Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1847-10-01
From The Ohio Slale Journal.
REDUCTION OF THE STATE DEBT.

Mr. Brough has favored us with an account Of
the doiugs Of the Democratic hnancicrs in his
behalf We are pleased 10 see our brother Of iae
EHgairer trying his hand in the way Of argu-
msuL aud the statement Of facts from the docu-
mcats. How be has succeeded IL this alsempi
Vii appear IN The sequel.
IL igll us tha;dariag the year 1913, the Demo.
cra'jc Auditor snd Fund Commissioners reduced
'as public dabi $50 759 4S by the application TO
II Of the Wabash and Erie and Miami canal
lauds. Tho, during The year 1874, they redu.
ced ], Sic cI5 O. Of which SSl.345 O5 was the
proceeds Of The same class Of lands, and SIS Coo
cf foreF1 stock purchased in the spring Of s43,
with t25,Oc0 of sinking fund arising from Iaxa-
J;on.
Very well; here is a reduction Of the deb; 10
ths amount uf S97, ,IO4 48, of which S6i,IO4 48
were ,he proceeds Of the canal lands, and $685.
700 Of sinking fund. But perhaps il may iura
out 'hat these gentlemen merely paid Peter by
rob1iug Paul.
The Auditor Is BY law positively required TO
ralse S25O0O OF sinking fund each year, and The
sum which Mr.. Brough boasts Of having applied,
~ the spring of ls43, was, we presume, the a.
mount raised by taxation in l842. He tells US
that Ss7 900 IeiI in the treasury in the spring
"f ls45, which was the proceeds Of The tax OF
ie44. Whal vas done with the $4,000 Of sink.
iug fund raised IN l94Sl llwas doubtless taken
30 pay interest on our State debt.
But Mr. Brough forgot to tell US how much the
interest on our STATE debt for the years l843 and
l84i exceeded Ihe revenues or receipts into the
treasury properly applicable to the payment OF
tho int rst Tor these years. This would have
ih WA ;illr. instead Of reducing the debt by the
payment OF = rau of the principal, it had been
IT .act largely increased by his failure To provide
tn necessary funds for The Paymenl Of the in.
ter-si.
II would also have been important ir he had
tod us, Will. boasling Of having lcit $4,000
sinking fund in the II usury, how much these
worthy Democrats left in the treasury 10 pay The
sem.annual interest of $3.50 600 which b1came
d., in May and July. liz might have told US
~lh truth that Ihoy left less than $4,000, in.
GLIDING he aforesaid sinking fund.
We refer the worthy cx.Auditor 10 his own
reports 10 prove that we have correctly stated
ths amount of The deficits for the several years
from 1889 To lG45, inclusive. We have not
space TO copy from all his rePorls-but give ex.
hmplcs Of Two or three years.
In his report Of December l842, page %, he
says, in speaking Of tn, interest on the public
dCbi, 81 presume it is not far from $50 600 dol
ttf1' iH' puOlC WORKS. lhe ScdOOt JuHdSt ana
tavalion have yielded 10 this purpose during the
year 1868 $40 49, leaving deficit of S2sl $50
2l.' THIS gentleman seemed 10 forget thon
what h. now 50 we'll understands, that tha Uppro.
priaIon Of the scho0i Juads 10 the payment of
ialerasr, was ouy one way Of Increasing the
State debt.
From the report Of the Fund Commissioners,
Of December, l8l3, Doc. 25, it appears that tho
in,sra,l paid AT New York and Columbus, during
tn year 1913, was Gl,0l73iJ OF.
Ii also appears by Mr.. Brough's report Of D..
cemb"r, lGi3, pog, 32-3, that the neil amount Of
cana fund, rived from taxes and tolls, iucIuI.
ing The omoln, transferred from the general re.
vuu,, wa' GGa 8i2 &C, which leaves deficit
oI SSJ2CG1 90 IN the interest fund lor 1913.
I'h- fund Commissioner report of January,
1913 Doc. rs, page 5, shows ihaI lha amount
iad lor interest aud exchange ON the permanent
Slalc labl, lor th. year 1914, was > 1896 SO,
aud Ihs nnu proceeds Of Tho taxes aud tolls, aud
other revenues properly applicable to the pay
ment Of interest, was SIO25 soc 72; leaving q
daicii Of gl6205j 81.
iiarn, lhoD, we have the following account cur.
rent Of IN, .icilB, or, in other words, the in.
crnas Of the Slalo debt on account of interest
uni Of the payments mnda Of the principal Of
the debit during these ; years: