Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1852-04-09

| after my induction into Office, to communi-
cate with you on the subject of the pnblic
debt, and exhibit the actual financial con-
| dltlon of the Commonwealth at that period
| After the necessary examination, however, |
! discovered that | could not do so with the
! precise accuracy which should characterize
| the statements of an official communication.
There are outstanding debts on the public
works, unpaid claims, and balances of ap-
! preparations for last year, the amount Of
| which could not be ascertained in time for
this purpose. | am, therefore, [ regret to
! say, compelled to forego the performance of
/ this duty until the meeting of the next Legis-
/ lature. l cannot, however, refrain from ex-
| pressing the views | entertain, and the anxi-
! ETY. | feel, on few subjects connected with
! the financial and other affairs Of the State.
! There Is now due and unpaid two millions
| four hundred and nInety-0ne thousand two
/ hundred and tfty-iye dollars of the bonds Of
the Commonwealth, bearing an interest Of
! SIX per cent, and balance Of nearly one
! hundred thousand dollars due to domestic
! creditors, bearing 4 like rate of interest be-
! sides one million three hundred and ninety
/ thousand dollars at five per cent over two
millions viii fall due in 1853, and about three
/ millions in 1854
! l respectfully suggest to the Legislature
/ the propriety Of making provision for the
/ cancellation OF the matured bonds, and such
/ as may fall due during the coming year, by
! authorizing the State Treasurer to negotiate
/ loans for that purpose, and issue the bonds
( Of the Commonwealth, reimbursabIe at the
expiration OF ten or fifteen years, at rate
of interest not exceeding five per cent, with
/ interest certificates attached, or in the usual
! form, as may be deemed proper. The pres
ent reduced rates Of interest in Europe, and
Il, g Al !
cities of this country, afford ample assurance
that such loans can be negotiated At q rate
Of interest much below that which the State
is now bound TO pay on these bonds. am
fully satisfied, by Information which has
reached me through private as we'll as public
sources, that the bonds Of the State, exempted
/ from taxation, could be negotiated at such
rate Of interest to make very desirable
saving to the Treasury. 1t is not so much
the present rate of tax on the bonds, that
would iniure the value Of new ones, as the
sensitive apprehension, entertained by capt.
talists that such rate of taxation might at
some future time, be increased. Besides
. these Inducements to cancel the matured
bonds, We should not forget, that it is not
! betitting great and prosperous State like
/ Pennsylvania to have Il matured and unpaid
debt resting upon her. Such state oi affairs
.
and is well calculated to have an injurious
effect upon her credit Her ability to pay
cannot be doubted, and the fidelity with
which her people have ever responded to
every reasonable demand to sustain her
credit, has excited unlimited confidence in
her integrity amongst the capitalists OF this
country and Europe. | therefore most re-
spectiully submit this subject TO your cell
sideration.
The receipts into the Treasury for the year
1851, deductng the temporary loan of S96,-
200, amounted to 81, 1888, 90, and the
expenditures for the same year, to S4,
7SO, ,667, SO, or sos, ,364, 40 more than the
whole receipts. In this expenditure is IN
cluded Sl85, 1881, which was paid to the
Commissioners Of the Sinking Fund and can
not, therefore, be properly regarded as an ex-
pcnditure, as it was used to cancel a like
amount Of the funded debt-leaving an actu-
al balance against the Treasury of Sl23,
225 40.
After full consultation with the financial
officer Of the State, and a careful examination
Of the data which lie has kindly placed within
nv reach, ! have arrived at the conclusion
that the receipts and expenditures for the
current year may be estimated rs follows, to
wit:
Receipts, 81, 1926 600, expenditures, S4,027,
900, leaving a balance Of receipts over eX-
penditures Of sos, ,0O0--including in this ex-
penditure, an estimated payment to the com
miSslOners of the sinking fund OF SZZO,O
But it should be observed, that in the c1pen-
ditures for last year there is included the
sum Of SAP, 1876, applied to the North Branch
canal and $50. 900 for the inclined planes on
the Portage road and the Western reservoir;
making in all, S472, 1876 expended on new
work during the last season. 1t will be seen,
however, by reference to the State Treasurer 5
report that the balance in the Treasury on
the lst of December, 1850, was S7j4, ,252, 81,
whilst at the same period Of the year 1851,
the balance was but 5543 $40 81 being
difference against the Treasury for this year
of S2I0, ,252 90 which sum, together with the
$500, 600 Of temporary loan, to be paid out
of the receipts of the present year, amount
to $40 253 90, being S36, lj5 90 more than
all the payments for new work, and ON this
data the balance i'll the Treasury at the end
of this year is reduced to $3.50, 844 40. Thus
it will appear that, should no accident occur
to the public works during the present sea-
son, we may reasonably anticipate a surplus
revenue of between two and three hundred
thousand dollars Should the improvements,
however, be visited by anything like the ox-
tent of damage which befel them during the
last year, this balance would be reduced to
a sum too meagre to deserve notice. 1t IS,
therefore, apparent that we cannot rely upon
the surplus revenue Of the Treasury, during
the current year, for the means to prosecute
the work on the North Branch and the Por-
tage railroad, with that vigor which the lnte
| rest of the State seems to demand.
| [ remarked at the time Of my induction
into office, that l regarded the speedy com
| pletion of the North Branch canal as consls-
tent with the truest principles OF economy
| The examination which | have given the