FINANCES. The first debt of the State was created in 1825, when the construction of several important canals was begun. In 1835 the debt amounted to $4.500,000. The State continued to subscribe to railroad, turnpike, and canal COM panies, until in 1843 it had a public debt of $16. 880,000, in 6 and 7 per cent. bonds, and interest charges of $1,022,000. Simultaneously with the loans, the State established a system of taxation to meet the charges. All the income from the canals and a special tax were pledged for that purpose. These measures kept the credit of Ohio high and enabled it to borrow further suns. In the financial stringency of 1838-40, however, borrowing became more difficult, and as the abandonment of work would have meant too great a loss, 7 per cent. bonds had to he issued in 1843. But the law- authorizing this loan also closed up all means of further increase of the debt. The sinking fund, the proceeds from sale of lands, and the school fund were absorbed by the canals. The debt was then gradually reduced and in 1856 it was $13,897.242. During that year. however, $2.423,349 more was bor rowed, after which the debt was rapidly reduced by redemption of several hundreds of thousand of dollars each year. In 1880 the debt was only $6,476.805; a greater part of these bonds were acquired by the school fund and so became irre deemable. Of the redeemable debt only 655 was left in 1890, and in 1902 only $200,000— maturing in 1903. The income of the State was always derived mainly from direct taxation and was divided between the general revenue fund. sinking fund, and school fund. In 1892 a special
university fund was created. In 1902 the total income was $9,855,524, of which almost 60 per cent. came from a general property tax and per cent. Irvin an excise tax. The expenses were 57,967.003. The balances in all the funds on November 15, 1902, amounted to $3..572,244.
I :oVERN3IENT. Ohio has its second Constitu tion. the one now in operation having been adopted by a popular vote in 1851. An amend ment proposed in either must be approved by three-tifths of the members elected to each House. and in turn by a majority of the electors voting at a popular election, each amendment being voted upon s2parately. A constitutional convention may be called if demanded by two thirds of the members elected to each branch of the General Assembly, and by a majority of all the electors voting at a popular election. The question 'Shall there be a constitutional eon vention r is voted upon at a popular election each twentieth year and determined by a ma jority of all the electors voting. The exercise of the franchise has the usual limitation!s of age, sex, and sanity, and the requirement of a resi dence of one year in the State and such time in the county, township. or ward as may be pro vided by law. The Legislature may deny the right of suffrage to persons convicted of bribery, perjury, or other infamous crime. The registra tion of voters is required in cities of not less than 91)00 inhabitants, The State sends 21 mem bers to the National House of Representatives.