The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1857-01-16


avoiding extravagant refusing to
take any aew schemes OF Internal improve
ment, aud holding rigid accountability the r.
ceiving and dis5ursing agents of the State,
their realization may be anticipated with con
fidence.
J must again call the attention Of the Legis-
lature TO the subject referred 10 in my last an
nual message. in the following terms
"By thr fhirty-eigth section Of the act Of the
10Th Of April, 1919, entitled 'An Act to pro-
vide for The ordinary expenses Of Government,
the repair Of canals ard railroads Of The state,
and other claims upon the CommonweaHh,
the Governor WAS authorized 10 cause ceTlla-
Gates Of State stock to BE- issued to all persons or
bodies corporate holding certificates for the pay
mrnt Of interest on the funded debt Of the
State, which fen due on the first day of Au-
gust, 1912, the first days Of February and Au-
gust, 1919, and the FIRST days Of February and
August, 1874, in an amount equal 10 the a
mount Of certificates so held, upon their delig-
ering no said certificates to the Auditor Gene
raj In pursuance Of the authority thus given,
certificates of State stock TO toe amount OF So
I 1857 20, bearing interest at the rate Of .
per cent. per anuum, payable semi annually,
on the frs; DAYS of February and August IN
each wear, and rpdeenahlp on or after the first
day Of August, 1883, We're issued. The mini
uurn period fixed by law for the redemption Of
these certificates, expired on The first day cf
/ August, 1888. 40 provision has been made
for their renewal or redemption.
| 'fAIihorgh bv The terms Of The act aukori-
zing these certificates Of Statr stock, as also by
the conditions Of The certificates issued IN Pur-
suance thereof, the time Of payment, after The
expiration of the mininum period, is optional
with the debtor, the Commonwealth, vet a due
regard for the credit Of lhe State requires that
provision should be made for their renewal OF
redemption TO redeem these certificates, Z
loan would become necessary, and as a laaE
cannot be- Effected. in the prese ut bnancla! cent
dition Of the country, on terms more iavorabl'
Ito the State than those on which these certih,
Gates were issued. would recommend that au'
thority he given to ssne the bonds Of the COM
/ monweath in renewal Of SAID certificates, bear
ing interest at the rate Of FIVE per cent. per am
nun. pavable sPmi-annually, aud redeemablP OF
or after the expiration OF twenty yeats; anC
that the bonds be issued with coupons or certiti
Gates Of interest attached in sums equal in &
mount 10 the semi annual interest thereon, pay
able on the first davs Of February and Angus
ia each and every year, at such Pac" as nal
BE- designated THIS change in the form aai
character Of the certificates. il ~ " elSe ~, mA
he so advantageous 10 me n0ldTrS, @aihout ~
creasng the liabilities Of The Commonwealth
as 10 induce willing and prompt exchange
at a premium for the Londs proposed 10 be u
sued"
The report of the Canal Commissioners wi
BE- laid before you, and will exhibit in dea
| t]a.r r..f,
raj operation, and the receipts and eXFenditnT
of the past fiscal year.
The total receipts at the Treasury, from
: public works, tor the year ending November
r 1886. were s. ,006,0l5 66, being an incrr7
over the revenues of the previous year,
/ So. .G38 95. OF this sum Sl,0l3,2S9
were canal and bridge tolls, aud S992,+26
: tolls of the Columbia and Portage Railroads.
r The aggregate expenditures for the same 81
were 81 ,g43,S9 s., being an increase oY
: these Of The previous year, Of Sl09.l02 I
4 the revenues exceeding the expenditures OF
:, $62,l1s 81.
r The increase of the revenues from tht
/, works would be encouraging, were 1t not
: the fact that the expenditures were Incrrai
i in a still greater proPortion-tbe eXpendhnf
: ordinary and extraordinary, eXhausting aim
p the entire revpnne from this source. The
= TEN must be defective, or more care and eco
n nv should be exercised in It's management.
+ The receipts al the Treasury from the Sc
Ma Main "'L Line iT,o's N'' . sl.a2a. .27s
!, Snsouehanna, North Branch and
West Branch 9.o'oo9 ooo.,
= Delaware "4'''~l
Tot.l REGENTS 81, ,o6G, ,Ol3
at The extraordinary payments during the :
- amounted to $s08, ,S92 o. ordinary eXpeF
le lures, $l,f35,00 90; rel revenue, Tex
Of ding exlraordnary payments and ior mo-
Ii powrr) $87l.0ll 90.
Of On The main line the tolls received at
of Treasury from the Columbia road, were SsF
Is CTS so; expenditures, $526, ,CS4 80 tor
IT, Eastern division Of Canal, from CoInmblp
p the Junction, $ll9,7lS So; expendlt''
IN S53.04S 5O receipts from the Joncilp
of Pitts5urg, including the Portage railroad .
On 779 90: ordinary expenditures S3o4, 'oI'
a. The total receipts on the main hne ~ei,'
m 229. .272 Sc. aggregate expenditures, teN-
inc S267 600 90 paid for re-laylng he .
be track Of The Columbia railroad, and Sl9p
.ss AZ fur motive power in 1888, and after Do
r.. her Isl. 1864 were $8S5,S35 60, benin
M excess Of revenue over ordinary expendl''pi
nj $343,437 o.. !.
he Although the receipts from the DeawsI-
M vision are lrss than those OF the previonsF'
RS, vet the general result OF its operations iss-
M factory. The net revenue at the Irraspiss
al- 1864, ,095 40 lis management has he'HF-
ne acterizsd by degree OF economy too "
on prac,iced on some of the lines OF our ms
~ ments. 3
ore However important this division mayito
The the trade and business OF that portion 3'F