Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1857-01-14

and ninetv-seyen cents has been paid in iiqui-
dation of the public debt. This, taken in con-
| Deetion with the fact. that during the year
ending November 80, 1866, six hundred and
thirty thousand six hundred and one dollars
and two cents were paid on the same account,
exhibits the gratifying fact, that the process
of reducing the public dett has commenced
/ and unless checked by reckless mismange-
ment and eXtrayagant expenditure, must con-
/ tinue until the people and the Commonwealth
are relieved from the debt and taxation with
which they are burdcned. In addition to this
reduction of the public debt, large appropria-
tions and payments made for the com
petion 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 railroads for enlarging the Della
ware division OF the canal, and for other pur-.
| poses. These extraordinary demands upon
| the Treasury have ceased, or will cease,
/ with the necessity that created them and
| thus leave still larger portion of the reven-
ues to be applied in payment of the public
/ debt.
A careful examination of the financial con-
| dition of the Commonwealth-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
ito Of taxation. 1t has already been shown
/ that the revenues of the past year exceeded
the ordinary expenditures one million two
hundred and sxiy-fyo thousand ninety-five
/ dollars and hfty-SiS cents. The estimated re-
ceipfs and expenditures for the current year,
which will be presented to You in the report
/ OF the State Treasury, show that the excess of
receipts, over ordinary expenditures, may
1 reach the sum Of one and half million of dol
lars. These estimates, although approxima-
! tlons, viii not be far from the true result. AL
( lowing. then four hundred fhpuSand dollars
! for annual extraordinary expendtures-and
! under wise system of economy in no proba-
! ble contingency can they exceed that snm-Te
will have at least one million of dollars to be
1 appropriated annually for the payment of the
! public debt. With the rapid development OF
| the wealth and resources ofthe Commonwealth
the increase Of populaton-of the value OF
real estate, and OF the amonnt and value of
property of every description, the revenues
must and will continue TO increase. This nat
| ural and necessary increase of revenue will
supply every deficiency and every demand
| upon the Treasury that fall within the range of
probability. II, then, the sum of million
dollars hc appropriated annually in liquidation
OF this debt, and the accruing interest on the
sums paid be applied in the manner of sink
ing fund, the entire Indebtedness OF the Com
! monweath will be eItingushed in less than
twenty-threc years. If these premises are
corrcct-and their correctness can only bc i'm
! paired by unwiSe Legislation, or the imprudent
management of our financeS-the truth of the
| proposition is susceptible of the clearest de-
monstratOn. 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 accru-
ing interests on former payments, will be paid,
unerring calculation will determine the result
to be as before indicated. Thus, before the
! expiration of the year 1879, PennSylvanij,
| u1a redeemed of
her public debt, and her people be released
| from a taxation imposed to meet its accrung
interest. and to maintain the faith and credit
| Of the Commonwealth. These views are not
! utopfan. By practicing strict economy in all
! departments of the goyernmcnt-avoiling ex-
! travagaut Xpendture-retusing to undertake
any new schemes Of internal Improvement,
/ and holding to a rigid accountability the re-
ceiving aud disburSing agents Of the State,
their realization may lie anticipated with con-
| fidence.
must again call the attention of the Legis-
lature to a subject referred TO in my last
| nual message in the following terms:
ssBy the thir.y-eighth section Of the act of
the 18th of April, 1915, entitled San 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 CeTtii-
Gates for the payment Of interest on the fun
ded debt of the State, which fell due on the
first day of August, 1912, the first days of
February and August, 1913, and the first day
| of February and August, 1914, in an amount
| equal to the amount of 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 one hun
drrd and five thousand, one hundred and fity
dolarssaud 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 redeemahc on
or after the first day of August, 1855, were is
sued The minimum period fix d by law for
the redemption of these certificates expired
on the first day of August, 1855. No provis-
ion has been made for their renewal or redemp-
ton.
Although by the terms of the Act auhori-
| ziug 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
yet due regard for the credit of the State re-
quires that provision should be madd Cor their
nenewll or redemption. To redeem these GER
tfcates, loan would become necessary and
as loan cannot be affected, in the present f.
nancial condition of the country. on terms
more favorable TO the State, than those on
! which these certificates were issued, | would
| recommend that authority be given to issue
| the bonds of the Commonwealth in renewal OF
| .aid certificates, bearing interest at the rate Of
| five per cent, per anaGm, payable semi-annual-
| ly, and redeemable after the expiration
| of twenty years; and that the bonds be issued
with coupons certificates OF interest attach
ed. IN sums equal in amount to the semi-an-
nual interest thereon, payable on the first days
and August each