Eaton Democrat. [volume] (Eaton, Ohio) 1843-1856, 1856-01-24
Do do do Div Bd $4,000 OF
Mansfield and San. City R R stock 33,333o(
Total amt R stock 4 div BIDS s6sS,333 oc

Mansfield and San. CIiy X stock SS,3S3oO
Total amt R R stock 4 div BIDS s6sS,333 90
Total amt Of stock held by State
in Turnpikes, Canals & r R. $3.50, ,796 A
The policy Of uniting or entering into part
nership with individnalsor companies, for the
construction and carrying on Of enterprises like
these, has long since been abandoned.--
These stocks should therefore be sold at
what ever prices they will command, and the
proceeds be applied to the payment of the
State debt. Their cash value is estimated at
| from eight hundred thousand 10 million dol
lars.
II The policy OF renewal of portion 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 so
arranged with reference 10 the maturity OF the
other debts of the State, as 10 have for each
| year sum falling due, 70 be absorbed by the
operntion Of the Sinking Fund.
am well aware of the temptation afforded
1 by the premiums which can be obtained for
the stacks of Slate occupying the proud f.
nancial position OF Ohio, if the loan should
have long time TO run. know that at least
| / s. per centum could he commanded for 20
years loan, and that this would amount on q
renewal of two millions, to three hundred
thousand dollars. BIT we must not shut our
ewes 10 the fact that the credit of Ohio is
strong, because of her persistence in the deter
mination 10 relieve herself Of all Indebtedness
a policy which is now secured by TIE, ,Sa
| crednesS OF the constitutional obligations nor
| TO the facts that premiums upon renewal de-
pend upon the condition of the money market,
which is controlled more by The State OF Eu-
rope, than the condition of affairs in Ohio
| Besides, the opinion that a postponement ..of
the further payment Of the public liabilities,
would to that extent, diminish the taxes, is
proved 10 be erroneous, as we'll by experience
as correct application Of the very plainest
principles Of political economy. The usual
effect is the applications OF an equal or still
| greater amount to other and less useful OBJ
jects.
But this matter is placed in so clear and
satisfactory light by the simplest computa
tion, that further argument or Illustration is
unnecessary. Assuming partial renewal
of the loan Of January, 1857.
for S2,000,000 90
The State for loan OF twenty
years receives premium OF
fifteen per cent, or 100000 90
Receipts at the Treasury S2,300,000 90
But at the end OF the twenty years, this
debt is 10 be paid, and the disbursements are
as follows:
Principal 100000 90
Interest for twenty years 2,400,O0O 90
Paid out 4,400, 900 90
Deduct amount received 100000 90
Loss TO the State S2.l00,000 90
And this result is accomplished without
any computation upon interest, which must
be paid acknowledgements be collected q
year in advance of its disbursement, and char
ged with per centages 10 the Treasurers COL
lectng it, and the expense OF its transmission
10 New York. Such losses may be submitted
, 10 by a State which cannot pay its debts, but
the people Of Ohio would cbeerfully submit
to an additional tax Of three -fourlbs of mill,
, with the knowledge that after January, 1857,
even that rate of taxation woald steadily and
. largely diminish.
III MILITIA.
called the attention Of the General Assem-
bly, on former occasion, 10 the dso:ganized
condition of the militia of the State. The
: present Constitution preScribeS a different
mode for the election OF General and Field
officers from that contained in the former, ond
7 repealed all laws and parts of laws that in any
way conflict with its provisions. The terms
: of the officers chosen under the former Consti-
! tuition have nearly all expired, and there is nc
} law through which the vacancies can be sup.
: piled or the requirements of the present Con.
2 Ilitution be carried into effect,
{ All elections that have taken place since
the adoption OF The present Constitution, hav,
ing been held and conducted under the pro.
I visions of the former, and in pursuance Of the
laws that were thus repealed, are, in the
E opinion Of the Attorney General, illegal anC
void. Ii such be correct Interpretation o.
: the present Constitution, there are now M
, General or Field officers in The State, and the
: whole system has been rendered almost en-
: tirely useless.
S The public arms are in danger of being lost
2 They are scattered over the State and many O
Y them in the hands Of persons, who, according
to the opinion OF the Attorney General referred
, TO, are in no way connected with the Militia o
the State.
A well.regulaled militia system is almost es
Sential to the preservation of an efficient mill
tary spirit among the people. Standing armies
in time Of peace are viewed with great distrus
\ in all Republican Governments, and it is upon
an intelligent and well organized militia that
!, we must rest our defence, to great extent,
/ even in war.
In oiheT governments, the military force is
orgsnized for the support OF tyranny, and the
mass OF the people are neither trained nor al
lowed 10 possess arms. Here the military
forcels organized fOr the support Of popular
, eoyernmentaBd the right of The people TO beaI
arms is an express guarantee oftbe constitu-
lion. The protection of the liberties OF the
country and the maintenance of public order,
are confded to the hands Of the free and indie
pendent citizens Of the State. fs.9
n We receive annually a large quantity OF
arms from the General Government, and with
suitable encouragement, there would be or
ganlzed line Of uniformed volunteers that
would inspire yoang men with laudible
spirit OF cbivary, and 10 the hour, OF necessity
and peril, reflect honor on the State.
J PRODUCTS OF THE STATE.
The wheat crop Of Ohio for the past year
has been estimated by The Secretary Of State
at thirty millions oil bushels, and the corn
cTop Of eighty millions The State of Ohio