The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1857-01-14

That the apparent expenditures
of 1I54-5 were. :. pa, ,3U9, D I4Z5
But to this amount
should be added
debts of 1S54-5
paid 1856. ........ 517,37265
And the estimated
amount of such
debts yet unpaid. 100000 917,372.65
Mak'g the aggregate of actual ex-
pendltureS.. Sa, ,uoo, $4,000
From which should be deducted
payments in reduction of
Public Debt. bt............... 466, ,6S1.0l
Making the amount of current
expenditure for 1915. 3,5700, 0,255S7
And Secondly
That the apparent
expenditures of
1866 . IS, zoe, ,972.S1
From which should
be deducted the
amount paid debts
of lS54-5.. .... 517,312.65
Making the true amount of cur
rent expenditure for 1858. 3,1S9,600.16
And showing the expenditures
of 1S55-6 less than those of
1S54-5, by. y.............. $ooo,ooo.fl
1t will not escape attention that the
current expenditure of 1866 was large
ly increased by the biennial session of the
Legislature in 1856, whereas no session
was held in 1855. This difference being
taken into the account, the balance in fa-
vor of 1855 will be better appreciated.
The attention of the Legislature was
earnestly invoked by my predecessor to
the large excess of County, Municipal
and other local taxes over the taxes for
State purposes. That disproportion has
been in some measure corrected by the
prudent legislation of the last session; but
it is worth your consideration whether
some further legislation may not be use
/ fully directed to the same end.
The Report of the Commissioners ol
the Sinking Fund is not yet completed
but will soon be laid before you. 1t will
contain full information in relation to their
proceedings under the act of April 8, 1856,
authorizing a new loan for the payment
of the debt of $2,423. $50 10, payable at
the pleasure of the State after the l5th
inst. Proposals for this new loan, fixed
by the Commissioners at 50, 400, 900, were
advertised in the leading journals of Eu-
ripe and America, and. on the Ist of Oc-
10 or, 1856, it was awarded on the high
est bidder for the whole amount, at a
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 payable
after 1856 will soon be entirely extin.
guistred.
The experience of the State, in this
transaction, however, indicates the dan
ger of relying upon new loans for the pay
ment of maturing debts. 1t was conf
IDENTIFY anticipated that this loan woule
command premium Of at least nine OF
ten per cent; while the premium actual.
realized was only three and half. 1t ii
not difficult to conceive of state of tht
money market in which the Bonds of thu
State could not be negotiated at par. Ii
such case, O resort to new loan woulC
be attended with great pecuniary loss.
1t is the part of wisdom to guart
against the occurrence of such an exigen
cy, and I therefore suggest the expedien
cy of proving, by seasonable and suita
i bic legislation. for the debt of six millions
four hundred aud thirteen thousand tire,
hundren and twenty-five dollars which will
be payable after 1850 To raise th'
: whole amount by taxation during th'
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 aud 9th
er property OF the State as can be dispos
ed of for its real value, aud the appropri
ton of the proceeds of the sale, togethe
with the proceeds of such a rate upon III
grand list as will produce the needed sum
to the payment of at least one-half tn
, debt; distributing The remainder over s.
many of the following years as will brint
its pnyment within the reach Of raoderat