Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1850-01-05

----S4, ,034, 800 90
S53l, 500 90
The foregoing estimated balance in the Trea-
sury, at the end of the fiscal year 1850, would
appear to justify the appropriation of forty
thousand dollars toward the completion Of the
/ Western Reservoir at Johnstowu as hereinafter
recommended. It would also authorize the ap-
/ preparation of a sum not less than $500 600 in
| addition to the amount already appropriated to
be expended in the completion of the n. Branch
canal.
The Legislature at its last session authorized
the reissue of the relief note. then in circula-
tion and suspended their cancellation for three
years.
The amount of the whole issue now
outstanding is s653, l64 90
The amount paid into the Treasury
and supplied by new issue IS ALB 537 90
Balance, 5000, ,627 90
The above balance has been DESTROYED, or has
failed 10 reach the Treasury during the year
These notes, the redemption Of which being am
ply secured, and altordiug a safe and convenient
local currency, have the confidence and favor of
the citizens. 1t is therefore recommended that
authority be given to the proper officers TO keep
them IN good condition, by new issue in lieu
of such as may become mutiIated and defaced
In addition 10 the suggestions made to the last
Legislature on the subject Of the monied affairs
OF the State, it is deemed proper 10 call YOUR
attention TO the fact, that portion of the funded
debt Is over dGe-a part bearing an interest of
SIX per cent.-and part falling due ia tie year
1850, as follows
The amount Of five per cent. funded
debt overdue, except bank charter
loans is GAIA 80 IN
The amount Of SIX per cert funded
debt overdue is I,752, ,335 OC
The amount Of five per cent funded
debt falling due on or before Dec.
!, 1850 Is 999,2lI IS
The amount Of unfundcd debt, now
due, 5,104 Sc
Amount demandablc at the Treasury
during the year, s3.I9lI70 10
Provision should be made at an early day for
arrangements with the creditors holding these
/ claims 10 permit them to remain in their pre-
sent condition, would not only eyince an indis-
position to pay our lust debts but would aIsc
operate lnjurlously TO the holders of the stock
oy compelling sales at price below their par
value The annual demands upon the Treasury
! with the present means Of the State will not
! permit the payment Of these loans: and the only
/ practicable mode which suggests itself seems to
/ be the negotiation of new loans stipulating an
+ extension OF the time Of payment. 1t is beliey-
ed that such loans could be negotiated at a rate
( OF interest not exceeding FIVE per cent. Should
authority De gwen ~ The arrangements suggest
ed, 10 stIpulate that the said stock should be
exempt from taxation, the inducements 10 in
Festments therein would create such competition
as would be highly advantageous to the Treasu-
ry. Justice and honesty require that these debts
should be promptly paid or arranged to the
satisfaction OF the parties interested, and any
provision which the Legislature may deem pro-
per on the subject. will meet the cordial appro-
baton Of the Executive
The establishment Of the sinking fund by the
appreciation Of State stocks and the CONSEQUENT
increase q in fk., -, IL
70 meet her engagements with the placement
BY new issue Of the old and defaccd relief notes
mas mad the salutary effect Of enabling the Treas
ury Department with slight expense in the ex-
chan6e or transmission of means, to meet the
payment OF interest on the public debt in par
money as also to pay other creditors Of the State
IN good funds The payment Of the public liza
biitIes IN the manner aforesaid, and the adoption
Of system to extIngush eventually the public
DEBT must bring TO their par value, the stocks Of
the Commonwealth. 1t is estimated that Sl3-
o4J,OOO of the public stocks are held in this coun-
try, and the addition to their value by these
SIMPLE operations demanded alike by sound policy
and honesty, VIII increase their marketable worth
IN the hands of the citizens 81 $50 coo. To the
eihciency Of the Safe Treasurer, the Auditor
General, and other officers charged with the col
lection and disbursement Of the public moneys
during the past year, is Justly attributable in a
high degree these fav orable results
The beneficial results Of the sinking fund can
not be doubted. The payment from various
sources 10 the Commonwealth, during the past
year have been as follows
From collateral inheritance tax, <lS0.2l2 IL
From premiums on charters, 35 969 40
From eating and oyster houses and
restaurants, 5,e67 20
From billiard and bowling saloons
and tcn-pin alleys, 1855 80
i rom theatre, circus and menagerie
licenses, 2,2lO 90
From dlstlllery and brewery licences, 384 90
Amount received for the year end
ing December ! lS49 1927 629 OIL
The estimated payments for the same period,
for the year ending Dec. /, 1850, are follows
From collateral inheritance tax, s200,000 90
From interest on stocks purchased, $1,000 90
From premiums on charters, 10000 90
From theatre, circus and LnenagcrIe
licenses, 5000 90
From distillery and brewery licenses, 1900 90
From billiard and bowling saloons
and ten-pin alleys, 5000 90
From eating and oyster houses and
restaurants, Is 600 20
From balance in Treasury after de-
Quoting appropriations hereinbe-
fore recommended, 81, 500 90
s37I 900 90
The opinion il confidently expressed that the