The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1853-01-13


available balance in the Treasury on the
lst day of December, 1852, of S67l ,037
70 Bnt it must be observed, in order to
correct comprehension of the relative
condition of the Treasury, that the unpaid
balances of appropriations for 1891, amour
ted to S62i .33S 50, whilst those of 1852
only reach the sum Of 1925, sol IA, show
ing a difference in favor Of the latter year
of near S100, 600.
The receipts to the Treasury for the
coming year may be safely estimated at
81 4,626 500 Taxes from real and person
al estate and tolls on the public works, are
the only sources Of revenue in which there
can be any considerable variations from
this estimate The former of these L have
estimated at 81 ,40O,0 and the latter at
S850,000 To the above estimate must
be added the sum of S671 ,037 y, the
balance remaining in the Treasury on the
1st day of ID cember, 1852, and thus swell
ING the whole means Of the Treasury for
1853, to the sum Of S5,297 ,537 Y The
ordinary expenditures for the same period,
including everything except new work,
NAV be estimated at 81 ,02S $40, which will
leave balance In the Treasury on the Ist
dav Of December, 1858, Of 81 - ,2Oo.
In this expenditure is included SoO0,0O0
for the sinking fund, which, added to the
foregoing balance, makes the sum OF ST.
571 ,2O8; and deductiDg from this, SOIL
O37 y, the amount in the Treasury on
the 1st of December last, we shall fnds an
actual balance of S698 $50, applicable to
the payment of debts and the completion
OF the North Branch canal and the Por-
l% Of a.fI
mates demonstrates most clearly to my
mind that when the Improvements just
named shall have been completed, should
all new schemes of expenditure be sternly
resisted, US they stall be, so lar as L am
concerned, the Treasury will be III d condl-
ton to cancel at least one million of dol
lars of the public debt annually.
L. accordance with the proXisions of an
act of the Legislature, approved the Ind
day Of April, 1892, proceeded to borrow,
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 award
ed to Mcssrs Harris & Co, 1or &. ii.
Fisher. Of Philadelphia, Duncan, Sherman
& Co., New York, and George Peabody, of
London, Oh the 18th day of j June last, as
follows: S200, ,000 at an interest OF ~ per
cent, and SG50,000 at an interest CT per
cent, and the bonds Of the State issued ac-
cordineIv. in sums Of one thousand dollars
each. free Of taxation, with coupons attach
cd, re-imbursable in thirty years after their
date.
The Tooth section Of an act to provide for
Il Of tho mn
and other purposes, approved the 4th day
of May, 1852, declares g that the Governor
and State Treasurer be, and they are here>
bv authorized and empowered to borrow,
on the faith OF the Common wealth, during
the year 1892, at such times, and III such
amounts as they may deem best for the IN
terest Of the State, any sum not exceeding
five millions Of dollars, aud issue the bonds
of the Commonwealth for the same, bear
int a rate Of interest not exceeding five per
centum per annum, payable semi-apnually,
which bonds shall not be subject to taxa
ton for any purpose whatever, and shall
be re-imbursabe in twenty-five years from
their date and the sum 50 borrowed shall
be applied to the payment OF the SIX per
cent. loans, that are payable atthe option
OF the Commonwealth, after the years
1916 and 1917; to the cancellation OF the
certificates issued to domestic creditors, and
the outstanding and unclaimed interest
certificates, in the manner hereinafter pro-
vided ana the balance of said five millions
shall be applied to the extinguishment of
any of the five per cent. bonds of the State
now outstanding, and for 40 other purpose.
In compliance with this and the other
sections 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 action will
be found in the State Treasurer's report.
The 6 per cent. bonds, the domestic credi-
tor certificates, and the certificates for out>
standing interest, have been cancelled as
fast as presented, and the money is now IN
the Treasury to pay off the entire balance.
On opening the bids on the 9Th of Septem-
Der, we discovered that only s3,4l0,0OO
had been bid for, and owing, as We thought,
to a slight misunderstanding between our
Government and that oe Great Britain on
the Fishery question, which seemed to dis
turb 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 5 per cent. bonds, by
the exchange for them of new bonds, bear>