The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1874-12-03
ANNUAL MESSAGE
GOVERNOR OF OHIO,
General Assem- bly,
AT THE
Session, commencing Decem-
her M. 1874.
0 THE GENERAL ASSEMBLY !:

To THE GENERAL ASSEMBLY
Since your adjournment, the late Con-
stitutionaI Convention, then in session,
brought its Iabors to a conclusion, and
subnfftedfhe result for the ratification
of the people. Such ratification was
not obtained. You are assembled,
therefore, under the pre-existiHg con-
stitution.
Among the many wise and sa1utary
provisions in this constitution there Id
one which deem of very special inn
portance n the present time, 1t Is the
provision LAT makes it not discretion
Assembly TO establish sinking fund
| for the gradual but certain ultimate
payment of the state debt. The con-
vent ton W hfeh adopted the constitution
fully realized the necessity of PEorid-
Ting forever against the creation f0f q
public debt fof ffinde6nite duration. 80
| far as the paymentsoG the principal Of
such debt is concerned. Il is for. this
reason that ]; desire to call your at
tention to thec condition Of the sinking
fund. ali cole ~ - o. .ss5.,is !.
stissi6n ssfsp 6Iovdts e a5f6 as e sns Ra s1h
be levied, except III pursuance Of law !;
and every law imposing a tax shall
state distinctly THE OBJECT OF THE
SAME, 10 NNHf6H ONLY TT SHALL BE
l.APPEiED. ~ e In 'eon5faeention Of this
provision of the constitution the Gem
lcral Assembly at the sessions of 1872
and 1878, passed acts authorizing the
temporary transfer of money from one
fund to another; ands ia pursuance of
these laws, large, sums were Transferred
from the sinking and common school
funds tn the revenue and asylum funds.
funds W hich have not been returned,
the sum Of $3.50, 900 due the. sinking
fund. aud the SUM of $2I 900 due the
common school fund Last winter the
/ Attorney General. In res Ponse to res.
oiution of the House of Representa-
ktives gave an elaborate opinion respect
ing theomatter of these transfers, and
declared the laws authorizing them to
be Unconstitutional Since then the
public funds have been held sacred for
the purposes for which they arg coll
lecteds These nneonstitutlenaL acts
are still upon the statute book, and
should be Immediately repealed. - -.
1t will be necessary for the General
Assembly, at the present session, to
make pfovision for the return of the
transferred funds to the sin king fund :.
| and to make further provision for the
payment Of the Interest on, and the
FprincIpaf Of our state debt, which fall
due in January and July ! 1876, and in.
I JanuaFy, 1876. On the first of January,
1876, ,thenewill.be due cnlthe principal
of our debit payablesst the pleasure of
1.-THE State, the SUM of 81 40, ,s65, There
will be- due interest upon debt, in
Guiding Interest on the irreducib BILE debt,
| in Januafy and July, 1875, and in jan
uary, 1876, the sum of about 81 200, 900,
making q total OF 50, ,694 ,S65, of prInei-
| bal and interest. TO meet this, there
| is present surplus in the treasury Of
S45O, O,569, 81 The collections for 1875,
which viii be applied to the sinking
| fund, as estimated, on thepresent levy
will be about 81 ,262, ,000i making astotal
of 81, ,712, ,569, ,82S w hich will leave asde-
ficieney to be provided for of $9S2, ,296.
The principal falling due is payable
at the pleasure of the State; and it Is
for you to determine whether it shall
be met when due, or paid as the accu-
mutations in the sinking fund shall
warrant. But would suggest that the
credit of great state, like that of an
individual, isbetter preserved by being
ready to pay its. debts promptly at ma
turity. lstyassgazHE 80 ~JsJsa- =
I ~ The following lis o brief summary Of
the present)financial condition of the
state: -tss- da.if =esa bib .sss..ass,} =
On the 18th, day of November, 1873. s
the public funded debt Of the state -, ,oca "a
aaso ~ - reta5nr 1rEions during the year
7 W. 81 ,s-n si9e aso m = 2