The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-01-15
value Of towns l45,596,754 l47 1853, $40
Value of Chattels 2S3,0ls,etS 24o'o26,a9o

Poor purposes, 23s, ,a32 e45 2l2.2l33a 3
Builiing purposes272, ,538 0a . 276 552 80
Road purposes 364 us. .23,l 243,070,49
Railroad " 36G,072 06 367 ,5SS,76l
Total County tax $50, 762 ,305 02 So 232 ,294 90
4th. Other local Taxes.
1858. 1856
TIPS expenses 800, Sal so 0 278,009 62
schools, ,schol holis's 246, BAG 90 ST. ,2e5 93S
City a town expscs 1874 093, 81 .5$l ,090; ;076 "a
For special purpose; 00,336 81 $lS4,9l7,2o
Tolal Tp city special
forfetdres ues''' A' u4ss ,7el a5,3 ssla, ,l444l,
Toll loci taxes So 1879 ,704,9e. $53o3 ,3Sl ,o9,o
Y. Recapitulation.
1885 1876
Total CO. taxes So, 1862 ,3t5.02s 50 2,232, 294 900
Total township. city ~
and specl taxes 2,949 9.6l8,6c,O 2,S3e, e,942'67,7
forieitures 493.7eI.3 .35.3 3l2.l44.4l,s
Toll loci taxes Sc, 1893 704 3s SIS. .363 1891 09,5
Totl state tazes 1854, 1907 81 6 ,626, - $50
over state taxs s3444, ,s96, ,e6,5 $2,757 PAS ,265
Total taxes on
duplicate $9,954, ,5ll .89,7 $e,0o9,ol3 92'o
The attention o: the Legislature was
earnestly invoked by my predecessor t.
the large excess OF County ,Municipa 10 al
taxes over taxes for state purposes. That
disproportion has been in some measure
corrected by the prudent Legislation OF the
last session. but it's worth your considera-
ton whether some further les gislation may
not be usefully directed to the same end.
The report of the Commissioners OF
the Sinking Fund is not yet completed,
but will soon be laid before you. 1t will
contain full inform ton in relation to
their proceedings under the act OF April
2, l. 5j, authorizing new loan Tor the
payment of the debt of $2.423. .359.7e,
Dollars, payable at the pleasure of
the State after the 18th inst. Proposals
for this new loan fixed by the CommiS-
sioners at s. 900 were advertised in
the leading journals OF Europe and Amer
lea, and on the 1st of October L Sc it was
awarded to the highest bidder for the
| whale amount at a premium of three and
half per cent All the bonds of the old
loan which have been presented for pay
ment have heen promptly redeemed and
the debt payable after 1855 will soon be
entirely extlnguishej. The experience of
the State, in this transaction however, in
dicates the danger OF relying upon new
loans for the payment of maturing debts,
1t was confidently anticipated that this
loan would command premium of at
least nine or ten per cent, while the pre-
halt. 1t is not difficult to conceive of a
state of the money market in which the
bonds of the State could not be negotia-
ted at par. In such case, resort to a
new loan would be attended with great
pecuniary loss. IT is the part of wisdom
to guard against the occurrence of such
an exigency of providing, by seasonable
and suitable legislation. for the debt of six
millions four hundred and thirteen thous-
and three hundred and twenty FIVE dollars
which will be payable after 196).To raise
the whole amt by taxa ion during 4 yrs.
winch will intervene before it can be paid
would impose too serious burden upon
the people. recommend therefore. the
sale Of such stocks and other property O.
the State as can be disposed of for its real
value, and the appropriation of the pro
ceeds of the sale, together with the proceeds
of such q rate upon the grand list as will
pi oduce the needed sum, to the payment
of at least one half the debt, distributing
the remainder over SO many of the follow
ing years as will bring its payment with
in the reach Of moderate taxation. AS
every bond is payable at the pleasure OF
the State after 1867, the right to do
this seems unquestionable.
The condition of the sinking fund de
mands your attention. The Constitution
provides that no tax shall be levied ex-
cept in pursuance of law. and that every
law imposing d tax shall state distinctly
the object of the same. to which only it
shall be applied. The same instrument
provides for the creation of sinking fund
sufficient to pay the interest on the state
debt, and to reduce the principal annually
by sum of not less than one hundred
thousand dollars, increased by six per
cent compounded annually. The act of
March IA, 1858, designated the revenues
which shonId constitute the sinking fund
and required the Auditor of State to set
apart annually a specific fund for the pay
ment of the principal of the debt, one hun
dred thousand dollars in 1855, and in'
each subsequent year the same sum in
creased by compromising annually at six
per cent. The act OF May l, 1854, di-
rected the levy of one and quarter mills
on each dollar of the grand list of that
year, to be applied to the payment of in
terest on the debt, and further levy of
one mill of the grand list of 1855, for the
same purpose.
Under these Constitutional and legisla-
tive provisions, the sinking fund was ere.
ated and organized; but the revenues ap.
propriatedto it. have not been kept dis
tinct from other moneys in the Treasury,
or reserved from other applications. The
act of May l, 1854. provided for the
transfer in contingency then apprehen
ded of the sum of $l30,00O from the sink
ing fund to the General Revenue; and the
act of April IL, 1856, authorized similar
transfers to the amount OF 1854 ,SO9,32.
Under this late act transfers have been
made to the General Revenue and to the
Canal fund to the amount of $l60,OO0.
The natural consequence Of this legisla
tion and this practice, has been the alb