Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1858-01-08

And there remains still unproyided for s7s,5oo IL
To this should be added the ofwar-
rants issued allowed warrants redeemed Of
which Sl2l, 1856 IS were paid by the State
Bank and Branches under the arrangement 1276 as
bonds converted by the Trust Company 100000 90
And in event of judicial decision Affirming the
{ canal contracts, for the difference between
sections 5, g. L and 8, tic further Of 455s7 4s
1857, Y.e Wv. s85l, ,825 60
From the foregoing statement, it appears
that tho expenses of 1855 and 1867,
have been met from the revenue of those
years, without the aid of any balance from
the year 1886 and that an actual deficit
of cash means at the close Of tho year of
S99,433 90, has been supplied, and debts
contracted in lS54-5, to the amount Of
$5l9,6G5 75 have been paid with no means
derived from that year, except $l4l, $685.
so, from Bank taxes and the Dayton Bank
deposit. If there had been no defalcation,
; the means in the treasury would have been
ample to pay the debts Of 1855, and meet
all othor demands, including the considera-
bic expenses attending the organization of
two new institutions, the Farm School and
the Asylum for Idiots. If there had been
no debts, the dcfalcation would not have
sensibly embarrassed the operations OF the
treasury.
Funds to supply, in part, tho drain Of
these debts and tho deficit created by tho
defalcation, have beep obtained through
Temporary arrangements, to the amount of
about s35o,0oO. These funds have been
already reimbursed, in great part, out of
tho current revenue. 1t will now be neccs-
sory TO reduce the appropriations of the cur
rent year by an equal amount, or TO author
ize Temporary loan TO make good the de-
ficiencv, and to increase the taxes of the
coming year by the small addition needed to
discharge it.
1t has been proposed to raise the necessa-
ry sum by the sale of the public property.
have on former occasion expressed my
self in favor of such a sale, under proper
guards and for fair prices. But sales at pr-
ces below tho actual value of the property
are warranted by no principle Of policy or
economy, nor ought the proceeds of sales,
when made, to be applied to any other pur-
pose than the reduction of the public debt.
am confident that tho people would pre-
fer a slight increase of the rates Of taxation
and half mill on the dollar will amply
sufficc--to an increase Of the public debt,
or to diversion of the proceeds of the pub
lie property to any other purpose than its
reduction.
Hero follow schedules exhibiting tho
taxable property Of the State as valued for
taxation; the respective amounts of State,
county and local taxes and the total amount
of taxes levied in the last three years,
1t will be seen that the taxable valuation
Of the State was greater in 1857 than in
, 1856, but less than in 1855. The differ
once WAS occasioned, in part, by the exemp-
2 tion from taxation of the excess of credits
] over debts, by the act of April /, 1856, and
j in part ty the rule prescribed in the same
law for ascerlaining the taxable property
= of banks and bankers. This rule requires
y two statcments one of the amount of notes
: and bills discounted, and all other property
II and dues of every description belonging to
. the bank; and another of the property en-
e ploycd in banking; and provides that a
e rate shall be charged upon the property en-
# hraced in the first statement, which will pro-
c duce the amount which would be produced
c by the rate charged on the property of in
II dividuals if levied upon property embraced
i in the second. This rule has been found
It very inconvenient in practical application,
I. and has afforded an opportunity for with
o drawing n considerable amount of property
h from its just proportion Of the public bur
D dens. 1t is too clear for question that prop
e erty employed in baking should be assess
y ed equally with other property. The de-
: cision of the Supreme Court of the State
e supplies a satisfactory rule for ascortaining
le what this property is. / repeat, therefore,
y my recommendation addressed to the last
General Assembly, that the law be so
or amended as to require all property employ
>, ed in banking TO be embraced in one sched-
Il ulc aud entered qpon the duplicate for tax
le alton, at the same rate as is imposed on 9TH
er property
IL The foregoing schedules also show that
ne while the amount of State taxes has been
steadily reduced during the last two years,
the amount of county and municipal taxes,
largely reduced in 1856 from 1855, have
50 increased, though not so largely in 1857
from 1856.
1t is worthy of consideration whether
some further Limitation upon the taxing pow
er of county and municipal authorities may
not be usefully imposed. respectfully rec
70 ommend also that provision be made by law
for the collection Of taxes semiannually in
20 stead of annually, as at present. In thai
Ss, as, case there need be no accumulatons in the
Of Of state or county treasures, but the money o.
nd nd tho people viii remain in their own hand,
stS ,tS till actually wanted for public purposes.
'es, The public debt of the state Of all de
imn re, scriptions appears in tho following:
the
I'D FOREIGN AND DOMESTIC STATE DEBT.
e Condition foreign domestic state debt OF Ohio
hs ,h on the LIST day of January, 1858.
tof Amount Of foreign Amt Of int's
bor Foreign debt payable debt outstanding paid annu n
,est in NewYork City. Jan. l, 1858. on outstand
not ing debt.
Five per cent. stock payable at
tho the pleasure Of the Slste, af-
ter the 3lst Dec 1865 81 026O0O 90 S5I $50 OK
lSix per cent stock payaol, at the
pleasure OF the state alter the
"a sist pee, 1880 O4a625 81 sS4,7eO 8.
70 Six per cent. stock payable at the Ia
r, pleasure Of the state alter the
~ 3ist Dec. 1870 .-----.--. 2l8353l 03 1871 OIL o.
> 20 Six per cent stock payRble at tho
= pleasure Of tine state after the t,rtf
70 3ist Dec, 1675.---..------ 100000 90 $4,000 o.
Ion lsix per cent. stock payable at the
,ss pss sss se STATE a's' 'ns 100000 90 l44OOO