The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1847-10-01
fatts for the People.
Reduction OF the State Debt.

heNuCtIOn Ob the Stttc DeDI.
Mr.. Brough has favored us with an ac-
count of the doings of the Democratic
inanciers in this behalf. We are pleas
ed TO see our brother of the Enquirer try
ing his hand in the way of argument, and
the statement offacts from the documents.
How he has succeeded in this attempt
will appear in the sequel.
He tells us that during the year 1913,
the Democratic Auditor aud Fund Com.
missioners reduced The public debt $780,
l759 as by the application to it of the pro-
ceeds Of Wabash and Erie and Miami
canal lands. That during the year 1874,
they reduced it S64, 345 OF, of which
S31.345 05 was the proceeds of the same
class of lands, and S33 900 of foreign
stock purchased in the spring of 1913,
with $4,000 Of sinking fund arising from
taxation.
Very well; here is reduction Of the
debt To the amount ofS97, 104 AS oil (which
SEA, 104 90 were the proceeds of the ca
nal lands, and $4,000 of sinking fund.
But perhaps it may turn out that these
gentlemen merely paid Peter by robbing
Paul.
The Auditor is by law positively re-
quired to raise 1925 1000 of sinking fund
each year, and the sum which Mr.. Brough
boasts of having applied, in the spring of
1S43. which was the proceeds of the tax
of 1874. What was done with the S25,.
600 of sinking fund raised in 1S43l 1t
was doubtless taken to pay interest on
our State debt.
But Mr.. Brough forgot to tell US how
much the interest on our State debt for
the years 1913 and 1874 exceeded the
revenues or receipts into the treasury
properly applicable to the payment of
the interest for these years. This would
have shown that, instead of reducing the
debt by the payment of a part of the
principal, it had been in fact largely in
creased by his failure 10 provide the ne
cessary funds for the payment of the in
terest for these years. This would have
shown that, instead of reducing the debt
: by a payment of a part of the principal,
it had been in fact largely increased by
his failure to provide the necessary funds
for the payment of the interest.
1t would also have been important ifhe
had told us, while Boosting of having
left $4,000 sinking fund in the treasury,
how much these worthy Democrats left
in the treasury to pay the semi-annual
interest of $3.50, 900 which became due
in May and July. He might; have told us
with truth that they left less than $50, 900
including the aforesaid sinking fund.
We refer the worthy ex-Auditor TO his
own reports to prove that we have cor
rectly stated the amount of the deficits
!, for the several years from 1889 to 1915,
inclusive. We have no space to copy
= from all his reports-but give examples
! of two or three years.
In his report of December, 1912, page
80, he says, in speaking of the interest of
the public debt, II presume it is not far
from $950,0O0. The public works, the
school funds, and taxation, have yielded
to this purpose during the year S~663,349
70; leaving a deficit of 1881 $50 21."-
! This gentleman seemed to forget then,
what he now so we'll understands, that
the appropriation of the schoOl funds to
the payment of interest, was only one
way of increasing the State debt.
From the report of the Fund Commits
sioners, of December, lS43, Doc. 25, it
appears that the interest paid at New
York and Columbus. during the year
1s43, was $l,O17, $40 OIL.
1t also appears by Mr.. Brough's report
of December, 1913, page 1928, chat the
nett mount of canal fund derived from
taxes and tolls, including the amount
!, transferred from the general revenue,
) was 1862, 642 &C, which leaves a deficit
of$339, $50 95 in the interest fund for1S43
The fund Commissioners report for
January, ls45, Doc. 25, page Is, shows
that the amount paid for interest and ex-
change on the permanent State debt, for
, the year 1914, was $1,167,956 SO, and
the nett proceeds of the taxes and
tolls, and other revenues properly appli-
cable to the payment of interest, was ST.
; OPS, 9O2 70; leaving a deficit of $780,
053 81.
F.; Here, then, we have the following ac-
count current of the deficits, or, in other
words, the increase of the State debt on
I account of the interest, and Of the pay
! ments made of the principal Of the debt,
} during these three years:
l849-de6cit in interest fund --... $28l,650 81
/, ls43 Z" "...... 339,689 IS
!, 1874 ...... 1872, 053 81
, Total amount of deficit of interest
fund for three ars...--- $685. 81
t Deduct payments oi principal Of debt
made in 1S43 and 1914, as claimed
by Mr.. Brough.- 97,lO4 48
+ Balance. being increase of State debt
for the payment Of interest -. .$6S6,2S0 40
pn