Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1857-01-16
So, ,7e2, ,sO5 O2 s s., ,2a2 ,2o4 90 o
Enees. local over state tax a44lsos 50 275724s %
Total Taxes on Duplicate $so54,511 SO ssOo95l3 90
LOCAL AND STATE TAXES


LOCAL AND STATE TAXES.
The attention of the Legislature was car
nestly invoked by my predecessor. to the
large excess of Bounty, Municipal and 9th
er local taxes, over the taxes for State pur-
poses. That diSproportion has been, in
some measures, corrected by the prudent
Legislation of the last session; but it is
worthy your consideration whether some
further Legislation may not be usefully di-
rected to the same end.
THE NEW LOAN.
The Report of the Commissioners of the
Sinking Fund is not yet completed, but
will soon be laid before you. 1t will con-
tain full information in relation to their
proceeding: under the act of April 8, 1856
authorizing new loan, for the payment of
the debt of S2,723,356 10, payable at the
pleasure of the State after the 18th inst,
Proposals for this new loan, fixed by the
Commissioners at $2,4OO,000, were invited
by advertisement in the leading journals of
Europe and America, and, on the 1st of
October, 1856, it was awarded to the high
est bidder for the whole amount, at pre-
MUM of three and half per cent. All
the Bonds of the old loan which have been
presented torpaymcnt have been promptly
redeemed; and the debt payable after 1856
will soon be entirely extingnishcd.
The experience of the State, in this tran
saction, however, indicates the danger of
relying upon new loans for the payment of
maturing debts. 1t WAS confidently antici-
pated that this loan would command a pre-
MUM of at least nine or ten per cent; while
the premium actually realized was only
three and half. 1t is not difficult to con
ceive Of a state of the money market in
which the Bonds of the State could not be
negotiated at par. In such case a resort
to new loan would be attended with
great pecuniary loss.
| THE DEBT.
1t is the part of wisdom to guard against
tho occurrence of such an exigency, and
! therefore suggest the expediency of provid-
ing, by seasonable and suitable legislation,
for the debt of six-million four hundred and
thirteen thousand three hundred and twenty
five dollars which will be payable after
1860, To raise the whole amount by tax
alton during the four years which will in
tewene before it can be paid, would impose
too serious burdens upon the people. l rec
ommend, therefore, tho sale of such stocks
and other property of the State as can be
disposed for its real value, and the ap-
preparation Of the proceeds of tho sale, to,
gether with the proceeds of such rate up
on The grand list as will produce tho need
ed sum, to the payment of at least one hal
the debt; distributing the remainded ovel
so many of the following years as will
bring its payment within the reach of mod
crate taxation. AS every bond is payable
at the pleasure ofthe State after 1860, tn,
right to do this seems unquestionablc.
SINKING FUNDS.
The condition of the Sinking Fund de
mands your attention. The Constitution
provides that no tax shall be levied excep
in pursuance of law, and that every law i'm
posing a tax, shall state distinctly, the oh
! CONCLUDED ON THE SECOND PA0E.)