The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1853-01-13
EBENSBURG, TIIURSDlY, JANUARY l3, 1853.


um of per cent, which is more advanta
eeous loan for the State than were the bids
opened on the 9TH of September.
The premiums received on this loan
amounted 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 cancel
iation of the public debt In addition to
the premiums, there will be annually saved
to the Treasury, by the reduction In the
rate of interest on the renewed debt, the
sum of S20,4 ,436 81, which for twenty five
years, the period which the loan has to
run, will amount to saving to the Treas
ury of S5I0,915 SO. This result is not
quite equal to my expectations; but when
it is remembered, that all this has been
accomplished without the exaction of one
dollar from the people, we have much rea-
son to be gratifed 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 taxation, with
coupons attached, reimbursabie in 80 years,
under the lG5th section of the law already
referred to, after consultation with a num-
Der Of the most experienced 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: Accord
ingly, we assigned to Col. John j. MCa-
hen, Of Philadelphia, the performance OF
this 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
Il Whilst }-na th,f
we can claim for his efforts the credit of no
definite result, we are nevertheless decided
iy of opinion, that his mission has been Of
great service to the State. His minute
knowledge of the whole history of the fnan
ciaI difficulties Of Ponnsy lyania, their cause
and the remedies applied, enable hlm to
remove many unfounded prejudices which |
were CHERISHED u the ploney circles OF thatsl
country, against the integrity and honest
purposes OF the descendants OF Penn. Mr..
NJ Cahcn links he could have effected a
conversion of large portion of the loan at
II per cent but the officers of the govern
ment had no power under the law to allow
q greater iaterest than 4 per cent.
/ respectfully recommend the passage Cf
Law similar to that of the 4th of May,
1852, authorizing the officers of the gov
ernment TO cancel the old Eve per cent.
bonds by the creation Of new ones, free of
taxation, with coupons attached, bearing
less rate Of interest or bonds bearing five
per cent on which not less than 81 per
cent. OF casa premium shall be paid. The
State can, in this way, l believe, confident
ly, save large amount of money, and final
ly cancel all her present bonds, and be
clear of the trouble and expense Of keep
ing loan books and transferring ber stocks.
Tnis consideration alone is Il most desirable
end, and would go far towards cOmpensa-
ting for all the labor and trouble of renew
ing the bonds for rerios.s ot Eve, ten, and
twenty-t years.
The financial operations of the year, in
cluding the North Branch loan, of $780,
coo, L Ain greatly gratited to discover, has
left but little additional burtbcn upon the
Treasury. The interest Oh this loan will
amount to Sil 500, annually. Deducting
from this the sum of go, ,436 ~, the yearly
saving secured by the cancellation CT our
six per cent. debts, and We have balance
of interest on the North Branch lean 10
provided for Of 81 ,063 SO. The receipts
to the Sinking Fund from ordinary sour
ces, up to the close of the fiscal year, amour
ted to S221 ,493 "A, which when added to
the premiums received on the FIVE million
loan, and the tax from the Pennsylvania
railroad company, make a total of S377,-
29S 40, the interest on which, at per
cent will make an annual saving of $751;
S64 y, and thus, together with the inter
est saved by the FIVE million loan, as above
sta5ed, will entirely exhaust the whole
amount of interest-on the North Branch
loan, less 81, 1914 46.
1t is proper to remark, in this connec-
ton, that a considerable portion of the
State stock purchased for the Sinking Fund,
was not delivered at the State Treasury un-
til after the close of the financial year, and
hence this investment is not stated in the
report of the Auditor General
The receipts from the public works for
the fiscal year OF 1852, as appears in the
report of the Canal Commissioners, amoun-
ted to the sum of 81 ,S96,81i A., and the
ordinary expenditures for the same period,
to the sum of 81 ,029, ,34l %, leaving net
revenue to the State of SS67 ,470 10. This
result, when compared with that of the
last and preceding year, presents a some
what fattering picture. 1t must be re-
membered, however, that we have had a
most fortunate season. The general pros
perity of the State has tended to swell the
amount of tonnage, whilst no interruptions
of business or injury to the works have re-