Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1856-01-17

az ]! |! II. !! Il! Il! II. 3. !.I!l:L
In my last message called the attention of
the General Assembly to the loan payable |
January I, 1887, then amodutiug'o TO s3,442''
I3q 10, and recommended its payment at ma
turity. An additional levy Of less than three
fourths Of mill for each OF the three years to
ensus would have liQuidated this Indebtedness
and there would have been no difficulty in
meeting the loans subsequently to become
due. Ny views on this subject have under
g,ne no change on the contrary, the reflection
/ have since given this question has only ten
ded to strengthen the conviction that the pay
ment Of the public debt, as il natures, should
be regarded as the established policy OF the
State. Any proposition, however sPeclous 1t
may be, which tends to proloug the period of
its tipguishmeu., will be looked upon with
suspicion AMI Ohio should never aga.n enter
the money or stock market Of the country, ex'
cept impelled by some pressing necessity
Whether such necessity exists at present in re-
spect Of tie loan due January, 1857, is ques'
tion which I submit to the wisdom oil the
General Assembly, but candor compels me to
state that the payment on account Of that loan
since the recommendation referred to, have
been S933, ,422 93, leaving 2,5087Oo ~ still
to be paid. mainly by the levies Of single
wear. What would have been comparatively
light burden il spread over the levies OF three
wears. becomes one rous II imposed upon one
In yielding. very reluctantly, the opinion thai
the loan of January /, 1857, should be pai'
in full of maturity, the same reasons whlcl
Influenced my former Recommendation require
that as great o sum as can be levied, wIthou
imuosing unreasonable burdens on the people
should be raised by taxation, and that all tn
other means in the possession oftho State shoul
be made available for this purpose.
The State owns stock on Turnpikes, Rail
roads and Canals, TO the following amounts
Total amt Of Turnpike Stocks 1887, 463 IA
Total amount OF Canal Stocks $4,000 W
fatal amount of Railroad stocks
and dividend bonds, o93,335 VI
Total amount Of Stock held by the
State in Turnpikes, Canals and
Railroads. 1850 796 Al
The policy of uniting or entering into part
nershp with individuals or companies for tn
construction and carrying on OF enterprise
like these, has long since been abandone d.
These stocks should therefore be sold at wEsI
ever prcs they will command, and the pre-
ceeds be applied to payment of State debt
Their cash value is estimated at from eigh
hundred thousand to a million ofdoIlars.
If The policy Of renewal of portion OF tn
loan due January, 1851. be adopted by tn
General Assembly, II will then be worthy
tho most serious consideration whether the re
newal shall be for single period. or so al
ranged with reference to the maturity of Il
other debts Of the B!Ate as to have for eat
year sum falling due TO be absorbed by Il
operations Of the Sinking Fund.
am veil aware of the temptation afford
by the premiums which can be obtained for t
stocks of State occupying the proud inar
cial condition Of Ohio. if the loan shoull ha
Q long time to run, know that AZ least
per centum could be commanded for TWEEN
81 years loan. and that this would amount. on
renewal OF two millions, to three hundr
thousand dollars. But we must not shut o
eyes 20 the fact that the credit Of Ohio is strO
because OF her persis istauce in the determnat
10 relieve herself Of all indebtedness-a pol
vhjsh Is now secured by the sacr"dness
constitutional Obigaliou--nor to the fact u
premiums upon renewals depend upon the c
dItiou Of the money market, which is contr
cd more BY the state Of Europe, than ny
condition Of affairs in 0hir.
Besides. the opinion that postponemen
The further payment Of the public lisbIllt
would, to that extent diminish the taxes,
~ proved 20 be erroneous, as well by exPeiie
- correct appreciation OF Che very plair
EOS prneipl,s Of political economy The usual
feet is the application Of an equal or still gr
er amount 10 other and loss useful objects.
But this matter Is placed in SO clear
satisfactory light BY the simplest comp
lions. that further argument or illustrato
Unnecessary;