Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-01-15

the pleasure of the State after 1860, the
right to do this seems unquestionable.
The condition of the Sinking Fund
demands your attention. The Consti-
tuition provides that tax shall be levied
except in pursuance of law, and that ev-
cry law imposing a tax shall state dis
tinctly the object of the same, to which
only it shall be applied. The same in
strument provided for the creation of a
Sinking Fund, sufficient to pay the ac-
cruing interest on the State debt, and to
re duce the principal annually by sum
fne65ssss-- E1Sa=e4 9Qseals increased by
six per. cent. compound annually. The
act of March IA, 1853, designated the
revenues which should constitute the
Sinking Fund, and required the Audit
or of State to set apart annually, spe-
cifc fund for the payment of the princi-
pal of the debt, 100000 in 1853, and
in each subsequent year the same sum,
increased by compounding annually at
six per cent. The act of May 1, 1854,
directed the levy of one and quarter
mills ON each dollar of the grand list of
that year, to be applied to the payment
of the interest on the debt, and further
levy of one mill, on the grand list of
1855, for the same purpose.
Under these constitutional and legis-
lative provisions, the sinking fund was
created and organized, but the revenues
appropriated to it have not been kept
distinct from other moneys in the treas
ury, or reserved from other applications
The act of May l. 1854, provided for
the transfer, in contingency then ap-
pretended, Of the sum of S130, 900 from
the sinking fund to the'general revenue;
and the act of pril IL, 1856, authorized
similar transfers, to the amount of
S554, 500 80. Under this last act, trans
fers have been made to the general rev.
enue and to the canal fund to the amount
of 100000. The natural consequence
of this legislation and this practice has
been the absorption of the sinking fund
balances in the general expenditures
Thus, according to the report of the late
Auditor, there was, on the 10Th of No
vember, 1855, an apparent balance, to
the credit of the sinking fund, Of S537,-
400 06. But it must be observed that
this balance constituted part of the gen
eral balance of sos, $40 0S, said, by the
Auditor, to be awaiting Legislative ap-|
prupriutiora to the clti;sclrsr..e-ef -.ten4pe--
rary outstanding liabilities and to the
necessary expenditures of 1856. I
have already shown that the payment of
the debts of 1S54-5, incurred for cur
rent expenses, more than absorbed all
that was available of this reported bal !
ance. In like manner the present Au-
ditor reports general balance, to the |
credit of the sinking fund, on the 18th of
1856, of S4S1,74 0G; while
the same officer reports the total gener-
al balance, on that day, including the
sinking fund balance, as S579,517 50,
of which only the sum of S350.950 63
was then available; and this sum consti-
tuted the only fund for the payment of
demands of every description
upon the treasury.
In view of these things think it my
duty to recommend the levy of a suffi-
cient rate upon the grand list to restore
to the sinking fund the sums which
have been transferred from it, or in any
way diverted to other uses, and to in
crease it to the full extent of the consti-
tutional requirement. And I also re-
such legislation as will insure
the future reservation of the entire fund
from every use except that of paying the
interest and principal of the public debt,
and the safe investment of that part es-
Decially applicable to the reduction of
he principal, until wanted for that pur-
pose.
The chief sources of our public in
come are the grand levy, charter taxes
If banks, proceeds ofpublic works, col
ection Of surplus revenues loaned to
sales of school and ministerial
ands held in trust, sales of lands grant
ID to the State in aid of improvements
md other wise required, dividends of
tocks, convict labor, payments by the
feneral Government on account OF the s
hree per cent fund, and licenses and
uction duties.
Some of these sources of revenue are
learly exhausted, others were never pro-
Luctive, and the receipts from others are ,
n the nature of loans rather than of in =
ONE. ,
Only about forty thousand acres of 7
and in Ohio yet remain the property of
he General Government. Very little f
1ore can therefore be~expected from the G
tates three per cent proportion of their t
ales. Not much land belonging to the C
tate remains unsold. The amount of
urplus revenue unpaid by counties, is I
educed to S2O6,3 ,349 a. The proceeds O
f convict labor are absorbed in the sup i.
ort of the Penitentiary, and avail moth t
lg to General revenue. And the pro- I
eeds of the School and Ministerial lands, s.
they accrue, become part of the IRE il
ucable Debt, upon which the State Is G
ound to pay six per cent interest to a
lie use for which they were granted. O.
These facts admonish US that for the n
lpenses of the State Government, of tt
le Public Institutions, and for the pay a
ent of the State debt, our main reli- "
ice must hereafter be upon the con- el
of the people, in the form of
axes. They require us to husband ev- lo
y remaining resource, and demand the IL
rictest economy in every department di
expenditure, 1t
No means exist of ascertaining the &C
lantity of lands remaining unsold, pl
neither belonging to the State, or held di