Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1854-02-15

school fund varying but little from the amount
produced In the year 1859, by levy Of two mills
on Che valuation Of that year.
We conclude our notice Of the report to-day
hy reproducing the Auditors exhibit of the con-
dtion Of the Sinking Fund, State Debt and his
IeUerks on the taxes for the payment of the
Public Debt:
CONDITION OF THE SINKING FUND.
A detailed statement Of the receipts and dis
-bursements of the Sinking Fund during the fs-
cal year ending November 10, 1885, will be found
IN the appropriate table appended to this report
Under the old constitution the Sinking Fund
consisted Of money exclusively applied to the
payment OF the principle of the public debt; but
by the seventh section Of article eighth of the
new constitution, it has been made to include all
moneys provided for the payment of interest as
we'll as principal:
On the 18th November, 1859, the
amount of Sinking Fund in the
State Treasury was $469, ,434 SO
Amount arising from taxes, canal
o. tolls s,surplus revenue, sale of school
and canal lands &C., and paid into
the treasury during the year end
ing 18th Nov. 1853, I,64S,53S IA
The payments from Sinking Fund
during the year ending 18th Nov 49,
SO, were as follows:
Interest on foreign, domestic, and ir-
reducicle debt $l,O9l,s37 73
Redemption and purchase of
bonds of this State and of
the United States 447s79 90
l,469,7l6 73
Balance in the treasury, 18th Nov.
1853 $648, 1855 so
Within the current fiscal year, ending on the
10Th of November, 1854, the probable payments
into the Sinking Fund will be as follows:
TaYe1 cnllactpd on the ora nd dunli-
cate of 1853 $l,0S0,000 90
Surplus revenue due from counties
$4,000 90
Net income of Public Works 900 90
Dividends ON Railroad and
Turnpike stocks 60,00000
Sales of School Lands $4,000 90
Sales of Canal Lands 5000 90
SLABS 900 90
Interest on foreign and do
mestc debt (suy) $S94556 IL
Interest on rreducible debt. 1867 9j
Redemption of domestic
bonds, past due 2,44370
$lOl3,838 II
Excess Of receipts over cur
rent disbursements All, ,l62 90
Add balance in Treasury Nov.
81 Is, 1853 648,255 80
Amount applicable to pay
ment Of public debtwith.
in the ieal year ending
November 49, 1854 $l,ll9,4lS SO
THE STATE DEBT OF oUIO-lTs AMOUNT
On referring to the appropriate table accom-
panying this report it will be found that the for
egn and domestic debt of Ohio has been reJuc-
ed in the sum of $324,47O II during the year
1858. This reduction leaves the amount Of un-
paid foreign and domestic debt as follows;
Foreign debt payablcn
New York $l4,0l7,000 70
Domestic debt payable
at Columbus 30l ,l28 7G
Total amount outstand-
ing January |, 1854 $l5,2lS, 1919 40
The only portion of the public debt which is
mdiul e end is still outstanding, consists Of do
mestic bonds to the amount Of $s2,443 20, the in
terest on which has been stopped, and the holders
notified to present them for payment {
In addition tn the foreign and domestic debt, of
Ohio, tbs but proper to keep in mind the existence
of other State Ii bilit OF somewhat different
character These consist, first Of the Surplus
Revenue loan from the General Government, and |
second the Irreducible Debt. These two liabil- G
tiles are as follows:
Surplus revenue loan from from the &
United States $2,oo7ago 81 t
Irreducible debt (being school and :
trust funds,) l,947299 "a
$3,954559 so 1
The wisdom and propriey of making annual i
provision for the decrease of the public debt of p
Ohio, needs no argument to enforce it upon the q
attention of Legislature fresh from the bosom of n
the people. Among all the complaints that are v
uttered concerning heavy taxes, none have been Il
heard against the payment of that portion of the n
annual assessment which is applicable to the pub v
lie debt. This significant fact is not only honor b
able to the character of the people of Ohio, but il
affords an unmstakeable indication of their wish Il
es and expectations The large addition made to D
the taxable basis as it will stand OH the grand du
pcate of 1854, supercedes the necessity of any d
very considerable increase in the rate Of taxes "
which was levied for sinking fund purposes on the
of the State in the year 1853. 1t may Il
be assumed with safety that the levy of and $40
mills ON the dollar valuation upon the grand du- n
plicae during the years 1854, 1855 and 1856, will
produce an amount of revenue sufficient, with 9TH
er resources, to pay the annual interest, and to
wipe out the entire State debt, falling due the
3lst December, 1856. n
*Norr-The irreducblc debt arises from ha payne into
the Treasury OF the proceeds of sales OF lands donated
the General Government tor the support of schools &C.
This debt not only rredHe5e in its character but owing to
the constant sales of school lands necessarily increases from
In lieu Of e rcyent of the principal the
Is bound pay interest thercon to the varSus
ties in proportion To their ownership of the lands actually sold
a md accounted for.
The surplus revenue debt Oo consists money aecep