The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1849-04-21
From the Ohio Statesman.
The State Debt OF Ohio,

The State Debt OF Ohio.
The subject Of state debts, is one
that has always had peculiar interes
to the people Of all parties-il touches
the pockets of the tax payer. be he
democrat or whig, and now, when the
people are about being called upon te
vote yea or nay on the calling of "a con
vention to remodel their constitution
that question assumes an additional in
terest. for in that convention, wher
called, the financial condition of the
state will be thoroughly discussed, ano
efforts made TO prevent, by constitu
tional prohibition, any future Legis
Iature from increasing the Indebtedness
of the people, by borrowing Of money
without the consent of those who loo,
the bill being first had and obtained by
a direct vote. ,n
In touching upon this subject some
days since, we spoke of the radical dif-
ference of parties on the subject Of ma.
tiunaI Tor state debts THAT the federal
party held, since the days of its great
founder, Alexander Hamilton, that a
national debt was national blessing,
while the democracy held it to be ma.
tional curse, and that federalism, though
not now, as open-mouthed in favor of
a great state or national Indebtedness
as formerly, YETI we added, ''if their
actions are to be taken as an index to
their present opinions, they still hold 10
the doctrine OF the early founder of their
principles. '"l '.." ta.
This article of ours has drawn down
upon our head, the ire of the "Clinton
Republican" and the Springfield "Re.
public" the former in an article con.
temptible in its language, and the latter
rather more decent and respectful, str-
wing to show that it was the democra-
cy Of Ohio and Of the Union that favor
ed national debts, while whiggery stood
opposed to their creation.
The deep interest of which we be-
fore spoke, which the question of state
debts. and Of the mode of preventing
its increase. is now viewed, renders an
apology for an extended discussion of
the subject unnecessary, and we intend
to devote portion of our paper to a
series of articles from time TO time, as
we can find leisure, to this subject, as
part of our argument in favor of a
new constitution.
Waving, for the time, (for the pur-
pose OF fully discussing it in future
number,) the insinuaioh put forth in
the Clinton Republican and in the Re-
public, that it was the democracy that
entaied the present debt. Of some twen-
~ millions Of dollars, we must still be
allowed to express our unieigned sur
prise at such charge, the more partc-
ularIy, as within a few years past, the
federal leaders in the Ohio Legislature,
have enacted tax laws and bank laws,
the effect of the latter, if carried out,
and if successful, as its friends hope ii
will be, will have an inevitable tenden-
cy to increase the state debt, far be-
yond its present enormous amount, and
the tendency of the former. in its reiu,
sal to tax capital as it taxes labor, to
prevent any portion Of the stale debt
from being paid.
One Of the present system Of Banks,
ID based upon State Stocks-they being
deposited as part Of the capital, with
the Treasurer Of State, the owners
drawing interest thereon, and paying
no tax therefor. When the people, tir-
ed of the incubus of State debt, de-
mand its liquidation. il is easy to con-
ceive the cry OF Bankers againstit, and
the arguments that an increase Of Banks
in order to furnish currency to the
people, is necessary. and hence, TO OBJ
yiate what they, call the greater evil the
lesser one Of State debt should be al
lowed to remain-nay, TO be increased.
Such arguments have their weight with
many, for they appeal at once TO the
interest Of an influential class, and they
will al once, whenever this cry is