Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1856-01-09

naally, on the 1st days of February and Au-
gust in each year, and redeemable on or after
the Isl day of August 1855, were issued. The
minimum period fixed by law for the redemp-
tion of these certificates, expired on the lst
day of August last. Nosprovis:on has been
made for their renewal or redemption.
Although by the terms of the act authori-
zing these certificates of State stock, as also
by the conditions of the certificates issued in
pursuance thereof, the time of payment, after
the expiration OF the minimum period, is op
tional with the debtor--the Commonwealth
yet due regard TO the credit of the State re-
quires that provisions should be made for their
renewal or redemption. To redeem these GER
tificates loan would become necessary, and
as loan cannot be effected, in the present fl
nancial condition of the country. on terms
more favorable to the State, than those on
which these certificates were issued, would
recommend that authority be given to issue
the bonds of the Comm onwealth in renewal OF
said certificates bearing interest at the rate OF
five per cent. per annum, payable seml-annu-
ally, and redeemable on or after the eXpira-
ton of twenty year,; and that the bonds be is
sued with coupons or certificates OF interest
attached in sums equal in amount TO the SEMI
annual interests thereon, payable on the hrst
days of February and August in each and ev-
cry year, at such place as may be designated.
This change in the form and character of the
certificates, it is believed. will be so advanta-
geous to the holders, without increasing the
liabilities of the Commonwealth, as to induce
willing aud prompt exchange, at premium,
for the bonds proposed to be issued.
The condition of the public works, their
general operation, and the receipts and expen-
ditures for the past fiscal year, will be presen-
ted to you in the report Of the Canal Com
missioncrs.
The aggregate receipts at the Treasury, from
public works, for the year ending November
- 81 TIaa afa
expenditures, including ordinary and extraor-
dinary payments, for the same period, amoun-
ted to 81 ,S39, ,19l Is. showing an excess of ie-
ceipts, over all expenditures, of S103, ,5S5 53.
The extraordinary payments for the same
year excluding S133 100 90 paid for re-laying
the south track Of the Columbia railroad, and
SIS, 600 90 for rebuilding the Freeport aque-
duct, were $685. rs. The ordinary ex-
penditures were 81, Jas, 1868 10. Aggregate
receipts as above stated, 81 ,9f2, 1916 Il. Or
dinary expenditures 5 ,1i8, 1868 40. Net rev
enues for the fiscal year, 79i, i,0l3 81.
This balance exhibits a small increase in the
net revenues, as compared with the net reye-
nues of 1854; and notwithstanding the with
drawal Of the transportation lines from the
main line of the canal, the aggregate revenues
for the last year have exceeded the revenues
of 1854 by more than twenty-three thousand
dollars. From the abundant crops Of the past
year, the improved condition OF the monetary
of business, a large increase in the revenues
for the current year may be confidently ex
pected.
The sum of 5 81, 125 25, has been paid into
the Treasury by the Pennsylvania railroad COM
pany and other railroad companies, as the tax
or tonnage passing over their roads. This a.
mount largely exceeds the sum paid by the
same companies in 1854.
The Delaware division exhibits a satisfactory
result. The total receipts were 1892 ,6I3 A.
expenditures, $50, 097 Sc; showing net rev.
enue of 1882 $40 So. If all our lines of i'm
provement exhibit similar balance sheet, the
people would have less cause of complaint and
more confidecc in the general operation Of the
system.
There has been large increase in the busi-
ness and tonnage of the Columbia railroad, and
corresponding increase in the receipts there
from. The operations of the road, for the
past. We ar have Been highly satisfactory. The
operations Of that part Of tie main line from
the Junction TO PittsourS including the Por-
taEe railroad, do not present so favorable
result. The receipts have greatly diminished
and were not sufficient tG meet the ordinary
expenditures. The revenues from the main
line do not equal the receipts Of the previous
years The causes of this reduction are appa-
rent, and some Of them have been referred to
and enumerated. It is but just to add, that
the expenditures on this line have been much
diminished by the avoidance Of some of the in
clined planes on the Portage railroad.
4 regret to inform you that the railroad to
avoid the inclined planes on the Allegheny
mountain, has not been completed as was con-
fdently anticipated. The delay in the COM
pletion of this work has occaSioned much in
convenience to the business of the main line
and loss TO the revenues of the common
wealth. The expenditures have largely ex-
ceeded the original estimates for its construc-
ton; and although the sum of S211 ,I30 90 WAS
appropriated at the last seSsion-a sum covering
the estimate of the engineer-yet after the ex-
penditure of the whole amount thus appropriated
the road is unfinished; and to complete it and
pay the debts constructed, the further sum OF
S177 ,573 66 as now estimated by the engineer,
viii be required. Either the estimates have been
very carelessly made, or large sums of money
uselessly and extravagantly expended in the
prosecution of this improvement. As aiding
the business of the main line, reducing still
further its expenditures and relieving the
Treasury from these constant demands, the
announcement of its early completion Will be
hailed with pleasure by evry citizen.
Although the completion of the North
Branch canal, before the close of navigation, !,
was certainly expected, yet this expectation
has not been realized. The efforts OF the pre-
sent Superintendent, Mr.. Mafit, during the
past year, to complete and put in successful
operation this canal, deserves the highest COM
mendation. Every thing that skill, energy,
and industry could accomplish, has been done.
The Ia Dor to be performed was great, and rem
dered mere difficult and perplexing by the i'm
perfect and fraudulent construction of the old
work and some portion of the new. The large
quantity ofrocks, trees, stumps, and roots pIa-
eed in the bottom o. the canal, and the defec-
tive material used:in tie embellishments, suffer
ed the water TO escape ali.'o as rapidly as ad-
mitted, and rendered re-cC Instruction Oh the
work in many places, indiSpens. 'biy necessary; F.
Its successful completion, it is hoped, Will
soon be announced.
1t will appear by the report of the c,nmmif-
tee of Ways and Means made to .he House OF