Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1855-08-28

VIC Otui6 huuliulbUdhOh uuu Huuo Wuut mO
Constitution required |, to do towards raising
funds to be paid on The principal ofthe State
debt, and had stopped there, there would
have been, and would be raised by taxation
for that purpose:
In the year 1853 100000
In the year 1854 ll2,360.00
In The year 1855 119I0l.60
In the year 1856 l26,24796
In the year 1857 133,822.55
TOTAL, from 1852 to 1857, ---
both inclusive six years $697, ,53l.84
Here we haye the aggregate amount
which the constitution requires should be
levied in taxes for payment on the principal
Of the State debt for the six years, commen.
cling with the new Constitution, and ending
with. 1857; six hundred nineIy-seven thou
sand five hundred thirly.one dollars and
eigh,y.four cents. And now by reference
~ the last report Of Mr.. Morgan, Auditor OF
State, covering the year 1854, page six, we
find that there was levied that year for this
purpose the sum of $698, 8,360,33, being
1856, ,000;32 more than the Constitution re-.
qured for that year! and being $828,48
more than The Constitution requires in the
six years from 1852 10 1856, both inclusive!
Thus throwing on one year more than the
proper and constitutional burden Of sic
years; crushing labor and business under
its enormous weight; keeping desirable en-
igranis from the east from settling among
US, and driving large numbers Of our own
most thrifty people to the far west 10 escape
the intolerable exaclions! Wha. wisdom!
| What craftsmanship! And pray, Messrs,
Morgan, Medill & Co., was this done by the
local authorities? Are the municipalities
responsible for the wholly unnecessary Stale
tan of more than u halt a million for las,
yearl
And what excuse is there Tor the imposi-
,ion Of this six fold burden on a single year7
Does the credit Of The State require ii? By
no means. On the contrary, and so far
from speedy payment being desired or de.
sirable by the public creditor, we find ,ha,
the longer our bonds have TO run the higher
is tho price they bear in market; in proof
OF which we refer 10 the sale of stocks re.
ported in the New York Evening Post Of the
3lSt Of July last,in which it appears that
on that day, Ohio 6 per cent. stocks, falling
due in 1860, sold at a premium of 81 pei
cent, while Ohio per cents. due in 1875
sold at premium Of III per cent. The
rate ofin,etest and The certainty Of paymen
are not 10 be the only elements that enleI
into the value Of stocks in the eye Of capi
,alists; they desire something Of permanence
and durability In their investment also; anG
hence we see they were willing to give siz
cents on the dollar more for stock bearing
the same rate OF interest. simply because i
had fifteen years longer tolun. 1 a!ess
Or have our crops lately been so abun.
dant, our seasons SO propilious, or oul
sources Of production so prolific, as TO jus
Itify or recommend the piling upon one yea
the constitutional burdens of six? Or hav,
our miscalled Democratic Legislature beer
so chary Of other expenditures, SO frugal IL
their appropriations, as TO enable us, wilhou
oppression Of tax PAYERS, 10 pay the prin
cipal Of the State debt ak times faster, ant
in one-sixlh of the lime contemplated b,
the constitution? .f4. y, gg,ig.
So far from this, we all know that fot sew
eral Years pas, our crops have miserabl!
, Jailed; all branches Of business have beef
!. depressed; we have costly State. house OF
our hands 10 be finished; and, in addition I,
, all this, our late Democratic Legislature
THE Same that now asks to be inlrusted will
the task Of reforming lis own abuses an
{ correcting the results Of its own ignoranc
: and stupidity, authorized The construction o
two or more new Lunalic Asylums, an
I threw them all open, without, individual cos
: to the rich as we'll as TO the poor. What So
n Ions! What Solomons! Surely, on in,el
/ llgent stranger, in looking at our State ad
q minis,ralion-- Executive and Legislative
} may nationally conclude that Ohio Is be
!. come the "Paradise Of FOOLS" Why nc
proyide by law for the cure Of our rich me
1 lof the aguel : ''''' 's
e But, possibly. we may be told that poi
h tion the public debt falls due in 1866, an
d lha, ii is necessary TO provide for this
h taxation Very well--le, us see. AS u
Q pears from the report Of the Auditor Of III
Z -lS,nte, Of January 3D., 1852, there was.
IS the time the new Constitution took effec
rs, ,570, ,779 Of the State debt which woul
n In one sense, fall due after 1855. That
% 10 say, the amountwould be payable at III
a pleasure ofthe State after tha, year. No,
o deduct from this the amount which the Col
3. slilu.ion requires TO be raised from 1859
ssl 1855 inclusive, and W have left about Il
d even sum Of $3,O00,00o 10 be- provided ic
4 or left to sinnd. as we nigh, choose. y d
ri Whist course then, under, such circur
a. stances, would common sense and CONNIE
ic prudence dictate? Why, simply This.
y sue new bonds, having longer time TO ru
vi lor.hese three millions; sell them III q pr
ed MUM Of eleven and one.fodnh per cei
e.l--as nigh, be done this day or any 9th
lday; which premium on. three millions
sel dollars anounB 10 The sum Of @337, 500
b, put this nice lille sum as s. much Gle
o.. present gain into the Sia,e Treasury, d
erI wlIb the balance pay on and redeem 4
22I GOO 600 w. "a " ,Iic ae,,aa..h