Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1860-01-04

80" NNffHa NNNNAA - ~ N|NNI AI| Day lMM y
The aggregate expenditure vas 81 ,iai, ,6ea
and = balance wee left In the Treasury o
el2e,6b4s if4 10 afl alir
IL will be seen that the revenue provided b,
Law for ihe paYmept of iotorest on the Pabli,
Debt. rot inolndin0 the Tempnrsrs T,.n -,
ineuf3eiept foy ,hst ,,,.,a.I M. -,
,v.,,;,r, - 49, sttr zoo a,,', 1.
b boss.ds n ~. s".a .S,VVV. WV, lnere Delng
w. s'sii ~ '"e treasury large sum belOpRipf
70 me elnhinB rund, derived from the levy foi
the Temporary Loan, but not needed for itl
payment until next March, Il was thvnoh nj
better 10 supply the d, fcisnt amount ffo7, tl.al
source than 10 resort "a Tho nowar so ;,oDo.,
additional levies. vested n, iha las, Co.,
Ao.oroLI, J., H. ,S:,r ~, Heu.is .,s
s,ssle ~ 'ue auui'o, % S'aee. me pubic
INTEREST Wa, petnaps pess consulted IN TINS
acuoni but " involved departure from that
provision OF the Temporary Loan Act, which
requires the proceeds of the levies for lie nav.
ment to be absolutely reserved from all other
apnIica,ibns. and III NAV cell H. o,os,;o,aJ
,hoth.r an, nJs.,,.a. I.i,,sa - ~. si".,NNl
49,. ~s,'h,,o .,'-iI sa'"S s.i, " suon spal,
eu,S :" prevail oVet tue cohsioeIatons
Wnloh tnJolh s'pct compliance WIN the law :
II Is OBVIOUS, however, that the additional levies
necessary to provide for the interest Of the
debt should have been imposed by the General
Assembly itself upy advised as II was. as 40
tho smonnt oF interest ami tbo ;n,doo,,scv ~
IL 49,. : ~, - = = - - m - 49, W
w -r .is.oa nlaus iol " ue IesPons'p'i'y
" hns necesesiy tAAA.ion snouiu nave OeSn
assumed py tne Legislature instead OF being
imposed upon the Auditor.
A tabular statement appended 10 this commuui-
cation, ard numbered l. exposes al one view the
number Of acres Of land on the Grand List, their
value, the value ofiaxablc town-ots and chattcls,
tue several aggregates OF state, unity and local
vies, ana tne rates Of levy ior stale purposes 10
ee ss. w ~, ~ sseu 'ns' ine aver
esceeded eonsideTabIv that In he last half. vhs
the aqqreoale revenue of the last he T Exceeded
that Of the first. THIS result was produced BY the
larger average basis Of taxation in the last period
More than the wfole excess OF leyies was for
scnool purposss auu I'VE payment OF oeDts con-
uac.eo "a Tue hrss perleu ', -, ,, an
show he yearly aisbnrssmen,s for HSnisis,iv. w,'
Judicial and Executive expenses for the expepses
of Ihe benevolent and Refo,matoTy Ipstitntions.
aud on account of the Pub ic Works, for three
periods Of four years each-the first Immediately
preceding, and the two others Immediately follow
lng the adoption OF tne existlng Constltntion. 1t
wl pe seen upon losPsSuSn Oh ~, 'nal tee expenses
hn. hot ,he1 bovo hao ~ w
bIy less during the third Than uripr the md Of
these periods. The average yearly expenditure
from ls4S to l85lwas $739,775 from 1852 to 1855
inclusive, addil to the apparent amounts the un.
authorized deo,s contraeLed wlthin WITHIN those years
San suos. qleusy pn'u, rom looo 70
NV nccor"t e a,bts nre,oSs.
traetef COOS 533 When il is remembered tbat
during ihe Last period the Public Works have
become n charge upon the General Revenue
that two new Refplmntory Institutions have been
organized; that large additions have been made
to the list of judges; that the Comptroller's OF
fee has been created; that four sessions of the
Legislature have been held; that number ni
salaries, especially OF judges and officers on the
Board of Public Words, have besn increased,
and other new expenditures have been directed
by the Legislature, may it not be hoped that
the results of these four years will be accepted
as evidence at least of sincere desire ant
endeavor, on the part OF the Executive OH
GERS, to perform faithfully their duties to the
people9 ".ts, fs.f. T..-...
Besides the advance from the Treasury tol
repairs of the Hooking Caual, which has beer
heretofore explained tothe Legislature and viii
be again fully explained in this communication
am aware of no expenditures beyond appro
priations and no debts incurred without au
hority, during the last two biennial periods
which will embarrass the finances, or oppresi
the revenues for future years
Permit me now to invite your attention t.
some observations upon the Public Debt of tn
State. That debt, need hardly repeat, is o
two descriptions; the Reducible and the lire
ducible. The former represents loans fron
capitalists; the latter represents the proceed
of School Funds granted by Congress. Th
former may be reduced by payments; the LAT
ter must continue to increase as long as the pre-
ceeds of school lands are used and funded a
now directed by law, and under the existin
pledge of six per cent. to the purpose for whic
the School Lands were granted.
Iu January, ls45, after the completion of tn
Public Works, and after the abandonment Q
the policy OF ald TO Fuphc Improvements
Canal and Turnpike Companies, The entire det
was SlS 25l ITO; Of which the Reducible Del
was Sl7, ,796 057, and the Irrcducible 81 ass,
1913
From that time the Reducibe Debt wa
gradually diminished, until the dedication an
debts contracted in anticipation of revenue cr'
sted necessity for the Temporary Loan
500 900, which was authorized by your pre-
decessors and negotiated 10 1858, and is REIN
bursable on the lst July, 1860, and LIST Aarcl
1861. a.al sHfa.t ar.I s.fl r
AT the Close oi 1919 sle SitIe ueOs was ia ~ sn'
constituted The Foreign Debt was 1851 |,
| - ,l,l paJ,,.;hla Daht aIo aQ7 oA0 on. n
she ~uo,S 90 roE ne oEI a.
| lTTeduciOle Deot was cZ ooo Ofo %, ana u
| TemporaTV Loan 500, 900, making a total
4 SI7 iQl aiQ I6 Fran this amount NAV nror
5000 ,sa 49,, .sIi.y,.FI H.
eriy DC deduc ,ed 9SSo. lO4' Aileauy colleeteu Il
| part payment Of the Temporary Loan.
| II will ha seen that in sixteen wears the Pul
Ia M. bos hesn rednced o,lv Nv The ann
| TIC nept mas ueeh ieuuceu ouy oy tnS sun
1 So 368, $50. The sums received IN the san
/ lime from Snrplus Revenue, sales of Land
s.n.. a. p,I,,;. Wo,ts sna fsr o;scelIaneo,
| Houn 'ne uD'i- . 80 80 - e.ss 90. 81
sources other than taxes we're S6,6s7, 94T.'
/ The greater part, of course, was applied
- - "a T., .... -;.,oJ IS v.i,i,t;on
| pay men' VI III u'eieS', iue'eSu VI iouuS'ion
| principle. 49, ......-I -.
i Provisions of the new Constitution prohibit
| a. ;or.,ss nd yon,,;rId IN. rYadual ext;rcti,
wy wy, i''Si NY, Se'S S 80 80 =. e.ie', - -Ni -. 4
ofthe deDt. nact OF tno iast uehefal AfsenO
| uaa intended 10 secure that result. lt author