The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-12-03

Since your adjournment, the late Con-
stitutional Convention then in session,
brought its labors to conclusion, and
submitted the result for the ratification
ofthe people Such ratification was not
obtained. Youare assembled, therefore,
under the pfe-existing Constitution.
Among the many wise and salutary
provisions in this Constitution, there is
one which deem of very special inn
portance at the present time. 1t is the
provision that makes it not discretionary
but imperative upon the General Assem-
bly,, to establish Sinking Fund for the
gradual bu. certain ultimate payment of
the State debt. The Convention which
adopted the Constitution fully realize the
necessity of providing forever against the
creator off public debt of indefinite du-
ration, so far as the payment of the prin-
cipal of snch debt is concerned 1t is for
this reason that desire to call your at
tention to the condition of the Sinking
Fund ... ,....- ...-r....-.
Section 5 of Article XII of the Consti-
tuition provides, that "No tax shall be
levied, except in pursuance Of law and
ever law imposing tax shall state dis
tinctly He object Of the same TO Dhich only
il shaHbe applied" In contrayention o.
this provision of the Constitution, the
General Assembly, at the session ofl872
and 1873, passed acts authorizing the
temporary transfer of money 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 remain of these trans
ferred funds which have not been return
ed, the sum Of $5S0,000 due the Sinking
Fund, and the sum of $2l 600 due the
Common School Fund. Last winter, the
Attorney General, in response to reso-
luton of the House of Representatives,
gave an elaborate opinion respecting the
matter of the transfers, and declared
the laws authorizing them to be uncon-
stutiona. Since then, the public funds
have been held sacred for the purpose
for which they were collected. These
Unconstitutional 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repealed.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
provision for the return of the transfer,
red funds of the Sinking Fund and tC
make further provision for the payment
of the interest on, and the principal of
iur State debt, which fall due in January
and July, 1875, and in January, 1876. Or
the first of January, 1876, there will be
due on the principal of our debt, payable
at pleasure of the State, the sum of ST..
494865. There will be due interest up
on the debt, including interest on the
irreducible debt, in January and July
1875, ana in January, 1876, the sum o
about 81 100000, making a total Iof So,
6O4.865, of principal and interest. tt
meet this, there is a present surplus in
the Treasury of $450569.82. The collec
tions for 1876, which will be applied tC
the Sinking Fund, as estimated, on the
present levy, will be about 81 ,262, 600
making total Of $I,712,5 ,569.82, which
will leave a deficiency to be provided fol
of 1882, ,296, '.'"
The principal falling due is payable al
the pleasure of the State; and is for you
TO determine whether it shall be met
when due, OF paid as the accumulatiohs
in the Sinking Fund shall warrant. But
l would suggest that the credit ofa great
State, like that of an individual, is better
preserved by being ready to pay its debts
promptly at maturity. . 'i' n. III I''.. .''.''
,oiThe f6llowingis a brief summary of the
present condition Of the State: ~ ''' '''
On the 18th of November, } E''. L'
a1873, the public funded "'"i '''
debt of the State was S8,2Il,032 l1C
The redemptions during the year
loan ofls7Ooao $lgs, $50 90 oIiAay
Loan of 1875, hi bn92,70Q 90 m ta,l
Loan of 1884, ua. lyl76 S0irani-
,a ~, h.. -7----- l1l.u1
Total tiIo OBI ou h3o-ut S22l ,056 &c
-rdYl II IlugIu JJdl .-T-T------rr--- -T-T-----r---
Outstanding, November .-aa,l u
l5, 1874 9a Uii .Gw uiJu S19S8,205 30
OF the amonnt outstanding on the 18th
Of November, the sum ofdS22, 1866 had
ceased to draw interest, the holders there
of having been notified to surrender their
stock for redemption, so that the inter-
est-bearing funded debt of the State is
81, ,965,840 30. - rom
d The funded debt is divided as follows;
Foreign debt, payable in
, New York city, l5u, S7.9S6,540 80
Domestic debt, payable in M! bad M y
~ columbus ,na 3ii.ia bopp 1863 OO
% .%n ,3non I1igu fleeh D.. II. = =
TOTAL 1u spua. aoNd yJg[ p1,96S,2O0 80
The local Indebtedness of the State on
the LIST day of September, 1874, was as
follows:U ,.msr s'.pat b..5 ,A- t,.
Debts Of counties, q.op s8,4s2,575 SO
Debts of townships, includ, -rq .'ne.r ',
ing debts created by the .,tl TO.
boards of education 9TH san. .r
er than for separate dis ,no.a s Il
tricts, ,,t .1.s III. 3,329,ll2 O8
Debts Of cities first and ofd b..iis
SECOND class 1889 ,239 SO
Debts Of incorporated vii III 5gI .',4
Debts Of school districts ,O'''GO ~ - - =
'utspecial, so on'' 1,29O,924 60
- Total, o,d- ,ai 81, ,SS6,OO7 S6
Meigs county has not reported. 8i,a,.
1.-the amount Of re-imbursable bebts,
State, S7.sSs, 2o5 80 2ial saalf
Local, y, H-Ja2l ,SS6OO7 SO ~ y ,'.'ia,. '''s ge u
,dW --- --77-7. .s,,A ,.,.,1r.
,nii Total $2a,S74.212 66
lTeducible debt v,9 tl'4l2299l So
m Aggregate debts ina -1nla 9di mn
wIi Ohio State local 9ipi9siJp4gi ,.
,sg and TRUST flnds,y $50, ,997 l204 81
~ The local Indebtedness in this state
ment is reckoned to September l, 1874,
and the State debt to- November 18th,
1874. tn 993Rs qd iluna pgiain1 -iulHa
The balance of the State 7di ush i7i
Treasury on the 10Th Of Tag Dpe 'Dhu'
November, 1878, was $129.5S8 AZ
The, receipts including the .-inl'r PIG
transfers of $125,956 81, " H2199l--
for the fiscal rear ending l"1 h'ne s1i
q, November Is, 1874, were 5,S94, JAS 81
y Total amount Of funds z & 't.' 4
va in the treasury for the ~ Z {" ~.
= 80 year, l.,.. $6,O24, ,sS2 90
The disbursements, includ-
-. HI'rNN