The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-12-04

to the condition of the
Fund.
Section 5 of Article XII of the
Constitution provides, that "No tax
shall be levied, except in pursuance
Of law;and every law imposing a tax
shall state distinctly The object Of the
same, to oVhjck only It shall be dp-
piled" In contravention Of this
provision Of the Constitution, the
General Assembly, at the session of
1872 and 1873, passed acts authori-
zing the temporary transfer Of mon
ey from one fund to another; and, in
pursuance Of these laws large sums
were transferred from the Sinking
and Common School Funds to the
Revenue and Asylum Funds. There
still remains of these transferred
funds which have not been returned,
the sum of $58O,0OO due the Sinking
Fund, and the sum of $4,000 due
the Common School Fund. Last
WiSGer, the Attorney General, in re-
sponse to a resolution of the House
Of Representatives, gave an elaborate
opinion respecting the matter of
these transfers, and declared the laws
authorizing them to be unconstitu-
tional. Since then, the public funds
have been held sacred for the pur-
poses for which they were collected.
These unconstitutional acts are still
upon the statute book, and should
be Immediately repealed.
It will be necessary for the Gener-
al Assembly, at the present session,
to make provisions for the return
of the transferred funds of the Sink
ing Fund; and to make further pro
vision for the payment of the inter
est on, and the principal of, our
State debt, which fall due in Janu-
ary and July, 1878, and in January,
1876. On the first of January, 1876,
there will be due on the principal of
our debt, payable at the pleasure of
the State, the sum of $I,494, ,865.
There will be due interest upon the
debt, including interest on the ire
ducible debt, in January and July,
1875, and in January, 1876 the sum
of about 81, 100000, making a total
of 1854, 865, of principal and inter
est. To meet this, there is a present
surplus In the Treasury of $3.50, $685.
80. The collections for 1875, which
will be applied to the Sinking Fund,
as estimated, on the present levy,
will be about $1,262,0O0, making a
total of $1,712,569.S2, which will
leave deficiency to be provided for
of$9S2, 1896.
The principal falling due is pay
able at the pleasure of the State; ;and
it is for you to determine whether it
shall be met when due, or paid as the
accumulations in the Sinking Fund
shall warrant. But would suggest
that the credit OF great State, like
that of an individual, is better pre-
served by being ready to pay its debts
promptly at maturity.
The following is brief summary
of the present financial condition of
the State:
On the 18th day of November
1873, the public funded debt Of
the State was $8,2ll,O62 10
The redemptions during the year were
Loan of 1870, el28,980 90
Loan of 1875, $4,000 90
Loan of 1881, l,l76 80
Total, s722, 1856 80
Outstanding Nov 18th, 1874, S7O88, ,2O5 80
OF the amount outstanding on the 18th Of
November, the sum Of so, 1866 had ceased to
draw interest, the holders thereof having been
notified to surrender their stock for redemp-
ton, so that the interest bearing funded debt
Of the State is S7,965, ,84O,30.
The funded debt is divided as follows
Foreign debt, payable in Rew
York City, $7,9S6,540 80
Domestic debt payable in Column
bus, 1866 90
Total, S7,9S8, ,2O5 80
The local indebtedness of the State on the
LIST day OF September, 1874, was as follows:
Debts of counties, S3,4S2,575 62
Debts Of townships, including
debts created by boards of edu-
cation other than for separate
districts, 329,ll2 OS
Debts Of cities (drst and second
class), 1885, ,S39 SO
Debts of incorporated villages, 8S4,355 IS
Debts of school districts Especially, 1926, ,624 65
Total, $2l, ,SS6OO7 S6
Meigs county has not reported.
The amount of reinbursable debt, there
fore is
State, S7,9S8,2O 80
Local, 2l,8S6,007 36
Total S29,s74,2I2 &C
Irrsducible debt, 4,I22,99I Sc
Aggregate debts in Ohio State,
local and trust funds), S33 1897 ,204 50