Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1861-01-10

al the plan, which with the concurrence of the
| Fund Commissioners he submits for the pay mput
| OF our entire public debt by psnns of taxation
without the renewed ofany Of the existing loans
! The reasons presented by the Auditor in favor of
| the immediate ndostion OF this policy nre, In my
Judgment, unanswrreble,. The Whole amount OF
our rrdnrihle debt, foreign, domestic and tempo
rary, is Ia ,257. 50, which sam but little ex
teeds ono aud hahper cent OF the taxable value
4 OF he State, om0ustng to nine hundred million
ddlars, in round numbers With such re- ources
at her command, it does not seem reasonable that
| Ohio should lork TO loans to meet her accruinp
liabilities. so inconsiderable when compared with
her resources. unless the increased tax over the
present levy which will be requir, ,e meet IN ,se
liabilities within rcos ,nahle time, would impose
M unnecessarily eavy burden upon the peopIe go.
such do not think would Tesu, from tue adoption
of the proposed plan.
The levy for the yeur 1861 for he payment Of
the interest and the gradual reduction vi the pnb
lie debt rs one and four ienihs Of mill on the dol
lar. The snne levy continued would result in
the reduction Of the public debt IL, Jnnunty, 1871
To the sum OF eleven million six hundred and sew.
enty thousand three hundred and nincty two dol.
lars and twenty cents. The smo'mt To be raiscd
IN the meantime to meet the occruing interest
and principal OF the debt by taxation-al the 9th.
er sources Of The Sinking Fund being nearly ex.
hnusied .-would he nine million seven hundred
and sky thousand ninety. three dollars and fifty;
lour cents, making the sUms paid to january, 1871
aud to he paid thereafter on the principal Of
debt, 2l,i3l,465 "a.
Instead oi adhe ing 10 this mode Of paying tho
public debt, the Auditor proposes an addition OF
SIX ientlls Of a null on the dollar to the present
levy, making the entire levy two mills on the del
lar, which VIII provide u sufficient sum to meet
th" accrling interest, and those portions of the
principal of the debt maturing prior to- md on the
irst day oi January, 1871, leaving then only So.
100000 OF the debt unpaid
Under this plan the amount Of princi.
pal pnid from January I, 1861, to
January |, 1871, would he S9,s97,2il 20
The interest paid during the snme
period would be 5676,233 so
Making the tot al paid on principal
and interest s15,573,474 10
Adding to this the principal Of the
debt remaining unpaid Jan. 1871 4 200. 900 90
And the total amount paid to Jan.
1871, and to be paid thereafter,
would he Sl9573,474 10
This is 81 ,S56,9ol "a less than would have to he
paid under the present system p' or to, aud on the
ct the results Of the proposed tlan Of paving tho
public debt, it should be added that while the in
creased taxation necessary to consumma,e the
plan will amount To less than twenty five cents
yenr to each inhobtnnt OF the State nfter the wear
1870, the peopl, will be relieved of three fths OF
his levy, as the remaining two fifths will yield
sufficient sum TO meet the interest, and provide
Tor the payment, nj its matnrii y. Of the principal
ot he remaining four millions of the public debt
| 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: