The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1858-01-21

l5Db. vi the remaining 0oDb, the sum
Of 66,413,525 % will become payable
at the pleasure Of the State at any time
after the 31st of December, 1860. The
terms Of this contract exclude the idea
of obligation to pay at that time; but
! it will doubtless be the pleasure Of the
State to pay very large part, If not
the whole Of this debt, az soon as tho
right to pay shall accrue. The proceeds
/ Of al public property which may be
sold, should be excluaively devoted TO
this purpose, and provision should bo
made, if a moderate additional levy
will offeot che .otiect, Of a sufficient
sum to discharge at least one-third Of
the amount.
The residue may be distributed over
so many Of the following years as win
bring its payment within the reach of
moderate taxation, or immediate pay
Iment, If preferred by the creditors,
may be made in new bonds, bearing a
Hess rate Of interest, and payable at
such times as the General Assembly
may see ft to direct Under all cir
cumstauces, the interest on the entire
debt must be punctually paid, and the
credit of the State maintained inviolatc,
I do not doubt that the people Of Ohio
will cheerfully submit to any not eE-
, oessive rate of taxation, if assured be-
yond peradyenture, that the proceeds
i will be honestly and punotually applied
in discharge Of q debt the interest Of
' which constitutes so large an annual
5 draft upon their resources.
D Existing laws require the appoint
e. ment Of a Transfer agent and Regis
a trar at New York, and regulate the
D transfer Of Stocks and the payment of
interest and debt through this agency.
r Experience has shown the danger Of
g Iconfding powers such as are necessa-
= rily vested in these officers, to persons
l beyond the jurisdiction Of the State,
- and not amenable to its laws. If OBJ
= Iligations assumed at the creation Of the
f debt and as part of its consideration,
e require their appointment aud main
c tenance, these obligations must be full
F filed in good faith. IF it be otherwise,
n the Offices should be abolished and all
&c transfers should be made within the
State, and under the direction Of its
Il Executive officers. commend this
g subject to legislative investigation and
consideration.
F REPEAL OF PAYNE's TEN PER CENT. IN
TEREsT LAW PROPOSED.
:, Earnestly recommend the repeal Of
tho Act allowing contracts for interest
at ten per cent. The legalizatiOn Of
such a rate of interest enables the mon
eyed capitalist to absorb far too large a
share of the earnings of the farmer,
the mechanic and the merchant. 1t
often takes the whole, and sometimes
more than the whole. 1t may be as
some think, that the law as it stood
Iprior to that Act would be improved by
the substitution of the rate of seven
per cent Whatever rate Of interest
10 Imay be approved, l respectfully sug-
gest that it should be uniform, and be
Iallowed to all persons, whether natural
or artificial, alike, and that all contracts
p for higher rate, by whomsoever made,
should be deemed and held alike null
and void, unless enforced, with simple
interest, for the benefit of educational
n or benevolent institutions, Discrimi-
nations between classes of lenders,
tempt to fraud, and almost uniformly
fail of beneficial results. In this con
10 nection, your attention may also be
usefully given to the various devices by
which banking institutions seek tC
evade statutory limitations Of interest
90 and to the provision of more efcetua
- guards against further evasion.
43 SINGLE DISTRICTS AND ANNUAL SESSION.
AGAIN URGED.
10 OF the several amendments Of the
Constitution proposed by the last Gen
r, leral Assembly and submitted to tn,
. people at the last general election, nom
q received the sUfrages of a majority OF
laI the electors, / do not regard thi
oO result, under all the circumstances, a
of a decisive verdict and still believing
m for reasons heretofore fully assigned
ir- that Annual Sessions are necessary &
me the proper care of the public interest
ss- land that Single Senatorial and Repre-
er. sentative Districts are indispensable
six a true expression Of the popular wi
all lin legislative action, I respectfully re,
cts Commend another submission 30 the pee
vet Iple of amendments providing for thel
ie- important objects. continue thi
.ei- Recommendation 70 these amendment
ed. because I regard them as most desiri
to- Bile, and because experience seems
sys teach that when more numerous pr0pC
the sidons are submitted, no one Of thel
re- is likely to receive the popular sanction
tic OF the reports required to be printe
hat and laid before the General Assembl
at the commencement Of its session
the those Of the Treasurer Of State; Of th
vas Institution for the Deaf and Dumb Of
md the Institution for the Blind; and o
,as- the Central Ohio and Northern Obi
,lu- Lunatic Asylums, are ready and viii
on Immediately laid before you. The n
had ports Of the Southern Ohio Lunatic As.
fers ium; Of the Ohio Penitentiary and q
and the State House Commissioners, are
ma the hands Of the binder, and viii
.ent speedily submitted Those Of the Al
or ditor Of State; Of the Secretary Of Stat
Dso- of the Board Of Public Works; Of G
Reform School; Of the Asylnm for I
.ade lots; Of the Or. Master General aud
und tho Commissioners Of the State hihr
In ry. are In the hands of the State tn
orly ter, and will doubtless be presented ;