Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1857-01-15
aEabIs PTOPsTty Valuallon.

~
The attention Of The Legislature was ear
n'''ly Invoked b! my predecessor to The lsrO.
excess OF county, municipal and other local
taxes tor State purposes. That disproUortiou
las been in some measure corrected bv A.
prudent legislation Of the Last session. but IL IA
worthy your consideration whether soma fu,uy.
legislation may not be ussfully directed to IN.
same and. .
The report Of the eommissiousrs of IN. .;nL
ing fund Is not yet completed, but will soon bs
laid before you. 1t will contain full iuGOrma.
tion IN relation to their proceedings under IN.
act Of April 8, 1856. authorizing q new lo,n
Tor the payment Of the debt Of a,4a3 s5a 70
payable at The pleasure of the state after ,b'
10Th ms. Proposals for the new loan. sr.d
BY the commissioners at 2, 400 900, war. ad.
verti'ed in the leading journals OfEurOps and
America, and, on the 6rst of October ls5s. a
was awarded to the highest bidder for n.
whole amount at . premium of three and .
half per cent All the bonds Of the old loan
which have been presented for payment have
been promptly redeemed; and The debt p,v..
ble alter 1856 will soon be entirely sxtingui,h.
ed,
The sxPsrSncs Of the State, in this trsrs.
action however, indicates the danger Of relv-
ing upon nsW loans for the payment Of matur-
ing dsSIs. 1t was confidently anticipated that
this loan would command premium Of Al
least oIne or ten per cent, while the premium
actually realized was Ouly three and half. Il
is not difficult to conceive Of state Of the mon.
ey market in which the bonds Of the State
could not be negotiated at par. In such q
case' resort to new loan would be attend
ed with great pscuniarY loss.
Il is the part of wisdom to guard against
the occurrence Of such an exigency, and
therefore suggest the expediency Of providing,
BY ssasOnable and suitable Legislation, for the
debt Of six millions four hundred and thirteen
thousand three hundred and twenty five dollars
which will be payable after 1860. To raise
the whole amount by taxation during the four
years which will intervene before i! can be
paid. would impose too serious burdens upon
the people.
l recommend, therefore, the sale of such
stocks and other property Of the State as can
be disposed of for its real value, and the ap-
preparation Of the proceeds OF the sale, toVsth.
er with the proceeds Of such q rate upon the
grand list as will produce the needed sam. TO
the payment Of at least one half the debt: dig
tributng the remainder over SO many of the
following years as will bring it's payment with
ia the reach of moderate taxation. As every
bond is payable at the pleasure of The State
after 1870, the right to do this seems unquss,
tionable.
The condition Of the sinking fund demands
your attention, The constitution provides
that no tax shall be levied except in pursuance
of law, and that every law imposing tax shall
state distinctly The object Of the same, to which
only it shall be applied. The same instru-
ment provides for the creation Of sinking
fund. sufficient To pay the accruing interest on
the Stale debt, and to reduce the principal an
nually BY q sum not less than one huAdrsd
thousand dollars, increased By per cent.
compounded annually. The act Of March u,
1858, designated the revenues which should
constitute the sinking fuAd. and required the
Auditor the State 10 set apart annually q
specific fund for the payment Of The principal
Of the debt, one hundred thousand dollars in
1883, and in each subsequent year The same
sum increased BY eOmpOundiRg annually at 9
per cent The act of May I, 1884, directed
the levy OfOue and quarter mills en- each
dollar Of the grand liss Of tha, yeaF. 10 be ap
piled to the payment Of interest on the debt
ard further levy Of one mill On The grand
lisI Of 1855, tor The same purpose
! Under these Constitutional and legislative
provisions, the sinkiag fand was created anG
organized; but The revenues appropriated to H.
hsva not been kept distinct from other mouiel
10 the treasury, or reserved IRON ether. appli.