The penny press. [volume] (Cincinnati [Ohio]) 1859-1860, 1860-01-03
6oyernor Chase's Message.

l l0tS anu ianusJ ana illustrates MS 00serVati0ns
by an account of the various systems of taxa
tion heretofore adopted in Ohio. In 1924,
| when the assessment of taxes for State AND
county purposes was according to rates and
not according to value, great and grievous in.
equalities occurred. For instance: the taxes
levied for State purposes in Hamilton County
amounted to $2,oso, while Athens, with less 81
than one-thirteenth In value Of the real prop
erty in Hamilton, paid taxes of the same de-
scription to the amount of $2,142. In 1926
the rate system was abandoned. With the
school systems and canals came valuation of
property for taxation at its true value in
money.
The amount Of personal property actually
returned, was imperfectly valued. Merchants
and bankers paid by class, instead Of on sctu-
al capital used. Still inequalities existed, and
important changes in the tax law were made
in 1881.
The Grand Lists Of 1885 and of iS41 were
largely increased
A thorough revision of the tax laws was
made in l846.
An incredible increase was exhibited in the
list Of 1847.
Under the new Constitution general valu-
alton and equalization of real property in 1858,
and every sixth year thereafter.
The wholeassessment in 1895 were $40 $685.
269.
In 1854, the total, $685., $3.50 900.
In 1859, as supposed, 5000, 100000
Our population is now about two and half
millions.
Suggestion is made that the general valua-
lions Of real estate, after the next be made
once in FIVE years; SO that the results obtained
under State authority may be easily compared
with those obtained by the United States in
the census years.
Debts, it Is computed, exist as charge upon
the whole existing property, amounting to
about one-sixth Of the value.
The exhibit is favorable to the financial
strength Of the Commonwealth, and 1t is now
agreed that the fundamental principle Of our
revenue system, that all property not exempted
upon overruling considerations Of policy, shall
contribute to necessary public expenses in just
proportion to value, is firmly established in the
convictions Of the people.
BE ceunselsd the Limitation Of appropriation
within the safe bounds of revenue--to be de-
parted from only in extraordinary cases. And
to this end officers should be required to report
whether any debts at the end Of the year re-
mainsd outstanding officers Of Executive
Depar rtment also to act, whom required by the
UVNoIuVl1 nAocutNo NOuuUils
TIE RECEIPTS AND DrsBURsEMgNTs.-- The
financial budget shows receipts into the Treas
ury during the last year of $3,52O, ,l54, with
balance on hand constituting total sum sub
jeet to disbursements in 1859, was $3,746,272.
The whole amount of disbursements during
1859, upon all accounts, was $3,552,304, and
the balance in tho treasury at its close was
$193,27s. The real excess of cost Of public
works over receipts has been $8,170.
Of the School Funds 1885, 1928, leaving a
balance Of $52,719. Library Funds expended
$79,679, leaving o balance Of $58s.
II proved that there was wanting $114, 900
for the payment of interest on the public debt,
not including the temporary loan. The Audi
tor, from failure of the Legislature to act,
assumed the responsibility Of applying thereto
the sum from the Sinking Fund.
AVERAGE YEARLY ExPENDITUREs.-Thea av-
erage yearly expenditure from 1848 to 1851
was $73s,775; from 1852 to 1855, inclusive,
adding TO the apparent amounts the unauthor-
lied debts contracted within those years and
subsequently paid, s., ,095, 1874; from 1855 to
1859, inclusive, deducting from apparent
amounts payments on account Of debts pre-
viously contracted, $995,533.
THE STATE DEBT.--At the close of 1859 the
entire debt was thus constituted: The foreign
debt was 1881 1857 20; the domestic debt,
$275, ,385-making the whole reduoible debt
81, 1897 ,242 20; the irreduoible debt was $2,-
5S4,076 95, and the temporary loan $500 900,
making total of $17 ,l3l, ,3l9 Is. From this
amount may properly be deducted $2SS, ,154,
already collected for part payment of the tenn
porary loan.
As TO PAYMENT OF IETEREsT-On the lst
of January, 1851, If 1t be the pleasure of the
State, $6,4l3,325 ~ of the debt may be paid
The contract of loan, however, does not i'm
pose the obligation of payment at that time.
SUGGESTION = suggest the expsdiency,
therefore, Of authorizing the Commissioners
Of the Sinking Fund, if they shall be of opin-
lon that the interest of the State require the
payment Of the debt upon the accrual of the
right of payment, to provide for 1t either by
new bonds, at any rate of interest not exceed
ing five per cent, reimbursable at pleasure,
after term not exceeding ten years, or by
bonds issued as contemplated by the act, and
bearing interest not exceeding six per cent.
In either case, tho bonds should bear upon
their face stipulation expressing their true
character, as subject or not subject to reduc-
tion by taxation or otherwise. If the bonds of
the State are To be taxed at all, there is far
more reason for their taxation in the hands o
the foreign than of the domestic holder. Nsi.
should be taxed, or both.
/ recommend, therefore, such legislation as
will give the suggested discretion to the Com
fix beyond liability to alteration
the rate of interest, and secure the control, re-
duotion and final payment Of the debt, at the
earliest time and in in the most economical
mode.
SALE oE THE PUBLfc WoRKs.--The State ex-
penditures for Internal improvements, inclu-
ding canals, turnpikes, and railroad C0mpa-
mics, have been $lS,803,922.
The recommendation is renewed to sell the
Public Works, fit can be effected ct reasonable
price, and under such restrictions and guaran-
tees as will secure to the people the benefits of
originally contemplated.
As TO SALE OF TURNPIKE AND RAILROAD
State stocks in turnpikes and
railroads should not be included in any sale,
unless the interest on the price will equal the
revenue now derived from them. I reconl-
mend that authority be given to the Governor
TO appoint an agent with ample powers to as
certain tho condition Of all companies in
which the State holds stock. The productive
ness Of these investments would, have no
doubt, be greatly enhanced by SUCH an inves-
tigation.
Doubling the constitutionality Of an assign
mont of tho works in divisions to the control
Of single member of the Board, he recon-
mends such notifications of the act as will
secure to the whole Board the control of the
public works which the constitution commits
to It's superintsndence.
PRoP0snD CHANGE IN THE APPOINTMENT OF
CoLLEoToRs.-He recommends srestoration of
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