The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1857-02-20

general We now propose few ideas,
more in detail. in connection with the
State debt.
The deb, due in 1860, is s6.4l3,0 900,
20 meet which the annual constitutional
levy, with surplus revenue, due from
counliVs, and The proceeds Of minister.
ial and school lands. will produce about
si.4l3,0o0 by annual iuyesiments.--
The stock and bonds Of the State in Ca
nails, Turupikes aud Railroads, it sold
at once, aud the proceeds INVESTED, would
yield US $500, COO. and thus reduce the
debt to e4,44O.O 600.
How can this balance be paid ? This
~ a question Of practical inpc riance, and
should be settled.
The Causls will yield nothing IL re.
iainsd by the STATE. Il cost u', intakes,
e75. 600 to keep them bp last year, aud
We are told that 100000 is necessary
for improvements, not provided for in
she contracts for repairs. II the STATE
can dispo'e Of them. why should they
be held7 Is il possible, that with
Railway system, reaching every village,
and directed by vigorous private enter
prise, the Canals can be maintained:
Sound policy dictates their sale on the
best terms that can bc oblained Let the
Bill for theii Gale be drawn so as To
prevent, so far as possible, their becoming
q monopoly.
The price might be fixed at maxi
mum Of s2.OoO.OOO They might
bring more, but We imagine they would
not, Upon this basis let Us estimate -
Require $500. 600. tob, paid on the DAY
Of sale. and s2jO.OOO in April Tor each
Of the year. O59, 1853 aud 1860. aud after
that $500. 600 on the first day Of each
January, until tho whole is paid. with
somi-annlal interest at the rate Of six per
cent,
BY the time the debt Of 1860 is due
we would realize over $4,000, aud
slOoo,oo0 sill unpaid, With this
amount realized we could reduce the
debt Of l86O to $4,000, 600 BY the
issue Of so. 600 900 Of bonds. and ansic
ipating small amount Of the revenue
Of 1851. this balance could be met, =
81 100000 from Canal sales would re-
main to meet debts falling due in 1873
1865 1870. and 1875. The State debt
would b, slO.S9q, 900, and with an
annual interest reduced from s829, 900 to
$685. 900 (less by S2C6. 0oO than at pres
eni). we would have the s,im Of 81. .OOO,-
900 independent of taxation.
Then wo would save the coo, 900 inter.
est, and the 81 i,ooOOO0 together with
the annual constitutional levy, would *
tinguish the entire State debt by $50, by
applying the ministerial aud school lands
TO the same purpose Not another hand
Of renewal would be required after 1860
No increase Of taxation would be re.
quired, aud a reduction Of Sl50,00O per
year would be realized At once. and reach
$378,O00 by 1860 The practical and
economical result cat be- stated as fol- I
lows The entire Canal Bonds and
State cost the people in taxes last year
$4,000, over and above dlyi ends and
receipts. This drain would cease with y
SALE. II sold az the rates we have esti. 4
mated the proceeds would be SO 30 y 900. !
The annual interest on this would b.
si53 600. II to this we add the S3,,-
900, which this property cost us in the
taxation last year, tho saving would be
Sl9O,Ooo year to the tax payers Of
OHIO.
II the past year may be taken as nm
indication Of the future, prompt action is
demanded
BY The sales upon tho terms here in
dicated. that which is now nom .produc.
tive, would be disposed of so as to save
an annual tax Of Sl90, 900, aud an ulti.
mate tax of 81 90. 600.
TO us the Canal question, though now
complicated. appears easy Of solution, 90
Is IL proposed to set aside the present
contracts for repairs aud re let them p
Wha. guarantee have We that faudds
And "sharp practices" will not again sue.
oeed?
And again, the average annual cost oil
repairs for five years prior to $50. was
$4,000 dolls. more Than is paid under
these contracts.
Men Of high position, 10 all parties,
deny the power 81 the Legislature to
annull these contracts, aud among the
masses. the n4en that black out" from
contract, is poiuted a,S dishonorsble.--I
AS State, we should not incur the sus. |
piciou of repudia,ion, aud M man or par.
~ can be sustained that ventures upop
such an exneriment