The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1874-12-08
GOVERNORS MESSAGE.
To tie General Assembln.

To the General Assembly:
Since your adjournment,th the late Con-
Convention, then in session,
brought its labors to conclusion, and
submitted the result for the ratification
OF the people. Such ratification was
not obtained. You are assembled, there
fore, under the pre- existing Constitu-
ton.
Among the many wise and salutary
provisions in this Constitution, there is
one Which | deem of very special i'm.
portance at the present time 1t is the
provision that makes it not discretion
ary but imperative upon the General
Assembly, to establish 4 Sinking Fund
for the gradual but certain ultimate
pay ment of the State debt The Con
vention which adopted the Constitution
fully realized the necessity of provi-
ding forever against the creation of a
public debt of indefinite duration, SO
far as the payment of the principal of
such debt is concerned. 1t is for this
reason that | desired to call your atten.
ton to the condition of the Sinking
Fund
Section 5 of Article MI of the Con-
stitution provides, that "No tax shall
be levied, except in pursuance of law
and every law imposing a tax shall
state distinctly the otjectof the same, to
,chich only 1t shall be applied" In con-
travention of this provision Of the Con.
stitution, the General Assembly, at the
sessions of 1872 and 1873, passed acts
authorizing the temporary transfer OF
money from one fluid to another; and,
il pursuance of these laws, large sums
we're transferred from the Sinking and
Common School Funds to the Revenue
and Asylum Funds There still remain
of these transferred funds which haye
not been returned, the sum of S5S0,00f
dle the Sinking Fund, and the sum OF
S2l 900 due the Common School Fund
Last winter, the Attorney General, in
response to resolution of the House
OF Representatives, gave an elaborate
opinion respecting the matter of these
transfers, and declared the laws author
izing them to be unconstitutional Since
then. the pnb!ic funds have been held
sacred for the purposes for Which they
were collected These unconstitutiona
acts are still upon The statute book, and
should be Immediately repealed.
It will he necessary for the General
A @ 1Nly- OF hn fr
make provision for the return of the
transferred funds to the Sinking Fund
and to make further provision for the
payment Of the interest on, and the
principal Of, our State debt, which fall
due in January and July, 1875, and in
January, 1876 On the first of january
1876, there will be due on the principa
of our debt, payable at the pleasure OF
the State, the sum of 81, ,494, S65 There
will be due interest upon the debt, in
GLIDING interest on the irreducible debt
in January and July, 1875, and in Jan
nary, 1876, the sum of-about $1,000,
GOO, making a total of 50 ,694 S65, o
principal and interest. TO meet this
there is present surplus in the Treas
ury Of S450,569 S2 The collection,
for 1875, which will be applied to tn,
Sinking Fund, as estimated ,on the pres
ent levy, will be about 1892 900, ma
king q total of S1,7I2,569 80, which
will leave deficiency to be provided
for of 1882, ,296.
The principal falling due is payable
at the pleasure Of the State; and it il
for you to determine whether it shall
be met when due, or paid as the accu
mutations in the Sinking Fund shal
warrant. But would suggest that tn
credit of great State, like that of al
individual, is better preserved by bein!
ready to pay its debts promptly at ma
| turity. -----tss rs
The following is brief summary 8
the present financial condition of tn
State:
On the 10th day of Nov
ember, 1873, the public
funded debt of the State
was SS,211 ,062 j
The redemptions during the yea
1oTo a1oo ooo NJ