Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1853-01-08
GOVERNORS MESSAGE.

ot governor B'gler's Message entire, with
short abstract Of those parts Of minor I'm.
portance. The Message generally speak
ing, is a good one and gives na,tering ac-
count Of the prosperous condition of the
Keystone State. The Governor refers to
the Sunbury and Erie rail road in terms
highly commendatary OF that important
enterprise, and does not overrate its great
benefit TO Philadelphia and the state gener-
ally.
The Message commences by congratula-
ting the people for our prosperity and many
blessiugs--alludes to the recent Presidential
election and the peaceful submission OF the
minority in such cases. q
The Governor then refers 10 the death of
Clay and Webster and aludes to their dis
tinguished abilities and services 10 the coun-
Try. In regard to The Treasury he says:
The receipts to The Treasury during the
hscai year, exclusive OF the proceeds oil
loans, amounted to the gross sum of Si,-
56l,8 SO, which amount added TO The bal
(leaving out the unavailable means which
only serve 10 confuse the account,) makes
the total ordinary means of the Treasury
for the year, S. l04, ,424 II. The payments
exclusive of the cancellation of State stock
the appropriations 10 The North Branch
canal and the Portage railroad, amounted 10
the sum of 81, 129,262 49, being $976, COZ
~ less than the receipts. Of this excess,
however, the sum of 1904, ,O24 90 was ap.
,al IN tk,o ,I.,,,, IL,
servoir-to re-laying the north track of the
Columbia railroad and to other exlraordina.
ry repairs on the public works, leaving an
actual available balance in the Treasury on
the 1st day Of December, 1852, S67l ,037
70. But, il must be observed, in order 10
correct comprehension of the relative condi-
tion Of the Treasury, that the unpaid balan-
ces of appropriations of 1851, amounted 10
S62I,3 1898 95, whilst those OF 1852 only
reach the sum of S529, sol IA, showing
difference in favor of the latter year Of near
100000.
The receipts 10 the Treasury for the COM
ing year may be safely estimated at S4,-
626 500. Taxes from real and personal es-
tate and tolls on the public works, are the
only sources of revenue in which there can
be any considerable variation from this esti-
male. The former OF these have esiima-
ted a, l,4oo, 900, and the latter at $780,.
600. To the above estimate must be added
the sum Of S67l ,037 72 the balance re-
naming in the Treasury on the lst day of
December, 1852, and thus swelling the
whole means of the Treasury for 1853, 10
the sum of S5,297, ,537 70. The ordinary
expenditures for the same period, including
everything except new work, may be esil-
mated at s4,02S,67O, which will leave
balance in the Treasury on the 1st day of
December, 1853, o. Sl,2T 20S In this ex-
penditure is included 100000 for the sink
ing fund, which, added to the foregoing BAL
ance, makes the sum Of s. 81 POS; and de.
ducting from This, S67i,037 70, the amount
in the Treasury on the 1st Of December last
we shall find an actual balance Of SS9S, $50,
applicable 10 the payment of debts and the
completion of the North Branch canal and
the Portage railroad. The result CT these
estimates demonstrates most clearly to my
mind that when the Improvements Just ma
med shall have been completed, should all
new schemes Of expenditure be sternly re-
sisted, as they shall be, so far as | am con-
cerned, the Treasury will be in a condition
TO cancel at least one million of dollars OF
the public debt annually.
He next refers 10 the loan of $3.50, 600 for
the completion Of the North Branch Canal
The maximum rate of interest allowed by
the act was per cent. 5000, 900 was taken
at4t per cent. and $3.50, 1000 at 5 per cent
He then refers 10 the law authorizing a
a loan Of five millions of dollars 10 that por-
ton Of the public deb, falling due, and pro.
ceeds to say
The premiums received on this loan a.
mounted TO SI34,534 90, which sum, in ac-
cordance with the terms of the law, has been
paid over 10 the Commissioners vf the Sink
ing Fund, 10 be applied 10 The cancellation
oil The public debt. In addition 10 the pre-
miums, there will be annually saved 10 the
Treasury, by the reduction in the rate Of in
terest on the renewed debt, the sum of $780,
436 81, which for twenty five years, the Pc
rlod which the loan has TO run, will amount
TO a saving 10 the Treasury of S5l0,9l5 so.
This result is not quite equal 10 my expecia-
tons but when it is remembered, that all
this has been accomplished without the ex-
action OF dollar from the people, we have
much reason 10 be grai(ied with the issue
In our efforts 10 effect a conversion of the
FIVE per cent. loan into new bonds bearing 4
per cent, interest free of taxation, with cou-
pons attached, Teimbursable in 80 yeaIs, un-
der the l05h section of the law already lie.
ferred 10, after consultation with number
OF the most experienced commercial men OF
the State, we deemed it our duty TO send an
agent 10 Europe, where most Of the five pei
cent. bonds are held, to promote, as far as
possible, the desired end, Accordingly, we
assigned TO Col. Jrhn J. M'Cahen, OF Pha'
delphia, the performance of this duty Thi.
gentleman Immediately repaired to London
and subsequently 20 Paris, and devoted him
self, for some weeks, 10 the objects of hi
mission with untiring zeal and energy
Whilst il is true that we can claim for his ef
forts the credit of no definite result we arr
nevertheless decidedly of opinion, that hi
mission has been OF great service TO the Stale
His minute knowledge of the whole history
ol the financial difficulties of PeEns ylvania
their cause and the remedies applied, ena
bled him TO remove many unfounded pTeir
dces which were cherished in the none
circles of that country, agains, the integril
and honest purposes of the descendants
Penn. Mr.. M'Cahan thinks he could hay
effected conversion oi a large portion of II
loan at 4A per cent. but The officers Of II
government had no power under the law
allow greater interest thas 4 per cent.
respectfully recommend the passage OF
law similar TO that of the 4h OF May 1885
authoIising the officers of the government