The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-01-15
100000 90
6l7,373 65

- 6l7,3T3 65
Making the balance OF means
apparently applicable to the
service of 1866, 2O5,977 90
But Of the balance reported by
the late Auditor, the sum of l.
-$225,S 80 never came into
the hands OF the present Tres. ... ..
surer. being retained by the
late Treasurer as paid for
exchange, or having been
placed by him with deposit
taries who have used the
money and have hitherto
failed to restore it to the
Treasury. There should,
therefore, be deducted from
the above apparent balance,
the further sum of 225,Sl9 80
Showing instead Of balance
of $S23,350 IS. an actual de-
felt OF available means, as a
charge upon the revenues of
1856, of 1882 10
The facts exhibit in a clear light the i'm @.
portunce Of guarding against expenditures
beyond appropriations. The Constitution
permits no debtto be contracted on behalf
of the State, without express legislative war.
rant. 1t restricts the total amount of all
Indebtedness, to supply all deficits and fail
ures in revenue or expenses not otherwise
provided for, to the amount of $3.50, ,000.-
AS security against unauthorized debts, it
expressly declares that no money shall be
paid on any claim, the subject matter of
which shall not have been provided for by
existing law, unless allowed by twu.ihrds
of the members elected to each branch of
the General Assembly. Experience has de-
monstrated that even these provisions are
not adequate guarantees against the unau-
thorzed contracting Of debts within single
biennial period to an amount exceeding
three, fourths OF the total Indebtedness that
can be incurred for such purposes by the
Legislature itself.
1t is proper to say here, however, that
there was transferred to Sinking Fund of
Public Works Income, on the 18th Nov,
1855, the sum Of 100000. If this transfer
had not been made, the Public Works Ex-
penses Tor lS54-5, would havs been paid
out of the Public Works Revenue for the
some time; and the apparent balance of the
Sinking Fund would have been $2u0,OOO
less. '' n'
1t is due, also, to the late State Auditor,
TO say, that the balance of 1856 was cor.
rectly stated from the books in his office,
and that the unauthorized debts and liabiIi.
ties which absorbed it, were contracted
against his earnest and repeated remon.
strances. respectfully invite your atten-
ton to suggestion made by him, of provi-
thorzed acts debts of this kind may hereafter
be created, shall be held personally respon.
sibe for them. na.4 ar ".t
The attention of the Legislature was ear
.nestIy invoked by nv predecessor, to the
large excess Of County, Municipal and other
local taxes, over the taxes for State purpo.
ses. That disproportion has been, in some
measure, corrected by the prudent legisa
ton of the last session; but it is worth your
consideration whether some further legsla.
ton may not be useIulIy directed to the
same end.
The Report of the Commissioners of the
Sinking Fund is not yet completed, but will
soon be laid before you. 1t will contain
full information in relation to their proceed
ings under the act Of April 9Th, 1856, autho
rizing new loan, for the payment of the
debt Of 50 ,423,357 70, payable at the plea.
sure OF the State after the 10Th inst. Pro-
posals for this new loan, fixed by the Com
missioners at $4,000 were invited by
advertisement in the leading public journals
of Europe and America, and, on the lst OF
October, 1855, 1t was awarded to the high
est bidder Tor the whole amount, at a, pre-.
ninm OF three and half per cent, All the
bondl OF the old loan which have been pre-
sented for payment, have been promptly
redeemed; and the debt payable alter 1856
will soon be entirely extingushed.
The experience of the State, in this trans
acijon, however, indicates the danger ol
| relying upon new loans for, the payment OF
maturing debts. II was confidently antici.
pated that this loan would command pre-.
MUM of at least nine or ten per cent; while
the premium actuallyrealized was only three
and half. II is not difficult to conceive o.
a state Of the money market in which the
bonds Of the State could not be negotiatec
at par. In such case resort to- g. new loal
would be attended with great Recuniary loss
/ 1t is the part Of wisdom to guard sgans
the occurrence OF such an exigency, and
therefore suggestive expediency Of providing
by seasonable and suitable legislation
for the debt of six millions four hundred an(
thirteen thousand three, hundred and twenty
| five dollars, which will be payable aftel
1860. To raise the whole aaaonht by taxa
ton during the four years which will inter.
vcne hafora II mar, hn maid wai,td I'm f,oao ~