The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-01-13


ted. The General Assembly has hereto
fore wisely directed, that all moneys thus
received shall be paid into the Sinking
Fund, to be applied in the reductions of
the foreign aud domestic debt; and there
is no probability that this policy will be
changed.
It is to be regretted that prior to the
act of April IL, 1857, no provision was
made for keeping the Sinking Fund sepa-
rate from other money in the Treasury,
or e~fectually securing its exclusive appli-
cation to its intended use on the contra
ry the General Assembly had in several
instances directed the transfers of this
Fund to General Revenue, and thus re-
CURED its application to ordinary expen-
ditures. In my judgment this practice
is not to be approved or ever justified,
except in case of absolute necessity.
l 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of the amounts withdrawn from it, in or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 inves-
ted and reserved for its legitimate objects.
The principal Of the State debt has
been reduced during the past year by the
payment of Sf09, 207 co, derived chiefly
from the premium Of the loan of S2,400, 600
negotiated to discharge the amount which
became payable in 1856. OF the remain
ing debt, the sum # S6,4l3,52 27 will
become payable at tho pleasure of the
State at any time after the 3lst of De-
eember, 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 6 very large
part, if not the whole of this debt, as soon
as the right to 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 a moderate additional levy will
effect tie object, of a sufficient sun 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
its payment within the reach of moderate
taxation or immediate payment, if pre-
ferred by the creditors, may be MADE in
new bonds, bearing T less rate of interest,
and payable at such time as the General
Assembly may sec fit TO direct. Under
all circumstances the interest on the en-
tire debt must be panctually paid, and
the credit of the State maintained invio-.
late. / do not doubt that. the people of
Ohio will cheerfuily submit to any not
excessive rate of taxation, if assured be-
yond peradyenture, that the proceeds will
be honestly and pu~nctualiy applied in
discharge of a debt, the interest of which
constitutes 50 largean annual draft upon
their
Existing laws require the appointment
Of q Transfer Agent and Registrar at
New York, regulate the transfer of
stocks and the payment of interest and
debt through this agency. Experience
has shown the danger of confiding powers
snch as are necessarily vested in these
officers, to persons beyond the jurisdiction
ofe6e state, and not amenable to its laws.
If obligations assumed at the creation of
the debt and as part of its consideration,
require their appointment and mainten-
anoe, these obligations must be fulfilled
in cool faith. IF it be otherwise, the
offices should be abolished, aud all trans.
fers should be made within the State, and
under the direction of its Executive off
GERS. | commend this subject to legisia-
two investigation and consideration.
I earnestly recommend the repeal of
the act allowing contracts for interest at
ten per cent, The legalization of such a
rate of interest enables the moneycd cap.
~italists to absorb far too large a share of
the earnings of the farmer, the mechanic
and the merchant. L often takes the
whole, and sometimes more than the
whole. 1t may be, as some think, that
the law as it stood prior to that act, would
be improved by the substitution of the
rate of seven per cent, iu place of the
old rate of six per cent. Whatever rate
of interest may be approved, l respect
fully suggest that it should be uniform,
and be allowed to all persons, whether
Natural or artificial, alike, and that all
contracts for a higher rate, by whomso-
ever made, should be deemed and held
alike null and void, unless enforced, with
simple interest, for the benefit of educa-
tional or benevolent institutions. Dis
criminations between classes of lenders,
tempt to fraud and almost uniformly fail
of beneficial results. In this connection,
your attention may also be u~sefully given
TO the various devices by which banking
institutions seek to evade- statutory limi-
tations of interest, and to the provision of
more effectual guards against such evasion.
OF the several amendments of the Con-
stitution proposed by the last General
Assembly, and submitted to the people at
the last general election, none received
the sufrages of a majority of all the cleo
tors. l do not regard this result, under
all the circumstances, as a decisive verdict,
and, still believing, for reasons heretofore
fully assigned, that Annual Sessions are
to the proper care and security
of the public interests add that single
and Representative Districts
are Indispensable to a true expression of
the popular viii in legislative action, II
respectfully recommend another submits
sion to the people of amendments provide
ing for these important objects. L coufne
this recommendation to those amendments,
because l regard them as most desirable
and because experience seems to teach
that when more humorous separate propo
sitions are submitted, no one of them is
likely to receive the popular sanction.
OF the Reports required to be printed
and laid before the General Assembly at
the commencement of its session, those of
the Treasurer of State; of the Institu-
49, e., tba Deaf o1d Dunb 6f tho In