M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1860-03-29
IErom The O6IS SIais.man.
The state I1ebt.
70 The Editor Of tAe &dtesman.

10 tho Editor Of the Stdtesman::
The Republican Senate having, a
] am advised, passed O bill to repea
the law Of the last session of the Gen
eral Assembly ITO prooids for III,
rsne,oal and final payment If tn
public debt 0f The State, /" according t,
the requirement of the Constitution
We are anxious to know what motive
impelled them or what object the
members had in view. The law as
it existed was imperative and specific
1t was drawn mp simply, but strictly
in accordance with the letter and sniH
it OF the Constitution. There COL
be no escape from the annual payment
. Of the sum stipulated, as that amount
would become due and absolutely
. payable each year. The idea put
forth by the late Governor that the
people propably would wish to pay
off their debt at an earlier Gay, was
fallacious. 1t wss not called for, nor
was it worthy Of his judgment. The
increasing yearly amount would be as
much as any statesman would recon.
mend to be added, to the annual taxa
tion. The public property remaining
over.the perod Of final payment, the
State douse, the various institutions
and other buildings, would be very
near ifnot quite equal in value TO the
perpetnal lien Of the irrcducible debt,
Chat IS, the rust debt which cannot
he paid off," aud this generation will
have discharged it's obligations to the
fnture by paying the CANAL DEBT, the
property for which it was created,
having become worthless to the State
as such, is yet valuable to individuals
and to particular neighborhoods.
The Republicans in 1855 renewed
two millions four hundred thousand
dollars at thirty yearsll
They now seek to renew ak mill.
ions four hundred thousand for TWEEN
ty years!l All in a mass! all payable
at one timei! ! cannot exactly See
the motive for this; but the result, no
statesman, no one who will with
Judgment calculate the future, can fail
TO see at a glance. The DEBT WILL
NOT BE PAID, aud the inference to be
drawn from this. and from kindred
legislation, is irresistible, that NEITHER
TIE BANKS nor the Republican party
intend that it shall be paid, it they
can prevent it. -
The political mauagers at Colum
bus may rest assured, however, that
there is no one thing that the great
mass ofths people are 80 anxious for,
as the payment OF their State debt
On this point no doubt can rest, or
be entertained, and when in CG2ven
tion, they fixed that fact SO strongly in
their Constitution, their State officials
and members OF the General Assembly
will commit moral treason against
them, unless they heed the solemn
and imperative injunction.
AS We before remarked, we have
heard no reasons given for this change
of Democratic policy. tits pretended
that . greater amount of premium
will ensue to the Statel That is non
sense. As, under the act Of 1859,
every dollar obtained as premium
would be CLEAR GAIN, whilst with this
measure OF theirs, they would receive,
Of course, at first, greater amount;
but Svery dollar, and more also,
,oould hav, tobe paid out again in
the annual purchase for redemption,
according to the Constitution; pro.
vided that redemption shall take place,
as il certainly will, whenever the
Democrats are in power.
They would sell in mass, at low
premium, and buy in small amounts
at a high one. ls it alleged that it
would be more troublesome to the
Commissioners of the Sinking Fund!
That is an error. 1t will be less
troublesome and less expensive
Every year will produce it's matured
bords. No hunting up State stocks;
no premium to be paid for their pur.
chase And the consecutive years of
maturity would be inserted in soritingI
in the same engraved certificates,
with the same stamped in large letters
across their face, 50 as to prevent any
attempt at alteration.
There must be some hidden cause
for this course on tho part Of the
Republican Leadsrs!! Are they in
league with the Banks to thwart the
will of the peoplel | believe 30. AT
all events, one thing is certain, and
that is, the Democratic General As.
sembLy which WILL BE ELECTED in
1851, and convene on tie first Mon
day tn January, 1862, will have to
reinstatc upon the Statute Book many
important laws, AND THIS ONE AMONG
THE EUMBERl
ONE OF THE PEOPLE.
WurrE MEN LEAVING The Repub.