Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1847-01-14

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the increased commerce, which it will invite be-
tween our great Eastern and Western empor-
ums, and the regions which connect with them,
will not only add to the revenues of the Columbia
railway, but will greatly increase the produc-
tiveness of all our public works Such, believe,
has been the experience of New York and such
doubt not, will, in a very few years, be that of
our own Commonwealth.
transmit, herewith, statement showing ac-
tual receipts and expenditures, for the last fsca
year; and also, an estimate of the same, for the
present year. made with much care,upon full con-
sultation with the other officers of the govern
ment. From this estimate, it tappears that the re-
ceipts of the year will exceed the expenditures,
by the sum of S194,4 IL
The balance in the Treasury, on the 1st inst,
was only $685. ,9S6 68. 1t is, therefore. altogeth-
er probably, that it may become necessary to make
some arrangement to anticipate small portion of
the revenue of the year, to meet the interest
which will fall due on the LIST of February next.
| recommend that some legal provision be promI t.
ly made for this purpose. This will not effect
the financial calculations and estimated results of
the year. feel entire confidence that, taking
into the view the operations of the whole year,
the results will sustain substantially the estimates
that have been presented.
The sum of two hundred thousand dollars which
is now annually appropriated to the cancellation
of the relief issues, and which is included in the
estimates, is discharging that amount. of the pub
lie debt yearly and is in fact, an existing sinking
fund.
IT, therefore, the conclusion at which have
shall prove correct that the taxes asses
sed under existing laws, on real and personal
with the ordinary revenues, and an
amount the from public Improvements, equal tothat
received during the past year, will prove sufi-
cient to pay the interest ON the public debt, and
other demands upon the Treasury, the annual in
crease of tolls upon the public works may be ad-
ded to the present sinking fund of two hundred
thousand dollars a year. From the experience
of the three last preceding years, this increase
may be fairly estimated, for some years to come,
at one hundred thousand dollars per annum, and,
if it be added annually to the existing fund for
the cancellation of the relief issues, they will all
be taken out Of circulation in about three years,
at which time the State will have a sinking fund
Of half a million OF dollars, to commence the IL
luidation Of her funded debt.
The application of this fund, annually, with
lis accruing interest," to the purchase of five per
cent. State stock, at par, will, at the end of ten
years, discharge $6,2SS ,929 of the public debt,
and, at the end of twenty years, $l6,532, ,S81,
which will reduce the debt, including the can
collation. OF relief issues, at the end of twenty
three years from this time, to the sum of $23,-
us .032. The net income from the public works
will then, it may be fairly presumed, be more
than ample to pay the interest on the State debt,
and the people may be entirely relieved from all
taxation, for the payment of interest In fact,
there is reason to believe, that the increased
wealth of the State, and the accumulation of
business on the public works, will at a much
earlier period admit of important reductions In
The taxes, without retarding the consummation
Of the foregoing plan for reducing the debt
Notwithstanding some may be disposed to view
these suggestions as visionary, have the most
entire confidence in their practicability, provi
1ed the public works shall continue to be man.
aged with integrity and skill, the tax laws fairly
executed, and the government in all its depart
ments, faithfully and honestly administered.
In connexion with this subject, respectfully
recommend to the General Assembly, the pro-
oriety and policy of proposing to the people an
amendment to the constitution of the State, un-
1er the form of the tenth article of that instru-
nent, by which the income from the public i'm
)rovements, after deducting the necessary eX-
1enses for repairs and superintendence- the |
evenue arising from the State tax, on real and
personal property, for a certain period. and such
,ther items of income as may be deemed expe-
lient to include. shall be set apart and be sa-
,redly pledged for the payment of the interest
lpon the public debt, and the gradual liquidation
If the principal.
Such ar amendment, judciously arranged,
would, | apprehend, meet with the decided ap-
probation OF the people of the Commonwealth
t would concentrate public sentiment upon
ixed object--remove all doubt of the fullnesS of
he public credit, and lay the foundation for the
inal extinguishment of the public debt. 1t
would give an additional security and assurance
O the people, and to the public creditors, that,
n no event could the public revenue be diverted
rom its legitimate object, and would furnish
reasons for the prompt and cheerful
,avment of the taxes.
| would respectfully recommend careful eX-
m!naton of the operations of existing tax laws.
axes, however correctly they may be arranged
y law, fall to a certain extent unequally upon
ne people, in consequence of their various Cir
umstances and liabilities but if to this unavod-
BILE result be added careless and irregular as
essments, by which large amounts of property
scape taxation, great injustice is done to those
rho make an honest and full leturn of their i
axable property.
The adjustment by Congress of the rates OF i
uty on imports, is topic that continues to di- '
ide public sentiment In my message OF the
tn of January last took occasion TO express +
ne views which then entertained regarding II, b
nd to these views continue To adhere can r
ntertain no doubt of the constitutional power t
t the federal government to make such dis a
rimlnaticns in the rates of duties on imports, 9