Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1860-01-07

Cd to The Sinking Fund for TIE payment Of
interest and principal Of the Public Debt.
For the annual expenses Of the State in
Education, for Benevolent Institutions and
for all departments of the state Govern
ment, no substantial reliance can be placed
on any other sources Of revenue than the
annual levies
The whole amount Of disbursements dur.
ing 1859, upon Oh accounts. was S3.552.-
304, and the balance in the Treasury at
its close, was $l93,276.
A more particular review Of the several
branches of collection aud disbursement
will present. in a still clearer light. the GIN
ancial transactions of the year. For the
support of the State Government and In
stitutions there was collected during the
year, from levies on the Grand List. the
sum of $603,647. Receipts from licenses
and auction duties; from the Penitentiary;
from taxes on Banks and from claims col
lccted, together with the balance at the
close Of 1858, increased this sum TO 1884
l07 From this SUN several amounts, not
properly constituting revenue should be
deducted, leaving the true sum for disburse.
ment, $S68, $50. OF this there was dis
bursed during the year, 1882, 5S5 But as
the receipts did not exactly represent rev.
enue, so neither did the disbursements pre-
cisely represent expenditures For exam
lie, the sum of $63, AGO is charged as dis
bursed, when the real transaction was the
placing of old claims, nominaly of that
amount, in the hands of proper officers for
collections: and the sum $50. 200 was SINH
larly charged, when the whole amount was
paid, not tor general purposes, but on ac-
count Of Public Works, under the direction
of your predecessors The actual disburse-
ments for the Executive, Legislative and
Judicial departments, and all the benevo-
lent and reformatory State Institutions, in
Guiding the Peniteutiary, were, therefore
S626,S3S. The balance remaining was
$10l ,59l.
For the expenses of the Public Work:
there was received, from tolls and water
rents on the Ohio Canal, $7I,442 on the
Miami aud Erie Canal, $ll4,237; on the
Mnskingnm Improvement, $lS,274: on the
Hooking Caual, u ,30I; on the Walhoudinp
Canal, $475; on tue Western Reserve anc
Maumee Road, $2,lSl; on the Nationa
Road, $5,55l from sales of canal lands
$5l5; from other sources, $9,92l; in all
| $246,I ,ISl. The disbursements were S336
9o2. The apparent excess of outlay ovei
income was, therefore, 10000 and thi.
amount was paid from the General Reve
nue., as has just been stated. OF this sum
however, $S4,034 was expended in nav
ment for the Lewistown Reservoir, and fo
other spcial purposes, outside of the prope
repairs of the year. The real excess o
cost over receipt was Sc, 10
For common schools, there were collect
ed on the grand list. $l,24S,7 1917. Ther,
were also collected on the grand list, fo
schools, but as part of the levy for Sinking
Fund, $l53, sos &c. This sum was the in
terest on the lrreducibe Debt, created b,
the appropriation Of the proceeds of thu
school lands to general State purposes.
The two sums, with the balance from th
preceding year, formed an aggregate, fo
school purposes, of $l,4l8.647, of whicI
were disbursed $l,365, ,92S, leaving a bal
ance of $52,7l9.
The amount collected for School Libraries
already stated, with the balance for tn
preceding year, was SS0,l73. The amour
dlsbursed was S79,579, leaving balanc,
Of S593
For payment debt and interest there
was collected from Levies $l,029 1874; o
which S740, 970 were for the general pur
poses OF the Sinking Fund, and $2SS, Is.
were for the reimbursement of the Tempo
rary loan. There were also received for Ga,
Sinking Fund from Surplus Revenue depos
lted with counties, from sales of Schoo
lands, from Canal, Turnpike and Railroad
dividends, and from few other compar
atlyely unimportan t: sources, $l45, 952
and there were returned to the Treasury. o
money drawn for the payment of interest
$50, ll2. These sums with the balance O
S67, $50 from 1858 amounted to 81. 27O 23S
which was the amount applicable to Sink
ing Fund purposes in 1859. Ofthis amount
SS3, ,O7Owere used 10 pay interest on foreigr
debt /; $lS,2l6on the domestic debt: SI53.
800 on the irreducible debt $I2, 759 wer
applied in payment of the expenses of the
Fund Commissioners, including the cost of
vault FOR their Office; 81 800 in discharge o
a claim ordered to be paid by the last Gen
eral Assembly and $62, ,52S IN purchase O
bonds OF the temporary loan, aud othe
bonds to be used in payment. The aggre
gate expenditure was 81 ,l41 ,684, and a bal
ance was left in the Treasury of 1928, 554.
1t will he seen by the revenue provides
by law for the payment of interest on til
Public Debt, not including the Temporar
Loan, was insufficient for that purpose. tn
amount wanting was about STA, 900. Their
being, however, in treasury large SUI
belonging to the Sinking Fund, derive
from the levy for the Temporary Loan, hu
not needed for its payment till next March
it was thought better to supply this delicien
amount from that source than to resort t
the power to impose additional eVies, veste
by the last General Assembly in the AT
dltOr OF State. The public interest wa
perhaps best consulted in this action bu
it involved departure from that proviso
of the Temporary Loan Act, which require
the proceeds OF the levies for its paymen
to be absolutely reserved from all other az
plications and it may well be questione
whether any advantage gained by sue
departure ought to prevail over the consic
erations which enjoin strict compliance wit
the law. Itis obvious, how ever, that tn
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