The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-18

II thus appears that The state debt a.
mounts 10 the tho vast sum cl S34, l4l ,G63
s0--of which the some of $29, ,914 ,003 80
being due upon states loans bears an annual
interes, of 81 ,494,700 l6.
This aggregate state debt with exception
Of $ls0,00O 90, appropriated at the last
session of the legislature TO the survey OF a
railway from Harrisburg to Pittsburg-to
stock in the Franklin rail road and to stock
in the Pennsylvania and Ohio canal as a.
bove stated) was contracted prior to the
10Th January, 1890, the day of my inauau-
ration. II is true that the sum OF $6,524,-
600 90 was authorized to be borrowed
since that period but the whole of this
large amount with the above. excepliUn)
was appropriated to The payment OF debts
and IiabIi,ies due and falling due in the
year 1889, for the payment Of which no
provision had been made when | entered
upon the duties of my Office.
1t is evident from this simple statement
Of the public debt, that whatever may be its
amount, OF whatever the inconvenience we
snlfer from il, none Of tue responsibility
rests upon me. All the additions that have
been made TO it, since | came into Office,
have been either 10 pay debts already due,
or TO prosecute contracts for works then
commenced and in state SO forward, rs TO
forbid their abandonment. This public
debt has been contracted under full authori-
ty of law, The faith and honor OF the peo-
pie are pledged, in the most solemn manner
| 10 the payment of the interest annually ac-
cruing, and to the final payment of the
principal, Every consideration Of duty,
integrity and national fidelity, binds us 10
the honest performance of our part of the
bargain with the holders of the certificates
of our loans. 1t is immaierial whether we
received these loans in paper money, or in
gold and silver; whether in merchandise,
rail road iron, or any other commodity
we have received a consideration in some
thing we have issued the certificates of stock
and we must abide by the contracts which
we ourselves ivited others 10 make with us,
and ratified in all due forms Of law.
stated in my inaugural address, be-
lieved, although the state debt was large,
and considerable portion Of it had been
incurred by injudicious Legislation and eX-
penditure yet that was convinced the pub
lie improvements constructed by 1t, and the
general increase of the value Of the proper
~ in the commonwealth, were fully equal
10 the whole amount of the debt. | still
entertain the same opinion, but in submit
ting to your consideration statement Of
the resources of the commonwealth, feel
it to be incumbent on me 10 exhibit the ac-
tual productveness of our internal improve
ments, in light somewhat less faltering
than that in which it has usually appeared.
| am constrained to pursue Ibis course by a
high sense Of duty and not by any desire TO
arouse hostility against them, or 10 weaken
the confidence of the public in their ultimate
| value and utility. 1t has been customary
! hitherto, TO state the gross amount OF tolls
derived from our canals and railroads, IN
such a manner as to convey The impression
that they Welded that sum, clear of all de
ductons for management aud repairs. The
constant yearly increase of tolls has served
as powerful slimulant 10 the prosecution
and extension Of the entire sysIem OF our
improvements, Men of sanguine feelings
have confidently looked forward TO an early
day, on which the tolls, arising from our
improvements would not only pay the in
terest on the whole state debt, but yield, in
addition, a large surplus TO be applied to the
extiueuishment Of the principal. Local in'
terest and ardent public enterprise readily
concurred in this opinion. We had EN-.
barked in the system too deeply, both in
pecuniary investments, and in state pride,
10 turn back. The great undertaking must
90 through we had pledged our faith,
our frmness, and our ability 10 that effort,
and we gathered hope and confidence
wherever they could be found, 1t IS not
surprising, therefore. that our governors,
Legislators and people, have deceived them
selves, and deceived each other, in pursuit
of this favorite object, Il forms 10 just
ground Of censure against the active sup
porters Of our system Of internal improve.
ments, that they have fallen shorb-iar
short-of public expectation, in the amount
of revenue they afford, The time may
perhaps arrive, at no very distant day,
when the increases Of our population, busi-
ness and wealth, will enable US to realize
the hatlering anticipatiOns of the early
friends of the system; among whom, as an
unwavering advocate and supporter of that