The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1860-03-14
Defcit-.--.-.-

cHfS' w
The temporary loan yields SOL 1856 81 ex-
cess, and the sinking fund falls short Sl45,-
$50 IS, the falling to satisfy the demand;
against it by S54,374 SO.
The Commissioners say 'tsThe simple state
ment of this result is perhaps, its own most i'm
pressive comment. Hut 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 be
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 Commissioner show that this method
of operating will keep running the fund be-
hind, and sum up as follows .'Thus ut the be-
ginning Of the next fiscal year, the sinking
fund, already, as now constituted, inadequate
to meet its pro- er annual burdens, will Start
with a load accruing in previous years. of S34l,-
900, and the result at the end of that year if
the present rate of taxation is not increased
may be gathered frum the foliowing cstimate =:
Charges for 1850------------S1 ,390,026 81
Receipts for 1S50----- 0,000 90
Deficiency to be provided for 81 $%4S0,026 81
From this statement of the operations it is
clearly evident that the sinking fund, on its
present basis, will coon be eaten up by a con-
stantly increasing deficit. The rapid decrease
of the revenue in the sinking fund is the le-
gitinate results, not merely of the gradual d.
minution of the sources of revenue (othcrs
than taxation) out of which it was originally
constituted, but of a diminished rate of the
taxation which contributes to its needs" The
Commissioners "urgently recommend a levy
of one mill and five tenthssfor the purpose of
the sinking fund. The plighted faith of the
State, fidelity to the requirements Of the con-
s%titution, and every consideration of public
policy, alike demand that this fund shall at
once be restored to its proper condition, and
no rate o. taxation less than this will accom-
plish that indispensable result"
The fact s here disclosed to the tax payers
of the State, that the sinking fund is, running
behind, and hence the pretended decrease in
taxation for which in the last campaign, Gov.
Chase AID Mr.. Dennison asked that the Re
publicans have credit and be glori6ed, turns
out to have been performed at the expense OF
the sinking fund, until, if the Republican
''metAod Of operating" be continued, that fund
will be SO deficient as to require tob provided
to meet such deficiency in the year 1861, the
sum of Fo4r Hundred and eighty Thousand
and Ttueny- .Sic DoUdr and Thirty Two
Cents! This is rather. a different story from
the alleged facts and figures of Gov. Chase and
Mr.. Dennison, freely exhibited in their stump
~orations before the people last fall. To meet
the present EFFICIENCY and to restore the sink
ing fund, the Commissioners urgently recon-
mended a levy of one mill and fve-tenths on
The dollar, as an addition to our present enor-
nous high taxes, and if this additional taxation
be not imposed on the people of the State, we
ire assured that Sa>Hthe sinking fund on its
present basis will soon be eaten up by a con-
stantly increasing defcit."@0sa After the graf
flying exhibit made to the people in the late
canvass, by the out going and by the incoming
Governor, and the exalted position claimed
by them for the Republican party for its eco
nomical management of public aft airs, this con-
fession that the sinking fund ION it's present
basis" next year will be deficient nearly one
half million, and if not relieved by a heavy ad-
dition to the taxes, will soon be ..eaten up
must strike the people of Ohio with utter as
constituent. This revelation of the Fund
Commissioners proves that the people, the tax
payers, have been deceived the truth sup
pressed-and false statements of the condition
of the public finances made by both Gov.
Chase and Gov. Dehnison, by which the one
has gone INTO the Executive Office and the 9th.
er been elected to the Senate of the United
States. There can be no question about the
fact that Republicanism has been a very dear
commodity to the people of Ohio, who have in.
stalled it into the high places of the State; and
when the day shall come, as come it will, when
a complete and thorough exposition can and
will be made, it will be found that a system of
false pretences, evasions, receptions, cheats
and frauds have characterized the whole sys-
tenn and policy of the administration of our
State government while in the hands of the
Republicans. The people have regarded the
Sinking Fund as beyond the reach of contin-
| gencies-as a sacred deposite, to be applied to
the one and the only purpose for which it was
created-the reduction and final payment of
the State debt; but they are now advised that,
during Gov. Chase's administration, this fund
has been used to supply deficiencies in the cur
rent revenues produced by the ~specious pre-
tence made to the people that their taxes had
been reduced by the Republicans The par
allet. of the Republican party is not to be
found in the history of any other organization