The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1857-01-15

Total Taxes ou
Duplicate ss.s54 .5ll.ss7 $s.OOs;5lse25.
The attention of ths Legislature was earnest
ly invoked by my predecessor to The large excess
Of Country, Municipal and Other local taxes
ever the taxes for State purposes. That dispro-
portion has been in some measure corrected by
lie prudent legislation OF the last session bu,
i, is worth your consideration whether some
further legislation may not be usefully directed
10 the same end.
The Report Of the Commissioners Of the
Sinking Fund is not yet completed, but will soon
be laid before you. II will contain full inior-
nation in relation. '6f fheir pioeeedings under
the act of April 8, 1856, authorizing new loan
for the payment Of the debt of ". .423. 1853, ,79,
payable at the pleasure Of the State after the Is
III inst. Proposals for this new loan, fixed by
the commissioners at O., 400 900, were advertised
in the leading journals OF Europe and America,
and. on the l ST Of October. 1856, itwas awarded
TO the highest bidder for the whole amount. OF a
premium of three and half per cent. All the
Bonds Of the old loan which have been presented
or paytnen, have been promptly redeemed and
he debt payable after 1856 wfl soon be entirely
extinguished. .....
The experience of the State, in this transac.
ton, however. indicates the d-nger of relying
upon new loans for the payment of maturing
debts. II was confidently anticipated that this
or ten per cent; while the premium actually
realized was only three and half. Il is not
AfFf cut: to conceive of state OF the money
market in which the Bonds Of the State could
not be negotiated at par. In such case. resort
10 new loan would be attended with great pc.
c+tniary loss
It is the part Of wisd6m TO guard against the
occurrence Of such an ekigency, and therefore
suggest the expediency of providing, by season.
II 10 h. laht of &,
millions four hundred and thirteen thousand
THREE hundred and twenty-five dollars which
will be payable after 1860. To raise the whole
amount by taxation during the four years which
will intervene before it can be paid, would
impose too serious burdens upon the people.
| | recommend, therefore, the sale OF such stock.
and other property of the State as can be dis
posed Of for its real value, and the appropriation
Of the proceeds Of the sale, together with th,
proceeds Of such rate upon the grand list Si
will produce the needed sum, 10 The payment o
at least one-haf the debt; distributing the re
mainder over so many OF the following years al
| will bring its payment within the reach o
moderate taxation. As every bond is payable a
the pleasure of the state after 1860, the right Il
do this seems unquestionoble.
The condition Of the Sinking Fund drmand
your attention. The Constitution provides tina
no tax shall be levied except in pursuance o
law, and that every law imposing tax shOl
state distinctly the object OF the same, to whicl
only it shall b. applied. The same Instrumen
provides for the creation of Sinking Fund
sufficient 10 pay the accung interest on th
State debt, and TO reduce the principal annual
By sum not less than one hundred thousan,
dollars, increased by six per crnt.. compounds
annually. The act of Maich H. 1883, desguO
ted the revenues which should constitute III
Sinking Fund, aud r,quired the Auditor 0
State TO set apart annually specific fund TO
the payment 0f the principal Of the debt, ON
hundred thousand dollars in 1883, and in eseI
: subsequent year the same SUM Increased B!