The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1857-07-23
From the Cincinnati Gazette.
Debt and Revenue Of Ohio.

hueu8thI ana ultimate prosperity, has
depended largely upon the relation
which the public revenue bore Co the er
penses. The economy Of nation is
much like that of an individual. IL is
not so much the largeness Of the in
come as the mode and objects Of its ex-
penditure. Some men have done more
with a thousand dollars a year than 9th
ers have done with ten thousand.-
They have made their small means avail
able to their own good, and that Of 9th
ers. lt is precisely so with States-
The revenues Of State, levied by taxa
ton, are unquestonably, in itself, a
great burden; but, if well spent, may
return large profits. As the money
which a farmer spends in manure and
fences is apparently q burden, but only
apparently, for it enriches the land and
protects the crops. But if the scmo
money was spent on silk goods, tobac.
or whisky, it is clear loss.
The man may find an apology in his
tastes or pleasures for the expenditures,
but, unquestionably, his money will
never return in any shape 1t is SO
with States. When Louis XIV. ex-
haustcd the revenue Of France in use
less war, he left it impoverished and ex-
haustcd, without any returning profit
But when the States of New York and
Ohio expended millions in creating
roads and canals, by which one got a
market for its products, and the other
got the profits Of trade upon them, both
had, for the time, burden, and both
have received back, in actual money,
ten-fold all their expenditures.
The State Of Ohio has, taken in all
its departments, made larger prof., on
the use of its credit and the revenues
Of taxation, than any State or commu-
nifty on earth. Some little exhibit Of
this fact may not be unintcrcsting to
our readers, aud will furnish a brief
view Of the manner in which State cred
it may be made available to great and
useful purposes.
1t is well known that the debt of
Ohio was created solely for purposes Of
what are called internal Improvements.
that is for roads, canals and public build
ings 1T is known, also, that these have
been greatly beneficial to the agricul-
ture, industry and commerce of the
State. But it is not quite as we'll known
what immense effects they have really
produced.
The work on the Ohio and Miami Ca
mails was commenced in July, 1925. and
at that time the entire property Of Ohio
was valued at $50, 100000.
In 1887, Ohio commenced new svs-
tenn Of making branch canals, turnpikes,
and aiding railroads These accom-
plished much, but the debt made was
much greater, and the profits much
less than those Of the original canals.
In November, 1874, when all our pub
lie works we're completed, the public
debt Of the State was as follows:
Foreign Debt, SlG.9I5.Gs2
Domestic Debt, 2,33I.OG7
Aggregate Debt, SlQ27G.74g
OF this debt, s55O,OOO was borrowed
at five per cent. interest and the remain
der Mt six per cent. The assessed value
of the property of the State was Sl44,-
100000. So we see at that time. 1874.
the State had created q debt of S19.-
100000, and had increased in apparent
value, S85,OOO,OOO. The assessments
were at that time, however, no more than
half the value of property, and the i'm
proyements had not had time to pro-
duce their effect In 1S47, after the !
Tax Law Of 1916 took effect the value |
of property in Ohio was S4O5. .OOO.O |
and this was about the truth. Under
the influence of great and useful public
improvements, the State continued to
increase in population, industry and
wealth. so that in 1917 it had indeed
debt of nineteen millions; but increased .
It's value three hundred millions. That
his was largely due to our public i'm
1rovements is plain, from the statement
IF a single fact.
Before the canal was opened through
he wheat counties to Cleveland, wheat
vas selling in Massilon at 375 cents per
lushel, but was selling in New York at
,ery nearly the same price as now
When the canal opened to Cleveland, it
ose to one dollar per bushel, and has
arely sold for less Under the stimula-
ion Of good markets, Ohio became the
,reat grain growing State, and in 1850
her crop of wheat reached thirfy- fUe mil
ions Of Jusbebi If the signs of the
harvest are not deceptive, we shall raise
hirty millions this year: These mill