Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1858-01-19


taxation; the respective amoUnSs Of State,
county and local taxes, and the total
amount Of taxes levied in each Of the last
three years:
II Schedule omitied.] f&#
twill be seen that the taxable yalua-
ton Of the State was greater in 1857 than
in 1856, but less than in 1885. The diff
ference was occasioned in part by the ex-
emption from taxation of the excess Of
credits over debts, by the act of April 4,
1856, and in part by the rule prescribed in
the same law for ascertaining tho taxable
property of banks and bankers. This
rule requires two statements; one of the
amount OF notes and bills discounted, and
all other property and dues of every de-
scription belonging to the bank; and an
other, of the property employed in bank
ing; and provides that rate shall be
charged upon the properly embraced d in
the first statement, which will produce
the amount which would be produced by
the rate charged on the property of indi-
viduals, il levied upon the property en-
braced in the second. This rule has been
found very inconvenent in practical appli-
cation, aud has afforded an opportunity
for Withdrawing considerable amount Of
property from its just proportion of the
lion that property employed in banking
should be assessed equally with other
property. The decision of the Supreme
Court Of the State supplies q satisfactory
rule for ascertaining what this property 49,.
repeat. therefore, my recommendation
addressed to the last General Assembly:
that the law be so amended as to require
all property employed in banking to be en-
braced in one schedule and entered upon
the duplicate for taxation, at the same
rate as is imposed on other property.
The foregoing schedule also show that
while the amount Of State taxes has been
steadily reduced during the last two years,
the amount of county and municipal taxes,
largely reduced in 1856 from 1855, have
increased, though not SO largely, i'll 1857
from 1856.
Itis worthy Of consideration whether
some further limitation upon the taxing
powers of the county and municipal au-
thorities may not be usefully imposed.
respectfully recommend, also, that pro-
vision be made by law for the collection
of taxes semi-annually instead of annu-
ally, as at present. In that case, there
need be no accumulations in the State or
County Treasures, but the money of the
people will remain in their own hands till
actually wanted for public purposes.
The public debt of the State of all de-
scriptions, appears in the following state
ment:
Statement excluded.
The irreducible debt is composed of
the proceeds of lands granted by Congress
Tor educational and religious purposes,
which have from time to time been paid
over to the State and invested in public
Improvements or ortherwise, under a
pledge of faith that six per cent. upon the
sums received shall be annually appropri-
ated to the objects of the several grants.
AS there yet remains considerable sum
to be derived from these sources, this ire
ducible debt must be gradually augmented.
The General Assembly has heretofore
wisely directed that all moneys thus re-
ceived shall be paid into the Sinking fund,
to be applied in the reduction of the for
eign and domestic debt; and there is no
probability that this policy will be
changed.
1t is to be regretted that prior to the aci
of April IL, 1857, no provision was made
for keeping the Sinking Fund separate
from other money in the Treasury. or eff
fectually securing its exclusive application
10 its intended 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 ordinary expenditures. In my judg-
ment this practice is not to be approved Or
even justified, except in case of absolute
necessity. ar ta ot5
l 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
reserved for is legitimate objects.
The principal of the State debt has been
reduced during the past year, by the pay
ment of $109, ,207 90, derived chiefly from
the premium of the loan of So, 400, 900
negotiated to discharge the amount which
became payable after 1856. OF the re-
naming debt, the sum of $6,4I3, ,525 81
will become payable at the pleasure of the
State at any time after the 31st of Decem-
ber, 1860. The terms of this contract ex-
clude 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 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 the object, of a
sufficient sum to discharge at least one
third of the amount.
The residue may be distributed over SO
many OF, the following years as will bring
hts payment within the reach of moderate
taxation, or immediate payment, if pre-
ferred by, the creditors, may be, made in
new bonds, bearing less rate of interest,
and payable at such times as the General
! Assembly may see fit to direct. Under all