Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1846-12-23

of mankind in ages gone by. The work
proposed is one that will cost the United
States nothing in case of a failure, and it
is wholly unobjectionable, even to the most
cautious, in relation to the grant Of special
privileges by the government
!, therefore, submit to your consideration
the expediency of aiding this most magnif-
cent project of the age, directly connected
as it is with the future prospects and inter-
ests of Ohio, by every legitimate influence
and authority.
The public debt of Ohio is intimately
blended with considerations Of deep interest
bearing on its character and welfare, and
therefore should command the most careful
attention of the Legislature. Under all
the depressions in business, and commercial
revulsions in the country, the State of Ohio
has fulfilled her engagements with scrupu-
lous integrity, and paid the interest on her
public debt with promptness and regularity.
1t is q justfable subject Of State pride that
the faith of the State has been preserved
without blemish. A character and public
credit, such as Ohio has maintained, should
be cherished and guarded with the most
scrupulous care, not only from rigid
honesty of principle and high sense of
honor, but also from profound considerations
Of State policy. Nothing can exalt the
character of a commercial people more
than high sense of integrity and honor in
all their engagements. The example of
the government exercises vast influence
in the formation of the characteristics Of q
people. A violation Of solemn engagements
by government, not only furnishes the
national honor, but is used to palliate acts
Of bad faith in private Individuals
Whereas, government which requires
that fidelity to all engagements be held
sacred, as an indispensable virtue, WILL
by its example, establish high standard
of commercial morality, and elevate the
character ofits people. -
The time has arrived when the public
debt Of Ohio has reached its highest point
No occasion can exist for its further in
crease. The people of the State can now
look forward to the time when the debt shal
; be discharged and the burden of taxation
removed. The ample resources and rapic
growth and prosperity of the State, are
sufficient to remove all apprehensions o
difficulty in regard to the ability of oul
people to discharge the State liabilities as
they fall due. The following statement
will exhibit the amount of the State debt
and the interest, &C., paid thereon during
the last fiscal year:
Total amount of foreign debt $16,9e4,a99 50
Amount of domestic debt 765, 1876 12
School and trust fund, ass, 632 sc
Total amt ofstte debt, Novl5,46, $19,el2, III 80
Int on foreign debt paid
in New York. $I,027, 1856 95
Int on domestic bonds, 45,903 Ii
Interest on school and
trust funds, $3.50 10
Total amount of interest paid in the
| year ending Nov. 49, 1896 $I,161, 715 90
Amount paid for exchange, interest on
temporary loans and expenses, 80, ,252 SO
Total am .unt of interest, exchange g.
expenses, during the year ending
18th Nov. 1916, $1,l91.99 &c
The domestic debt is redeemable at the
pleasure Of the State, and the school and
trust funds constitute permanent loan to
the canal fund. the interest being annually
appropriated for the benefit OF those funds.
Of the foreign debt, the sum of $5,9ls,
668 is will fall due in the year 1850; the
sum of $3, ,365,779 "a in lhe year 1856;
the sum Of $7,0l2,75l in the year 1860:
and the sum of 1867, ,o63 so in the year
1870.
The time has nearly arrived when de-
cisive and effectual measures should be a.
dop;ed to raise the means for the discharge
of the debt which will fall due in 1850. |
earnestly commend this subject to your es-
peclal attention.
The system of taxation heretofore exist
ing in this State was defective, land in many
particulars unequal in its operations. A
revision of the tax laws had become neces-
sary. The new system of taxation adopted
at The last session Of the Legislature, al
though complicated in lis details, is just in
principle, and has obviated many of the
deficiencies in the former laws. This sys-
tenn however is not as | consider, without
objections in some points. ltcould scarcely
. be expected that an entire change in so
difficult subject as that Of the revenue
law, could be made free from objection.
The valuation Of property, under the
new system. has brought a large amount
Of property on the duplicate which formery
entirely escaped taxation. But the largest
addition to the valuation Of property on the
grand duplicate, has been made by the val
ua,ion OF all the improvements and fixtures
on real estate. The valuation Of property
for taxation, on the grand duplicate, in
the year le45, was as follows: Lands
1896, ,9l6, 169. Real Estate in cities and
towns, 22,269,575; Chattels, Money at
Interest &C., $35, 1914, ,725; total valuation
$l44, l60,4 469. The valuation brought
upon the duplicate, under the new system.
is as follows, viz: Lands, $259, ,093,6
Real Estate in cities and towns, $65 1902,
37S; Chatlels, Money at Interest. &C.,
$79,l77, ,4s4; total valuation on the grand
duplicate, $4O3, ,673,468. The increase