Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1857-01-15

menced and unless checked by reckless mis-
management and extravagant expenditure,
must continue until the people and the Com
monwealth are relieved from the debt and tax
alton with which they are burdened In ad-
dition to this reduction Of the public debt, large
appropriations and payments were made for
the completion of the Portage railroad and
for debts previously contracted on that work :;
for old and unsettled claims recently adjusted
by the commissioners appointed under the act
of last session for re-laying the south track
of the Columbia railroad for enlarging the
Delaware division Of the canal, and for other
purposes. These extraordinary demands up
on the Treasury have ceased, or will soon cease,
with the necessity that created them +; and
thus leave a still larger portion of the revenues
to be applied in payment of the public debt
\ careful examination Of the financial con-
ditiOn Of the Commonwealth-he 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 "a
ito of taxation. 1t has already been shown
that the revenues of the past year exceeded
the ordinary expenditures one million two hun
dred and siXty-fve thousand ninety-fve dol
lars and ffty-sx cents The estimated 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 re-
| ceiptS, over ordinary expenditures, may reach
the sum Of one and half million of dollars
These estimates, although approximations, will
not be far from the true result Allowing.
then, four hundred thousand dollars for annual
extraordinary expendtures-an under a wise
system of economy in no probable contingency
can they exceed that sum-we will have at
least one million of dollars to be appropriated
annually for the payment of the public debt
With the rapid development of the wealth and
resources of the Commonwealth-thc increase
of populaton-of the value of real estate, and
of the amount and value of property of every
description, the revenues must and VIII con
tinue to increase This natural and necessary
increase OF revenue will supply every defcen-
cy and every demand upon the Treasury 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 ac-
cruing interest on the sums paid be applied in
the manner OF sinking fund, the entire III
debtedneSS Of the Commonwealth will be eX-
tinguished in less than twentythrec years
If these premises are Correct-and their cor
rectneSs can only be impaired by unwiSe legis-
ation, or the imprudcnt management of our
fnanccs-the truth of the proposition is sus
ceptbe OF the ccaresj demonstration As
suming the public debt on the first day of De
cember, 1856, to be, in round numbers. forty
millions five hundred thousand dollars, and that
at the end Of each fiscal year one million dol
lars, with the accrung interests on former pay
ments, will be paid, unerring calculation will
determine the result to be as before indicated.
Thus, before the expiration of the year 1879. !
Pennsylvania may stand redeemed from the op-
preston Of her public debt, aud her people be
released from taxation imposed to meet its
accruing interest and to maintain the faith and
credit of the Commonwealth These views are
not utopian. BY practicing strict economy in |
all departments of the government-avoiding !
extravagant Xpenditure-refusing to under |
take any new schemes of internal improvement, |
and holding to a rigid accountability the re-
ceving and disbursng agents of the State, their !
realization may be anticipated with confidence |
| must again call the attention of the Leg
isature to a subject referred to in my last an
nual 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, 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 first day of
August, 1912 the first days Of February and |
August, lS43 and the first days of February
and August, 1874, in an amount equal to the
amount Of certificates so held, upon their de-
livering up said certificates to the Auditor
General. In pursuance of the authority thus
given, 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 semi-annually, on the first
days of February and August in each year,
and redeemabc on or after the first day Of
August, 1855, were issued The minimum pc
riod fixed by law for the redemption of these
certificates, expired on the first day of August,
1855. No provision has been made for their
renewal or redemption.
Although by the terms of the act author
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 OPP
tional with the debtor, the Commonwealth, vet
a due regard for 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
dtion of the country, on terms more favorable
to the State than those on which these ccrti-
fcates were issued, | would recommend that
authority be given to Issue the bonds of the
Commonwealth in renewal Of said certificates,
bearing interest at the rate of five per cent.
per annum, payable semi-annually, and redeem
able on or after the expiration Of twenty years;
and that the bonds be issued with coupons or
certificates of interest attached in sums equal