698 



OHIO. 



Loan payable after December 81, 1856, bearing 



6 percent Interest $2,400,000 00 



Loan payable after July 1, 1S82, bearing 4 per 



cent interest 800,000 00 



Loan payable after July 1, 1883, bearing 4 per 



cent interest 825,000 00 



Loan payable after July 1, 1884, bearing 4 per 



cent interest 860,000 00 



Loan payable after July 1, 1SS5, bearing 4 per 



cent interest 800,00000 



Loan payable after July 1, 1886, bearing 4 per 



cent interest ... 875,000 00 



Loan payable after July 1, 1887, bearing 4 per 



cent interest 500,000 00 



Loan payable after July 1, ISSs, bearing 4 per 



ceut interest 600,000 00 



Canal loan, not bearing Interest 1,665 00 



Total funded debt $5,201,665 00 



The local indebtedness at the same time was 

 as follows : 



Debts of counties $8,222,688 78 



Debtoofcities 87,909,848 80 



Debts of Incorporated villages 1,055,817 96 



Debts of townships 457,407 60 



Debts of special school districts 1 ,468,842 61 



Total local debts $44,114,100 75 



There was a total increase of local indebted- 

 ness over the previous year of $2,816,355.07, 

 described as follows : 



Increase in counties $869,326 79 



Increase In cities 1,915,762 53 



Increase in villages 91,22440 



Increase in townships 157,106 46 



Increase in school districts 282,934 84 



Total increase $2,816,355 07 



In the first session of the Legislature, which 

 began its sittings in 1880, a large number of 

 acts were passed authorizing the building of rail- 

 roads by counties, townships, cities, and villages. 

 Only a few of these acts had been carried into 

 effect, but a considerable number of the local 

 authorities were preparing to issue bonds in 

 1881 for the purposes named in the acts, when 

 further proceedings were stayed by a decision 

 of the Supreme Court of Ohio on a test case, 

 declaring the act unconstitutional, and the 

 bonds issued under it valueless wherever found. 

 But for that decision the local indebtedness 

 would have been much greater. As it is, the 

 aggregate has increased every year, in spite of 

 the warnings in every Governor's message for 

 a series of years. 



The amount of cash in the State Treasury 

 on November 15, 1880, the beginning of the 

 fiscal year, was $1,235,891.50, which was to 

 the credit of the following funds : 



General revenue $801,432 74 



Sinkingfund 923,761 05 



Common-school fund 10,697 71 



The receipts during the year from taxes and 

 all other sources were as follow : 



General revenue $8,083,987 54 



Sinkingfund 1,376,625 51 



School fund 1,544,970 73 



Total receipts, including disbursements.. $7,241,474 28 



The disbursements for the same period were 

 as follow : 



From general revenue $3,180,90695 



From sinking fund 2.092,11997 



From common-school fund. 1,517,026 25 



Totalln the year $6,740,053 17 



The balances in the Treasury at the close of 

 the fiscal year were as follow : 



General revenue $254,518 S3 



Sinkingfund 206,265 95 



Common-school fund 83,642 19 



Total $501,421 11 



The State Auditor's report shows the taxable 

 property of the State to be $1,587,207,579, an 

 increase over the duplicate of 1880 of $28,- 

 999,674. Real estate for 1881 is appraised at 

 $592,548 less than it was in 1880. This is by 

 reason of the fact that the grand aggregate 

 of real estate, as fixed by the State Board of 

 Equalization, causes the realty of 1881 to fall 

 below the valuation of 1880. The report shows 

 that the gross increase of personal property 

 for taxation is $29,584,222. The statements 

 contained in the report, ID reference to na- 

 tional and State banks, are important. The 

 report shows that the capital stock, undivided 

 profits and surplus fund, and real estate of the 

 national banks are appraised for taxation at 

 $21,777,313.20, an increase over 1880 of $1,- 

 177,772.01. The amount of capital stock, sur- 

 plus and undivided profits, and real estate, as 

 reported to the Auditor of State at a valuation 

 of $34,137,499.76, show the taxable valuation 

 to be 63 r 7 5 per cent of the true valuation. 



Incorporated State banks make a return for 

 taxation of $1,136,233.09, an increase over 

 the valuation of 1880 of $15,795.86. The re- 

 turn to the Auditor of State of the same banks 

 shows the amount of capital stock, surplus and 

 undivided profits, and real estate, to be valued 

 at $2,035,052.26. Tax valuation, 58^ per cent 

 of true valuation. 



An examination of tables in the report per- 

 taining to the valuation of national banks for 

 taxation, shows very great inequality in the 

 assessment of this class of banks for taxes. 

 The Auditor of State earnestly recommends 

 that the statute be so amended as to restore 

 the State Board of Equalization for bank shares. 



The railway property of the State for 1881 

 was fixed by the State Board of Equalization 

 at $83,764,315.74, being $167,280 more than 

 the valuation of the same as returned to the 

 board by the Boards of County Auditors. 



The valuation of the railway property for 

 1881 was $77,848,180.83; an "increase over 

 1880 of $5,916,134.91. 



The report of the Commissioner of Railroads 

 and Telegraphs indicates an increasing pros- 

 perity in these branches of industry. There 

 were (June 30, 1881) 5,840,388 miles of rail- 

 roads; an increase over the preceding year of 

 3'448 per cent. 



The amount of stock and debt was $380,709,- 

 530.35, an increase of 3'9 per cent ; the gross 

 earnings were $45,843,866.34, an increase of 

 9'553 per cent ; the operating expenses were 

 $29,378,562.82, leaving the net amount of 

 earnings $16.465,303.52, an increase of 4 '483 

 per cent, amounting to 4'324 per cent on the 

 stock and debt. 



Of the gross receipts, the passenger earnings 



