Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1851-10-02

lar OF additional debt was added TO the funded
debt during the three years the government
was under his charge (Applause.) In l849
when | assumed the Executive functions, un-
der an election by the people, the public debt
of Pennsylvania had swelled to the enormous
sum of S4l,000,000. There was floating
debt upon the canals and railroads, unrecord-
ed and undisclosed except to those having
charge of the canal system, of $4,000 or
more. This debt required something like ST.
100000 annually to pay its interest, and of
that $2,000,000, at least SI,500,0OO was
every year sent out of the country to pay in
terest upon loans held abroad In addition to
these 100000 required to pay the interest,
that interest was obliged to be paid semi-an-
nually, and allowing period of twenty years,
would have at least equalled the original ag-
gregate of the entire principal so that when
this sum had paid the debt, it stood precisely
where it did before the payment had COM
mehced-that is, the State was still Sal ,000,-
900 in debt
You will recollect that in the period of ten
years, from 1899 to lS49, the debt had in
creased $l6,000,000; and you will remember
that not single mile of your railroads or ca
mails which were not completed at the time
George Wolf went out of office, was compile
ted in 1S49, distinctly state from the best
of my recollection, and from the most careful
examination | can make of the history of the
internal Improvements of the State, not sim
ole mile of railroad or canal was brought in
to active usefulness during the period of ten
years to which have referred. | do not say
and | have not said-there were no appro-
priations made during that time for public i'm
provements, because such is not the TRUTH
Citizens, believe if this system were contin-
ued for another period of ten years, and your
debt increased at the rate of Sl6,00U,000 or
even one-half of that sum, it would be so G.
normously large as to force the honest people
of Pennsylvania into dishonest reputation
of their obligations, or place upon their prop
erty and their industry, such burdens as they
could not bear Laboring under this impress
sion, | turned my attention at an early day
to the accomplishment of some project which
might result, if not to the absolute reduction
of the debt, at all events in the prevention of
+ its increase. believed if you desired to pre-
serve the money of the people, and to appro-
pirate it to the Legitimate purposes for which
! it was intended, the surest means to reach
that result was by keeping your treasury poor.
/ | had known enough of the Legislation of
! Pennsylvania to know that, with u treasury
! full of money, or while money could be had
upon the faith of the Commonwealth, that le-
! gislators would devise various projects to
waste it extravagantly. | was satisfied that
/ the moment the treasury was brought down
to point where it could only meet the de-
mands for legitimate purposes, if a reduction
of the debt could not be commenced, an in
! crease might be prevented. An examination
of the public resources induced me to believe
/ that slight revision in some of the laws as
sessing taxes upon the property of the citi-
zen and the exercise Of proper energy IN their
administration, might produce the desired re-
| suits. | recommended to the Legislature of
| lS49 the establishment of a Sinking Fund, for
! the purpose of ascertaining whether the re-
sources of the treasury were sufficient TO car
ry out the objects | had in view. Certain /
TENS of taxation which before that time had
been used for general purposes, were appro-
priated to that fund Laws were passed by
which more efficient collection Of the reve-
nues was secured. The operations ofthe fund
during the first year was the payment into it
of 1927, GOO, with which sum more than $3.50.
! 600 Of the public debt of the Commonwealth
was pure hased, and in addition to this pur-
chase ola quarter of million of the indebted
ness of the people, your public stock, which
before that period Of time had been far below
par, was Immediately brought up to oand above
par value.
In addition, as a part of the system, de-
sired that the interest upon your debt should
be paid in that kind Of money which your con-
sttuted authorities contracted 1t should be
paid in at the time the stocks were issued. |
believed that the interest on the debtshould be
paid. 1t was done, fellow citizens, without
resorting to tempory loans, in anticipation OF
the revenues Of the coming year | desired
that mode of paying the obligations of the
Commonwealth, simply because | never
knew an idividual who drew largely upon the
! incoming years resources, who did not get
into tight place before the year ended
Oaughter) believed it to be the same with
the State, that if you anticipated the reve-
nues of the first quarter of the year to pay the
demand of the last quarter, before the year ter
minated you would again be in financial diff
! fculties to meet your obligations. In making
these arrangements, | take occasion, with
pleasure, here TO say, and have said so on
all other occasions, Notwithstanding wha
has been said by my opponents, was largely
assisted by the other officers who were con-
nected with me in the State administration.
| must return my thanks particularly to the
/ then Auditor General and the then Wing
State Treasurer, Gideon J. Ball, for doing
everything they could to second the views OF
tire Executive (Applause.)
The Legislature Of lS49, supposlng that
they had willing horses, upon whom they
might place heavy burdens, required the Ad-
ninstration not only to pay the interest OF
this debt, without temporary loans, and IN
specie, and to pay a certain sum of money IN
to this sinking fund for the ultimate payment
of the public debt; but they also required the
Administration, in It's first year, to pay over
100000 floating debt, which they knew
nothing about when they came into oflce.-
That Legislature also required them 10 pay
! S150,O00 towards the completion OF the Noftn
Branch Canal, and also 10 make the necessa-
-, =. 49,, outs q MI upuOilate the necessary