Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1856-01-18

Circumstances I cannot do Otherwise Than
recommend an unyielding adherence to the
inst and honest principle of equal taxation.
Banking privileges stiII more extensive, I
sm told, are TO be asked at your hands DUR
ing the present session, 1t is q source u
soma gratifeation, however, to, know that
the present constitution. opposes an insup-
erables barrier to the tax exemptions that
were formerly 50 unyisely and mcousiders
ately granted. = = =
= The report of the special agent appointed
in 1854 By the Auditor and Secretary &
State, to examine into the condition of the
FREQ and Independent Banks Of the State,
will be laid upon your tables. Il abounds
~ Information and contains many nseful.and
practical suggestions in relation to the cYils
9t the system at present pursued, and the
supposed appropriate remedies, The esubject
otbanking bas, occupied large share Of
public attention for years, as these institp-
tons, in entering the halls Of legislation and
asking for privileges denied to Tie indiyiidn.
al members Of community. have s5cceded,
whether intentionally or otherwise, in giving
to it a political bearing. r=..-s. = 81 -
So great Is the power which the authors
ty 10 issue and circulate notes as money. con-
fers over the commercial and other business
relations Of life, that the necessity Of pro-
tecting the people from probable Injury and
loss, has always beenfelt and acknowledged;
and hence we find the General Assembly at
almost every session attempting to regulate
The currency, with how much success Is
known to every one, - ~ seg.-,
The experiment is to; be tired again, but
the opinion Is fast obtaining ground that
neither commerce nor credit is benefited bY
legislative interference. ----.-...-sf
The total amount Of our foreign and do
mestie debt outstanding on the first, day of
January, 1854, was S15,218,I2S SO. The
amount redeemed during the years 1854
and 1855 was Sl,2g9,s5S 10. Leaving as
the outstanding debt of Ohio. on the first
day Of January, 1856, S14.o0s,295 CO..
In my last message ! called the attention
of the General Assembly to the loan paya-
bic January l, 1857, then amounting 70
lS3,442,132 20, and recommended its pay
ment at maturity. An additional levy OF
less than three-fourths of a mill for each Of
the three years to ensue would have iqui-
dated this indebtedness, and there would
have been no difficulty in meeting the loans
subsequently to become due. Ny views on
| this subject have undergone no change; on
the contrary, the reflection have since giy-
en- this question has only tended to strength
en. the conviction that the payment of the
public debt, as itmatures, should be regard
ed as the established policy Of the State
Any proposition, however speeious it may
be, which tends to prolong the period Of its
extinguishment, will be looked upon with
extreme suspicion, and Ohio should never
again enter the money or stock market of
the country, except impeIled by by lsome
pressing necessity. Whether such necessity
exists at present in respect of the loan due
January, 1857, is a question which l submit
to the wisdom ofthe General Assembly; but
candor compels me to state, that the pay
ments on account of that loan since the rec
ommendation referred to. have been $685.
422 SO, leaving S2,50s, 709 79 still to be
paid, mainly by the leyies of single year.
What would have been comparatively light
burden if spread over the levies of three
years, becomes onerous if imposed upon one.
In yieleing, very reluctantly, the opinion
that the loan of January 1, 1856 should be
paid in at full maturity, the same reasons
which influenced my former recommended
ton, require that as great sum as can be
levied, without imposing unreasonable bur
dens on the people, should be raised by tax
alton, and that all the other means in the
possession of the State should be made
available for this purpose. s-..--
The State owns stock in the various rail-
roads, canals and turnpikes to the amount
of s2,850,796 A.
The policy of uniting or entering into part
nerSbip with individuals or companies for the
construction and carrying on of enterprises
like these, has long since been abandoned.
These stocks should therefore be sold at
whatever prices they VIII command, and the
proceeds applied to the payment of State
debt Their cash value is estimated at from
eight hundred thousand to million dollars.
If the policy of a renewal of a portion Of
the loan due January, 1857, be adopted by
the General Assembly, it viii then be wor5-
I thy of the most serious consideration yheth-
er the renewal shall be for single period,
or so arranged with reference to the matu-
rity of the other debts of the State as to
have for each year sum falling due to be
absorbed by the operations Of the Sinking
Fund
am well aware of the temptation Afford
cd BY the premiums which can be obtained
for the stocks of State occupying the proud
financial condition of Ohio, if the loan should
have long time to run. l know that at
least fifteen percentum could be commanded
for twenty years loan, and that this would
amount, on a renewal of two millions, to three
hundred thousand dollars. But we must not
shut our eyes to tie fact that the credit Of
Ohio is strong because Of her persistence
in tho determination to relieve herself Of ali
indebtedness-a policy which is now secured
by the saeredneSs of constitutional obligation
nor to the fact that premiums upon re-
newals depend upon the condition Of the
money market, which is controlled more By
the state of Europe, than by the condition
of affairs in Ohio. Besides, the opinion that
a postponement Of the further payment of
the liabilities, would to that extent diminish
the taxes, is proved to be erroneous as welIby
experience as correct appreciation Of the
,r ,,- $3.50,