The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1859-01-14

CuluOiOtl, OUoJ ny Woii hHN" = n i"oi :
! pies, would increase and diminish with
the demand. f
. Tho debt of the State is of two classes,
+ reimbursabe and rrelucible, the formor
embraces the. foreign and domestic lia-
biities payable after certain fixed pcri-
5 |.ods; while the latter is constituted OF tho
proceeds of lands, granted by Congress
{ for the support of Schools and Religion,
received into the Treasury upon sales by
J the State, under plcdge to pay six per
!, centum on tho amount, for the same
Z purposes forever. y y ~
J, The reimbursable dobt has been some-
times spoken of as the whole debt of tho
State, but the irreducible differs from it
in nothing except that it is permanent,
and incapable Of reduction, but, on the
con trary ,certian to be gradually incroass
I'd until the last proceeds of school and
ministerial lands shall be received. 1t
follows that no real reduction Of the
amount of the State debt can be effected
except by payments exceeding in amount
the sums derived from these lands.
| During tho last year the reimbursablo
debt was increased by 100000, being
the amount of the temporary loan au.
thorized at your recent session, and the
rreduciblo by S60,602,98, being the ~
mount Of proceeds of School and Minis
tcrial lands received into the Treasury.
1t was dimished by tho pay ment of Sl2,-
004, 90 of tho foreign debt. At tho COM.
moncemcnt of the present year aggre-.
gate debt of all descriptions was, Sl7,
159.972.94. .r..'.... "a;
OF this, the sum of S6,513,525,27 will
become payable aftor tho 3lst of Deccm-
Der, 1850. | have heretofore invoked the
the attention of your predoccssors,a well
US your own, to this maturing liability;
urged tho propriety and necessity of seas.
sonablc provision for IL, and suggested
what seemed to mo tho bcst modes of
making chat provision. 1t is to be re
grettod that no provision has been made.
It seems highly probable that, had the
nessary authority boen conferred by the
Legislature on the Commissioners Of The
Sinking Fund, the means TO pay so much
Of tais dobt as will not be discharged by
other resources, might have boon obtain
during your recess, through now loan
ut five per cent. or even loss rate. 1t
may bo that such loan can yet be no.
gotiated, and trust that the magnitude
Of the saving to bo thus ctf,ctol will
I command for this subject your earliest
attention. a r.e...f
Under the operation of the very sal
utary act of tho last SOS ion in relation
to the Sinking Fund, tho sums legiti
mately Belonging TO it, but heretofore APP
propriatod under legislative sanction,
to other State purposes, will doubtless
be replaced through the additional lovy
required by the act, and future divor-
sions to any other uses than those to
which tho Fund is pledgol, Will be pre-
vented. Under another act providing
means for reimbursing the temporary
lars will soon be paid into this fund.
1t will not be required for payment
of tho loan until July, 1900. Provision
should be- made for its safe and pro
ductivo investment during the inter
val. .l
An act of the last session prescribed
rule for tho uniform taxation Ct
banks Eho justice ofsuch rulo can
not be successfully impoachcd; nor can
it be do MED that property employed in
banking should boar a proportion of
| tho common burden equal to that i'm
lposcd on other property, Upon the
lpoint whether tho rlue prescribed is ia
fact equal, differences of opinion may
woll exist; but repeated decisions of the
Supreme Court Of the State leave no
room fur question that tho rule Of the
act is, substantially, the rule of the
Constitution; or for expectation that it
can be materially changed, while the
Constitution itself shall romain uuchan.
gcd
1t is claimed, howcver, by the Banks
organized under the act Of 1915, incor-
porating the State Bank of Ohio and
other Banking Companies, that the soc
ton of that act, prescribing tho rule of
taxation for them, is a contract. not lia
BILE to be impaired by subsequent legs
lative or constitutional provisions; and
that they are, therefore, not liable to be
taxed bya different rule, however ware.
ranted by constitution or law in respect
to institutions not similarly protected
This claim, originally asserted against
the rule of taxation established by the
act of 1852, was denied by the Suprem.
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 judge ;
ment of December Term, 1857, has an.
nounced its adherence to its origin al
position. Tho claim of the Banks
therefore cannot bo recognized as
valid hy thn nfficnrs of tho IInitc ii