Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1894-04-12

The Result Of Spending More Money
Than Comes in-Her Credit Is Good.
The House May Change Plans Of Maxi
ing Appropriations-Is 1t Policy to
Have Convicts Idle Away Their Sem
tences judicial Districts.
COLUMBUS, o., April 10.
The house, at least, is in dead earnest
on the question of raising new revenues.
The needs Of the state have been appar-
ent for more than two years. The high
est revenue ever realized in any one year
by the state was $3,751, ,402.43 in 1891;
last year it was So, ,731, ,496.50; but both of
these sums include sums that accumu-
lated in former years end were tied up
by conrt proceedings. The actual reve-
nue. of the state now is about So, 400, 900.
1t will run slightly over this amount
this year and next. The needs of the
state are about $4,000, 900 year, so that
the necessity for more revenue is ap-
parent.
The house has passed two revenue
measures, being an amendment to the
collateral inheritance tax law of last
year, the amendment simply raising the
rate of taxation and lowering the ex-
emptions, and a direct inheritance tax
law.
The Rates of Taxation
under this bill are as follows: One per
cent on estates from $4,000 to $50, 900,
1-2 per cent from $4,000 to 100000, 2
per cent from 100000 to 100000, 8 per
cent from 5000, 900 to $500, 900, 1-2 per
cent from $500, 900 to $500, 900, 4 per cent
from $5OO,OOO to 100000, and 5 per
cent on all estates over 100000. One
quarter of the amount collected under
this law is to go to the respective coun'
ties and the remaining three-quarters to
the state. 1t is expected that these two
laws will put half million dollars into
the state treasury each year. If this
should turn out to be true estimate the
state will have less trouble in getting
along in the future than in the past.
The taxation committee of the house
has also reported bill for the taxation
of sleepingcars, dining and parlorcars
The tax is in the nature of an excise tax
1t compares the whole capital stock o.
each company with that part which il
represented by business and property il
Ohio and taxes that portion. It il
thought that $4,000 year might b
raised from this source.
The Floating Indebtedness
of the state has accumulated until nov
it is about 100000. It is now necessar,
to issue two-year bonds to take care o
this sum. A bill has been introduced II
do that. This floating Indebtedness i
the result Of going ahead faster than tn
revenues of the state warranted. Th
state has in its new buildings, new insti
tutions and additions to old institution
plenty to show for the shortage. In tn
past decade, during which time this ex
ira expenditure has been goiug on, no
only have new institutions been comm
into existence, but the old ones hav
been growing steadily, until now ever
state hospital in Ohio is filed to the gal
rets and all of the other institutions ar
crying for money for more buildings.
The Credit of the State
is so good that it can borrow money fc
2 1-2 per cent on short call. The stat
has no debt such as this would be if or,
ated. There is the old debt of the stat
which is being paid off from the sinkin
| fund at the rate Of $250,0O year. an
even that will be paid off in 1900, an
then there will be no debt whateve
The state is allowed to create but $3.50
900 of indebtedness for any new purpo
except to repel an invasion or to ps
war expenses. In 1885 the state had
borrow 100000. This was refunded
1887 at 8 per cent and half was paid
July, 1890 and half year later. In 18'
$780, 900 was borrowed for go days al
paid when due. The plan now is for Il
issuing Of certificates Of indebtedness
needed up to $500, 900 at not TO exceed
per cent interest, to be paid two yea
from next July. If the amount Of bon
!, issued do not run up to more than S4O(
600 more than half of that sum can
/ paid at that time and the small balan
refunded. If something less than $40
600 should be issued perhaps the wht
a sum could be paid when due. At a
| rate Aha ofoAa xxytth i,,cyaoood Souos,,, =,