid for negotiating these last mentioned loans
know not; but 1T was currently reported in CO.
umbus last winter that our stockbroker 10 New
FORK received compensation of about fifteen
housand dollars per annum in the shape of per
entages on the loans which he negotiated. /
card this asserted in conversation repeatedly and
never heard it contradicted. Reader what think
ou of these things. Is not priuate business pub.
'ciy paid for, rather expensive. Fifteen thous-
nd dollars per annum for anew York broker,
ompare this with the salaries of some OF our pub
c servants at home!!! Compare Mount Olym-
us to mole hil!! Reader be assured that as
yrants in other parts Of the world prevail by force,
, our Ohio spectators prevaby fraud
- OSCAR.