Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1860-01-11

gregate revenue Of the last half exceeded
, that Of the first. This result was produced
by the larger average basis of taxation il
the last period. More than the whole cx
cess of lcvies was for school purposes an,
the payment Ofdebts contracted in the frs
period.
Another tabular statement, numbered |
will show the yearly disbursements for lie
g;slative, Judicial anil Executive expenses
!Or tn: expenses of the Benevolent and Re
forma. Try In,titution., and on aecouut o
the Public Work, for threo periods of fou
4 iears cach-the first immediately preced
ng, and the two others imme lately fol
lowing the adoption of the existing Con
stitut.on. 1t will Ge seen upon inspection
IF it, that the expansas were l1rgely incrcas
ed after the adoption of the Constitution
but that they have been considerably les
during tn. third than during the sceonC
of these eriols. The average yearly ex
pend tn from 1913 to 1851 was $73S,
i75; from 1852 to 1855 inclusive, adding
to the apparent amount the unau;horizet
debts contra ted within those wears ant
subsequently paid, $l,O95,S24; from Isjt
to 1850 inclusive. de,luc,ing from apparent
am ,uEts payments on account of debts pre-
v!OuSly contracted, 1895. .533. Whsn it j.
remembered that during the Ia t period
the Public Works have become charge
upon the General Revenue; that the two
new R.formatory Institutions have beer
organized; that large additions have beer
made to the list of judges; that the Comp
trolIer's Office las been created; that foul
sessions Of the Legislature have been heId
that 4 namher Of salaries, especially o.
| Judges and officers on the Board Of Public
Works have ben increased. and other new
ex lend:'urei hive been direct d by the Le-
gisIatue c, NAV it not be hopel that the re-
suits of those four years will be accepted
as evidence ct least of a sincere desire and
en!eavor, On the part of the Executive Of
fcers, to perform faithfully th:ir duties to
the pc pl-?
Be .idei the advance from the Treasury
fn repairs Of tbs Hooking Canal, which
has been heretofore explained to the Le-
gislature and " Il be again fully explained
in this communication. am aware Of no
{ palditures beyond appropriations end no
dcOts incurred without authority. during the
las. two biennial periods, which will en-
barraSs the finances, or oppress the re-
venues for future years.
PeImt me now to invite your attention
to some o. Sc yatioUs upon the Public Debt
of the Safe. That debt, l neel hardly re-
peat, is of two descriptions; the Reducible
and the Irraducible The former repre-
sants loans from capitalists; the latter rep
res,uts tue prooeeS- of School Funds gran
ted BY Congress. The former may Ue re
duced by payments; the latter must cOntin-
ua to increase as long as the proceets of
school lands are used and funded as now
directed by law, and under the existing
pledge Of six per cent, to the purI ose for
w:ch the School Lands were granted.
In january, 1915, after the completion
of the Public Works and after the abau-
donment of the policy Of aid to Public I'm
proyemnis by stale subscriptions to the
s ok of Railroad, Canal and Turnpike
Companies. the entire debt was SIs,251,-
lie; of which tho Reducihle D:bt was Sl7,-
796, 05.-, and the lrredue.ble SI,455,l23.
From that time the Reducible Debt was
gradually din I'M hid, until the deialcstion
and debts contracted in articipati1u of rev
enue created a n9cess:ty for the Temporary
Loan Of STO0.OOo, which was authorized
hy Your prede,ass. rs and negotiated in I8-
SO, and is reinlursablo On the lst July, Is
60, and Isl March, 1891.
At the c.o.e Of 1859 the entire debt was
thus constituted: The Foreign Debt was
5I3,G2I. .s57 20; the Domestic Debt. &275,-
3S5; making tie whole Reducible Debt
SI2. .S97,242 20; the Irrelucble Debt was
a2.535,U16 05; an1 the Temporary Loan
100000, making q total Of 3l7,I31,319-
l5. From this amount may properly be
deducted $2I8,I54, already collected for
part Ia mont Of the Temporary Lean. }
1t will be seen that in sixteen wears the
Public Debt has been reduced cuiy by the
sum of S2,36S.68O. The sums receive cd in
the same time from Surplus Revenue, sales
Of Lands, from Public Works, and q few
mis- ellaneous 50; res oth.r than taxes we're
Sc ,6sI9l7. The greater part, OF course,
vas applied in payment Of interest. instead
d reduction of principle. i
Provisions o The 'ew Constitution pro-
D hIed the Increase and re lu.rel the grail
IL ex nc.ion of tie debt. An act Of the
last General Assembly IVES intended TO Sc
.u;e that result It authorisas, whenever
my portiIn of the debt shall become pava- ]
DE, the issuing Of new bonds to an amount
to discharge it. Those n,w bonds
ire to BE- a., , payable in such installmeD;s
hat the annual levy required by the Con-
ttution viii supply the means for their
'avmeut in full ut maturity; aHl the ae:
equ:res th'r payment accordingly without a.
eucwal and without delay. =
This plan, if persistentiS alhered to, will c
ertainly extinguish tn. whole Eeducible
Debt; bu, the operation vii require thlt7- 9
ne wears, and many circumstances may oc {
TT to suspend or f ustrate its result. Ny !
wn impression is that the wishes of the !
eopls viii be meter consulted by provision {
Or oarlier payment and consequent relief S
rom taxation for interest. Should your q
pin on be otherwise, yOI viii do nothing, c
trust, to impair, but everything To SECURE /
he certainty of payment within the time :
United BY the act. 4
On the first of January. 1881, if It be the I
leasure of the State, S6,4I3,3 325 q Of tho Il
bit NAV be paid. The contrac; OF loan, n
1wever does not impose the obligation of ;
qvment at that time. The whole duty Of 4
be State VIII be performed by punctual
avment of interest, and such provision for
he discharge of the principal as may be re- / T
tired by the interests and wishes Of the {
cople. I
Whether it be thought expediont or not L
D adopt the scheme of payment proposed c
Y the at oflast year, some change will :
robably lie found necessary in the deserip- il
ION Of The bonds to be iSsGed. That net, a
5 originally framcd. and rs 1t passed the d
senate by an unanimous vote. contained r
r1yisions exempt:ng from taxation the /.
onds 10 be issued uUder it, and also q ju-
eioUs discrimination in favor of loan takers .
':;hin tie State. 1t was aneRdeI in the