Pomeroy weekly telegraph. [volume] (Pomeroy, Meigs County, Ohio) 1860-1866, 1861-01-18

benefit for your legislation on this sub
ject to be in advance of public sentiment
but it should fully meetthe demands. O.
that sentiment.
REFORM SCHOOLS.
have much satisfaction in comnuni
eating to you the official report of thu
past years operations of the State Re
form School. Many material improve
ments in regard to economy, genera
management, and discipline have beer
introduced into its administration. Th'
enterprise should no longer be regarded
as an experiment. Brief as is its his
tory, it has established its claim upol
the public confidence. It's success hal
realized all the reasonable expectation
of its early advocates. The practica
examples Of reformation which it hal
furnished, give the most gratifying as
surance Of its permanent usefulness
Its administration is excellent. com
mend the institution to your fostering
care.
FINANCES AND PUBLIC DEBT.
I refer sou to the Report of the Au
ditor for detailed exhibit of the fnan
cial condition of the State, and earnestly
recommend to your approval the plal
which, with the concurrence Of the Funt
Commissioners, he submits for the pay
ment of our entire public debt By mean
of taxation, without the renewal of any
of the existing loans. The reasons pre-
sented by the author in favor of the i'm
mediate adoption of this policy, are, il
my judgment unanswerable. The who'll
amount of our reducible debt, foreign
domestic and temporary, is S14 $50,
233 SO, which sum but little exceeds ON,
and a half per cent. of the taxable val
ues Of the State, amounting to S90o, 900,
600, in round numbers. With such re
sources at her command, it does not seen
reasonable that Ohio should look te
loans to meet her aceruing liabilities
so inconsiderable when compared witt
her resources-Hnless the increased tal
over the present levy which will be re
quired to meet those liabilities *ithin
reasonable time would impose an unnec
essarily heavy burden upon the people
Such l do not think would result from
the adoption of the proposed plan.
The levy for the year 1861, for tht
payment of the interest, and the gradua
reduction of the public debt, is one and
four of mill on the dollar TIL,
same levy continued would result in tn.
reduction of the public debt in January
1871, to the sum of S11 $40, 1892 20. Tht
amount to be raised in the meantime tt
meet the accruing interest and principal
of the debt, by taxation--all the othel
sources of the Sinking Fund being neariy
exhausted-would be s9,760,093 81
making the sums paid to January, 1871
and to be paid thereafter on the princi
pal of the debt, S21 ,430. .465 "a.
Instead of adhering to this mode ot
paying the public debt, the Auditor pro.
poses an addition of six -tenths of mil
on the dollar to the present levy, making
the entire levy two mills on the dollar
which will provide sufficient sum tc
meet the accruing interest, and those
portions of the principal of the debt ma
turing prior to, and on the first day Of
January, 1871, leaving then only
$4,000, 900 of the debt unpaid.
Under this plan the amount Of
principal paid from january
/, 1851, to January !, 1871,
would be.................,...... So SJI, 241 x
The interest paid during the
same period would be........ 5,s7s, ,2ss 81
Making the total paid on prin-
cipal and interest............. Sl5,573,474 7C
Adding to this the principal Of
the debt remaining unpaid,
January, ls7l.................. 100000 0(
And the total amount paid to
january, 1871, and to be
paid thereafter, would be-. $1S, ,573, ,474 70
This is s1,856, ,991 Cd less than would
have to be paid under the present sys-
tenn prior to, and on the first day of Jan
uary, 1871. To this favorable showing
the results of the proposed plan Of
paying the public debt, it should be ad.
ded, that while the increased taxation
necessary to consummate the plan will
amount to less than twenty-five cents a
year, to each inhabitant of the State, af.
ter the year 1870, the people will be re-
lieved Of three-fifths Of this levy, as the
remaining two-fifths will yield sufi-
cient sum to meet the interest, and pro-
vide for the payment, at its maturity, Of
the principal of the remaining four mil
lions Of the public debt.
I append tables to this communication
showing the practical workings of the
plans.
The following statement exhibits the
amount and description Of the entire
debt of the State:
FOREIGN DEBr or TIE STATE.
per cents due in 1s6o............S6,4I q
6 per cents due in l870.......... 2,lSAs3l So
per cents due in l875............. 1900 900 90
per cents due in 1S86............ 100000 N]
per cents due in, 1861 Tempo
rary loan) ).........".............. $4,000 oc
per cents due in 1s65...-...". i,Os5,o0o 90
Stocks due in 1859, not bearing
Interest,". ............................ 1,1ss 50
Total Foreign Debt-.........Sl3,97ao2a 81
DOMESTIC BONDS