Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1857-01-14
4O.To1,835 25

Total uniunded debt- sc4.9G9 Z
Total dobt, Dec. !, 1856, 4o.7o1,s35 =
, Total debt, Dec l. 1885, Sal 067 1894 ,:
do do l. 1856, 40.701 $50 2!
Decrease, 366.l5S g
1t thus appears that during the past fsca
year the sum of three hundred and sixty-siA
Thousand one hundred and fifty eight dollars
apd ninety y-aeven cents has been paid in liqui-
dation OF the public debt. This, taken in
connection with the fact. that during the year
ending November 30 1855. SIX hundred aud
thirty thousand six hundred and one dollars
and Two cents were paid on the same account
exhibits the .Tra:i!,.:." fact. that the process
oi reducing the pubic debt has comuleuced ;
aud. unless checked by reckless misnlasage-
uient and extravagent expenditure, must con-
Time uuiill the people and the Commonwealth
are relieved from the debt and taxation with
! which they are burdoued. In addition To this
reduction of the public debt. large appr"pra-
tions and payments Were made for com
plction OF the Portage railroad ani foc debt:
! previously contracted Oh that work Tor oil
aud unsettled ciaiIiis recently adjusted by tue
| commissioners appointed under tie a1t OF last
session for relay ing the south track OF the
! Columbia railroad Tor eDiar.ing the Dcia-
ware division OF the canal, and for other lur-
poses. Thcse extraordinary detuau,:s upon
! tue Treasury have ceased or viii soon Cease,
with the ucccs ty that createi them ;andi bus
leave still larger portion Of the revrnres to
be applied ii payment Of the public debt.
/ \ careful examination of tte financial con-
| dltlon Of the ConnOnwealth-her sources OF
revenue and the probable future expenditures,
has Inspired the nope that the time Is not far
distant when the public debt will be fully
paid, and this with lit increasing the subjects
or ratio of taxation It has already been
shown that the revenues "t the past year eX-
cecded the ordinary expenditures one niilicn
lwo hutdred and sixry-hve dollars and fifty
six GEMS. The estimated receipts and OK
penditures for the current year. winch vii. be
presented to you III the report OF the State
treasurer, show that the excess of receipts
aver ordinary expenditures, may reach TIA.
sum nf and u hait-nIIiiI0n uf ,iuiars.-
These estimates, although approximations,
viii not be far from the true Result. Allow
ing Then. four hundred thousand dollars tpr
annual extraordinary cXpenditures-and un-
der wise system of economy IN no probable
contIugeuc, eau they exceed that suu--we
will have at least q, million Of dollars To be
appropriated annually for tbs; payment OF the
public debt. With the rapid deveopeulent
of the wealth and resources Of the Common
wcalth-thc increase Of populat ion-of the
value of real est lie aud uf, the amount and
value Of property at every descriPtio the
revenues must aud with cnntiEur to iucr, ise
fhis natural aud ut ccssury increase of Venue
viii supply every deficiency and every demaI.d
upon the Treasury that falls within the range
nf probability. 1t, then. the SUM OF Que NIL
lion d,liars be appropriated annually il liqu-
lation Of thiS debt. und the accruing Interest
on the sums paid be uIplied iii the n.anner Of
II suking iund, the ohlue Indebtedness of the
Commonwealth will he extinguished IN less
than twertythree Years. Ii tl:cse premises
are correct--aa; their corrcc,ne can II Y
be IN ,ail by unw.se legi,., ior, o. lul
IulI u'icut I.aui- ctt., Ut of oar L..amc,s--tLe
truth of the proposition is susceptible of ;he
cearest demonstration. Assuming be put
lie debt the first day OF December. 1856.
to be. i, rouui numbers, forty millions i've
hundred thousand dollars, aud that at the
end OF each fiscal year Que million dollars
with the accrulng Interests Oh former Iay
men's, will be paid. unerrng calculation VIII
d"ternIlHe the result &c be before indicated.
Thus, before the expiration or the year 1879,
Pennsylvania may stand redecned from the
oppression of her public debt, Ynd her peo-
pie he released from taxation imposed to
meet its accruiug interest, aud maintat.
the faith aud credit of tn Commonwealth
These views are not unt"pian. BY practising
strict economy in all departments of The gov
ernmcnt-avoiolag extravagaut expenditure
refusing to undertake any new schemes of
internal improvements and holding Ia rigid
accountability the receiving and di>bursing
AGENTS of the State, their realization may be
anticipated with confidence.
| must again call the attention of the Leg
>la'ure TO sntject referred to in nay last a.l-
nual message in the following terms:
:. by the thirty ii nth section OF the nc!-
to provide for the ordinary expenses of Gov
ernment, the repair Of the canals and RAFT
roads of the State. aud other claims upon the
Commonwealth the Govenor authorized
to cause certificates of State stock TO be issued
to all persons or bodies corporate holding ccr-
ti6cates for the payment of interest on the fun
ied debt of the State, which {, II due on the
first day of August. 1872. the first DAYS Of
February and August, 1913 and the first
DAYS of February and August, 1914, in an
amount equal TO the amount of certificates so
held. upon their delivering up said certificates
to the An .tor General. tn pursuance of the
authority thus given, certificates "f State stock
til. amount of four millions enc hundred
md five thousand one hundred anl Fifty dnl-
lars and twenty cents bearing interest at the
rate FIVE per cent per annsm. payable scn'i
annually on the ir>t DAYS of Feb uary and
August in each year. and redce;nable on o.
alter the first day of August. 1893, We're Is
sued The minimum period fixed by law for