Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1859-01-13

timeS spoken OF as the whole debt OF the
State, but the irreducible differs from il
in nothing except that il is permanent
and incapable of reduction, but, on the
contrary, cenaln to be gradually increased
until the last proceeds Of school ana MN
isterial lands shall be received. II follows
that no real reduction of the amount OF the
STATE debt can be effected except by pay
ments exceeding 10 amount the sums de-
rived from these lands.
During the last year the reimbursable
debt was increased by 100000, being the
amount of the temporary loan authorized
at your recent session, and the ireducible
BY 500, 1902 SO, being the amount of pro-
ceeds of School and Ministerial lands 70
teived into the Treasury. II was dimin
ished by the payment of $4,000 90 o.
foreign debt. At the commencement O
the present year the aggregate debt Of al
descriptions was $l1,l79,972 "a.
Of this, the sum of S6,4l3,525 27 viii
become payable after the slst of December
1850. have heretofore invoked the at.
tentiou of your predecessors, as well Al
your own, to this maturing liability; urged
tho propriety and necessity of what seemed
to me the best modes of making that pro.
vision. 1t is to be regretted that no pro-
vision has been made. 1t seems highly
probable that, had the necessary authority
been conferred by the Legislature on the
Commissioners of the Sinking Fund, the
means to pay SO much of this debt as will
not be discharged by other resources, nigh!
have been obtained during your recess,
broughta a new lean at five per cent. or even
less rate. 1t may be that such a loan
can vet be negolie ted, and / trust that the
magnitude of The saving to be thus effect
ed will command for this subject your ear
liest attention. s,..f
Under the operation of the very saluia-
~ act CT the last session in relation TO the
Sinking Fund, the sums legitimately be.
longing to it, but heretofore appropriated
under Legislative sanction, to other State
purposes, will doubtless be replaced through
the additional levy required by the act and
future diversions TO any other uses than
those to which the Fund is pledged, will
be prevented. Under another act provid-
ing means for reimbursiDg the temporary
loan over two hundred thousand dollars
will soon be paid into this fund. 1t will
not be required for payment of the loan
until July, 1860. Provision should be
made for its safe and productive investment
during the interval.
An act of the last session prescribed
a rule for the uniform taxation of banks
The justice of such iule cannot be sue
cessfully impeached, nor can it be denied
that property employed in banking should
bear a proportion of the common bur,.en
equal to that imposed on other property
Upon the point whether the rule prescrib-
ed is in fact equal, differences of opinion
may W il exist; but repeated decisions of
the Supreme Court of the State leave no
room orquestion tiat the rule of the act
is, substantially, the rule of the Constitu-
ton; or for expectation that it can be ma
terially changed, while the Constitution it.
self shall remain unchanged. 1t is claim
ed, however, 10y the Banks organized under
the act ls45, Incorporating the State Bank
of Ohio and other Banking Companies,
that the section of that act, prescribing the
rule for taxation for them, is contract,
not liable to be impaired by subsequent
legislative or constitutional provision; and
that they are, therefore, not liable to be
taxed by different rule, however warrant
ed by constitution or law in respect to in
stitutions not similarly protected. This
claim, originally asserted against the rule
of taxation established by the act of l ls52,
was denied by the Supreme Court of the
State, but sustained by the Supreme Court
of the United States. Notwithstanding
the latter decision, the Supreme Court Of
the State. in a judgment of December
Term, 1857, has announced lis 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, relying up
on the decision of the Supreme Court of
the United States, have placed to the cred
1t of the State, as heretofore, the taxes re-
quired by the act OF ls45, and have made
no returns for taxation under The act of
last session. In some instances injunctions
have been obtained from the Federal Courts
restraining the proper officers from the
execution of the law. These iDjunctions
and some defects in the act indicated in
the Report of the State Auditor, have pre-
vented any collection of taxes under it,
while the law itself has prevented the COL
lection of the sums set off in lieu of taxes |
under the act of 1s45. ~.
These Circumstances have caused some d.
minution Of the revenue, and present the
question whether the State will again con-
test in the Federal Courts the claim to ex-
emption set up by the Banks, or so modify
the act of last session MS 10 save the Banks |
claiming it from lis operation. Should
the first of these alternatives be preferred,
some amendment of the act may be found |
necessary, and edequate provision for the
unavoidable litigation should be promptly
made.
The acts of tho last session, appointing
certain citizens to appoint Directors of the
Penitentiary and Commissioners of the
State House, having been adjudged uncon-
stitutional by the Supreme Court, the
Boarl Of Directors and The Board of Com
missioners organized under the act of 1856 |
have continued in the discharge of their re- |
spec,iye duties.
The increase of the number Of convicis |
beyond the number of cells renders it in,
TO provide for the enlargement
oe The existing Or the construction of new
Peniteutiary. Considerations of economy