The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1859-01-14
minish with the demand.

i
classes. reimbursable and irreduci
: BILE; the former embraces the ioreig
and domestic liabilities payable al
I ter Ger ain fred periods; while tn
latter is constituted Of the proceed
I Of lands, granted by Congress for tn
i support OF schools and religion. re
I ceived into the treasury upon sales b
J the state, under pledge to pay 81
per centurn on the amount, for Il,
i same purposes, forever.
o The reimbursable debt has bee
e sometimes spoken Of as the Who'll
Q debt OF the state. but the irreducibl
differs from it iD nothing except tina
il is permanent, and incapable OF re
T duction, but, on the contrary, certail
to be increased until the last pro
ceeds of school and ministerial land
shall be received. 1t follows tha
no real reduction Of the amount O
the state debt can be effected excep
by payments exceeding in amoun
the sums derived from these lands.
During the last year the REIN
borsable debt wns increased by
800, 900, being the amount of the
temporary loan authorized at youl
recent session. and the irreducible
by S89,60 SS, being the amoun. o.
procee - of school and ministerial
lands received into the treasury. -
1t was diminished by tho payment o
S12,00i 90 of foreign debt. At the
commencement Of the present year
the aggregate debt of all descriptions
was S17 1892 81.
Or this, the sum Of S6,4t3,525 81,
will become payable after the 31st OF
December, 1860. have heretofore
invoked the attention Of your prede.
cessors, as well as your own, to this
maturing liability; urged the pro.
priety and necessity OF seasonable
provisions for it, and suggested what
seemed to me the best mode Of
making that provision. 1t is to be
regretted that no provision has been
made. 1t seems highly probably
that, had the necessary authority
been conferred by the Legislature on
the Commissioners of the Sinking
Fund, the means to pay 80 much Of
this debt as will not be discharged
by other resources, might have been
obtained during your recess, through
new loan at five per cent. or even
a loss rate. 1t may be that such a
loan can yet be negotiated, and
trust that the magnitude ofthe saving
to be Thus effected will commend
for this subject your earliest atten.
ton.
Under the operation Of the very
salutary act of the last session in re-
lation to the sinking fund, the sums
legitimately belonging TO it. bu,
heretofore appropriated under legis
lative sanction. to other state pur-
poses, will doubtless be replaced
through the additional levy required
by The act, and future diversions tc
any other uses than those to which
the fund is pledged, will be prevent
ed. Under another act providing
means for reimbursing the tempora
ry loan. over two hundred thousand
dollars will soon be paid into thi'
fund. 1t will not be required fo
payment Of the loan, until July
1860. Provision should be made
for its safe and productive invest
ment during the interval.
An act of the last session pre-
scribed q rule for the uniform tax
alton Of banks. The justice of such
a rule cannot be successfully i'm.
peached, nor can 1t be denied thai
property employed in banking should
bear proportion Of the com OF
burden equal to that imposed OF
property otherwise used. Upon the
point whether the rule prescribed il
in TACT equal, differences Of opinion
may well exist; but repeated decis
ions Of the Supreme Court of the
state leave no room for question thai
the rule Of the act is, substantially
the rule of the Constitution; or fol
expectation that it can be materially
changed, while the Constitution
itself shall remain unchanged.
1t is claimed, however, by the
banks organized under the act o
1915, incorporating tho State b ,ul
OF Ohio and other Banking Compa
nies, that the section OF that act
prescribing the rule of taxation fol
them, is u contract, not liable to bt
impaired by subsequent legislative
or constitutional provision; and tha
they are, therefore, not liable to bs
taxed by dtferen, rule, however
warranted by constitution or law il
respect to institutions not ST milarly
protected. This claim, ori.inalI,
asserted against the rule of taxation
established by the act of 1859, was
denied by tho Supreme Court Of the
state, but sustained by the Supreme
Court Of the United States. Not
withstanding the latter decision, the
Supreme Court OF the state, in g
Judgment Of the December term
1857, has announced its adherence
to its original position. The claim
Of the banks, therefore, cannot be
recognized as valid by the officers OF
the state.
These institutions. however, re.
lying upon the decision of the Su
preme Court Of the United States
have placed to the credit of the state
as heretofore, the taxes required BY
the act OF lS45, ard have made nc
return for taxation under the act O.
last session. In come instances in.
functions have been obtained from
the Federal Courts. restraining the