Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1873-01-09


present financial conditions of the
State.
STATE FINANCES.
On the 10Th day of November,
1871, the public funded debt of the
State Was $9,022,72I 70.
The redemptions during the year
were:
loan Oh lSOJ ..----..--..-..N,1 81 ,1aO 0O
Loan OF 1870. 1882 80
Loan ol lSl ---------... ? 100 %
Loan of Is.5 .5.----.. 49, 200 ~
Loan OF loos. y g92 81
Outstanding November Is, 1s12 s., ,ss2546 81
OF the amount outstanding on the
18th of November, the sum of $102,-
015 had ceased to draw interest, the
holders thereof having been mott
fled to surrender their stock for re-
demption, thus making the interest
bearing funded debt of the State $S,-
S4,53I 81.
The funded debt is divided as fol-
lows:
Foreign debt payable in New
Domestic debt-payable in Colum-
bus ........................ 1865 90
Total. =. .$s5ss, ,546 81
The local Indebtedness of the
State on the lst day of September,
1872, was as follows:
Net debt of counties. s., 765, $50 OF
Net debt of townships, including
debts created by Boards of Edu-
cation, other than for separate
schools districts. ...-......... -. 44s,s3S 10
y Net debt of cities (frst and second
class Il, ,495, ,59l O4
Net debt of Incorporated villages. 6i6,5s9 Ss
Net debt of school districts Especially 274 12G II
Total. s17, 490, ,547 81
The amount of reimbursable debt,
State and local, therefore is SCI, ,174,0 ,094 81
To which add irreducible debt -. 4,O23,415 03
And We have aggregate debt in
81, ,191, 500 81
In this statement, the State debt
is reckoned to November Is, 1872,
and local Indebtedness to Septem-
Der l, 1872. To the local indebted
ness above set forth, is to be added,
for debts created in aid of railroad
enterprises, under what is known as
the Boesel law, up to January l.,
1873, not less than $4,000,000 more.
On December 23d it was $3,177 900.
The balance in the State Treasury
on the 18th day of November,
1871, was .;........:. s., ,757, 7s7 s5
ing November Is, 1872, were. 74s,179 81
Total amount of funds in Trcasu-
ary for the year--..-.-.-........ 5,505, ,914 %
have been. :. -. 5,Oss, ,4s5 IS
1s7a .....-........ .............. 4f7.5a9 81
The Auditor of State estimates the
receipts for the current year
from all sources, ut t....... S, ,053 ,l33 19
The disbursements Al. 5,436,OG6 %
Leaving estimated deficit Novem-
Der 10, 1855 -.----....-.----..-..-. 3So, ,921 A
The taxes levied in 1872, collecta-
BILE in 1872, were
State taxes es........... 81 $50 7ss Is
County and local .---.. ............S 1904 rs IL
Delinquencise and forfeitures. -. 6s2 "a, "a
Total ACKNOWLEDGEMENTS sas, ,5S7, ,664 81
The taxes levied in 1872, collecta-
bic in 1873, were
State taxes. go $44f4557 e5
County and local -. .is.ssf'42s 49
Delinquencies and forfeitures ...... 56i, ,991 %
Total 50, ,s10,9u 81
The attention of the Legislature
has been so frequently called to the
subject of local indebtedness, that
1 hesitate to mention it again. The
evil continues and grows upon US,
and is not likely to be diminished
until remedy shall be found in
positive prohibitorylegal enactments
or in constitutional provisions, alb
solutely forbidding local public
debts. Boards of officers. not al
ways constituted of those best quail
flied to manage large pecuniary in
terests, are, under existing laws, en-
trusted with extraordinary powers,
and with discretion which the Leg
islature itself would hesitate to ex-
ercise directly. Under the con.
struction which our highest State
courts has given the constitution.
and under laws passed in conformi-
ty, Herewith, the authority of mi
nor political organizations to create
debts, if not unlimited, is at least
very large and complete.
RAILROADS.
During the past year two hundred
and seventy miles of railroad have
been constructed and put in opera
tion within the limits of our State.
The rail have been laid upon three
hundred and twenty-five miles in ad-
dition; and charters for the con-
struction of four thousand more
have been granted. This is certain
ly an indication of enterprise and a
progressive spirit; we hope it will
nowhere prove the evidence of reck-
lessness or the result of miscalcu-
lation. Railroads should be built
whenever the advantages to be de-
rived therefrom overbalance the cost.
But caution may be necessary, lest
some of our cities, towns and vii
lagos may burden themselves with a
debt for which there will be no ade-
quate return. Men sometimes, up
on impulse and under excitement.
do what the sober second thought
condemns. 1t is not here intended
to discourage, in general terms, the
building of railroads, or to retard,
in any possible way, the develop
ment of our resources. / know
there are many localities in the State
where the convenience, comfort and
financial prosperity of the people,
absolutely require additional rail-
road facilities. Wherever wealth
can thereby he created, OF our pro-
ducts increased and brought near to
the ready markets, railroads should