Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-01-08

dpplle0 Ill ILlGHl VI Tie nuDlIC uGDI.
A careful examination nf the financial con-
dition of the COmnonwenth-her sources of
revenue and the probable future expenditures
has inspired the hope that the time is not far
distant when the public debt will be fully
paid, and this without increasing the subjects
or ratio of taxation. 1t has already been
shown that the revenues of the past year ex-
ceeded the ordinary expenditures one million
two hundred and sixtyfve thousand ninety
five dollars and ffty-six cents. The estima-
ted receipts and expenditures for the current
year, which will be presented to you in the
report of the State Treasurer, show that the
excess of receipts, over ordinary expenditures,
may reach the sum of one and half million
of dollars. These estimates although ap-
proximations, will not be far from the true
result. Allowing, then four hundred thou
sand dollars for annual extraordinary expen-
diturcs-and under wise system of econo-
my in no probable contingency can they ex-
ceed that sunl--we will have at least one mil
lion of dollars to be appropriated annually
for the payment of the public debt With
the rapid Development of the wealth and re-
sources of the C0mmonwealth-th increase
of pOpulation-of the value Of real estate,
and of the amount and value of property Of
every description, the revenues must and will
continue to increase. This natural and ne
ceSsary increase of revenue will supply every
deficiency and every demand upon the Treas
ury that falls within the range Of probability.
If, then, the sum Of one million dollars be
appropriated annually in liquidation Of this
debt, and the accrung interest on the sums
paid be applied i'll the manner of q sinking
fund, the entire Indebtedness of the Common
wealth will be extinguished in less than
twenty y-three years. If these premises are
correct-and their correctness can only be
impaired by unwise legislation, or the impru-
dent management of our tinances-the truth
of the proposition is susceptible of the clear
est demonstration. Assuming the public
debt on the first day Of December, 1886, to
be, in round numbers. forty millions five
hundred thousand dollars, and that at the
end of each fiscal year one million dollars,
with the accruing interests on former pay
mentS. will be paid, unerriug calculation will
determine the result to be as before indicated
Thus, before the expiration Of the year 1879,
Pennsylvania uiay stand redeemed from the
oppression OF her public debt, and her peoplC
be released from taxation imposed to meet
its accrung interest, and to maintain the
faith and credit Of the Commonwealth These
views are not utopian. BY practicing strict
economy In all departments 0t the govern
ment-avoiding cxtraVagant expenditure
refusing to undertake any new schemes Of
Internal improvement, and holding to a rigid
accountability the receiving and disbursing
agents OF the State, their realization may be
anticipated with confidence.
| must again call the attention Of the Le-
gislature to Il subject referred to in my last
annual message, in the following terms:
"By the thirty eighth section Of the act Of
the 10th of April. 1915, entitled An Act to
provide for the ordinary expenses of Govern
ment, the repair of the CANALS and railroads
of the State, aud other claims upon the Com
mOnwealth, 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
Of February and August, 1913, and the first
days at February and August, 1914, in an
amount equal to the amount uf certificates SO
held, upon their delivering up said certificates
to the Auditor General. In pursuance of the
authority thus given, certificates Of State
stock to the amount Of four millions cne hun
dred and FIVE thousand one hundred and fifty
dollars and twenty cents, bearing interest a,
the rate Of five per cent. per anuunI. PAYABLE
seml-annually, on the first days Of February
and August in each year, and redceu.ahla on
or after the first day Of August, 1855, We're
issued. The minimum period fixed by law
for the redemption of these certificates ex-
plred on the first day Of August, 1855. No
provision has been made for their renewal or
Although by the terms Of the act autho-
rizing these certificates Of State stock, as also
by the conditions OF the certificates issued in
pursuance thereof, the time Of pay yment, after
the expiration of the minimum period, is op-
tional with the debtor, the Cup.m mlnwcalth,
yet due regard for the credit OF the State
requires that provision should be made for
their renewal or redemption. To redeem
these certificates, q loan would become neces-
sary, and as loan cannot be effected in the
present financial condition of the country, on
terms more favorable to the S,ate than those
on which these certificates were issued, ]
would recommend that authority be given 70
issue the bonds Of the Commonwealth in re-
newal of said certificates, bearing interest at
the rate OF five per cent per aunum. payable
and redcemable on or after the
expiration Of twenty years; and that the
bonds be issued with coupons or certificates
Of interest attached, in sums equal in amount
to the semi-annual interest thereon, PAYABLE
on the first days of February and August in
each and every year, at such place as may be
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
exchange, at a premium for the bonds pro
posed to be issued"
The report of the Canal Commissioners
will be laid before you, and viii exhibit in
detail the condition of the public works
their general operation, and the receipts and
expenditures for the past fiscal year.
The total receipts at the Treasury, from
tue public works, for the year ending Nov
30, 1856, We're S2,00G,0lj &C. being an in
crease over the revenues Of the previous year
Of So, ,638 95. OF this sum 81 Nl3 $50 IG