The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1860-03-14
Astounding Development
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ONO FUND COMMISSIONERS.

ONO FUND COMMISSIONERS.
The Auditor and Secetary Of State and the
Attorney General, are, by provision Of the
Constitution, the Fund Commissioners of the
State of Ohio.-These officers, as such Com
missoners made their semi. annual report to
the Governor on the 2tth inst. The liabilities
Of the State, according to the report, including
the foreign and domestic debt, temporary loan
and the irreducble debt, are put down at $17,-
1876 676 81.
In speaking of the report, our cotemporary
ofthe journal says:
"The receipts ofthe sinking fund and tenn
porary loans, including balance for the six
months ending Jan. /, 1860, were Ss66 1o2 81
Disbursements, 598,805 II
Balance in treasury, $97, ,206 "a
The receipts ofthe shaking fund and tempo
rarv loan for the fiscal year ending Nov. IS,
1859, were S1,242 126 AZ
Disbursements, 1,113572 10
Balance. Nov. Is, SO. $l29, 81
The estimated operation of the sinking fund
and temporary loan for the fiscal year ending
Nov. Is, 1860, are:
Charges. S1,37e,31o 7e
Resources, l,323,936 81
---~-
Deficit, S54,374 80
The Temporary loan yields $91, ,28S 81 ex-
cess, and the sinking fund falls short $l45,660
76 the whole failing to satisfy the demands
against it by S54374 &c.
! The Commissioners say, "The simple state.
ment of this result IS, perhaps, its own most
! impressive comment. But for the fact that the
Commissioners have at their control ether
means, adequate to provide temporarily for the
failure Of the sinking fund, the State might be
reduced to the necessity Of borrowing, in open
market, money to pay the interest on its exist
ing debt.-Though these means may be law
ulIy applied to that end. they were never des-
igned to repair scantiness in the sinking fund
and ought to be held in reserve for other emer.
gencieS."
The Commissioners show that this method
of operating will keep running the fund behind,
and sum up as follows: "Thus at the begin
ming of the next fiscal year. the sinking fund,
already, aS now constituted inadequate to meet
its proper annual burdens will start with
load accruing in previous years Of S341 200,
and the result at the end Of that year, if the
DTas.nt rate of tazation IS not increased NAV
he gathered from the following estimate.
Charges for 1860, S1390026 80
Receipts for 1861 $4,000 90
-.
Deficiency 70 be nroyided for in ,6l 687 O2s 80
From his statement of its onarotinns i 10
Iclcorlv evident that the sink;n@ fnnd on ;ts
present basis. will soon be eaten I'M bv CON-
Stantly increasing deficit The ranid decrease
oftb revenue in the sinking fund is the lep;.
innate results, n IT merely ofthe gradual dimi.
milton orthe sources of revenue (other than tax.
atom out of which it was originally constituted.
but Of A diminished rate of the taxation which
ic1ntrjbutes to its needs" The Commissioners
"urrentlv recommend levy of one mill and
five tenths for the purpose Of the sinking fund.
The plighted faith of The State. fidelity to the
reonircments of the constitution. and every con-
sideraion of public policy alike demand that
this fund shall at once be restored to its proper
condition, and M rate of taxation less than this
will ACCOMPLISH that INDISPENSABLE result"
The fact IS here disclosed to the tax payers
of the State. that the sinking fund is running
, behind. and hence the pretended decrease in
taXation for which in the last campaipn. Gov.
Chase and Mr.. DenniSon asked that the renuh.
leans have credit and be glorified, turns out to
have been performed at the expense of the sink
ny fund until, if The republican "nae,hod of op-
, eruiiaq' be continued, that fund will be so de-
fcient aS to require to he nrovded to meet such
deficiency in the year 1861. the sum of Four
H.aIrnIaR EJqhty Thonsand and Tigentv-
Sir Dopt,,s qad Thj,tV Tioo Cenfsi This il
rather different story from the alleged facts
and figures Of Gov. Chase and Mr., Dennison.
freely exhibited in their STUMP oraions before
r the people last fall. 10 meet the present exi-
gency and to restore thesnking fund, the Com
ms,ioners urgently recomment a lew OF one
mill and fige-tenths on the dollar. as an addi-
ticn to our present enormous high taxes. and II
this additional taxation be not imposed on the
people of the State, we are assured that 05 "the
+ sinking fund on its present basis will soon be
e,ten up by constantly increasing deficit" IN
1 After the gratifying exhibit made to the people
Il in the late canvas, by the outgoing and by the
Y incoming Governor, and the exalted position
! cai,ned bv them for tho republican party for
ITS economical management of public affairs
this con ession that the sinking fund ION ;ts
e present basis" next wear will be deficient near
i Iy one half million. and if not relieved nv a
heavy addition TO the taxes, will soon be "eat.
en- up', must strike the people of Ohio with pt-
j ter astonishment. This revelation of the Fund
e Commissioners proves that the people, the tax-
e PAYERS have been deccived-tbe truth sunnres.
<ed-ard false statements of the condition q,
~,