The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1868-01-17

leStlnaltU dt Sf,OlV,VOv w, anu tue
total liabilities at S4,954, ,S06 90
making balance against the fund of,
s444, ,806 90. The Auditor says !:
sWe have claims against the United
States, for military expenditures
during the late rebellion, amounting
to about S500,0c0 about 100000 OF
which We shall probably collect. And
as large amount of our funded debt
was contracted in the creation of
these claims, at least $3.50, 900 of the
amount received upon them should
be appropriated to the payment of
this balance against the Sinking
Fund. II this be done, there will
still be balance against the fund Of
S1S4 ,S06, which can be arranged by
temporary loan in 1870; and thus
save any additional taxation ON the
people.
SCHOOL FUND.
| This fund, at the present rate of
levy, is barely sufficient to keep the
schools in operation the six months
of each year, required by the school
laws. The present rate of levy, 1-3
mills, must, therefore, be continued,
or the onward progress of our adj
mirable system of common schools
will be arrested. -s
The present rates of levy, for all
State purpoces, were adopted two
years since, on the recommendation of
this Office, after careful examina-
ton of the subject, and experience
has proved that they can not be re-
duced consistently with the efficient
administration of the State govern
ment, and the prompt payment of
its obligations. But with the prac-
tice of proper economy, and the
adoption OF the means of retrenching
expenses heretofore suggested by
this Office, these rates will be ample
for all legitimate purposes.
The Government of free State
should be simple in its organisza-
ton, employing only sufficient mum.
ber of officers and agents to enforce
the laws, transact the public business
and maintain every person in the
enjoyment of his rights. No greater
levies should ever be made upon the
people than will produce sufficient
revenue to accomplish these objects.
If these ends are kept in view, the
present rates of levy will be sufficient
for all our State purposes. They
will not enable us to advance as rap
idly in our benevolent enterprises as
many would desire. We can not
finish the new Blind Asylum, nor
the new Lunatic Asylum at Athens
during the single year of A. d. 49,
I68, but we can finish both in 1868
and in 1869. tits better to be two
years in constructing these edilices,
than, in the present embarrassed
condition of our country to increase
the burdens of taxation upon our
people.
BALANCES IN THE TREASURY.
1t is known to every one familiar
with the financial operations of a
great State, that there must al
ways be balances In the Treasury,
to, the credit of the various funds.
At certain periods of the year. these
balances are very large, and GER
tain portion of them cannot be used
for six months after their payment
into the Treasury, for the purposes
for which the money was collected.
The Auditor of State keeping all
the accounts, knowing the amount of
all appropriations, and watching all
the financial operations of the State,
year to year, month to month, and
day to day, can estimate very nearly
the amount that will be required of
any one fund, to meet the demands
upon it for any given period, If,
therefore, there be q considerable
surplus of such fund, bey ond all the
demands that can be made upon it
for the next six months, and the
Auditor be authorized to transfer
such surplus to the Sinking Fund,
and it be invested in State Bonds
bearing interest, the interest on the
amount transferred for the six
months is saved to the Treasury,
and the collections for the Sinking
Fund being semi-annual, that fund
is able to repay the whole or any
part which may be needed. Perhaps
part of the amount may be carried
over an additional six months, and
increase the saving. This process
Imay be repeated at the beginning of
leach calendar year, and the interest
on 8 large amount of money be saved
Iby the payment of large amount
Iof principal of the public debt at
the beginning, instead at the close
of the year. The interest saved to
the State by the use of these balan-
ices under the law of last winter,
during the fiscal year just closed,
amounts to the sum Of S3I ,430r 81
This is not a large amount, but it
would have been larger had the'1aw
been in operation in January last
u0 culu, uOWCVCts 10 we'll WIN
saving, and as there is no possibil-
'Iity of loss to the State, in the opera
Ition, it is hoped that the power to
make transfers of these balances
, will be continued. t~T
AGRICULTURAL COLLEGE LAND SCRIP.
! This scrip, as was shown by the
the report Of the Commissioners for
Its sale, was all sold in the years
|, 1865 and 1865. Allarge portion OF
lit was sold on time, and am happy
; to state that the whole proceeds have
been paid into the Treasury, and
1.-THE amount to the sum of S340,S
40; that interest had accumulated
thereon to November 10TH 1867, to
!, the amount Of s1S, 823 81 and the
annual interest thereon will here
after be 500, ,453 66. Egl 81
OUR FINANCIAL SYSTEM.
In former reports / have alluded
to the defects and imperfections II
our tax laws and other acts relating
to the collection, safe keeping and
J. management of the revenues; ant