The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1875-05-28
The Way They Do II.

The last Democrats Legislature, al
though they increased the running ex-
penses. OF the State Government, yet
conceived the brilliant idea of making
some party capital by an imaginary re-
rductioR of taxation. So they stuck six
tenths of mill off the levy for State
purposes, and upon this ground they at
tempt to claim that their promises of re-
form have been fulfilled. We have
shown at different times the disreputable
expedients adopted to prevent honest
and Just claims against the State from
appearing in the general appropriation
bill, in order that its figures might not
telltoo plainly the story of their extrav-
ance and corruption, and now their fl
nancial laundering is likely to end in q
mere serious result, the practical repu-
dmtion for awhile'at least of portion
Of the State debt Auditor Williams
in his last annual report, on page %,
makes the following exhibit:
THestate debt due and falling due
January 1,1s7G including $50 100 not
bearing interest, amounts tO..... Sl,5i5, sos 90
The estimated interest for
same period amounts tc. .STis,O2G 90
The estimated interest on i
the irreduciasie debt to $4,000 90
...ef rr-r ----1, 1V6,9as 90
Total to January l, 1eT6...--..... 81, iii 59l 90
To meet this are the following items
Balance in Treasury No
yember 10, 1914. ........S 45o, 500 SO
Estimated oollections ON ~ --T-f-.
duplicates OF 1ST4..... ~, ,1f0 0S q .t
Estimated collections from EE
zniscellaneoue sOuFces.... 10000 90
-, 1852, 7a9 81
.
Estimated deficiency in the amount re-
quired TO pay the loan at matnity. S 953, ,e51 Os
Although the stocks of Ohio are
among the best securities in the market,
the credit of the State is best preserved
by promptly meeting her obligations,
and it is not pleasure to contemplate
la forced extension of our loans. The
tax levy for sinking fund purposes is all
sufficient, and there is no sound reason
why there should be any increase in the
levy to pay the public debt. It las been
demonstrated in former reports from
this Office, that even on smaller basis,
the levy of eight-tenths of mill is am.
pie to provide for the entire debt of the
State due 30 1881, after which there
migth be material lreduction in the levy
for this purpose. 1t is only Just that
the sinking fund should have its own.
and il the levy Of 1873 had remained in
force for the period fixed in the act es-
tablishing the rate the foregoing def
cheney could have been provided for
and the entire loan of 1875 called in al
maturity. This is shown as follows;
The estimated deficiency is. s9ss s5t "a
Amount due from Revenue
fund, und,.................... $4,000 90
Amount due from Asylum
Add The Interest due on ir-
reducible debt Jannnry
1876, which win not be
paid until February, say 2i1,OOO,0O
Leaving the sum .S1sl, ,s51 %
This might be provided for by antic-
ipat4ng the revenues of 1876, by drafts
on the county treasurers, which can be
made TO limited extent in advance of
semi annual settlements. AS the case
thus appears, there is no other resort
from practical reputation of upwards of
half million Of the loan of 1875, than a
temporary loan to meet it.
The result predicted by the Auditor
is about to come true; and the bonds of
the State Of Ohio, which have ALWAYS
commanded premium, must now go a
begging, with practical reputation
stamped on their face, until the next
Legislature devises some means for their
payment. The well known promptness,
with which the State has hitherto met
its obligations may prevent heavy de-
.preciatlon, but past reputation, however
splendid, cannot be relied on too far.
This is the point to which two years of
Democratic extrayagancy and incompe.
teney have brought us. .--Steubeuville
Herald.
Gordon's train of Rloot u;us ooia