Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1860-03-08
Sflisttllaneous.
ASTOUNDING DEVELOPMENT {!
READ AND PONDER.
ONO FUND COMMISSIONERS.

The Auditor and Secretary of State and
Attorney General, are, by a provision Of
the Constitution, the Fund Commission
ers of the State of Ohio. These officers,
as such Commissioners, made their semi
annual report to the Governor on the
oath inst. The liabilities of the State,
according to the report, including the
foreign and domestic debt, are put down
at SIT 7,136,676 81.
In speaking of the report, our cotem-
porary of the Journal says:
"The receipts of the sinking fund and Temporal
ry loans, including balance, for the six months
ending Jan. /, 1850,
Were. Observation-Disclosures. $685. 100 81
Disbursements. ........ ........... oiS,o96 IL
Balance in the treasury. ....... $S7, ,206 IA
The receipts of the sinking fund and temporary
loan for the fiscal year ending Nov. Is, 1859,
Were ................ ....... .Sl.242l26 AZ
Disbursements. .....'.'...'.i .ii'iio,o'S ~
Balance, Nov. Is, 1852. ..... Sl2S,554 81
The estimated operations of the sinking fund
and temporary loan for the fiscal year ending Nov.
IS, 1860, are:
Charges. ...... .......... ....9l l,5to,olo 20
Resources ,323,936 81
Deficit ........ ............ So4,3i4 81
The temporary loan yields $91 ,2S6 81
excess, and the sinking fund falls short
$145,6 $50 76, the whole failing to salts
fly the demands against it by $54,3 39.
The Commissioners say: "The simple
statement of this result is perhaps, its
>own most impressive comment. But for
the fact that the Commissioners have at
their control other 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
existing debt. Though these means may
10 lawfully applied to that end. they were
never designed to repair a scantiness in
the sinking fund, and ought to be held in
reserve for other emergencies.
The Commissioners show that this
method of operating will keep running
the fund behind, and sum up as follows /:
Thus at the beginning of the next fis-
cal year, the sinking fund. already, as now
constituted, inadequate to meet its proper
annual burdens, will start with a load
accruing in previous years of $54l 900,
and the result at the end of that year if
the present rate of taxation is not in
creased, may be gathered from the follow
ing estimate:
Charges for 1860. ............---.sl,39 81 ,390,026 80
Receipts for 1860. 0............... 10000 90
Deficiency to be provided for in 81 S4s0,026 80
From this statement of the operations
it is clearly evident that the sinking fund
on its present basis. will soon be eaten up
by a constantly increasing deficit. The
rapid decrease of the revenue in the sink
ing fund is the legitimate results, not
merely of the gradual diminution of the
sources of revenue (other than taxation
out of which it was originally constitut,
ed, but of diminished rate of the taxa
tion which contributes to its needs. -
The Commissioners urgently recon-
mended levy of one mill and five tents
for the ypose of the sinking flnd. The
plighted faith of the State, fidelity to the
requirements Vi Iue constitution, anu
every consideration of public policy, alike
demand that this fund shall at once be re,
stored to its proper condition, and no rate
oftaxation 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 pretend
ed decrease in taxation for which in the
last carpaign, Gov. Chase and Mr.. Den
nison asked that the Republicans have
credit and be glorifed, turns out to hav,
been performed at the expense of the sink
ing fund, until, if the Republican "methoc
Of operating" be continued, that func
will be SO deficient as to require to be pro
vided to meet such deficiency in the yea
1861, the sum Of -Four Hundred an,
Eighty Thousand and Twenty- Sir Dol
lars and Thirty TWo Centsl This is rath
er different story from the alleged .'.ct'
and figures of Gov. Chase and Mr.. Den
nison, freely exhibited in their stump ora
tions before the people last fall. II
meet the present exigency and to restor
the sinking fund. the Commissioners ur
gently recommended levy of Que mil
and fiYe-tenths on the dollar, as an addi