The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-01-14
NO. 50.

To raise the whole amount by taxation
during the four years which will inter
vene before it can be paid, would impose
too serious burdens upon the people.
recommend, therefore, the sale of such
stocks and other proparty of the State
as can be disposed of for its real value,
and the appropriation of the proceeds of
the sale, together with the proceeds of
such rate upon the grand list as will
produce the needed sum, to the payment
of at least one- hsti 81 IL its dissrihut-
| ing the remainder over so many of sfttc'
following years as will bring its payment
within the reach of moderate taxation.
As every bond is payable at the pleas
ure of the State after 1860, the right to
do this seems unquestionable.
The condition of the Sinking Fund
demands your attention. The Copsti-
tuition provides that no tax shall be lev
led except in pursuance of law, and that
every law imposing tax shall state dis
tinctly the object of the same, to which
only it shall be applied The same in
strument provides for the creation of
Sinking Fund, sufficient to pay the ac-
cruing interest on the State debt, and
to reduce the principal annually by
sum not less than one hundred thousand
dollars, increased By six per cent, COM
pounded annually. The act of March
IA, 1853, designated the revenues which
should constitute the Sinking Fund, and
required the Auditor of State to set
apart annually as specific fund for the
payment of the principal of the debt, one
hundred thousand dollars in 1858, and
in each subsequent year the same sum
increased by compromising annually at
six per cent. The act of May L, 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 interest on the debt; and further
levy of one mill on the grand lis. 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 monies in the Treas
ury, or reserved from other applications.
The act of May 1, 1854, provided for
the transfer in contingency then appre-
heDded, of the sum of $4,000 from
the Sinking Fund to the General Reve-
nue3 and the act of April II, 1856, au-
thorized similar transfers to the aTsount
of 1854, 500, ,32. . Under this last act,
transfers have been made to the Gener-
al Revenue 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
rent balance, to the credit Of the Sink
ing Fund of S537 ,499, ,O6. But it must
be observed that this balance constitu-
ted part of the General Balance of S703,-
37O,08, said, by the Auditor, to be
=" awaiting legislative appropriation, to
the discharge of " temporary outstand-
ing liabilities and to the necessary
expenditures !" of 1866. 1 have al
ready shown that the payment of the
debts of l854-5, incurred for current
expenses, more than absorbed all that
was available of this reputed balance.
In like manner the present auditor res
ports general balance to the credit of
the Sinking Fund, on the 18th Noyem.
Der, 1856, of $49l, ,749,06 while the
same officer reports the total general
balance, on that day, including the Sink
ing Fund balance, as S579,5l7.59, of
which only the sum of $350,950,63 was
then available; and this sum constituted
the only fund for the payment of current
demands of every description upon the
Treasury.
In view of these things 1 think it my
duty to recommend the levy of a sufi-
cient rate upon the grand list to restore
to the sinking Fund the sums which
have been transferred from it or IN any
way devoted to other uses, and to in
crease it to the full extent of the con-
requirment. And | also
recommend such legislation as will en-
sure the future reservation of the.entiref
fund from every use except that of pay-
ing the interest and principal of the.
Public Debt, and the safe investment
of that part specially applicable to the.
reduction of the principal until wanted
for that purpos. Fot
The chief sources of our Public In
come are the Grand Levies; Charter
Taxes of Banks Proceeds of Public
Works; Collections of Surplus Reve-
nue loaned to counties Sales of School
and Ministerial Lands held in Trust;
Sales of Lands granted to the State in
aid of improvements ,>and other wise &C.
1uired Dividends of Stocks; Convict
Labor; Payments by the General Gov
srnment on account of the Three per
sent. Fund; and Licenses and Auction
Duties.
Some of these sources of revenue are.
nearly exhausted others we're never
and the receipts from others
are in the nature of loans rather than of
income.
Only about forty thousand acres Of
laud1 in Ohio yet remain the property
Of the General Government. Very little.
more can be expected therefore, from
the States three per cent. proportion of
their sales. Not much land belonging
TO the State remains uDsold. The
amount of surplus Revenue unpaid by
Counties is reduced to S206, ,349, II,
The proceeds of convict labor are abb
sorbsd in thu support of the Penitentias
ry and avail nothing to the General Rev
enue. Aud the proceeds of the School
and Ministerial lands as they accrue,
become part of the Irreducible Debt up
on which the State is bound to pay six
per cent interest to the use for which
they we're granted.
These facts admonish us that for the
expenses of the State Government, ofthe
Public Institutions, and for the pays
-