Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1858-01-14

Total Safe Debt of
all descriptions $l6, ,4O2,O95 SO $964, 1856 80
The irreducible debt is composed Of the
proceeds of lands granted by Congress for
educational and religious purposes, which
have from time to time been paid over to
the State and invested in public improve
ments or otherwise, under a pledge OF faith
that six per cent. upon the sums received
shall be annually appropriated to the objects
of the several grants. As there yet re-
mains considerable sum TO be derived
from these sources, this irreducible debt
must be gradually augmented. The Gen
eral Assembly has heretofore wisely direct
ed, that all moneys thus received shall be
paid into the Sinking Fund, to be applied
in the reduction of the foreign and domestic
debt; and there is no probability that this
policy will be changed.
1t is 10 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 effectually
securing its exclusive application to its in
tended use: on the contrary the General
Assembly had in several instances directed
transfers of this Fund to General Revenue,
and thus required its application to ordina-
ry expenditures. In my judgment this
practice is not to be approved or even JUS
tilted, 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amounts Withdrawn from it, in order that
the entire balance properly belonging to
that fund may be safely invested and re-
served for its legitimate objects.
The principle of the State debt has been
reduced during the past year by the pay
ment of slO9, POI, 900, derived chiefly from
the premium of the loan of S2,4Oo,oOO
negotiated to discharge the amount which
became payable after 1856. Of the re-
manning debt, the sum of $6,413,525 27
will become payable at the pleasure of the
State at any time after the 31st of De-
cember, 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 very large
part, if not the whole of this debt, as soon
as the right to pay shall accrue. The pro-
ceeds 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 the
object, offs sufficient sum to discharge at
least one third of the amount. The resi-
due must be distributed over so many of
the following years as will bring its pay
ment within the reach of moderate taxa
ton, or immediate payment, if preferred
by the creditors, may be made in new
bonds, bearing less rate of interest, and
payable at such times as the General AS
sembly may see fit to direct. Under all
circumstances the interest on the entire
debt must be punctually paid, and the
credit of the State maintained inviolate.-
1 do not doubt that the people of Ohio
will cheeerfully submit to any not excess
i've rate of taxation, if assured beyond per-
adventure, that the proceeds will be hon
estly and punctually applied in discharge
of debt, the interest Of which constitutes
co large an annual draft upon their resour
ses.
Existing laws require the appointment of
Transfer agent and Registry at New York, and
regulate the transfer Of Stocks and the payment
ofinterest and debt through this agency. Ex-
perience has shown the danger OF confiding
powers such as are necessarily vested in these
CONCLUDED OK SECOND rAeE,]