Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1847-10-06

SuSh pay iieltS eS may Slfictiy De calteQ q
reduction Of the public debt. Redemption
Of bonds, by the application of the princi-
pal of the Surplus Revenue, and the pro-
ceeds Of School Lands, is not reduction
Of the public debt;-for though the bonds
are taken up and destroyed, yet the State
only gets rid of one creditor by adopting
another, for upon the money so invested,
in the redemption of her own stock, she is
compelled to pay interest annually to the
several County school funds. The debt
is merely changed in form-it is not reduc-
ed dollar. This is very important fact,
us we shall have occasion presently to
show.
And now let US she what funds are in
the Treasury, specially appropriated by
law, and from which the payment of two
hundred and fifty thousand dollars,-ssrak-
ed together tn one year,"-is to be made.
By reference to the Auditors own state
ment, and his previous reports, we find it
| to be made up as follows:
Land funds-balance from last year s4.637 "a
do do received this year, 34,171 %
Surplus reyenue-balance of last year 5s,559 So
do do received this year 119,2s5 70
sink'g fund (tax)-balce of last year 81, ,s4s 10
oo Qo fec'd THIS year $4,000 90
School lands-balance of last year 27.55s SO
do do received this year 12765 SIS
Total $313, 1888 IL
Gut OF which 1t is proposed to pay 100000 90
Leaving balance of $63,23s 12
Which should, according to law, be appli.
ed to the same purpose. If from this bal
ance, we even deduct the amount of the
School funds, which, though appropriated
to the Sinking fund, with q proviso that
permits their use in the payment Of inter-
est, have never yet been fully used for their
original purpose, there will still be bal
ance Of $1,000 25, over the proposed ap-
preparation. If there is anything to be
added to this fund, other than we have set
down to it, from the revenues Of the pres
ent year, it is the result either Of increased
tolls, which the State authorities could not
avoid, or of taxation which they have i'm.
posed.
And now let us see how much Of this
will be an actual reduction of the public
debt-for this is the only fair test to apply
to it,-and is the one by which we are
willing TO be judged. The following items
comprise the amount:
Land funds, $36, 800 %
Sinking fund, 56,349 10
Total, Se5.158 Al
The remaining payment will be but
shifting the public burthens, changing
the public creditors, from the bond holders
to the school funds This is the plain un-
vanished fact,-and the ingenuity of the
Auditor, and his official organ, cannot
make it otherwise. 1t marvelously redu.
ces the glorifcation of the Journal; and ex-
poses the contemplate trickery of the as
sertion, so boldly put forth, that the public
debt is to be reduced quarter of million
in single year.
And now, keeping in view the distinc-
tron between reduction of the public debt,
by payment of it from legitimate sources,
that do not ever after bear inter-
est against us,-and mere changing of it
from one form to another, let US run the
contrast to which the Journal alludes. Be-
fore doing SO, however, we present the a.
of taxation and tolls accruing in
each year from 1914 to ls47:
1874 ssss,sse 81 s5os, ,eee S: 70 s1i4s ess ses %
1645 726,343 40 465,598 SO 1,192,e42 OIL
Ps46 765,4O6 "a 593,757 16 l, ,359, 1853 so
1s47 seO,421 95 753, ,494 Sc 1,643,716 81
In 1914, the democratic Commissioners
were in power, and with revenue of 81
Ia, ,593 % from taxation and tolls, they
reduced the public debt, from legitimate
$64, ,345 OF.
In ls45, the whig board took charge of
the finances, and received from their pred
ecessors over $4,000 belonging to The
Sinking fund, arising from taxation and
other sources. They had that year rev.
enue, arising from tolls and taxation, of
81, 1872, 942 O1;-being an increase over
l844 of Taxation $93,416 81
Decrease in tolls 43,O6S 1S
Balance, increase s5O,34s 70
And reduced the debt from actual sources
s1O,l4l 1.-THE whole being from pro-
;eeds of sales of Canal Lands, which a.
mounted in the year to $1l,27O 16. The
Sinking fund, arising from taxation, and
Stock held by the State in the Trust Com
pany, amounting to S29,747 so, is report
I'd as being in the Treasury at the close of
Inc year. Whether it was so, or was bor-
ro,ced Tor the payment Of interest, we do
not pretend to say.
In 1916, the wings had revenue from I
tolls and taxation of ST., 1853, 1853 5O;-be- {
ing an increase over that of 1874 of
Taxation 23.47s 80
folls $4,000 As !
Total, s216. 6.57o>28
And they made reduction of the public
lebt, from actual sources, Of $4O,923 so: