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

when added 10 the premiums received on the
tive million load, and the tax from the Penn
sylvania railroad company, make total OF
S3T7 1893 40 the interest on which, al per
cent. will make an annual saving Of SlS,-
S6i 90, and thus, together with the interest
saved By the five million loan, as above sta
| ted, will entirely exhaust the whole amount
OF The interest OH the North Branch loan, less
| SO. 1874 as.
Ii is proper 10 remark, in this connection,
that considerable portion Of the State stock
purchased for the Sinking Fund, was not de-
llvered at the State Treasury until aiier the
close Of the financial year. and hence this in
vestment is not stated in the report OF the
| Auditor General.
The receipts from the public work for the
fiscal year Of 1852, as appears in the report
| OF the Canal Commissioners, amounted 10 the
sum Of S 1896 Sll 40, and the ordinary ex.
pruditures for the same period, 10 the sum OF
81 ,029, ,3ll 90, leaving net revenue 10 the
State Of Ss67,470 10. This result, when
compared with that of the last and proceed
ing year, presents a somewhat flailering PIC
lure. II mu be remembered, however, that
we have had a most fortunate season. The
general prosperity Of the State has tended 10
swell the amount of tonnage, whilst no inter.
rupions Of business or injury TO the works
have resulted from fire or floods 1t might,
perhaps, in view of these things, and the en-
ergeic competition which has grown up
around US, be unsafe to anticipate any in
crease on this net income for any year here
after, until the North Branch canal and the
Portage railroad shall have been completed.
He then refers 10 the energetic and skill
ful management OF The public works and the
law requiring cash payments on these works.
He then proceeds 10 say
The net increase Of profits on the Colum-
ba road for this year over the profits OF last
is but little short of 100000, whilst the net
losses on the entire operations OH the Por-
lage road have exceeded that sum. The di-
rect, unavoidable and accidental expendi-
lures on this latter road, must necessarily
be very heavy. Whether it be practicable
TO arrest this monstrous demand upon the
Treasury, by any other means than the avoid
ance of the planes, is a question l am not
prepared to answer, for have not looked in
10 the details of the subject. Certainly a
more honest and devoted public servant
could not be found, than the gentleman who
superintendent the operations of this work for
the last year Both he and the Canal Com
missioners concur in the opinion, that This
growing expenditure is owing 10 the increased
business aind the deapidated condition of
! the road
The avoidance of these plains-ihe COM
pleiion of the North Branch canal, and the
Telaying OF the north track OF the Columbia
railroad, are subjects which will claim yonr
early attention. These measures were all in
progress when came into office. In spe-
cial message 10 the last Legislature, deca-
red the opinion, that tney were necessary 10
the public welfare, and should be speedily
consumma,ed. | still entertain these views.
Should the General Assembly adopt this
policy, il will be for them to provide the
means 10 sustain the Treasury under this in-
creased demand upon its resources. In ano-
ther part of this communication, have given
you my views touching it's future condition.
No permanent loans, it seems 10 me, should
hereafter be made for any purpose whatever
nor should the Sinking Fund be diverted
from its legitimate ends. The General AS.
, sembly may, however, in view OF the press
ing necessity for the immediate completion
of these Improvements, deem it wise TO an
thorize the anticipation Of the surplus which
may accrue in the Treasury for one or two
years
When the foregoing scheme shall be com
pleted, the government, in my opinion
should abandon entirely the policy of con
r siructing Improvements of this character
The circumstances which made ii right ant
wise for the State TO participate in such worl
have passed away. Grand avenues have
been constructed through nearly all parts o
the State, whilst individual capital has in
creased, and is rapidly occupying every fea
sible scheme of The kind. With my presen
impression, shall, under all circumstances
resist The commencement of any new pro
jects Of this character.
He then refers TO the controversy OF tht
Pennsylvania Railroad Company with tn,
Canal Commissioners regrets the rivar,
and bad feeling engendered-say the Com
Pany should enjoy lis privileges, but shouls
not be allowed 10 infringe those of the State
and thinks there is enough for both works
and proceeds TO say:l
| am not inclined to excite alarm in refer
ence 10 the success of the State line. ] be
leve that it will continue, under the wors
| circumstances anticipated, 10 receive fai
share OF The through and local tonnage -
, What is most 10 be desired is, that the facil
ties possessed by those great artificial high
ways shall be united, as far as possible,
couneract the influence of their rivals oul
.ide Of the Slate. The exercise of a wis
discretion, such as should, and doubtless vii
govern the action Of those inlrUsted with III
! control Of this subject, may, il is hoped, lea
{ TO the attainment Of this desirable end.
There are still in circulation about six hur
T lred thousand dollars Of The relief issues,
S considerable portion of which have becom
z so delaced and ragged as 10 render their tu
. lure use almost impraclicable. About $3.50
$ 900 of the old notes were cancelled at th
J., Treasury during the past year, under III
. provisions of the act of the 10th April, lsi'
S and like amount of new notes issued b
= certain banks, for which the State paid thes
f. Institutions two per cent. The efficiency (
e he law Of 1850, prohibiting the circulate
is Of the small issues of other States, has bee
:. greatly weakened by the constituted use
y the relief issues under The dominion of f'
a, dollars. The presence of these notes fami
A. larlzes the people to the use of small pape
u aud prevents the circulation of coin; Will
y The officers of the law, in many instance
ly make this pretext 10 evade the duty of scr
OF tlnlzins thls currency. The law of IS;
We never WILL fear, be thoroughly vindicate
he so long as this deprecated paper is permilt
he 10 supply the channels of circulation. 7
TO remedy this evil, three modes have supge.
ed themselves 10 my mind. The first is
+ a allow all holders of these notes to conye
SO, them into Safe bonds, bearing a rate of
to terest no, exceeding four rer cent, in sur