The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1874-12-04
In Me G.nlral A.-.nllg:

IN utc bchffH'- -lo+'-'JS-
Since vour adjournment, the late Con
stftutional Convention. then III session.
brought it, labors to conclusion, and
submitted the result for the ratification
of the people. Such ratification was not
obtained. You are assembled, therefore,
under the pre- existing Constitution.
Among the many wise and salutary pro
visions In this Constitution, there is one
which deem Of very special Importance
at the present time. il is the provision
that makes il not discretionary but i'm
peratiye upon the General Assembly to
establish Sinking Fund for the gradual
but certain ultimate payment OF theState
Debt. The Convention which adopted
the Constitution fully realized the neces-
sity Of providing forever against the crea-
ton Of a public debtof indefinite duration
50 far IA the payment of the principal of
such debt is concerned. 1t is for this rea-
son that desire to call your attention to
the condition Of the Sinking Fund
Section of Article XII of the Consti-
tuition provides that mo tax shall be
levied, except in pursuance of law: and
every law imposing a tax shall dis
tinctIy sldte the object gfthe same, 10
1rItjch onIy It shall be applied" In con-
travention of this provision Of the Con
stituticn, the General Assembly, at the
sessions OF 1872 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 transferred funds which have
not been returned, the sum of $3.50, 600
due the Sinking Fund, and the sum of
81. 900 due the Common School Fund.
Last winter, the Attorney General, in
response TO a resolution of the House of
Representatives, gave an elaborate opin-
ion respecting the matter of these trans
fers, and declared the laws authorizing
them to be unconstitutional. Since then
the public funds have been held sacred
for the purposes for which they were col
lected. 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Immediately repealed.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 to
of the interest on, and the principal of,
our State Debt, which falls due in Janu-
airy and July, 1875. and in January, 1876.
On 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.
494, S65. There will be due interest upon
the debt. including interest on the ire
ducible debt, in January, 1876, the sum
of about 81 200, 600, making a total of
81, 694, sos. of principal and interest. To
meet this, there is a present surplus in
the Treasury of $3.50, 500 50. The collec-
tions for 1875, which will be applied to
the Sinking Fund, as estimated on the
present levy, will be about 81 1862. 900,
making total of 81, ,712, 500 50, which
will leave a deficiency to be provided for
of 1882, ,2S6.
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 accumulations
in the Sinking Fund shall warrant. But
| would suggest that the credit of a great
State, like that of an Individual, is better
preserved by being ready to pay its debts
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
Ofthc State was. $S.2Il .0G2 10
The redemptions during the year were:
Loan of le7D. SIPS, $50 90
Loan of lS15...- %, 200 Oh
Loan Of ISL. LIS 80