The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1858-05-13
rnc ohio Loan of OO,OOO--Thc
Epcrsstty for Ht.

are now in New York for the purp,si Of nogotia-
ting tic loan of 100000 for the use Of the State
Of Ohio. our readers understand that this addi-
tonnl sun is necessary 10 order to carry on the
ordinary expenditures Of the State, and TO meet the
July interest Gu our public debt, aud that this
necessity has been caused by the dealcadon in the
treasury under the administration Of Mr.. Broslin.
The law which authorizes this loan also provides
Tor lcyying u tux upon tho property Of the State,
so as to pay it of in three years one third OF the
amount TO bo paid each year. This, OF course, is
TO bo In addition TO the usual tax far Stu,c pur.
poses, aud will increase the burthcn upon the tax
payers TO that amount.
We learn hut Mr. Stone hos been in New York
for some days, aud that no expresses the opinion
that the loan can be ma1o at par The ratio Of
interest is six per cent, The length Of timo 1t Is
10 continue, is the drawback TO II in market II I'll
had ten or twenty years TO run, II would command
u premium OF from six to seven per cont. Dul
onc-thiid Of it is 10 be paid within one year, aud
the balance in two, and three years. Capitalists
do not like 20 change their bonds 40 often, anl
will rive much more for bonds that have pcima
ncnl character No one doubts the sovoncy orl
good faith of Ohio but the above causes will pre-
vent any thing in the way Of premiums on the
loan
The funds IN The Treasury have been disappear.
ing rapidly of late, and we understand there IL al
ucccseiy Cor making this loan nj once, IN order toI
meet the current expenses Several causes have
tended TO produce this state of depletion. In adj
diton to the loayy expenses connected win the
session OF the Legislature, the printing and bind
ing contracts, the support OF our numerous ana
costly benevolent Institutions aud the Ordlnury
expenses of tho judiciary and the canals, there
have been other important drains which have all
sorbcd the revenues derived from the taxes Of lust
| year.
list The interest on the public debt duo on the
! lst of Jauuaw was Nil pnid by anticipating tho
current income in other words, by drawing upon
county treagurcr5 for funds before the time they
were called upon Ivy law to settle and pay over to
| the State il5 portion OF Their collections. Th#
took over 100000,
~. When the development was modc, last
summer that tho treasury was empty aud when
! Mr.. Stone was appointed TO sup'rnicnd that de-
partmcnt, there was scarcely dollar TO meet cur
rent expenses. What was to be GOnc Should
the Governor call the Legislature together that II
loan might he authorized This would impose Il
| heavy additional expense, and was 10 he avoided
il possible. In this emergency the banks cane
forward and agreed to cash tue drafts of the audi
tor upon the treasury to any amount that might be
required to keep up the credit Of the State. This
ontr was accepted, and during the season the
banks advanced TO the State in this way about
! $l25O0O. The interest upon these advances SO
promptly and generously made was very properly
proy dpd for by the Legislature at its late session
The principal was repaid TO the banks by the
treasury a. soon us funds camn to hand during the
winter This operation absorbed III principal and
interest about &l20000 of the means of this year
that thus went to pay the expenses OF 1891
81 One hundred thousand dollars Of the in
come of this yoar has been absorbed in rcdeemng
that amount OF tho circulation OF tho Seneca
County Bank, In the payment OF the July lnter-
cst 1857 the state borrowed $lGO,OOO OF the
Ohio Life Insurance and Trust Company. O'
this the sum ol S&l00O00 was poid by the hond;
OF the SInlo bolongug to tue Seneca County Bank
aud which the Trust Company unow(ully used
II however paid that amount OF the debt The
Si,.a owsd that company, but il loft the SlotC
TO settle 100000 with ;ac Seneca County Bank
This sum, Which went TO pay the interest due II
, july 1887, was thus thrown upon tho treasury te
be pnid from the revenues 10 be used IN 1898 L
has absorbed 100000 Of the current means o
this year
dlh The funds that wero necessary to redeem
, the circulation of the Canal Bank OF Cleveland
Mr. Bresn in his time had sold the bonds belong
ing 10 that Bank. and the proceeds had gone into
the State treasury But il went somcwhere witt
the rest OF the money that was stolen II was not
( in the treasury when Mr., Stone took possession
The treasury however, continued to redeem TIN
circulation OF that Bank so long rs there wcr
means to meet it. There was nomnally abou
+ SGT 900 OF that fund. Tho State owed the fun
! that sum- and that amount has been paid to tn
a holders of Canal Bank bills since last July,
course, it was by anticipating the revenue iron
- the taxes of 1857
e These comprise the extraordinary demand
c upon the revenue OF last year In the aggregal
they amount to about 100000, Thus lar III
treasury has promptly met all obligations. Bu
! glance ut the above items will demonstrat
It that there must be replenishin@ OF funds an
S that at u very carly day, The fund commi'
y sioners, careful OF the honor aud credit OF tn
: State, have met the crisis promptly. Thn nee
/ essarv funds will s,on be here. Our July intcl
est will be paid at the time as usual, and the IA
y fame and character of our goodly State will COZ
y tinue us heretofore, 20 b. she ptlde OF our cit
!, zenS and the boast OF our common country.
" True, the psople must submit 10 extra tax
IS ton to meet the crisis; but it it will caus
X them to b. more careful in the selection of the
&c puhlic servants, the lesson, though dear on
will not BE- without its practical e-ColHR