Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1885-07-23
Resume of the Solid Work ofthe Last
General Assembly.
How the Public Debt, the Public
Schools, Public Works and Labor
Interests Were Treated.
Especial Dispatch to the Enquirer.

COLUMBUS, O., July l4.-Senator
William H. Reed, of Ross County,
who makes frequent business trips to
this city since the close OF the Legis-
hture, was met on High street by
representative of the Enquirer last
evening, and having little time to
spare, consented to talk briefly on
State finances. He has served four
years consecutlvely from that county
in the House, and has just completed
his second term in the Senate from
what is known as the Ross s-Highland
District making eight years in all
which he has served as member of
the Finance Committee of the two
Houses, which experience render him
competent as few others are to discuss
the subject in detail and from a reliable
basis of information He was asked
if he had seen the statement in the Re-
publican newspapers charging that
bhe Administrator for the past two
years had been an extravagant one, and
he replied that he had.
ExTRAvAGANCE.
'Have you given the matter any
thought7 If so, please give me your
views in regard to those charges.
uThis would take considerable time
and would have to depend largely
upon my recollection for dates, amounts
and facts, as I have but few reports
at my immediate disposal; consequent
ly might to some extent be wrong in
dates, and can only in some instances
name round sums, but you may de-
pend upon it that in the main they
are correct.
Speaking of the State debt, you are
doubtless aware that article s of the
Constitution provides the manner in
which the State debt shall be provided
for, which is by creating sinking
fund by taxation annually levied and
in net annual income of the public
works and stocks owned by the State
"Many years ago, when our State
debt became due, the State was either
unable or unwilling to pay the same,
and consequently the debt was refund
cd, Over $4,072,O0 bearing 6 per cent.
interest was made payable on and af-
ter the year 1881, and So, 100000
drawing per cent. interest was made
payable on and after December 81,
1886. When the Republican party
and Governor Charles Foster came in
10 power they found in the Treasury
TO the credit of the Sinking Fund
$74l, BOA in cash, available only for
the purpose of paying the public debt.
They afterward in February, 1881,
transferred from the General Fund Of
the State to the Sinking fund the sum
of S272,640, which had been wrong.
fully taken from the Sinking Fund,
and in direct violation of the constitu-
tion by a former Republican Admin
istration, and applied to the payment
of the general expenses of the State,
instead of raising the same by taxa
t;on. Don't forget that this sum Of
$l,272,640 had been accumulating in
in the Treasury for years"
WHY THE MONEY WAS NOT PAID.
aWhy was not this money paid out
Dy Democratic Administration under
Governor Bishop instead of being al
lowded to remain in the treasury"
nFor the very simple reason that
no portion Of the debt was due until
the year 1881, q little while after Gov.
ernor Foster came into Office, and as
the debt was drawing 6 PEI cent. in
terest the holders very wisely refused
to surrender their bonds until due, for
if they had the money received for
them could not have been loaned for
over 81 to 4 per cent interest"
'sWhat became of this 81, 272, $40 Of
which you have spoken?'
aWell, as I have said before, $4,-
072,OOO Of the debt became due in
1881, and $l.272,ooo was applied to
the payment Of portion of the debt
and the balance Of the debt was re-
funded at lower rate Of interest,
payable in installments. The Repub.
1oop norfx, arnronriatod in 1900