The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1856-01-16
ss.7ta@

ureans, Troy snd uFsenyiile ..,..', 2s'l7s'so
Total Amount Of Turnpike Stocks. si,Ss7, ,iss,it
CANALS.
Cincinnati and Whitewater ...... 0isoo00oo
Psnnsylvanis and Ohio....... 49,. t2o.0Oo.ol
Total amour, Of Canal Stock. ss7o.oOO.OO
! RAIL ROADS.
LhIe Miami RaiIroad Stock. 622l 5000
Mad River and Erie Railroad Stock so. .8olOo
| +" Dividend Binds $50 oOo
Msn'ield s ssudu'ky civ ruilfoaas, sslssi'YO
Total amount Of Railroad Stock aud
Dividend bonds. -, .''s-''''s.,.- ssss's1soo
Total anounto { Stock held by Stat lin
Turnpikes Canals and Railroads.. ~ lsSo7s6,H
The policy OF uniting or entering Jinso
partnership with individuals or companies
for the construction or carrying on Of enter.
prizes like these, has long since baen abAn.
doued. These stocks should therefore be
sold at whatever prices they win command.
and the prcce sds be applied to the pay.
menl OF State debt. Their cash vaiueis
estimated at from eight hundred thOasaad
to million Of dollars.
II the p,licv Of a renewsl Of portion of
the loan due January. 1857, be adopted by
the General Assembly, il will then be wor.
Thy Of the most serious consideration wheth.
er the renewal shall be for singe period.
or so arranged With reference 70 the masw-
. rity of the other debts OF the State ~ 10
have for each year sum falling due 70 be
absorbed by the operations Of the Sinking
| Fund. .a .,. ~ Il
| am we'll aware Of the temptation afford.
ed by the premiums which can be obtained
for the stocks al State occupying the
proud financial condition Of Ohio. ifshe loan
should have a long tiEe to run. know
:. that at least fifteen per ccntum could be
e commanded for twenty years losn. and
!. that this would amount. on q renewal OF
!. two millions. to three hundred thousand
dollars. But We must NJ. shut our eyes TO
v the fact that the credit OF Ohio 10 strong be.
, cause Of her persistence in the determine
a tion 10 relieve herself Of all indie btedness--
}. policy which is now secured BY the ss-
4 crsdness OF constitutional oblisatiou--nor to
!: the fact that premiums upon renewals de.
II pend upon the cohdition of the money mar
e ket. which is controlled more by the state OF
Is Europe, than by the CONDITION Of affairs in
Ohio. Besides. tie opinion that a pest.
IT ponement of the further payment Of the
II public liabilities. would, to that extent. di-
y minish the taxes is proved to be erroneous
AS well by experience as correc. apprecia.
q ton of the very pIainest principles OF poiiti.
,. cal economy. The usu effect is the appli.
cation of an equal Or still greater amount to
- other and less useful objrcts
But this matter is placed in 40 clear and
satisfactory light by the simplest compute
tons, that further argument or illustration 10
unnecessary.
Assuming partial renewa! Of the lean
OF January, 1857, tor. r....,....... $4,000, 900
The State for loan of twenty yeara re-
ceives premium OF tiftoen ptr cJator 800 40
---------
Receipts at the Treasury .......... @,3oo,o9o
But at the end Of twenty years this dot
is to be paid, and the disbursements have
been as follows: --.A
Principal. ...-.......... $2,ooo,oo
Interest for twenty years -.-,......... ",4ooooO
Paid out......... ..........s--.s.,.... 4,4oo,ooc
Deduct amount received. ............ 2.3oo.ooc
- ----
Loss 10 the State e......-....-......,.S2, 50, 90
And this result is accomplished withou
any computation upon interest which mus
be paid semi. annual y - must be collecie,
year in advance of It's disbursement, and
charged with percentages to the Treasurer
collecting IT. and the expense Of its trans
. missiOnsto New York. Such losses may
be submitted to by State which canno
pay its debts, but The people of Ohio woult
cheerfully submit to an additional tax o
three. fourihs Of a mill with The knowlydg'
, tha, after January, 1857. even that rate o
g taxation wopld steadily ind largely dirain
{ ish. - & ,fa
15 Such system is adapted to specisl, ne
: to general interests. and can only cotnment
RI self to the approval Of those who thinl
: shut "a public debt is q public blessing.
: Public Faith should be keptt 10 .he pespS
rs we'll as to the creditor. Many Of oul
counties and cities with other corporations
J are deeply Involved. The present higt
credit ot the State which has it's origin IN
- and now depends upon, the punctual pay
ION - ment Of Of the publie debt. is to ihtm .
PIE great value proposition to postpone th
y pay ment woull tend TO diminish the publ
~ confidence in he hitherto aniaynishsd TeI
aai utation Of the State. and thereby DToduc
rec an injurious effect upon our private as We
M as cur public credit There can be no NOR
no desirable object than TO see State fre
Wy from all foreign liabilities. ~.
ec' The organization Of the Executiye branc
iry' Of our State Government into sepefate ah,
ion distinct departments. independent. of eAeI
AOn Other. has certainly reany advantages whic
~ il is unnecessary TO enuaisrate. IL IS belle
40. yed, however. that Il would be improve
on and rendered TAR more elficisnt. ifa create
20 degree Of unity could be imparisd to the ds
M IJbefations and actions Of thsss several di
on yisions.' This could easily b effected .bJ
no requiring Che yasieus Executive officers /
sp' meet together 0ncsaa mon,h, Or oaenes 4
IN desired by the Governor in Exeewsi'
'sct Council. 10 receiys and consider r@pAr
E'on from their respective departneAtss aid 9eac
sral other with advice, ,sud decide sach setic
s'e' 81 will best tend 10 project the pablie infe
oan ssts IN easesCf delinquency Of suSpscts
~ malfeasance. sss 4 sss.s ts,.s M ss
~ The Council might be authorizF seN 70
'Ia quire into and personally n n j cpp
Pr diIion OF the TreasaSy At Eess AxegsS period
ths and 70 exercise aueh discsslionaG pewsi
iua- in relation 10 the dspartments generally 4
'nt- it would be upwise and probably unsafe, I
=, sntrus. TO alsiElc sxeeadve Dalser. IN
the anion Of several Executive oEEieers inl
nsr boards Of THE kind IL moi wishous prdcsasr
'una IN this State The Board of Ennd Comaaii
Fea- sioners. composed efthe AUDITOR eecrstar