Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1853-01-13
Fishery question which seemed to disturb

Fishery question, which seemed to'disturb
the monetary world for a short season,
the bids were not so favorable as we had
anticipated; we, nevertheless, felt bound
by the terms of our public notice, to ac-
cept the amount offered. The remainder
of the five millions has been used in the
cancellation of the S per cent. bouds, by
the exchange for them of new bonds,
bearing like interest, for which exchange
the Commonwealth has received cash
premium of per cent, which is more
advantageous loan for the State than were
the bids opened on the 7th of September.
The premiums received on this loan "a
mounted to Sl34, ,534 90, which sum, in
accordance with the terms Of the law, has
been paid over to the Commissioners Of
the Sinking Fund, to be applied to the
cancellation of the public debt. In ad-
dition to the premiums, there will be an
nually saved to the Treasury, by the re-
duction in the rate of interest on the re-
newed debt, the sum of $40, ,436 62,which
for twenty five years, the period which
the loan ,has to run, will amount to saw
ing to the Treasury of S51O.915 5O.--
This result is not quite equal to my ex-
pectations; but when it is remembered,
that all this has been accomplished with
out the exaction of dollar from the peo-
pie, we have much reason to be grati6ed
with the issue.
In our efforts to effect conversion of
the five per cent. loan into new bonds
bearing 4 per cent, interest free of taxa
ton, with coupons attached, re-imbursa-
BILE in 80 years, under the 105th section
of the law already referred to, after con-
sultation with number of the most ex-
perinced commercial men of the State,
we deemed it our duty to send an agent
to Europe, where most of the five per
cent. bonds are held, to promote, as far
as possible, the desired end. Accordingly,
we assigned to Col. John J. M'Cahen, of
Philadelphia, the performance ofthis duty.
This gentleman Immediately repaired to
London, and subsequently to Paris, and
devoted himself, for some weeks, to the
objects of his mission with untiring zeal
and energy. Whilst it is true that we
can claim for his efforts the credit of no
definite result, we are nevertheless decid-
edly of opinion, that his mission has been
of great service to the State. His minute
knowledge of the whole history of the f.
nancial difficulties of Pennsylvania, their
cause and the remedies applied, enabled
him to remove many unfounded preju-
dices which were cherished in the money
circles of that country, against the integ-
rity and honest purposes of the descen-
dants of Penn. Mr.. M'Cahen thinks he
could have effected conversion of large
portion of the loan at Al per cent, but
the officers of the government had no
power under the law to allow a greater
interest than a per cent.
l respectfully recommended the pass
age of a law similar to that of the 4th of
May 1852, authorizing the officers of the
government to cancel the old FIVE per
cent. bonds by the creation of new ones,
free of taxation, with coupons attched,
bearing less rate of interest or bonds
bearing S per cent, on which not less
than 81 per cent. of cash premium shall
be paid. The State can, in this way, 1
believe, confidently, save a large amount
of money, and finally cancel all her pres
ent bonds, and be clear of the trouble
and expense of keeping loan books and
transferring her stocks This considera-
tion alone is a most desirable end, and
would go far towards compensating for
all the labor and trouble of renewing the
bonds for periods of FIVE, ten, and twenty
five pears.
The financial operation of the year,
including the North Branch loan of $3.50,
900, l am greatly grati6ed to discover,
has left but little additional burthern upon
the Treasury. The interest on this loan
will amount to $4l 500, annually. De-
Quoting from this the sum of 500, ,436 62,
the yearly saving secured by the cancel
lation of our six per cent. debts, and we
have balance of interest on the North
Branch loan to provide for of S21 ,063
80. The receipts to the Sinking Fund
from ordinary sources up to the close OF
the fiscal year, amounted to 1921 ,493
IA, which when added to the premiums
received on the five million loan, and the
tax from the Pennsylvania railroad COM
pany, make total of s377, ,29S 40, the
interest on which, at 5 per cent, will
make an annual saving of $ls,e64 90,
and thus, together with the interest saved
by the five million loan, as above stated
will entirely exhaust the whole amount OF
the interest On the North Branch loan,
less S2,l94 As.
1t is proper to remark, in this connec-
ton, that considerable portion of the
State stock purchased for the Sinking
Fund, was not delivered at the State
Treasury until after the close of the f.
nancial year, and hence this investment