The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-02-12

ol1IE - A~N-~~@ -
pny the PnbIic Debt
sour taxes ere lsss." This 3 the com
mon cry thrOughOut many portions of Ohio.
and because the taxes srs less than in
former yesr, very many are disposed to give
Republican State officials the credit Of the
reduction, without once inquiring into the
means which are used to secure this result.
A brief examination Of facts and figures will
develop the schemes resSted to BY our oP-
uopents, and when once brought to light,
they show wilful disregard Of the Consti-
tuition, and total neglect Of the public in-
terests.
One Of the plans adopted by the party In
power to lessen the public burthens, is an
absolute refusal to pay the public debt when
rs several instalments become due. This
necessarily ligh,en- the public burdens for the
time, but increases them in future, and adds
greatly to their continuation. II was the
steady and determined policy Of the last
democratic administration, to pay not only
the interest, but q part cfihe principal OF the
public debt annually. They were seconded
in this movement by the people. BY SO do.
ing, they were gradually lessening the load,
and by aud by, would have removed it en-
tirely. But another party is now in power,
and the policy Of the State is reversed. The
present rule is, to pay old debts by creating
new ones, and continuing to pay an immense
interest for thirty or forty years to come.
The amount OF the foreign and domestic
debt of Ohio in 1859, was fifteen millions
six hundred and eighteen thousand seven
hundred and fifty seven dollars, and forty.
FIVE cents. In the year 1859. there was
paid upon the principal, as will be seen by
Auditors Report, page "a, $76,l5S IL; in
1853, $324,470 AZ; in 1854, $693 ,242 So;
and in 1855, S5l6,59o 81. Total amount
paid upon the principal. one million six hum
dred and ten thousand four hundred and
sixty.one dollars and sixty seven cents
This reduced the Indebtedness in 1855, te
$l4,O0S, ,295 81. Only twenty one dollars
has since been paid upon it. Let US make
a calculation, and understand. If possible
the economy Of Republican officials.
BY reference to Statutes OF Ohiu for 1856
page IL. section l, the commissioners o
the Sinking Fund are authorized to issue
transferable certificates of stock, redeema
BILE at the pleasure of the State, at such tim,
between the years 1875 and 1886, as tht
commissioners Of the Sinking Fund may de-
termine. This is. in plain English, discharg
ing an old claim, by the issuing Of a new
note. While in reality it puts off the pay
ment ofthe State debt for period of moi
less than nineteen, nor more than thirty
years. The annual interest Of the State
debt is $s29, 1853 GO. This for thirty years
would amount to the enormous sum o.
TwENTY.FoUR MILLIONS EIGHT HUNDRED
AND sEvENTY.sEvEN THOUSAND SIX HUNDRED
AND EIGHT DOLLARS AND SIXTY CENTS, o.
nearly twice as much as the original debt
Thus if the Republicans remain in pow or
the people OF Ohio, during the next thirty
years, will be required to pay $24,s77,
COS so, Of tax, without having reduced thu
public debt single dime. They will theI
be just where they are now, with the Loaf
still upon their backs-the debt and interes
still to be paid. They will have raised th'
money twice over in the simple item Of in
terest, not having reduced their burthens
single ounce. Now, if the Democratic poll
cy had been pursued, by paying part Of thu
principal each year, in less than thirty years
the whole debt would have been paid ant
the State entirely relieved OF the burthen
The ax.puyers OF the State would have
neither interest or principal to raise, for the
whole would have vanished. Which think
yoS is the better policy! We leave it fol
the candid reader to Judge. Again, they
have not only refused to meet the indebted
ness Of Ohio, but they have stolen more
than half a million dollars from the Sinking
or State debt Fund, and applied 1t to genera
revenue purposes in violation Of the Cons,i
tuition.
By the foregoing facts you may catch
a glimpse Of Republican fnancisring, and
their mode of lessening the pablic bur.
tbens. They are determined to lessen tax
es now, even though they quodruple them
and grind the people into the very dust in
years to come. For the sake of carrying
out their pledge of retrenchment, and at the
same time filing their pockets, they are will.
ling to repudiate the debt of the State, OF
leave ir Tor future generations to p1y.