Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1861-01-16

will devise some sufhclent legal reheuy IVI
diminishing these evils, which will address
itself favorably to the people of the State
and thereby secure their earnest support
for its enforcement. 1t would be of little
practical benefit for your legislation on this
subject to be in advance of public senti-
ment, but it should fully meet the demands
1 of that sentiment
STATE REFORM SCHOOL.
| have much satisfaction in communicat-
ing to you the official report of the past
years operations of the State Reform
School Many material improvements In
regard to economy, general management.
and discipline have been introduced into
it, administration. The enterprise should
no longer be regarded as an experiment.
Brief as is its history. it has established
its claim upon the public confidence. Its
succ, IS has realized all tue reasonable ex-
Rotations of its early advocates The
practical examples of reformation, which
/ it has furnished. give the most gratifying
assurance of its permanent usefulness. Its
administration is excellent. | commend
the Institution to your fostering care.
STATE FINANCES
I refer you to the report of the Auditor
for a detailed exhibit of the financial con-
dition of the State. and earnestly recon-
mend to your approval the plan. which
with the concurrence of the Fund Com
missioners. he submits for the payment of
our entire Iublic debt by means of taxa
ton. without the renewal of any Of the ex-
isting loans The reasons presented by
/ the Auditor in favor of the Immediate
adoption of this policy are, in my judg-
ment. unanswerable. The whole amount
of our reducible debt. foreign. domestic
and tenn lorary. is sI4.25O. 233 80, which
sum but little exceeds one and half per
cent. of the taxable values of the State,
amounting to 500 100000. in round num-
bers. Witt such resources at her CON-
mand. it does not seem reasonable that
Ohio should look to loans to meet her ac-
cruing liabilities-so inconsiderable when
compared with her resOurces-unless the
/ increased tax over the present levy which
will be required to meet those liabilities
within a reasonable time. would impose an
unnecessarily heavy burden upon the pet-
pie Such | do not think would result
from the adoption Of the proposed plan.
The levy for the year 1861 for the pay
ment of the interest and the gradual re-
duetion of the public debt is one and
four-tenths Of mill on the dollar. The
same levy continued. would result in the
reduction of the public debt in January
1871. to the sum of sll,670.392 90
The amount to be raised in the meantime
to meet the accruing interest and principal
of the debt by taxatien-all the other
sources of the Sinking Fund being nearly
exhusteG-Vould be S9,760,093 81, max
ing the sums paid to JanuarylS7l. and to
he paid thereafter OH the principal of the
debt, S2I,430.465 "a.
Instead of adhering to this mode of
paying the public debt. the Auditor pro-
poses an addition of six-tcnths of a mill
on the dollar to the present levy. making
the entire levy two mills on dollar, which
will provide sufficient sum to meet the
accruing interest, and those portions of the
principal Of the debt maturing prior to,
and on the first day of January. 1871,
leaving then only 100000 of the debt
unpaid Under this plan the amount of
principal paid from January l, 1861,
To January ISL wonIJ Ie.-....... 50 sg7 .24I 90
| The interest paid dur. ng the same period
would 5.676.s33 so
Making the total paid on prineipa
and Slj 5.3.4I4 20
Adding 20 this the princip. VI tho
debt remaining unpaid Jan lsIl'..-..- 4NOo OOn oo
And the total amount paid tn Jan'y.
1871 ami 10 paid thereafter. would eSl9513 "a 20
his is 81, 1868 OF less than would
have to be paid under the present system
prior to, and on the first day Of January,
ISL. To this favorable showing of
the results of the proposed plan of paying
the public debt, it should be added, that
while the increased taxation necessary to
consummate the plan will amount to less
than twenty-five cents a year, to each in
habitaut of the State, after the year 1870,
the people will be relieved of thrce-fifths
of this levy. as the remaining two-ffths
will yield u sufficient sum to meet the inter
est, and provide for the payment, at its
maturity of the principal of the remaining
four millions of the public debt.
l append tables to this communication
showing the practical wOrailgs of the
plans.
The following statement exhibits the
amount aud description of the entire debt
of the State:
Io1xIsS DEBT ST THE STATE.
per ceats ia - ii3,395 "a
} .l,Ya in La J3