Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1854-01-12
I7,9O6,45a,6S {

dinOunt i iOO,OOO lncIedSeO yearly Dy
compoanding at the rate of SIX per cent.
per annum. Under this policy, the
State debt would not be extinguished
under forty years. 1t would involve
the creation Of new loans and an entire
Reorganization of existing liabilities
with our public creditors.
1t is hardly necessary for me to re-
commend an earlier payment of the
State debt, after the action on that sub
ject, by the last Legislature, which is
believed to have met with very general
appreciation. The question for you to
determine is, whether it shall be met,
and regularly paid as it tmatures.
On the first Of January 1857, S3,-
449, 1924, 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 will thereby
be saved, which, with the continuance
of small rates of taxation, will effectusl
ly secure the extinguishment of the en-
tire debt as it falls due. If this course
is to be pursued, it is essential that it
be so determined at this time.
The policy heretofore pursued on this
subject, has accumulated in the State
Treasury q surplus Of S648, 255, so,
which will be augmented by the addi-
tional levy Just recommended, as this
large sum is applicable to the payment
of the State debt due in 1857, it is GER
tainly wise to apply it to that purpose
at once, if any saving to the State can
thereby be effected. A large accumu-
lation of public money is always to be
deprecated. Full powers should, there
fore, be conferred on the Sinking Fund
Commissioners, to purchase our bonds
before maturity. The powers now
possessed are limited, and those limits
instead of producing advantageous pur-
chases, have operated as fixing publicly
the rate at which the State would buy,
and consequently produced aloss instead
of saving.
During the past year, the real estate
was revalued. This valuation, with
that of the personal property next
Spring, will constitute the Grand Dupli-
cate of 1854. the aggregate of which
will be about eight hundred millions.
The following statement exhibits the
value of the entire property of the
State, at the several periods indicated,
and affords gratifying evidence of the
rapid growth of our people in all the
elements Of prosperity and wealth.
Years. Val. Of real Val. of per- Total value
- estate sOnal pro- on Grand
r l... Perty. Duplicate.
1871, 500, ,s5I .s37 s27, sol $40 $l2s, ,3s3. .657
ls47, 324, 1896, ,008 79l5I ,765 4O3, SAT .473
1854, 565, ,000,0 900 235 900, 900 100000 900
The amount for 1854 is partly esti-
mated, but 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 near as is possible under any system,
to the real value of the property
With very few exceptions, therefore, the
rule of equality of burdens may be
deemed as permanently established in
Ohio.
The Banks, acting under Charters
from the General Assembly, form the
only formidable exception to the general
in this just and equitable
rule. They. have appealed from the
State authorities TO the Court of the
United States, in consequence of which
| have been under the necessity of
engaging counsel to represent tie inter-
ests Of the State, before that tribunal.
An arraignment of State Sovereignty,
under our peculiar form of Government,
before the Federal Judiciary, is always
4 matter of doubtful expediency. 1t
should certainly never be resorted to by
Of our own creation, upon
which the State has conferred large and
privileges, and from which she
low e1acts nothing but their fair and |
.qual proportion Of the burdens of
Government. u9 .o--. nra ;
A similar course was formerly pur- q
ued by an Institution established in c
'ur midst by Federal authority, and I
which, therefore, instinctively looked to
federal protection and support. The
3ank of the United States, it is true,
Tas partially successful at WASHINGTON,
mt where is it now? The people have a
dvanced with unprecedented rapidity in ;
II the elements Of prosperity and great /,
ess, while not one trace or vestige of B
nat proud Institution is to be found K
'ithin our borders. On the part Of Al
he State Banks this course is the more
'prehensible, as the appeal is made by G.
reign stockholders, upon whom the Is
tate has bestowed rights of an inclu- e
We and highly lucrative character. :; =
They too, complain Of high taxes. / It
i've already remarked with some free-f IA
IN on this subject, and it is gratifying &c
6nd that these institutions, impelled =, =;
obably by their own interests, are an
ginning to unite with the great body ee'
the tax payers of the State, in labor ey'
g to promote a greater degree of . %
Onomy in all public expenditures. Z
Il is incorrect to suppose that the Y
iginal policy Of taxing Banks on. their
o6ts only. was adopted with any view
taxing them less than individuals.-t-
, the contrary, twas claimed to be