Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1854-01-14
NUMBER 81,


tion Of existing liabilities with our public cred
itors.
1t is hardly necessary for me to recommend
an earlier payment Of the State debt. after
the action on that subject, by the last Legis-
lature, which is believed TO have met with very
general appreciation. The question for you
to determine is, whether il shall he met, and
regularly paid as it natures.
On the trst of January, 1857, $3,442,l33
"a becomes due. To meet this amount will
require an additional levy OF nearly one mill,
which levy ! have no hesitation in recommen.
ding. A large amount of interes; will there
by be saved, which, with the continuance Of
email rates Of taxation, will effectually secure
the exlinguishment Of the entire 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 sub
ject has accumulated in the State Treasury a
surplus Of $o4s,255 80, which will be aug
mented by the additional levy just reconmen-
ded; as this large sum is applicable to the pay
ment of the State debt due in 1857, it
is certainly wise to apply ii 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 pow
ers should, therefore, be conferred on the
Sinking Fund Commissioners" to purchase
our bonds before maturity. The power now
possessed are limited, and those limits, instead
! of producing advantageous purchases, have
operated as fixing publicly the rate at which
the State would buy, and consequently pro.
duce loss instead of a saving
During the past year, the real estate was
revalued. 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 mil.
lions.
The following statement exhibits the value
OF the entire property of the State, at the sew.
era periods indicated, and affords gratifying
evidence Of the rapid growth of our people
in all the elements of prosperity and wealth
Value Of real Value of per- Total value
Years SI estate Il, 81 sOnal prop on grand du
Is4I $iOo, ISL ,e37 $27 56l $40 sl2s, $50 65;
l847 223, ,396.O05 1851 ,765 4O3 547, Al;
1854 565 ,OoO,o 900 235 100000 sOO,OOOOO(
The amount for 1854 is partly estimated
but will not vary much from the actual re.
suit.
The valuation last had, brings much prop
erty which had heretofore escaped, upon the
tax list. 1t also approaches, as near as is pos
sible under any system, to the real value o.
the property. With very few exceptions
therefore the rule Of equality Of burdens MAJ
be deemed rs permanently established il
Ohio.
'--fhe banks, acting under charters from tn
General Assembly, form the only formidable
exception TO the general acquiescence in thi
just and equitable rule. They have appeale,
from The State authorities to the court of tn
United States in consequence of which
have been under the necessity of engaging
counsel to represent the interests of the Stat
before that tribunal
An arrangement of State sovereignty, un
der our peculiar form of Government, be
fore the Federal judiciary, is always matte
f Of doubtful expediency. 1t should certainl
never be resorted to by institutions of ou
own creation. upon which the State has con
ferred large and valuable privileges, and fror
which she now exacts nothing but their fa
and equal proportion of the burdens Of Gov
ernment.
A similar course was formerly pursued b
an institution established in oul midst by Fed
eral authority, and which, therefore. iustinc
lively looked to Federal protection and sup
port. The Bank of the United States, it
true, was partially successful at Washington
but where is it now? The people have &C
vanced with unprecedented rapidity in all tn
, elements of prosperity and greatness, Will
not one trace or vestige Of that proud institI
ton is TO be found within our borders. Q
the part of the State Banks. this course is I'll
> more reprehensible as the appeal is made b
:, foreign stockholders, upon whom the Stat
Q has bestowed rights of an inclusive and hig
ly lucrative character.
They, too complain Of high taxes. hav
q already remarked with some freedom on th
subject, and it is gratifying to find that the'
0 institutions, impelled probably by their ow
q interests are beginning 10 unite with the gre
: body of the tax payers of the State, in labo
ing to promote greater degree of econou
a in all public expenditures
a 1t is incorrect to suppose that the origin
policy of taxing banks on their profits oni
9 was adopted with any view Of taxing the
less than individuals, On the contrary,
= was claimed to be "a higher grade of Sta
O taxation; and the banks often 5oasted tn
= prior to ls46 they paid more than indiiid
o ais.
The growing magnitude Of state-espe
u tally OF locai-taxaton, however, led the pc
n pie to demand that these institutions shou
equally, with themselves, be brought with
2 its rsngc. Heuce arise the present conf
. The higher grade of State taxation, place
. in the charters. became in the course Of tin
lower one even for State purposes, to 81
10 nothing about the local and many other bu
- dens which are necessarily borne by individ
- els. An effort was made in 1876, at lin
10 when the whole basis Of the revenue Law
= wa' changed. and when the inequality refe
. red to. became clearly apparent to subje
the Banks, not as formerly, to higher al
special rate Of taxation. but TO the same ih
was prescribed for. and imposed ON individual
This effort, so fair and equitabls at the lin
: was successfully resisted. II teontinued ho'
ever to he insisted upon. aud the pfovisi'
upon that subject in the New constitution. h
been the reaull This nroyision reiinVea Al