The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1858-01-13

over to the State. and INFESTED in public
improvements or otherwise, undera pledge
of faith that six per cent. upon the sums
received shall be annually appropriated to
the objects Of flthes several grants fiAs
there yet remains considerable sum to- be
derived from these sources, this .irreduci-
ble debt must be gradually augmented
The General Assembly has heretofore
wisely directed, that all moneys. thus re-
ceived shall be paid into the Siakfng Fund
to be applied in the reduction, Of the for
ign and domestic debt; and there is mo,
probability that this policy willbe changed.
1T 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
effectually securing its exclusive applica-
tion to its Intended use; on the contrary,
the General Assembly had in. several in.
stances directed transfers ofethis Fund to
the General Revenue, and thus required its
application to ordinary expenditures. In
my Judgment this practice is not ITO be
approved or even justified, except in case
=
of absolute necessity. :sHo;ios sa sAs
I recommend that provision be made
for the restoration to the Sinking Fund Of
the arneants withdrawn from it in, order
| that the eatire balance. properly belonging
| to hat fund may be safely invested ana
reserved for. its Legitimate objects. .5a'i'
The principal of the State debt has been
reduced during the past year by The pay
mentof $le9s207 90, derived ehiefyifrom
the premium of the 10 IN. of $2,40ge00
negotiated to discharge the amo mt which
became payable after 1856, OF the re-
naming debt. the sum of $6,4Las6254 AT
will become payable at the pleasure of
! the Stats at any time after the 13lst of
;aDecembsrr rl860,ds Thstesas Of this con-
,traet exelgdGsiths idea of ebligationto pay,
!; at that time; obuk it will dsuhtlsss be the
tplsasnre of f,thsa saSsste,te pay a. very large
| parts if Hotf the whole.aof isiidsht, sas
| soonras the Hightaitospay shall accfnca
! sThe. proceeds of all allpublicipropertg which
mayhe sold, eshouh be exclusively Hsyoted
to this purpose. and provisions shoaldebe
made, if q mederatss additional 1evylwill
effectsothe obiects sof, sufficient, sum $ to
discharge. .stleast one third ofithe amountt
The residue may be distributed essr;so
many ef the following years asswih bring
itstpaymeat within the reach of lnloderate
taxatien, 4ior- immediate payment, lifsp pres
[ferred blythe creditorss omay be emads' in
fnew bonds, bearing adssssrate of interest,
/ and payable at:sneh tipes asgths General
| "A AssembIy may ssees6t to difsetidU idef
all .circumstaneess thssintere sta somsth he eis.
tire debt must be punetualiy paid, and the
credit, of the State maintained ihviolate.
| do not doubt that the people of Ohio
will chesrfully submittosany not excessive
rate. Of taxation, ,usif assured beyond per-
adventnre, that. the proceeds will lbehon
estly and pqpetually applied ing gdischargt
lofss debt the aintersstd Of xhichscoasti
flutes, 50 large anaaanpal draft upon .heil
resources. a5iixsf3a -ue1 issTih gtt1aass
Existing laws require the esappointmen
Of Transfsrisgent and Registrar at New
York, and regulate the transfer lofSsteeG
and the payment of interest andsIdeb
[thrcugh this ageneya9 Experiences ha
shown the danger of confding power
|; such as are esnecessarily vested IN these off
GERS, to persons beyond the jurisdictioaso
4 the State. and not amsnab!e toits laws
III obligstipps assumed at theacreationto
81 the debt aud as. Earteof, Its eousiaeration
) require theiE.appeistmsntaaads mainten
! ance, these obligatipns tntistsbef fulfHed.i
! lgpod faith. If it be4otherw;se, the off
i Ices should be abolished. and all TRANSFER
should be made within the State, sanfun
$ Eder the directions of, itstexccutiss officers
ft / commend this sutjact to 1egislatlse in
: Ysstigatiop and eoBsiderationalae1is tql
!. / earnestly recommends therepeal ofath