Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1858-01-14

til to be regretted tha. prior to tie &C tot
April II, 1857, no provision was made for keep
ing the Sinking Fund separate from other money
in the Treasury, oriefeetually securing its ez-
elusive application to its intended use: on the
contrary the General Assembly had in several
instances directed transfers ofthis Fund to Gen.
eral Revenue, aud thus required its Application
to srdivary expenditures IN nay Judgment this
practice is not to be approved or even justified,
except in case OF absolute necessity
/ recommend that provision be made for the
restoration to the Sinking Fund o. the amounts
sithdrswa from IT. 10 order that the entire tai
snee properly belonging 10 that fund u.ay be
safely invested and Reserved for its legitimate
objects.
The principal of the State debt has been reds-
ced during the Pass year by the paymentof $780,
2g7 ~, derived chiefly irOIn the premium Of the
loan Of S2.4Oo.e09 negotiated TO discharge the
ainount which became payable after 1886. {!
the remaining debt, the sum of S6.ii3, 525 %
will become payable at the pleasure OF the Safe
at any time alter the 3lst of December, lS6O.-
The terms OF this contract exclude the Idea Oi
obligation to pay at that time; but il viii doubt
less Oe the pleasure OF the State to pay a yer!
large part, If not the whole OF this debt, as snUN
rs the right 10 pay shall accrue. The proceeds
Of all PuOlie property which may be sold, sacl.a
be exclusively devoted TO this purpose, and pro-
Visions SDouku be .fOaGG,4 il II mode. 81 Itll4li'nA-
levy will effect toe object, of a sufEeent sum 10
discharge at least one tbi:d of the amount The
residue may be distributed over so many OF the
following years as viii bring its payment within
the reach of moderate taxation. or immediate
payment, If preferred by the creditors, may De
made in new bonds, bearing a less rate of inter-
Get, and payable At such times Is the General
Assembly may see ft to direct. Under all cir
eumstanees the interest on the entire debt must
lie punciualiy paid, and the credit Of the State
maintained iny:Olate- | do not dOnht that the
people Of Ohio viii cheeTiul!y submit to any not
excessive Fate of taxation, if assured beyond per
adventure, that the proceeds will be honestly
and principally applied in discharge Of a debt.
the interest Of which constitutes 50 large al az
Aual DRAFT upon Their resources.
Existing laws require the appointment OF q
Transfer agent and Register AT New Ioik, aHd
regulate tue transfer CT Stocks and the payment
of interes. and debt through. this agency BN-
perience has shown the danger OF C~Unfiaing pow
ers such as are necessarily vested in these ON
GERS, TO persons beyond the jurisdiction Of the
State, and not ameaable To its laws. II Obiiga-
tions assumed at the creation OF the Debt, and
as part OF its consideration require Their appoint
ueut and maintenance, these obligations must
be fulfilled ia good faith. lfitbe otherwise, the
e.fices should be abolished, and all transfers
should be made within the State, and under The
direction of its executive officers. L commend
this subject to legislative investigation and con-
sideratiop.
L ca. nestlyr recommend the repeal Of the get
allowing contracts for interest at ten per cent
The legaiization of such a rate of interest enables
the moneyed capitalist to absorb far too large q
share of tie earnings Of the former, the mecllaIi-
ic and the merchant. 1t often takes the whole
snd sometimes mure ;han the whole Il may be
Az some think, that the law as 1t stood. prior TO
that act would he improved by the substitution
Of the rate of seven per GEN.. in place olthe old
rate of six per cent. Whatever rate Of interest
NAV be approved, l respectfully sugges; that 1t
,hould be uniform, and be allowed TO all persons,
whether natural or artificial, alike, and that all
contracts for "a higher rate, by whoaisoever made,
should be deemed and held alike null and void,
unless enforced, sith simple interest, for the
benefit of educational or benevolent institutions
Discrimination between classes OF lenders, tempt
TO fraud and almost uniformly fail Of beneficial
results. In this connection, your attention may
also be uselully gwen TO the various devices by
which banking institutions seek to eyade statu-
,ory limitations ofinterest, and to the provisions
Of more eEectual guards against such evasion.
OF the several amendments of the constitution
proposed by the last General Assembly, and sub
n,itted to tie people at the last general election,
none received the SURFACES ofa majority OF all ice
electors. do not regard this result, under az
the circumstances, az a decisive verdict, and,stl!l
believing, for reasons heretofore fully assigned,
that Annual Sessions are necessary TO the proper
care and security of The public interest; ana that
single Senatorial and Representative Districts
are indispensable to a true expression oil the pop
ular will in legislative action, L respectfully re-
commend another submission to TIE people OF
amendments providing Cor these important Cd
ieets. confiue this Recommendation to these
amendments, because / regard them rs most ae-
sirable, aud because experience seems 10 teaeh
that when more numerous separate propositions
IRE submitted. no one of them Is likely to receive
the popular sanction.
o f the Reports required to DC pTiuted anu Iahu
before the General Assembly at the commence
r,enr of its session, those of the Treasurer OF
State; of the Institution for the Deal ana DUMP;
of The Institution for the Blind, and OF the Cen
trail Ohio and Northern Chic hunatic AsyIuLis'
are ready and Will be Immediately iald before
Won. The Reports of the Southern ONO Lnaate
Asvlum; of the Ohio Penitentiary, and oil the
State House commissioners, are IN the hands o.
the binder, and will be speedily submitted
Those ofthe Auditor OF State; of the Secretary
of State: of the Board of Public "Orks; OF the
Reform School; ofthe Asylum for Ic:ots; al the
Or. Master General, and OF tJe Commissioners
of the State Library, are in the hands oi the
State Printer, and will doubtless be presented
before the close OF the coming week. The re-
ports of the Commissioned of Common Schoels,oi
The Commissioner of Statistics, OF the Coninils-
sioners Of the Sinking Fund, OF The Ohio Unlver-
sity, and ofhe Miani University, have rot yet
been received.
The report of the Commissioner of Common
ecLools has been delayed by the omission On the
part of several County Auditors TO transmit TIE
Necessary returns; but 1 m assured that 1t VIII
soon be ready to be sent in. The laooTs oil the
Commissioner has teen ext eme!y arduous, ana
I commend to your favorable action his apii!-
rstion for a Clerk. The great interest entrusted
10 his charge is Of primary importance. Ina;
the people feel and understand lis true character
i spparcnt from the fact that oil S3,Io9,49i, Zu,
cole cted in 1857, and discussed Tor state Parpo-
.es, 81 1856, 764,40 was appliedIn support oil Com
mon Schools. And no wiser application Oh the
public funds could be made. The youth OF the
State are the future State. The State Will be
what. under present training, they become
go body of men do a greater woFh, or deserve
higher favor than the teachers OF the SCHOOLS
Their wishes and suggestions merit your most
serious attention and favorable considerations
Among them 10 one appears to be OF greater no
ment than that of q provision OF an institution
for the preparation Of a larger number OF tnor-
onrblv 6ualifed teachers. L respectfully com
mend 70 you the inquiry whether this provision
NAV not bc made Jy organizing a Normal De-
partment tor the instruction oil teachers, III ono
or both the State Universities.
The report of the Commissioner OF statistics
was not required to be in readiness at the COM
mencement of the session. 1t Is, however, III
preparation, and Will be laid before you as soon
3. possibIe. The labor Of collecting, coiiatlng'
.,alyzing and arranging the materials Tor thls
report must necessarily *
hui 7 have full confidence that 1t will be well and
thoroughly performed, and that the report, when
made. will present a most rratifyIhs exhioit OF
.be industry, reso urces and civilization Of the
State. I'll
The report of the Auditor and af 1f ,br 6n s1l.
exhibit fully and in detail, the state Oh d ID
c,s. They contain many valuable Suggestions
Hhich | commend to your consideration. Inc
Tenort of the AUDITOR also shows the amount o!
means provided for the Expenses OF the current
that the Legislative appropriations be strictly
limited. woman,
,,La Ss.re,ary OF State, that Of securing UNI
formi;y Of election returns by inc dlstrioul'on u
- :. lie sccra;sry's uEicc, seems especially
70 merit being embodied in a legislative enact
nsnt-
Your own observation, rs well as the report o
the Commissioners, will inform You that thg
-. s-,sa II ruEe has been carried