Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1858-01-14
Total State debt Of all dc.

IreduclbIe State debt total 2 5J3 OPT 10
Total State debt Of all dc.
sc,iIdions 10 402O95 &3
The lrrtduclbe Debt is cpupu>ed Of the
piocee,Is OF lands granted 10y Congress tor
educational AMI religious purposes, which
have from time TO time been paid over to
the State aud invested iu pubic Improve
ments or otherwise, under pledge OF faith
that six per cent. Hpon the sums received
shall be annually appropriated to the ob.
jects OF the several g'unts. As there yet
relnains a considerable sum to to derived
from these source>, this irreduc'be deh:
must he grad dmIIy augmented. The Ger-
eral Assembly has heretofore wisely dn ct.
cd, that all monevs thus received shall be
applied ia the reduction Of the foreign and
domestic debt; and there is no probability
that this policy will he changed.
1t is to be regretted that prior to the act
Of April IL, 1857, no provision was made
for Keeping the Sinking Fund separate
from other money in the Treasury, or ef'
fectnaly securing its exclusive application
to its intended use: on the contrary the
General Assembly had in several instances
directed the transfers Of this fund to Cen
eal Revenue, aud thus required its appli
cation to ordinary expenditures. In my
judgment this practice is not to be appro.
we'd or even justified, except in case Of ab
soute necessity.
recommend that provision I've made
for the restoration to the Sinking Fund of
the amounts Withdrawn from it, in order
that the entire balance properly belonging
to that fund may he safely invested aud re-.
served for its legitimate objects.
The principal of the State debt has been
reduced during the past year by the pay.
mcut Of l09,2O7 90, derived chiefly from
the premium Of the loan of 2, 400 900 no.
gotialed to discharge the amount which
became payable after 1856. OF the re.
naming debt, the sum OF 6,4l3,525 27
will become payable at the pleasure # the
State at any time after the 3lst of Decem
Der, 1860. The terms of this contract ex
cIude the idea of obligation to pay at that
time; but it will doubtless he the pleasure
Of The State to pay very large part. il
not the whole of this debt, as soon Ms the
right to pay shall accrue. The proceeds Of
MI public properly which may he soil.
should lie exclusively devoted to this pnr
pose. aud provisions should he made. if u
moderate additional levy will effect the oh.
iect OF u sufficient sum TO discharge at
least one.thrd of the amount. The resi-.
due may be distributed over so many ol
the following Years ss will bring its psy.
nent within the reach Of moderate taxa
ton; or immediate payment, il preferred
by the creditors, may he made in new
bonds, bearing less rate Of interest, and
payable at such times Ms the GeueraI As
sembly may see fit 10 direct, Under al
circumstances the interest on the entire
debt must I've punrtually paid, and the
credit Of the State maintained inviolate -
do not doubt that the people of Ohio
will cheerfuliy submit to any not exec 'sive
rates of taxation, # assured beyond perad.
venture. that the proceeds will be honestly
and punclually applied in discharge of a
debt, the interest uf which constitutes So
lnge an annual draft upon their resource.
Existing laws require the appointment
Of Transfer Agent aud Registrar at New
York. aud regulate the transfer of stocks
aud the payment Of interest aud debt tho
this agency. Expererco has shown tie
,Ianger of con6hng powers such as are ne
cassarily vested in these officers, to person.
beyond the jurisdiction Of tie State. aud
uo' anrnab.e to its laws. II obligation,
assumed at the cleation Of the debt and
10 part Of its consideration, require Their