The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1858-01-14

Total Foreign and Domes'
tic State debt, Sl3,o99,Oo' o.
Trreduciblc State debt,To-
tai, . z,ooo'"-' 20
Total State Debt Of all de-
scr scrintions SlG,4O2O95 50
The Irreducible Debt is composed OF
the proceeds Of lands granted by Con-
cress for edueationpl and religious purPo-
ses. which have from time to Lime been
paid over to the State and invested IN
public improvements or otherwise, under
pcdgc Of faith that six per cout. upon
| the sums received shall be annually ap-
propriatcl to the objects Of the several
grants. As there yet remains con'ld-
cradle sum to be derived from these
sonrccs this irreducibIe debt must be
gradually augmented, The General AS
scmJIy has heretofore wisely directed
that all MONEYS thus received shall be
paid into the Sinking Fund, to be applied
to the reduction Of the foreign and do
mestic debts; and there is no probability
that this policy will be changed
1t is to be regretted that prior to the
act of April II, 1871, no provision was
nude rorkccpin% the Sinking Fund sep
crate from other money in the Treasury,
or cTcctually securing its exclusive APP
plication to It's intended use; on the con-
trary the General Assembly had IN sew
cral instances directed the transfers OF
this Fund to General Revenue, and thus
required its application to ordinary eX'
ponditurcs, In my Judgment this PraC'
tee Is not to be approved or even JUSTIFIED
except "A case Of absolute necessity
| recommend that provisions be made
for the restoration to the Sinking Func
Of the amounts Withdrawn from it, IL
order that the entire balance properly
belonging to that fund may be safely in
/ vested and reserved for its Legitimate
f objects,
r The principal of the State debt ha'
e been reduced during the past year by tn
. noymcnt of Sl00, ,2O7 90, derived chietl.
r from the premium of the loan of w ,40O,
600 negotiated to discharge the amour
I which became payable after 1886, y
/ the remaining debt, the sum ofS6, ,4l3,oZ
f 27 will become payable at the pleasure o
. the State at any time after the olst 0
9 Doc 1860. The terms of this contrac
excludes the idea Of obligations 70 pa,
, at that time; but it will doubtless be I'll
pleasure of the State to pay very larg
/. mart if not the whole Of this debt u
7 soon as the right to pay shall accrue
o The proceeds Of all public property whlc
q NAV be sold, should be exclusively deVo
If ted to this purpose, and provisions shouI
il bo made, if moderate additional lev
). will effect the object, Of sufficient SUI
q to discharge at least one third OF III
Amount. The residue may be distribute
IY over so many of the following years
!, will bring its payment within the rcac
"a of moderate taxationi or immediate pay
ment, il preferred by the creditors mn
be made innew bondSA bearing Il less raj
'D,srest, and paya N! such times
!. 0yI'iGS IJGS Nc scsssSc intc in 6
5.wHl chcerluIly su
hssiyo rate Of taXa;io
pefadycnture, that Il
honestly and punctual
sclIarge Ola debt, the inte
IwIfSh constitutes so large an a
ftit upon their resources.
ttng laws require the oppolntme
Fransfcr Agent and Registrar
X York, and regulate the transfer
sfocks and the payment OF interest ~
Idubt through this agency Experlen
has shown the danger of conflicting po'
erssueh asare necessarily vested in the
officers, to persons beyond the jurlsd
h-tuon of the State, aud not amenahle to
Tor laws Ifobligations assumed at the cl
'od alton of the debt, and as part'of its 60
sideration, require their appointment a
ow maintenance, these, obligations must
has fulfilled in good faith. If it be 9TH
wo wise the offices should be abolished, a
lei. all transfers should be made within
ON State, and undeEthe direction of its !
SO Eecutiye oficersao = pena this subj
to Legislative inyestI ion and consid
her alton. ssthern5
ing I earnestly rccopMi Pp the repeal
ori- the act allowing copsacts,for interest
re- ten per cent The les93ation Of sue
ion rate of interest enables the money ca
n of talist to absorb far too large a share
lily, the earnings of The farmer, mechan
eed and the merchant, It. often takes