The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1860-01-11

Oof, anu 4 balance was lett N the treas
ury Of Sl2s,55i.
1t will be seen that the revenue pro-
( vided by law for the payment of inter
est on the Public Debt, not including
I the Temporary Loan, was insufficient for
that purpose. The amount wanted was
about 81 1900. There being. howev-
er, in the treasury large sum belong.
ing to the Sinking Fund, derived from
the levy for the Temporary Loan, but
not needed for its payment until next
March. it was thought better TO sup-
/ ply the deficient amount from that
/ source than to resort to the power TO
impose additional leyies, vested by the
General Assembly in the Auditor of
State. The public interest was elhaps
best consulted in this action: but it in
volved departure from that provision
OF the Temporary Loan Act, which re-
/ quiros the proceeds Of the levics for its
payment to be absolutely reserved from
all applications; and it may well be
/ questioned whetherany advantage gain.
ed by such departure ought to prevail
over the considerations which enioin
strict compliance with law. 1t is obvi-
ous, however, that the additional levies
necessary to provide for the interest of
the debt should have been imposed bv
the General Assembly itself, fully alvis-
ed rs it was, rs to the amount Of inter
est and the inadequacy of the provision
made for it. The responsibility Of the
necessary taxation should have been as
suned by the Legislature instead Of be-
ing imposed upon the Auditor.
a tabular statement appended to this
communication, and numbered I, ex-
posed at one view the number of acres
ofland on the Grand List, their value,
the value of ftaxabe town-lots and chat
tells, the several aggregates of State,
county and local levies, and the rates of
| levy Tor State purposes in each of the
last eight years. 1t will be seen that
| the average rate of taxation in the first
halt of that time exceeded considerably
that III the last halt; while the aggrc-
gate revenue Of the last half exceeded
that of the first. This result was pro-
duccd by the larger average basis of
taxation in the last period. More than
the whole excess Of levies was for
school purposes and the payment Of
debts contracted in the first period.
Another tabular statement, number
ed II, will show the yearly disburse-
ment for Legislative, Judicial and Ex-
ecutlve expenses; for the expenses of
the Benevolent and Rcfcrmatory Insti-
tutlons, and on account of the Public
Works, immediately preceding, aud
the two others immediately following
the adoption Of the existing Constitu-
ton 1t will be seen, upon inspection
OF 1t, that the expenses were largely
increased after the adoption OF the Con
stitutlon; but that they have been con
slderabIy less during the third than du-
ring the second Of these periods. The
average yearly expenditure from 1848
to 1881 was $738,715; from 1852 to
1855 inclusive, adding to the apparent
amount the unauthorized debts contract.
ed within those years and subsequently
paid, 81 ,oQ5, 1924; from 1856 to 1859 in
elusive, Geiucting from apparent
amounts payments on account Of debts
previously contracted, 1895, ,533. When
it is remembered that during the last
period the Public Works have become
charge upon the General Revenues;
that two new Reformatory Institutions
have been organized; that large addi-
tons have been made to the list of iudg-
es; that the CompteolIer's office has been
created; that four sessions of the Legis-
ture have been held; thrt number of
salaries, especially ofjudges and officers
on the Board of Public Works, have
been increased, and that other new ex-
| pendlturcs have been directed by the
Legislature, may it not be hoped that
the result of those four years will be ac-
cepted as evidence at least of q sincere
desire and endeaver, on the part of the
Executive Officers, to perform faithful
ly their duties to the people?
Besides the advance from the Treas
urv for repairs of the Hooking Canal,
which has been heretofore fully explain
cd to the Legislatures and will be again
explained in this communication, am
aware ofno expenditures beyond appro.
priations and no debts incurred with
out authority, during the last two bcn-
NAL periods, which will embarrass the
finances, or oppress the revenue OF future
years -
Permit me now to invite your atten-
ton to some observations upon the pub
lie delf Of the State. That debt, I
need hardly repeat, is of two discrip-
tions; the Reducible and the Irreduci-
bic. The former represents loans from
capitalists; the latter represents the pro-
ceeds of School Lands granted bv Con
gress. The former may be reduced by
payments; the latter must continue to
increase as long as the proceeds of
school lands are used and funded as now
directed by law, ana under the exist
ing pledge Of six per cent. to the pur-
poses for which the School Lands were
granted
In january, Is45, after the couple
tion Of the Puelic Works, and after the
abandonment of the policy Of aid to
Public improvements by State subscrip-
tions to the Stock of Railroad, Canal
and Turnpike Companies, the entire
debt was sl9,25l ITO; of which the Re,
ducible Debt was 7,798,057, and the
lrriducible 81, ass, 1898.
From that time the Reducible Debt
was gradually diminished, until the de.
falcation and debt contracted in antici-
patton of revenue created q necessity for
the temporary Loan ofs7oo, 900, which
was authorised by your predecessors
and negotiated in 1858, and is REIN.
burstable on the lst July, 1860, and
lst March, 1861.
AT the close of 1859 the entire debt
was thus constituted: The Foreign