The Ohio star. [volume] (Ravenna, Ohio) 1830-1854, 1854-01-11
eO6.452 sd .

which the principal of the debt must be annually
reoueed. The amount is 100000 increased
yeafy by comPoundng at the rate of six per cent
per annum.5 Under this policy the State debt
"ouia not be ex'inguished in forty years. Il
would involve the creation of new loans and a.,
entire reorganization of existing liabilities with our
public creditors. ..z p. IN aF
| 1t is hardly necessary for to recommend
on earlier payment of the State debt, after the ac-
tiOn on that subject. BY the last Legislature, which
is believed te have met with very general appro-
baton. The question for you to determine is.
whether it shall be met, and regularly paid as il
| natures. sss
On the first of January 1857, $3,442, 3,24
become due. To meet this amount will require
an additional levy Of nearly one mill, which levy
have no hesitation in Recommending. A large
amount of interest win thereby be saved, which,
with the continuance of email rates of taxation will
effectualy secure the extinguishment ofthe entire
debt it falls due. If this is to be pursu-
ed it is essential that it be SO determined at this
| time. e.rs, s--
| The policy heretofore pursued on this subject
has accumulated in the Stnte Treasury surplus
of$64s,255 80, which will be augmented by the.
additional levy Just recommended. as this large
sum is applicable to the payment of the state debt
due in 1857 it certainly wise to apply to that
purpose at once if any saving to the State can
| thereby be effected. a large accumulation of
public money is always to be deprecated. Full
powers should, therefore, be conferred. on the
Sinking Fund Commissioners, to purchase our
| bonds before maturity. The powers now possess
ed are limited, and those limits instead of produ-
cling advantageous purchases, have operated as fix
ing publicly the rate at which the State would
buy, and consequently produced less instead of
! saving. SIS s.a- .7' s-f "a
During the past year, the real estate was reval-
ued This valuation, with that of the personal
property next Spring, will constitute the Grand
Duplicate Of 1854, the aggregate of which will be
about eight hundred millions.
The &llowng statement exhibits the value of
the entire property of the State at the several
periods iudicHted, and affords gratifying evidence
of the rapid growth of our people in all the ele-
ments of prosperity and wealth.
v.,ne of res, Valueofper- Total value
YRS estate. '0a' sonal prop on grand
Is41 S1oo.s41 e37 1927. so, 500 S12s, ,353, ,657
1847 324 ,o09 79.151.765 403 547,4
1854 565,o00,000 235.0O0,000 800,000,00O
Inc amount ior 1904 Is parity estlmRted, DUs
will not vary much from the actual result.
The valuation last had, brings much property
which had heretofore escaped, upon the tax list.
1t also approaches, as is possible under any
system, to the real value of the property. With
very few exceptions. therefore. the rule of equa-
ty of burdens may be deemed as permanently es-
| tablished in Ohio.
The Banks. acting under charters from the Gen.
eral Assembly. form the only formidable exception
to the general acquiesceuce in this just and equit
| able rule. They have appealed from the State
authorities to the Court of the United States, in
consequence of which have been under the me-
cessty of engaging counsel to represent the inter-
ests of the State before that tribunal. sss
/ An arraignment of State Sovereignty. under
our peculiar frm of Government before the Fed
eral Judiciary, s always matter of doubtful ex-
tpediency. 1t should certainly never be resorted
to by institutions of our own creation, upon which
the State has conferred large and valuable prvi-
leges, and from which she now exaets nothing but
their fnir aud equal proportion of the burdens Of
Government.
| A similar course was formerly pursued by an
Institution establishen in midst by Federal
thority. and which. therefore, nstinetivey looked
to Federal protection and support. The Bank ef
1.-The United States, it is true was partially success
cessful at Washington, but where is it now? The
people have advanced with unprecedented rapidity
10 all the elements of prosperity and greatness
while not one trace or vestige of that proud Insti-
tuition is to be found within our borders. On the
part of the State Banks this course is the more
reprehensible, as the appeal is made by foreign
stockholders, upon whom the State has bestowed
rights of an inclusive and highly lucrative charao-
1 ter. s- z5,ea
They too, complain of high taxes. have al
ready remarked with some freedom on this sub
ject, and it is gratyn to find that these institu
tons, impelled probably by their own inserestsare
beginning to unite with the great body of the tax
payers of tue State, in laborng to promote great
er degree of economy in all public expenditures:
1t is incorrect to suppose that the original policy
of taxing Banks their profits only, was adopted
with any view of taxing them less than individuals.
On the contrary. it was claimed to be ahigher
grade of State taxation; and the Banks often boast
ed that prior TO 1s46 they paid more thsn indivd-
uas. RI .--.-
The growing magnitude of Subsequently,, Of
| local-tnxaion, however, led the people to demand
that these institutions should, equally with them
selves, be brought within its range. Hence arises
| the present csnfiict.
The higher grade of State taxation placed in
the charters became, in the course of time, low
er one even for State purposes, to say nothing
about the local and many other burdens which are
necessarily borne by individuals, An effort was
made in 1s46, at time when the whole basis OF
the revenue laws was changed, and when the in-
equality referred to became clearly apparent, TO
subiect the Banks, not as formerly to higher and
special rate OF taxation, but TO the same that was
prescribed for, and imposed on individuals. This
effort, fair and equitable at the time. was sue
cessfuy resisted. 1t continued, however, to be
insisted on, and the provision upon that subject
in the New Constitution, has been the result