Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1853-01-13

means WHICH ouly SeTEe W CouIuSe eue az
COUNT makes the total ordinary means Of
the Treasury for the year, s5,1O4, ,424 II,
The payments, exclusive of the cancella-
ton of State stock-the appropriations to
the North Branch canal and the Portage
railroad, amounted to the sum of 50, l29,-
262 49, being S976,602 II less than the
receipts. Of this excess, however, the
sum of 1904 sc was applied to the com
pietion of the Western reservoir-to re-
laying the north track of the Columbia
railroad, and to other extraordinary re-
pairs on the public works, leaving an ac-
tual available balance in the Treasury on
the lst day of December, 1852, of S67l,
O37 -. But, it must be observed, in or
der to correct comprehension of the re-
lative condition of the Treasury, that the
unpaid balances of appropriations for
1851, amounted to s62l 1893 95, whilst
=, those of $50 only reach the sum of fS529,
Sol IA, showing difference in favor of
the latter year of near 100000.
The receipts to the Treasury for the
coming year may be safely estimated at
s4,626, 500 Taxes from real and perso-
nal estate and tolls on the public works,
are the only sources of revenue in which
there can be any considerable variation
from this estimate. The former of these
| have estimated at 81 400, 900, and the
latter at S850,0GO. To the above esti-
mate must be added the sum of $751;
OBJ u, the balance remaining in the
Treasury on the 1st of December, 1852
and thus swelling the whole means of the
Treasury for 1853, to the sum of So, ,297, :
537 u. The ordinary expenditures for
the same period, including everything ex-
cept new work, may be estimated at S4,-
02S, go, which will leave balance in
the Treasury on the lst day of December,
1853, of s1,27I, POS. In this expendi-
ture is included $500, 900 for tue sinking
fund, which, added to the foregoing bal
ance, makes the sum of 81 81 POS; and
deducting from this, s67l ,O37 70, the a
mount in tue Treasury on the 1st of De-
cember last, VIC shall find an actual bal
ance of ss9s, $50, applicable to the pay
ment Of debts and the completion of the
North Branch canal and the Portage rail-
road. The result of these estimates de-
monstrates most clearly to my mind that
when the improvements just named shall
have been completed, should all new
schemes of expenditure be sternly resist
ed, as they shall be so far as l am con-
cerned, the Treasury will be in a condi-
ton to cancel at least one million of dol
lars of the public debt annually.
/ In accordance with the provisions of an
act of the Legislature, approved the 2nd
day of April, 1852, 1 proceeded to bor-
row, on the faith of the Commonwealth,
eight hundred and fifty thousand dollars
for the Completion of the North Branch
canal. The maximum rate of interest
named in the law is 6 per cent. The
loan was awarded to Messrs. Harris &
Co., for G. H. Fisher, of Philadelphia,
Duncan, Sherman, & Co. New York, and
George Peabody, of London; on the 18th
/ day of June last, as follows: 100000 at
an interest of 41 per cent, and $3.50. 900
at an interest of 5 per cent, and the bonds
of the State issued accordingly, in sums
of one thousand dollars each, free of tax
alton, with coupons attached, reimburse
bic in thirty years after their date.
The Tooth sectien of an act to provide
for the ordinary expenses of the govern
ment and other purposes, approved the
4th day of May, 1852, declares "that the
Governor and State Treasurer be, and
they are hereby authorized and empower
ed to borrow, on the faith of the Com
monwealth, during the year 1852, at such
times, and in such amounts, as they may
deem best for the interest of the State,
any sum not exceeding five millions OF
dollars, and issue the bonds of the Com
monwealth for the same, bearing a rate
Of interest not exceeding five per centum
per annum, payable semi-annually, which
bonds shall not be subject to taxation for
any purpose whatever, and shall be re-
imbursable in twenty-five years from their
date; and the sum so borrowed shall be
! applied to the payment of the 6 per cent.
loans, that are payable at the option Of
the Commonwealth, after the years lS46
and lS47; to the cancellation of the certi-
! fcates issued to domestic creditors, and
the outstanding and unclaimed interest
certificates, in the manner hereinafter
provided; and the balance of said five
millions shall be applied to the extinguisb-
ment of any of the five per cent. bonds OF
the State now outstanding, and for no
other purpose"
In compliance with this and other Sec
tons of the law relating to this subject,
the State Treasurer, Auditor General,
and myself, proceeded to make the loan
of FIVE millions. The details of our ac-
ton will be found in the State Treasur-
er's report. The 6 per cent, bonds, the
domestic creditor certificates, and the GER
ti6cates for outstanding interest, have
boan oonnalIed as fast as nreSented and