Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1858-01-13

municipal taxes, largely reduced il
1856 from 1855. has increased, though
not SO largely, in 1857 from 1856.
Ii is worthy of consideration wheath-
er some further limitation upon tax
ing power Of county and municipa
authorities may not be usefully imposed
| respectfully recommend also that pro-
vision be made by law for the collec ior
of taxes semi-annually instead of annual
ly, as at present. In that case ther,
need be TO accumulstions in the State Of
Country Treasures, bat the money o
the people will remain in their owl
hands till actually wanted for public pur.
poses.
The public debt of the State, of al
descriptions, appears in the following
statement:
FOREIGN AND DOMESTIC STATE DEBT OF OHIO
Condition of the Foreign and Domestic State Debt
| Ohio, on the Irst day OF JanCary. l-5S.
| Amt of foreign Amt of ints
| Foreign debt payable debt outsiand p'd annually
in New York City. ing January l. on Ou:stand
| Five per cent. stock payable
| at the pleasure Of the State,
after the .Isr Dec, I1d5.. cs5 cocoa s5Ie5o Of
| Six rer cent sto k. payable
| at the pleasure Of the Stlte
after the 3lst Dec. lS6U. 6,il3 515 81 3S4.99 s.
SIX per cent stock. payable
/ 1t the pleasure of the State
after the 3Ist Dec. Is7O... sIs3 53l 90 l3IoII 81
Six per cent. stock payable
at the pleasure OF the State
after the 3lss Dee. lS95... l600, ,000 90 50U0 OC
Six per cent. stock payable
at the pleasure OF the State
after the 3lst Dec, ISS6.. e4O0 COO 90 IA Geo OC
----
Total amount of foreign State
debt. 20 ssO7a ISL IL
Domestic Deht payable at Co.
Iurlbus. total amount. 49,. sg77,sGo 81 sI65s3 10
Total Foreign and Domestic
State SI3s9a O67 So 1884 81
lrreducible State debt, total 81 5 OF 76 l4l 4O2 q
Tots, State Debt of all de-
scriPtlons Sl6,i OBS 80 96f.9S6 90
The irreducisIe debt is composed of
the proceeds of lands granted by Con
gress for educational and religious pur-
poses, which have from time 10 lime
be paid over to the State ard invested
in public improvements or otherwise;
under pledge of faith that six per cent.
upon the sums received shall be annual
ly appropriated, TO the objects of the
several grants. As there yet remains a
considerable sum 10 be derived from
these sources, this irreducible debt must
be gradually argumented. The General
Assembly has heretofore wisely directed.
that all moneys thus received shall be
paid into the Sinking Fund, to be ap-
piled in the reduction Of the foreign and
dome sic debt; and there is no proba5il-
ity that this policy will be changed.
II is 10 be regretted that prior to the
act of April II, 1857, no provision was
made for keeping the Sinking Fund sep
arate from other money in the Treasury,
or eff:c,ually securing its exclusive appli
cation 10 its intended use; on the contrary
the General Assembly had in several in
stances directed transfers Of this fund to
General Revenue. and thus required its
application TO ordinary expenditures
In my judgement 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
of the amounts Withdrawn from it, in or
der that the entire balance properly be-
longing to that fund may be safely in
vested and reserved for its legitin ate ob
iects.
The principal of the State debt has
been reduced during the past year by
the payment of Sl09, ,9O7 90, derived
chiefly from the premium of the loan Of
SO. 400, 900 negotiated to discharge the
amount which became payable after
1856. OF the remaining debt, the sum
of Sc. $50 81 will become payable
at the pleasure of the State at any time
after the 3lst of December. 1862. The
terms of this contract exclude the idea
of obligation 10 pay at that time, but it
will doubtless be The pleasure OF the
State TO pay a very large part. ii not the
whole of this debt as soon as The right
10 pay shall accrue. The proceeds of
all public property which may be sold,
should be exclusively devoted to this
purpose. and provisions should be made
if moderate additional levy will effect
the object, of a sufficient sum to dis
charge at least one third of the amount.
The residue may be distributed over SO
many of the following years as will
bring lis payment within the reach of
moderate taxation, or immediate pay
ment. if preferred by the creditors, may
be made in new bonds, bearing a less
rate of interest, and payable at such
times as the General Assembly may see
fit Ia dir. c. Under all circumstances
the interest "n ,b= entire debt must be
functuaily paid, and the credit of the
Sale NJ tin.ained inviolate. | do not
doubt that The people of Ohio will cheer
fully submit to any not excessive rate of
taxation if fassured beyond peradventure,
that the proceeds will be honestly and |
punctually applied in discharge of a
debt, the interest of which constitutes
SO large an annual draft upon their re-
sources.
Existing laws require the appointment
Of Transfer agent and Registrar at
New York. and regulate the transfer of
Stocks and the payment Of interest and
debt through this agency. Experience
las shown the danger OF conGding pow
rs such as are necessarily vested in
hese officers. to persons beyond the
Jurisdiction of the State, and not amen
.ble to IFS laws. If obligations assumed
It the creation of the Debt and as part