The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1858-01-14

and has afSorceJ sa opportunity for viii, /.
drSa jng ! considerable smo0pt Of property,
from its lust Proportion Of the Tublio bur.
Jeps, IL is too clear for question that prop.
erty employed 10 banking should be sstesa.
ed equally with other property. The de.
cision Of the Supreme Court Of the State
supplies satisfactory rulo for asCertaining
Whist ;his property is. ] Tepest, therefore.
my recommendation addressed 80 the last
General Assembly: that the lew be so
amended 90 20 require all property employ
ed in banking 10 be embraced In One seized
ulc and entered upon the duplicate i6f trxa-
ton, o, The same rate as is imposed en- other
The foregoing stheaOles also chow that
while the amount OF State tsxes las been
stesdily reduced curing the last two years,
the amoout Of county Snd municipal tuxes.
largely reduced in 1866 from 1855, have
increased, though not so largely in 1857
from 1855.
II is worthy Of consideration whether
some fur.acr limitation upon tho txirg
powers Of county and municipal authorities
My not be usefully imposed. | respcciful-
ly recommend also that provision be mad"
BY law iur the collection OF taxes semi
annually instead OF annually as at present.
In that crse there need be no accumulation
in The Stats or county treasures, but the
money Of .hc peuple will remain in tleir
own hands ull actually wanted for public
purposes.
The rublic d. BIT Of Il e State, Of all de-
scriplions, tppear in the following state
InCht:
Cepd,,ch Of The Foreign sud ropstie -,a,e Debt Of
Chic, on the lN Of January, less.
Amt OF foreign Amt fiitst
FOREIGN debt pAtAbe debt sutstASd'g paid aL"uAlly
In New York city, Jan. ], le5s. Oh udtstand'g g
ccbi.
Five per cent. stock raynble
At the pleasure cf the state
after Dec. II, ices. s1,CSS,CIVFO S3i ,Soo u
Sin per cent. stock payable
at the pleasure Of the State
pftsr lice. 81, 1850, 6,f3,s2" y ~, % -
six Ter ceht. stock payable
attle pleasure of the siate
after DIc. 81, Ie70, 9.lea,6Jl eJ l3j ,nll el
Six PER cent. stock payable
attn e pleasure of the stale
after lee. ~. 1855, l,eCc,cooIO %,cC0 u
Sir FER cent. st"ck TSHAbla
~ the pleasure Of tie Etate
after Dec. 81, LEES, 9,AO,H0CO iHHoC'
debt. t%soI .sas co s07 col 4:
=====E 1--a-=
Tor estic DEBT I:ShLle At -..- s.
Columbus, ee1 c60S 1898 y
State deli, ls.EceG07 20 is3.s94 s.
Total hrrdurlLlc State delt e,d3Ic1 20 Hl,As2 2
- -
Total State debt Of al, Minds I6,4CeG55 ~ pG4 056 q
The itr ducible debt is composed Of tht
proceeds Of lands granted by Congress fo
educational and religious purposes, whicl
have fr, M time 10 time been p'id over to tn
State end inverted in public improvement
or otherwi.e. tnder pledge Of faith tha
six per cent. upon the Sums received thnl
be annually appropriated to the objects u
! the several grants. AS there yet remains
considerable sum to be derived from thrs
sources, this irrcduciblc debt must be grad
ually Augmented. The General Assemb!
has heretofore wisely directed, that al
moneys thus received shall lie paid into II
Sinking Fund. to bo applied in the rsdnctio
of the icreisn pnd domestic debt; aud ther
is no pre- ebtbi!i'y that tlis pulley Will b
charged.
! II is to he regretted that prior 10 the ae
Of April II, 1857, no provision WAS mad
for keeping the Sinking Fund s'para'
fltm other money in the Treasury, or effect
uully securing its exclusive application
its intended use; on tho contrary, the Gen
eral Assembly had in several instances d
re ctcd transfers Of this Fund TO Geuer'
Revenue, aud thus required i.s opplicatio
to ordinary expenditures. In my judg
this practice is not TO be approved or eve
iustiEed, Cacept in case OF absolute neces
sity.
! recommend that provision he made fo
the restoration to the Sinking Fund Of til
amounts Withdrawn from ii in order thu
the entire balance property belonging
that fund may be safely Invested and re
served for its legitimate objects.
The principle of the State debt has bee
reduced during the past year by the pay
ment OF Sl09,207,0O, j rived chi fly froi
the premium of the loan OF $4,000 600 ne
goliated to discharge the amount which be
came PAYABLE after 1856 or the remain
Ing DEBT, tue sum oI qua HASJOSOiA' VIII Ue
come payable at the pleasure OF the Sta,
1T any time after the 3lst OF December
; 1860. The terms OF this contract exclud
the idea Of obligation to pay at that time
bu, it will doubtless be the pleasure Of tn
State to pay very large part, if not tn
whole OF this debt, as soon as the right I
paw shall accrue. The proceeds Of a
public property which may be sold, shcul
be exclusively devoted to this purpose, an
provisions should be mode, If a moderat
additional levy will effect the object, or
sufficicn, sum to discharge ot least one thr
of the amount. The residue may be dis
,S.iLuted over 80 many Of the iollowin
years - will bring its payment within tn
reach OF Moderate texation, or immedia,
pay ment, if prefe,red BY the creditors, ma
be made in new bonds, bearings less rate {
interest, ard payable ct suc,: times as tn
General Assembly may see fit to direct
Under all circumstances The interest on III
entire debt must be punetualy paid, and th
credit Of the Stute maintained nviolate.
do not doubt that the people Of Ohio wi
: checriully submit to any not excessive rat
Of taxation, If assured beyond perudv sr'
that the proceeds will be honestly and pune
: tually applied in discharge Of a debt, th
. interest Of which constitutes so large a
annual draft upon their resources.
.