Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-02-05


The estimated receipts fOI they year 1868,
are S4. 6s1, ,S24.I6; disbursements, S4,874,-
1889; leaving in the Treasury November
lst 1868, a balance Of S41018747. The
total taxes on the duplicate of 1861, were
Sll. .856, 1882. The valuation on the du-
piicate of 1862, is $3.50 2S5, ,292, upon which
are levied So, ,762, 500 SO of taxes. The Aud
itor estimates that the receipts for taxes
will be S1s2, ,O1924 less than the gross levy
for the year. The receipts Of this year are
estimated st about S4IS, 600 less than last
year, principally from the decrease of the
tax from one mill and four-tenths of the
year preceding, to one mill.
It's recommended that the Governor :
contingent fund be increased to SI45,OoO
or S15O,OOO
The Auditor argues against the accept.
ance by the State Of the grant of land Of
fered by Congress from which to iuad IN
Agricultural College. He says that the
grant of $4,000 acres sf land at first
view, seems magnificent but it would not,
even in long course of years, produce a
capital Of more than S5OO,0OO, while the
cost of putting into operation single col
lege win not be less than 100000 or
$4,000, exclusive of the cost Of managing
and selling the land The people must be
sureties for the absolute safety of the
whole Of the investments Of land and for
due payment Of the interest
The thres-ffths Of a mill tax levied by
Ehe Act Of last February for the relief Of
the families of volunteers, amounts to
$3.50, 1850, which win probably be reduc-
I'd by delinquencies, SC, to $4,000.
Estimating the number Of Ohio volun-
teers now in service to be 10000, and
computing that one-fourth of these have
families, the fund will be sufie-
lent to give to each family Sl457.
The continuance of this mode of relief,
with. the tax increased to one mill, is re-
commended, and the report well says, q the
tax ought not to be regarded as public
burden, nor yetas public charity, but as
srelief due in justice to the families Of
those who, leaving home and friends, haz-
ard health, safety, and life itself, for the
hOnOrand security Of all" He recommends
that the funds be collected by counties and
not by the State.
The State has paid more than her quota.
Of the direct war tax, having paid 81, 1,OOO-
600 in accounts and vouchers for moneys
expended by the State, and $3.50, 600 IN
cash. There viii be no payment required
during ths present year, tho direct tax
having been suspended until 1866.
During the year S755,61O 7S Of the pub
lie debt have been redeemed, leaving the
present debt S14, l4L L6e2.e1. Discussing
the question Of the payment of interest
upon the State debt in coin, the Auditor
concludes that the banks should not be
called upon to furnish coin, provided they
are not making further issues Of suspend
ed bank paper. he holds that the tender
Of Government legal tender notes. bv the
banks, would be compliance with their
legal obligations. One ofthree plans must
then be adopted First To abandon coin
payments of interest. Second. To au4
thoriEe the purchase Of coin in the mar
kst with sufficient increase of taxes to
pay the premium; or, Third. To require
the payment Of sufficient portion Of the
saxss in coin.
lie argues that the faith Of the State is
p'edged to paying the interest in coin,
notwithstanding = the great difference be-