Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1854-01-11
Making a total Of
$14,101,166

This is an annual burden, equal to one-half the
value OF the whole State fifty years ago, and re-
qtlires tax of S25 every voter, and of near
ly six dollars on every individual in the State!-
When burdens become so honerous it is proper
that every outlay should be examined with the
strictest scrutiny.
My predecessors have had frequent occasion to
remark upon the safety and despatch with which
the taxes are levied, collected and dsbursed, by
the County and State Officers. Defalcations have
been of rare occurrence. Our Treasury system
has, therefore, served as model for other States
and in many respects for the General Govern
ment.
A practice is said to have grown up in many of
the large towns, however, of Banks and Brok ers
paying interest on deposits. The State surely
has no objections to this when confined to the
transactions of private individuals. But it is also
charged that these establishments sometime be-
come the repositories of public officers, and that
large thus realized by specializing upon
the money of the people. These representations
may have their origin in mere suspicion, but they
have called forth feeling Of dissatisfaction and
! alarm, that can only be allayed by the adoption
of such measures as will prevent the possibility
of so dangerous practice. The present statutes
defective in this particular and require revi-
sion. The public money should be guarded with
the utmost care, and all application of it, except
to the purposes for which it was raised should be
strictly prohibited by law.
An objection has sometimes been made to this
policy, that it locks up the treasure Of the peo-
pie. This objection. when examined will be
found to be without any real foundation. In this
state, as already observed, the revenues are chief
y raised from direct taxation, for certain we'll
known purposes, and payable at periods entirely
within the control of the legislature At no Pc
riod is it necessary to keep any considerable
amount on hand, while our treasures might most
of the time, conveniently, be empty. Under
those circumstances there SurniU can hn no diff
Guilty in modifying the laws, that all danger of
defalcatcn or improper of the public funds
will be avoided, and the money of the people at
the same time, be left in their own pockets, un-
til required for the public service.
You will perceive the necessity of these re-
marks, intimately connected they are, with
our public debt and its final payment.
The entire debt of the State, outstanding Nov.
18th, 1858, was as follows:
FOREIGN.
Five per cent stock, payable January
1st, 1857, $l5O,OOO,OO
Five per cent stock payable January
1st, 1866, 1,O25,o 100000
Total five per cent stock, $T,175, 100000
Six per cent stock payable January
1st, 1857, 1929, 2,133,24
Six per cent stock payable January
1st, 1861, 6,666. ,53
Six per cent stock payable January
Ist, 1871, .-... 2,l83,531,9 ,93
Six per cent stock payable January
1st, 1876, 1900, 100000
Total of six per cent stock, $l3, ,742 ,OO0,7O
Total $I4,9l7,OOO,7O
DOMESTIC.
Ohio Canal Stock, Faith and Credit
Bonds, Loan of .l842 $4,000
Miami Extension Loan Bonds, Loan of
1912, 926,oo
Canal, School and Ministerial Bonds,
Loan of 1916, 10000
National Road Stock, 57S, ,68
Total, over due, $2,443, 10
Miami Extension Canal Stock, Faith
andCredit Bonds payable after 1868, ,$224,5OO 90
Miami Extension Land Bonds, payable
after 1868, 74,185,oo