Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1846-01-10
s2so2eeO Os

Dec. 1886. q k$296 900 Os |
We arrive et an aggregate reduc-
tion Of these two items. within
the fiscal yenr, ending 81 Nov.
1915 Of SIG GIG CO !
From this view of the subject il is apparent,
that the assessment OF the year lS46. on real
snd personal estates, and the revenues of the
year proper, deriyable from NIL other Sources,
taken together, will be in.ulficipn, To meet the
demands upon the Trens,rv. during the same
period, by the sum ot S4iG.206 % aud tina,
in supplying the deficiency the balnnce in tho
Treasury, on the let of December, 1SiG. will
have been reduced To Sse 5.W co, aud tic ar
rears of outstanding taX"s to thu sum OF SI5l,-
Odd %. tits plain, therefore, that our present
financial system is iuad, gate to supply the
means of meeting all the dtuands ON the
Treasury, kept WHEN aided tr' IN the balar CT
which had accumulated b-iutc the payment oi
interest was resumed md iy cole ciions from
the arrcaragss of taxes Of t;rmer yvars-bo,h
of " hich will soon be exhausted.
- am constrained to add, that all these cal.
culations aud estimate. pre- suppose HAT the de-
mands on the Treasury will rot b. permitted 10
transcend their ordinary limits. and That 40 ap
preparations will be made by the leg >lalure 10
new otjects-Thcse are roi anticipated, BE-.
cause in the present state of the fuahcps, every
new appropriation may wrli b. regarded, moi rs
a grant of money unincuu bcr.d H. the Trra.
snry. but rhih' MS an ats racion ot funds. CT
hcallv Appropriated aircudy, aud ri.hifully b..
longing TO the public creditors.
The deficit in our nenn', under existing laws,
presents Tor the del bcrat'uns of tho General
Assembly, topic ofparamr uni importance. 1t
may be remembered that. in the ncnth of JAM
uary last, expressed thu opinion, m sn Exc
cutive message, that our fra, ces had not then
reached condition 10 enable us permanently.
and at once, to resume paymen, at HE iuiI IN.
! terest on our public debit: regret that sub-e
quent examinations and reflection. have not
! permitted me Ia believe that was then in etr,r.
! But the Iac tive acii,n ou tie question has
changed the entire aspect At cur duties. and rem
dered il useless to revert 10 iornirr views at
policy. The payment of interest ON The funded
! debt q: the Common wealth. Was. in fact, re-
sumcd on the first ot February. 1Sl3 Nv that
act, the State asserted her present ability ,o
meet her engagements: and II must he u'lr care
that the pledge, thus renewed h" not again vi.
o!a,ed. The credit. f,'pltv and honor OF Penn.
| sylvania, all trmand. that. h"nrrfrrward. the
interes, o, her public debt shall b. puBctually
and fully paid.
| Heretofore, we might have pleaded the unfx
prcted failure Of the Depository Bank uf the
State, few days be ore the interest was pay
/ able, and when the moneys appropriated Ia Ms
{ discharge were accumulated in her vaulis.-
| the eu,ldcn destruction in value nf nearly the
entire currency in general u-r-the prs,ration
! Of individual credit, and the deep ind universal
pecunory embarrassment, uf the people. But
now, all are prosperinC,--,he' currency H. re-.
stored I" good degree Of s.mnd,r'ss--"ur rev.
enue system, though still imperfect. has greatly
increased in effectiveness and cert" ,"in'v-rn'er.
81. - L~..
institutions, and confident in themselves. k"k
to the appropriate action of the Legislature 10
make provision to sa,isfy the public wants.
The present period il, in truth, the crisis Of
our affairs. Prompt aud effect ve measures
now, to mako a mWeraie addiimn to Tor re,c.
rue, will restore TO Pennsy lvano. far all future
time. that proud position from which she has
temporarily been made 10 s'nop. ty cours" ot
| policy that never met tie approval nj h'r p o.
pie. But the addition must BE- made at once.
Unless the estimates that have hrcn presented
shall prove essentially erroneous, Tire balance
in the Treasury, on the fret oi December, lS46
will not exc ecd one hundred thausand dollars
II is, therefore, obvious, that it the recri p:s Ut
the Treasury, during the months Of December
1916, and January, 1877. do not greatly cxce-,
the receipts OF the corresponding months of any
preceding year, when the amour, of ou,stand
/. | !
deficit must occur in the means ot the Treasury
To pay the interest. which will become due OF
the LIST of February, 1877. The Necessity %
the adoption al immedia'" aud efficient mea
sures. TO guard against a result which would b,
81 fatal 10 the renewed Isiih and honor of III,
State, cannot be too strongly enforced upon tie
sttention of the Legislature.
Intimately CONNIE c,sd with the subject of "u
. finances, is that Of the Buuk,ng system Of ths
State. The evils that have resulted from ,h,
! manner in which IL has heen administered. an'
: some OF those more essentially connected wi,l
i iis organization and trndrncies. hav" been IL
). by all. Yet. il may we'll be doubted, wheihc
r the whole OF the nlsch,efs which, II i.as insii
;, gated, have been traced back iu their fruitful
aud pernicious cause. Not only has it stimu
n lated individuals to rain, but States have besl
8 led by It's seductive ami corrup,ing influences
into course at wild extravngunce aud conse
o quent bankruptcy. Public debs have been con
trac'cA, even the interest rf which c,,id scarce
y be met, by the n0st onetnis taxation Will,
o in other eases, the faith nj the govrrnn,n nj
= whch ought always To be h'h sacred, has bee
% violated in time Of profound peace.
The history of Psnnsy lvania, since the b,
ginning ot the year lS:3d, is painful ilIusri
% ton a! this truth. IN d. crmbr. 1888, who
= Governor Wolf retired from ctiicc. two nopii
before the incorporation Of tir Bank nf The Tn
ted States, the State deb, oi Penny lvania W,
NJ Ss4; $50 1892. 1t is now, exclusive Of III
IN amount received as a dcrsiip irom the gener
government, $40, SEQ, ,:i93, %. making i,
vi crease al the State debt. in ten years. OF GIG
~ 3cG Gao 90, notwithstanding the receipt, IN II
10 mean time. of So ,s67 5l4 1s of snrplus reven,
trom the United States, and S3.4i6, $50 2l
premiums for Bank Charters
~ contemplating this startling fact, wo no