The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1846-01-08

SO affects to despise, has done, aud is daily
doing, more to maintain the faith and credit
of Ohio, and has done more to preventrepu-
diation, than his whole body and soul to-
gether, can or will do forever
1t is often we see those who are repudia-
tors of their. private dcbts-dishonest men
false in all their pretences, and fraudulent
in all their dealings-men who have not the
capacity to earn, or the ability 10 keep sim
gle dollar, preaching abont the necessity Of
maintaining the public faith and credit. Let
him who maintains his credit at home, who is
honest in all his dealings--true to his conn
try, his friends, and himself, talk of public
faith and honor He has a right to do So
1t ill becomes these who concocted and
passed law, which, at one stroke, swept
| from existence two hundred millions Of pri-
vate debts, now TO stand up and charge us
with reputation. They themselves are the
worst of regulators. But, sir, the gentle.
man from Carroll has taken especial pains
10 collect the laws and journals, and bring
them up here, as he thinks, in judgment
against the democratic party. He read, with
great self satisfaction, how this man voted,
a.d how that man voted; and then the de-
mocratic la,o, by and under which the Canal
Fund Commissioners were authorized TO
sell the stocks they sold in 1S42, at the best
terms practicable; and he exults that he
found this law-the democratic law, which
authorized the sacrifice. Now, sir, this is a
rich joke. The LIST section of the law of
March 7, lS42, authorized the Commission
ers of the Canal Fund, TO issue and sell, ON
behalf of the state, on the best terms prac-
ticable, the stock Of the state, bearing an
interest Of six per cent, payable semi-an-
nually in New York, redeemable after the
year 1879, so much as would produce net
sum not exceeding $500,000, and no more
redeemable at any place out of the state Of
Ohio, stock on which the interest is payG-
bIe out of the state, shall be issued or SOLD.
The second section of the law, authorized
the sale of one million three hundred thou
tand dollars, Of six per cent stock, redeema-
BILE at the pleasure of the state, at the State
Treasury, and the interest payable there;
and the faith of the state was pledged for
the final redemption Of the loans, and the
punctual payment Of the interest, " wouided
that no certificate of canal stock, or other
evidence Of debt, issued by the Commissioners
for The loans herein authorized to be made,
shall be sold or otherwise disposed Of at a
rate less than par"
| This, sir, is the democratic law, before
which the gentleman has so triumphantly
arragned us. | see nothing in this law,
that democrat should dread to meet. On
the contrary, l see much in it, that the
Fund Commissioners of l842, will not like
to meet They were authorized to sell a
certain amount Of stocks on the best terms
practicable. And they were also authorized
to sell one million three hundred thousand,
at rate not less than par" But, sir, what
did they do? They sold ST. ,393, 800 of this
6 per cent. stock, and received therefor,
$960,274 81, making a sacrifice Of $433,-
525 40. If it be source Of any sotsfac-
ton TO the majority, | will admit the law TO
be democratic; and they will, trust, allow
me still further to console, them by pointing
to the profitable and honorable action of
their Fund Commissioners under it.
In reply to the assertion of the gentleman
from Huron, (Mr. Osborn,} that an effort to
depreeiate was an effort TO repudiate, and
that depreciation produced reputation,
will say, that he knows nothing about it
Depreciation does not produce reputation.
The one may be caused by war, commercial
revulsions, or general scarcity of money, or
by the speculative operations of stock-job-
bers and fund-mongers; while the other is
alone produced by the state either refusing
or neglectingsto pay the interest on the
debt itself. He also wishes TO know, why
/ 90 to the Governor, for the information
desire? That question is easily answered
The Governor is the only one who has said.
, the arrangements were made for paying the
July interest The books in the Auditors
office made no such disclosure; and the
. Fund Commissioners do not report any such
arrangement; and the Governor, therefore, is
the only officer who can give the informa-
ton.
But the gentleman also asks, why suspect
] funds have not been provided, or will not be
received at the state treasury, from the conn-
: ty treasurers, and from other sources OF
: revenue? The question will be best answer
f ed by the fund laws themselves. In this
5 report, alluded to in my remarks ofthls morn
ing, they say: "We should not feel justified
e in omitting to state, in this connexion, as
: will more definitely appear in our annual
: report, that, on the 18th of March, lS45,
S there was in the treasury of State, about
7 $4,000 only, applicable to the payment
. of the interest, which would become due on
d the first of May and July, to the amount of
more than $5O0,00o; while the large out
q standing debt of the previous year, for the
i repairs upon the public works, added to the
+ amount necessary for the spring, repairs,
$ much exceeded the revenues ACQUIRING from
: those works up 10 the first Of July last" It