Pomeroy weekly telegraph. [volume] (Pomeroy, Meigs County, Ohio) 1860-1866, 1860-01-17

on account of the Public Works, for
three periods of four years each-the
first Immediately preceding, and the two
others Immediately following the adop-.
tion of the existing Constitution 1t
will be seen, upon inspection of it, that
the expenses were largely increased after
the adoption Of the Constitution; but
that they have been considerably less
during the third than during the second
of these periods. The average yearly
expenditure from 1913 to 1851 was $685.
775; from 1852 to 1855 inclusive, adding
to the apparent amounts the unauthor-
lsizedsdebts contracted within these years.
and subsequently, paid, 81 ,O95, ,824; from
1856 to 1859 inclusive, dedueting from
apparent amounts payments on account
OF debts previously contracted, 1895 ,533:
Whenit is remembered that during the
| last period the Public Works have be-.
come a ehargeaupen the General Reve-
nue., that two new. Reformatory Institu-
tions have beensorganized; that large ad-
ditions have been made to the list of
judges;7thats the Comptroller's Office has
been, created; that four sessions of the
| Legislature have been held; that num-
] Der of salaries, especially of judges and
officers on the Board of Pupiie Works,
/ have been increased, and that other new
expenditures have been directed by the
Legislature, may it not,be hoped that the
results. of those four years will be accep-
| ted as evidence at least of sincere de-
sire and endeavor, on the part of the Ex-
ecutive Officers, to perform faithfully
their duties to the people?
Besides the advance from the Treas
ury for repairs of the Hooking Canal
which has been heretofore explained to
the Legislature and will be again fully
explained in this communication, l am
aware of no expenditures beyond appro=
priations and no debts incurred without
authority, during the last two biennial
periods, which will embarrass the fnan-
ces, or oppress the revenues of future
years gsa as5 a s.E So
Permit me now to invite your atten-
ton to some observations upon the Pub
/ lie Debt of the State. Thatdeht, I need
4 hard ly repeat, is of two descriptions; the
Reducible and the Irredacibie. The
former represents leans from capitalists;
the latter represents the proceeds of
School Lands granted by. Congress-
The former may be reduced by payments;
the latter must continue to9fincrease as
4 long as the proceeds.of school lands are
used and funded as now directed by law,
/ and under the existing pledge ofsix per
10 %ho for .oh4 4hasS aAao
Lands were granted. A
In January. 1915, after the completion
of the Public Works, and after theaban-
donment of the policy of aid to Public
Improvements by State subscriptions to
the Stock of Railroad, Canal and Turn
pike Companies, the entire debtwas $19,
/ 251, 170; of which the Redueible Debt
! was $17,796,0 ,057, and the Irreducible
$1,455. .123.
From that time the Reducible Debt
was gradually diminished, until the de-
falcation and debts contracted in antici-
patton of revenue created necessity for
the Temporary Loan Of 500, 900, which
was authorized by your predecessors and
negotiated in 1858, and is reimbursable
on the. 1st July, 1860, and 1st March,
| 1861
| AT the close of 1859 the entire debt
was thus constituted: The Foreign Debt
was S13,621 ,857 20; the Domestic Debt,
1$275, 1855; making the whole Reducible
Debt S13, ,997 ,242 20; the Irreducible
Debt was 81, ,534, ,076 50; and the Tenn
porary Loan 100000, making total of
! lS17, ,131, ,319 15 From this amount may
properly be deducted $2S8, ,154, already
collected for part payment of the Tenn
porary Loan. -. ta
| 1T will be seen that in sixteen years
the Public Debt has been reduced only
by the sum of S2,368, $3.50. The sums
received in the same time from Surplus
Revenue, sales of Lands, from the Public
Works, and few miscellaneous sources
other than taxes, were Sc ,6S7 ,947. The
greater part, of course, was applied in
payment of interest, instead Of reduction
of principle.
Provisions of the new Constitution
prohibited the increase and required the
gradual extinction of the debt. An act
of the last General Assembly was intens
ded to secure that result. Itauthorizes,
whenever any portion of the debt shall
become payable, the issuing Of new bonds
to an amount sufficient to discharge it.
Those new bonds are to be made paya-
able in such installments that the an
nual levy required by the Constitution
will supply the means for theirpayment
in full at maturity; and the act requires
their payment accordingly without re-
newal and without delay. =
This plan, if persistenuy adhered to,
will certainly extinguishfhe whole Re-
ducible Debt; but the operation will re-
quire thirty-one years md many circum-
stances may occur tossuspend or frus-
Etrate its result. Myown impression is,
THAT the wishes of tie people will be bet
ter consulted by provision for earlier
payment andconSequent relief from tax
alton for intereas Should your opinion
be otherwise You will do nothing, i
trust, toimpah, but everything to secure
the certainty of payment withinthe time,
limited blythe act ss
On the9st of January, 1861, if it be
| the pleasure of the State, sc, ,413, ,325 27
/ of the debt may be paid The contract
of lean, however, does not impose the
Obligation ofpaymentat that time. The
whae duty of the State will be performed
Ebyepunetual payment of interest, and
such provision for the discharge of the
principal as may be required by the in
lterests and wishes of the people.
Whether it be thought expedient or
not to adopt the scheme of payment pro-
posed by the act oflast year, some change
will probably be found necessary in the
description of bonds to be issued. That
act, as originally framed, and as it passed
the Senate an unanimous vote, contained
provisions exempting from taxation the
bonds to be issued under it, and also a
iudicious discrimination in favor of loan
= = Il /. Il III T. I