Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1856-01-12


Treasurer, was as follows, to wit:
Funded debt, viz: .... .....
! 6 per cent. loan. ............ Sjl6l54 %
); do .................. 50 9O3 AS 81
! - 5.... do .................. 3SS 200 90
4. do .................. 100 900 90
Total funded debt. ,.......--S39,9O ,9O7 800 Il
| Unfunded debt, viz
! Relief notes i'll circulation. 2jS,1 ,1T3 90
Int. certificates outstanding. 29,lj7 %
Domestic creditors. 1.264 90
Bal temp. loan April l2 1853, s25,o9o ogo 90
do. Nav 2, 1854. 1854 900 90
Total uufunded debt. l,lG0,l94 25
Total debt December l. IS55....... al .O67 9O4 "
Total debt as above stated Dec. l. lSji IL 69S ,95 ~
Decrease during the fiscal year,. GSO,GOl o.
This statement exhibits the gratifying fact
that during the fiscal year ending November
80, 1855, the Indebtedness of the Common
wealth has been reduced $3.50, col o. Du-
ring the same period large appropriations and
payments were made for the completion of the
new Portage railroad, relaying the track of
the Columbia railroad, and for other purposes
These demands upon the Treasury were, with
out the aid of loans, promptly paid.
Refusing to undertake any new schemes of
internal Improvement, limiting all appropri-
ations to the actual demands of the occa-
sion, practising strict economy in all depart
mentS Of the government, and holding the re-
ceiving and disburSng agents of the Common
wealth to a rigid accountability, will greatly
reduce the expenditures, and under ordinary
circumstances, leave an annual surplus of the
revenues to be applied to the redemption Of the
public debt
The estimated receipts and expenditures for
the current fiscal year will be presented to you
in the report of the State Treasurer The re-
ceiptS from the usual sources of revenue, above
the ordinary expenditures, may exceed the sum
of one million and half of dollars These
estimates may approximate the true result, but
cannot be relied upon with certainty
BY the thirty-eghth section of the act of
the 10Th of April, lS45, entitled q An Act to
provide for the ordinary expenses of govern
ment, the repair of the canals and railroads of
the State, and other claims upon the Common
wealth" the Governor was authorized to cause
certificates of State stock to be issued to all
persons or bodies corporate holding certificates
for the payment of interest on the funded debt
of the State, which fell due on the lst day of
August, 1912, the lst days of February and
August, 1913, and the lst days of February
and August 1914 in an amount equal to the
amount of certificates so held, upon their de-
liyering mp said certificates to the Auditor Ge-
neral In pursuance of the authority thus Civ
en- certificates of State stock to the amount of
four millions one hundred and five thousand one
hundred and fifty dollars and twenty cents,
bearing interest at the rate of five per cent.
per annum, payable scmi-annually, on the lst
days of February and August in each year, and
redecmable on or after the Ist day of August,
1855, were issued. The minimum period fixed
by law for the redemption of these certificates,
expired on the lst day of August last Nopro-
vision has been made for their renewal or re-
dempti0n.
Although by the terms of the act authorz-
ing these certificates of State stock, as also by
the conditions of the certificates issued in pur-
suance thereof the time of payment after the
expiration of the minimum period, is optional
with the debtOr-the Commonwealth
due regard to the credit of the State requires
that provision should be made for their renew
al or redemption To redeem these certificates
a loan would become necessary, and as a loan
cannot be effected, in the present financial con-
ditOn of the country, on terms more favorable
to the State, than those on which these certi-
ficatcs were issued, | would recommend that
authority be given to issue the bonds of the
Commonwealth i'll renewal of said certificates,
bearing interest at the rate of five per cent.
per annum, payable semi annually, and redeema-
bic on or after the expiration Of twenty years;
and that the bonds be issued with coupons or
certificates of interest attached, in sums equal
i'm amount to the scmi-annual interest thereon,
payabIe on the first days of February and Au-
gust in each and every year, at such place as
may be designated. This change in the form
and character of the certificates, it is believed,
will be so advantageous to the holders with
out increasing the liabilities of the Common
wealth, as to induce willing and prompt ex
change, 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 6scal year, will be present
ed to you in the report of the Canal Commis-
SiOnerS.
The aggregate receipts at the Treasury from
the public works, for the year ending Novem-
Der 30. 1850 were 81 ,942,376 IL. The ag-
gregate expenditures, including ordinary and
extraordinary payments, for the same period
amounted to 81 ,83S,79l, Is, showing an ex-
cess of receipts, over all expenditures, of $l03,
585 So.
The extraordinary payments for the same
year, Excluding $l33, 100 90 paid for relay
ing the south @ack of the Columbia railroad,
and S2S. 900 90 for rebuilding the Freeport
aque,lact) were $500, 427 IS. The ordinary
expenditures were 81, l4S,363 40.
Aggregate receipts as above stated. s4231G u
Ordinary expenditures. l'liS''o' ~
Net revenues for this f.cal year,..-... ''iOl5 81
This balance exhibits a small increase in the