M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1856-01-17

! do do Dividend Bonds 4J0OO
Mansfield and Sandusky City K,
Il. Stock. k..............'.. 35,$33 0
Total amount OF Roilood Stocks
aud Dividend Bonds. ...''.... .6933J3 0
Total amount Of Stock held by
State in 'iumpikes, Canals aud
Railroads. s............,.,.. 800, 79G
Tie policy OF uniting or catering
into partnership with individuals o
companies Tor the construction an,
carry ing on OF enterprises like these
has long since been abandoned. Thes
stocks should therefore be sold at what
ever prices they will command, anC
the proceeds be applied to the pay
ment OF the State debt. Their casl
value is estimated at from eight hund
red thousand to a million OF dollars.
lf'the policy OF a renewal of por
ltion OF the loan due Januory, 1857, b,
adopted by the General Assembly, i
will then be worthy OF the most seri
Gus consideration whether the renew
al shall be Tor single period, of Sc
arranged with reference to the ma,uri-
Ity OF the other debts Of the State as tc
have Tor each year a sum falling cue to
be absorbed by the operations OF the
Sinking Fund.
| am we'll aware of the temptation
afforded by the premiums which can
be obtained for the stocks OF a State
occupying the proud faancial ohdi-
lion OF Ohio, if tie loan should have
a long time % ran. | know thai at
least h;teen per centum could be COM
manded for twenty years loan, and
thai this would amount, on a renewal
'of two millions, to three hundred thou
sand dollars. But we must not shut
our eyes 10 the laCt that the credit of
Ohio is strong because Of her persist
ence in the determination 10 relieve
herself 81 al indebted darss-a policy
when is now sec ured by the sacred. L.
ness OF constitutional obligalion-nor
to the fact that the premiums upon re-
newaIs depend upon the condition oil
the money market, which is controlled
more by the state Of Europe, than by
the condition OF affairs in Ohio. Be.
sides, the opinion that postponement
OF the further payment OF the public
liabilities, would, to thst extent, dim
inish the taxes, is proved to be errone-
GUS as we'll by experienbe as a correct
OF the very plainest prin-
cipes Of poltica! economy. The US
ual effect is the application Of an equal
or still greater amount to other and less
useful objects.
But this matter is placed in so clear
and satisfactory a Light by the simplest
thst further argument or
Illustration is uOhecesssry.
Assuming partial renewal Of the :
loan OF January, 1851 Tor ooO000
Tie State for lo!n Of twenty Years
receives PIemiun If fifteen pei
cent, oI.',''...,.''... SUON0O
Receipts at the Trssuy,' 2,50U,uUj
But at the END Of twenty years thls.
leJt is to be paid, ,and the disbursements
nave been as follows:
.'.......,. ''''''''' 2.UDUVDO'
Interest for twenty arS.''''''" 2,40O.O0O
PAID out. ...................4 a 400 900
Deduct amount received. ....2 2,300, 900
Loss in ;he State''''.. 10000
And this result is accomplished with.
out any computation upon interest,
which must be paid seni.annuaIly,- -
must be collected a year in advance of |
It's disbursement, and charged with per
centages to the Treasurer's collecting
il, and the expense Of its transmission
o New York, Such losses may be
to by State winch cannot
pay its debts, but the people Of Ohio
would cheerIully submit TO an addition
al tax Of three.tourihs OF a mill with
he knowledge that alter January, 1857,
even thstrale. .ol taxation would steadi,
y and largely diminish.
Such a. system is adapted to special
not 10 general interests, and can only
commend itself to the approval oflhose
who think that'a public dept is a p1b.
lie blessing Public faith shO'd be
kcr: !:cT. to the P90r,,e as well to the credi-
tor Many Of our counties and cities
with other corporations are deeply
involved. The presen! high credit de-
pends upon, the plnetult plym3nt oI
the publac dept, is to them of great
valne. A proposion to postpone the
payment would tend to diminish the
public conlid ence III the hithedo un,
tarnished reputation of the State, and
thereby produce an injurion effect up,
our private as well as our public Gre ,
DIT there us no more desirable OBJ
ject than TO see a state free from all
foreign liabilities.
The initiatory measures which have
been adopted by ;hs Secretary OF State
to gather the statistics Of agricultural
wealth and Improvements OF the Sta te
render the report OF that officer for the
current year one of usual interest, AMI
dem monstrates the. wisdom of that prov