The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1849-05-05
~. aa .z1sGo From the Ohio Statesman
The State Debt Of 0hio.-No. g.

luO OtuCO DCUJ VI OuiV' NV"
In the FIRST No. Of the series under
the above head, we spoke Of the, .tai
laws and the bank laws OF the State,
showing by the artrul forming Of the
latter, that whenever additional banking
facilities were needed by those engaged
in the business, that their inteteaf, and;
the interest Of ethoSe connected with
them as borrows, would lead them aQs
urge an increase Of the State debt, and
that the tax laws, formed by ahs game
artfuI hand, while j, axedsbankefs light
Iy, laid the bur,hen Of supporting gov;,
ernment with an oppressive hand upon
the LABOR Of the. country, and troga
thence we argued, that Until bankers
are tnxed, as other citizens are taxed,
on that upon which they draw interest.
it is folly to suppose thai the State debt
can be paid by a people already crush,z
ed with excessive taxation. In show
ing these things-in placing the tax
laws and the bank laws together, and
shon wing the interest created in favor
Of an enlargement Of the Safe deb, by
the one system, and that the State debt
could never be paid by the tax law, be-
cause Of the immense amount OF capi.
tai it left measurably untaxed, we ar
gued that the intention was not to pay
off the debt Of the State, but at a time;
proplious to the movement, TO increase
it, and hence the opposition Of the fsd-s
eral leaders TO new constitution,
which will prohibit any increase Of the
State debt, without being first submit
ted to vote OF the people. and by them
decided in its favor. = ? Z! t.Ftd "a
In No. 2 Of the series, we showed by,
a record how the State debt was in,
creased one.third Of the present enor-'
nous amount, and by tracing and Civ.
ing the Legislative votes, we showed
that large majority Of the federal par
ty voted therefor. i'a 5iAio sni
However much men may honestly
differ on political questions, there is one
point upon which all patriots-all who
wish well to the State can agree, and
that is, that she may preserve her credit
unshaksn-her honor untarnished. He
who would be so patricidal as TO strike
blow, either by word or deed, at the
credit Of the State. is unworthy home
within her borders. Taking advantage
OF this fact, whenever the question Of
the State debt is discussed ia connec.'
ton with the financial management
while under whig rule, the whole whig
press. from the "Ohio State Journal"
and the "Clinton Republican" up TO the
most respectable, meet the facts put
forth, not by evidence to prove them
not by arguments 70 prove
the conclusions, drawn from facts sta!
ted, are fallacious, but by the cry, "yoN
are injiuring the credit Of the State!1.s
you are repudiators" &c. If 10 lay
before the people Of Ohio facts drawn
from the public documents Of the State
If to expose the misconduct Of men
in office III TO lay before the tax pay
ers Of Ohio, as arguments why they
should change their constitution; ths
truth in regard to the public debt. which
the taxes Of the people are 10 pay, en-
titles the democratic press Of the Stats
to the charge Of repudidtors, and that
such an expose Injuries the credit ofthe
State, all we have TO sayis. that Ohio's
credit is placed upon foundation ~
sand. But such is not the fact-whigs
financiers are not yet the State, and an
expose Of their financiering cannot inf
jure its credit. They themselves, by
their own acts; as we shall presently
show, have shaken Ohio credit to sits
very foundation, and made The best
friends Of the State tremble with alarm;
and the TACT that she does not now oo9
cupy the front rank among tbs interest
paying States,is clearly to be tracedstoi
fund mongering operations Of her leadb
ng politicians Of the whige par,y.i'a 3 rel
Previous to the political revolution Of
ls40, when "Tippecanos and.Tyief
90" rode into power, for the purpose
,f making times better and money plen.'
y; the State Stock 81 Ohio bore a pfeis
i'm 10 the stock markets in the eastern
States, and the expression, "Ohio cred!
/ is better than golj," was equally
rue and gratifying. In the paimy
lnys Of which we speak, the finances
f the State were controlled BY demo.
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