Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1856-01-17


Total amt OF Stick held Ivy
Turnpikcs, Canals & r liiruuds, S2,S5e, ,796 ~
The policy Of uniting or entering into
partnership with individuals or companies
for tho construction and carrying on of
enterprises like these, his long since been
abandoned. These stocks should therefore
hs sold at whatever prices they will com
mand, and the proceeds b. applied to the
payment OF State debt Their cash value
10 estimated at from eight hundred thousand
20 million OF dollars.
j: the policy Of a renewal Of ortioa
OF the loan due January, 1857, be adopted
by the General Assembly, IL will then be
worthy of the most serious consideration
whether the renewal shall be for single
period, or 50 arranged with reference to
the maturity of the other debts of The
Sta.e As to have for each yeur a SUN falling
due to be absorbed by the operations of
the Sinking Fund.
am we'll aware az the temptation uf.
'orded BY the premiums which can be OBJ
tanned for the stocks OF State occupying
the proud inanciai condition of Ohio, it
inc Pin should have long time TO run.
! knoHv that at least fifteen per centum
couli o. comm inIrd for a twenty Years
aid that tnis would amount, on a
renewal of two millions, to three hundred
thousand dollars. Bu. we must not shut
uur eyes TO Nhe fact that the credit of Ohio
IL strong because Of her persistence in the
determination 10 reirvr h,rset OF all in.
debtedne.s-i policy which is nov secured
by the sacredness of constitutional obga-
tion--nor to the TACT that premiums upon
renewals depend uprn the condition of the
money market, which is controlled more
by the state of Europe, than by the con.
diton Of affairs in Ohio. Besides, the
opinion that po,tponement OF the further
payment OF the pubic liabilities, would, 10
that extent diminish the taxes, is proved
10 be erroneous 20 we'll by experience as
a correct appreciation Of she very plainest
principles Of political economy The usual
effect is the application of an equal or still
greater amount to other and less useful
objects.
But this matter is paced in 40 clear and
satisfactory a light by the simplest COM
ton is unnecessary.
Assuming partial renewal Of the
loan of Jan. 1857, for 81 900 600
The State for Il loan OF twenty years
receives premium rf fifteen per
cent, or 400 900
Receipts at the Treasury, s., 1900 900
nuf nj ha nd ,C l,l d
is 10 be paid, and the disbursements have |
been as follows:
Principal, $2o 900
lnteres, Tor twenty years. 100000
Paid out, $4,000 600
Deduct amount received, 1890 900 .
Loss to the State, 81 100, 900
And this result is accomplished without
any computation upon interest, which must
be paid semi annually,--must bo collected /
O year In advance Of lis disbursement. aud
charged with per centagCs to the Treas.
urer's collecting it, aud the expense Of It's
Transmission To New York. Such losses
may be submt'sd to BY State which can.
not pay ia debts, but the people of Ohio
would eheeriuliy submit 10 an additional
tax Of three l0urihs of mill with the
1aJvleuge that a'trt January, 1917, even
that rate Of toxation would steadily and
largely diminish.
Such a system !. adapted To special not
to general interests, and can only com.
me nd itseif to the approval of those who
think that "a public debt ia public bless.
lag" Public faith should be krpl t. the
creditor. Many Of oui cUuntcs and cities
w.h otber cor 1orati0Hs, at dee ,ly inv NGI .
The prevent high credit Of ia : ate vhch
has its Origin ~, snd nov ptHdS uppp
The punctuaI pawn ut q, th' pu,nc Il b.
10 to then o. great ,nlu'. \ .ypo.,aian.
IL postpone Ire payment N.ud trmd to
diminish thc public niIencr ~ the hI ,rr.
10 ,us, rn ~. yrpui-t.Iu o' N AiHe, aud
ihstebs produce an iniur, us effect up,u
cur prysie as we'll ss Vur iblc crrd,, -
l here cas- be no mUre dr,i ab.e obI 'Ct,
than 10 see Sta.e Tres lcom all g.Tsisn iii-
5ilitiss.
The @gsn'r ton o. The Executive branch
Of our Safe GJseruIns al into separate aud
distinct departments, independent Of each
other. hss eestsio,J many advantages which
Il 10 asascess.fy to snu'nrratc. 1t ia be.
lieved. hsWeSer. tk.t it would bs improved
ana reSdsfsA f.r mare efficient, il n great
r. degree Of aniay could be impaired TO the .
and actions OF :hese seYeral