Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1881-01-13

On the 18th day of November, 1880, there was
In the Sinking Fund SD23,70l.O6, which will be
increased by the February settlements Ii Is
safe to assume that by anticipating the Au-
gust settlements, the debt maturing July /,
1881 can be reduced to S30O0,0O0
Section 9i8 Of the Revised Statutes COnfers
upon the Commissioners Of the Sinking Fund
authority 20 issue ana negotiate certificates OF
Indebtedness for the purpose Of paying the
maturing debt Of the State yet the subject OF
providing for the S3,OO00OO of the State debt
maturing July lst, aud for which no provision
for payment has been made very properly do
mands the attention Of the General Assembly.
Section Z, article 8, Of the Constitution requires
tn maintenance OF Sinking Fund that will
render certain the payment OF tho State debt
by the first day OF July, 1891. This COnstitu-
tiOnal requirement must DO rigldly adhered
20. To comply Herewith, ! recommend that
the Commissioners Of the Sinking Fund be
authorized % issue bonds IN the amount Of
&8,000,00O, to bear interest a. tho Tnte Of
four per cent. per annum, payable semi
annually interest and principal payable
at the option of the holder Ia New York, or
at the State Treasury, &3OJ,0lO OF which to ma
ture every six months, commencing on tho
hrst day Of January next the bonds TO bo
offered 10 the public at not less than theiG, par
value. l have reason to believe that such
bonds can be sold NJ a premium, ana there can
be no doubt OF their sale at par. The present
levy Of ilyG-tonths of one mill for interest and
Sinking Fund purposes, will, II Is believed,
furnish the means required 10 pay the bonds
as they mature. A similar method can be
adopted when the remainder of the State debt
natures, viz; Two million four hundred
thousand dollars (s2 ,4000o0l on,the Jist day Of
December 1885, and thus, on or before the LIST
day Of July, 1891, all the State debt that can be
paid will be paid, and the Constitutional prOvi-
sion referred to will have been fully complied
with.
The amount Of the local Indebtedness Of cit
iea and villages OF the State has more than
doubled within the past seven years. The
larger portion, however, IN Chargeahle to a
single city. In q time Of general prosperity.
like the present, there is great danger of in
creasinR local Indebtedness as witness the
large number OF acts passed at your last ses-
counties, township cities and villages. The
cUnBtitutionality OF these acts has always been
doubted, aud recently the Circuit Court Of the
United States sitting at Toledo, has decided
one Of the acts referred 20 ns unconstitutional
and the bonds issued under Il as Valueless In
any hands they may be found. ! can not too
strongly urge upon the General Assembly the
duty Of imposing all possible and practicable
restraints upon tho alarming tendency tow ard
the increase Of local indebtedness.
VIRGINIA MILITARY LANDS
The suggestion Of the Auditor Of State IN re-
iation 10 the Virginia military lands should re-
ceiVe your consideration, and a remedy for
existing evils should be promptly found.
THE PUBLIC WORKS.
The annual report OF the Board OF Public
Works for the year ending November IS, 1880
has been received at this Department. From
this report It appears that the receipts from
tolls and Wster rents were 423l, ,B3S.6i, and the
expenditures for repairs Of an ordinary nature
and for work Of an unusual character were
e223, 1922. leaving a balance to the credit Of