Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-01-15
PUBLIC DEBT.


The Commissioners of the Sinking
Fund have, during the year, paid S7S2,
S26, SO of the funded debt of the State,
leaving outstanding $1I,03I, ,94I,55.-
The question of providing for the in.
stalments to be paid during the next
three years, will be before you. The
present rate of levy will not be quite
sufficient for the purpose, about $780,
900 being required in addition to what
will be raised thereby. The recon-
mendation of the Auditor of State,
that brief loan be made for the pur-
pose, is supported by the fact that It is
very probable that the present rate of
taxation, without increase, would, in g
very short period, pay both the sue.
ceeding instalments of the debt and
the loan thus raised; the expenditures
of the Treasury being exceptionally
large at this time, by reason Of the
erection and enlargement of BeneYo-
lent Institutions, and the necessity of
refunding to the National Banks, taxes
which have been adjudged by the
courts to have been unlawfully collect
ed. l therefore concur In the Audi
tors recommendation.
TRANSFER OF BALANCES IN THE TREASURY.
By provision of the annual appro-
priation bill of last year, the Auditor
was authorized to transfer, temporarily,
balances of various funds to the Sink
ing Fund, and to pay Herewith por-
tons of the debt OF the State, thereby
stopping interest thereon. The expec-
tations of advantage from this statute
have been realized without any prac-
teal detriment 10 the business of the
Treasury, and by this means a saving
has been made of the SUM of $S7, ,43O,-
"a, which would otherwise have been
paid as interest on the debt. The plan
is so manifestly economical and proper.
that recommend that it be made
permanent.
EXAMINATIONS OF THE TREASURY.
The usual examinations of the Treas
ury have bean made during the year,
and special examination made under
the statute was made by Hon. C. w
Potwin and the Treasurer of State in
August I; the funds belonging to the
State being found accurately TO accord
with the balances shown by the books
of the AUDITORS and Comptroller's
offices. The report Of the special COM
mission viii be found among the pa.
pers transmitted herewith.
REVISION oF TAX LAWS.
The last Legislature directed a COM
mission to be appointed to revise the
tax laws of the state, and report what
changes are necessary to systematize
and make consistent the existing stat
utes relating to this important subject.
Their examinations have disclosed a
great many inconsistencies and incon-
gruous provisions in our financial legis-
lation, and the result of their laborious
Investigations will be found in their
report, which will be before you. They
have consolidated the present laws in
10 several carefully drawn bills, TO
which your early attention is invited.
The necessity for their work is made
manifest by the exhibit of numerous
contradictions and anomalies which
they disclose and the remedy will, as
/ believe, be best found in the adop-
tion of the bills they recommend.
AGRICULTURAL COLLEGE scBIP.
During the past season the proceeds
of the sales of the lands given to the
State by the Federal Government for
the endowment Of an Agricultural and
Mechanical College have all passed in
to the Treasury, and that Endowment
Fund is now complete. 1t consists of
q capItsl of $40, 1894, 40, on which nearly
twenty thousand dollars of interest have
accrued within few weeks. The dis. !
posal of this fund has been vigorously
at each session of the Gener- |
al Assembly for four years past, but no |
definite settlement has been made OF |
plan for its use. The fact that the pro-
ceeds of the sales of scrip had not been
fully realized has no doubt had much
influence in delaying fnal action but
as the money is now in the Treasury, 4
The time seems to have come when its
use should be definitely determined. |