Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1858-01-09

tie Pennsylvania Railroad Company, ph .,
by law to the payment Of the funded deb'rI :
the Commonwealth. VI
BY the 4th section Of the ] tn article 4 .
the Constitution, as amended and ratified by
majority of the qualified voters Of the Stnte,
at the general election held on the second
Tuesday Of October 1857, it is made the
duty OF the Legislature at its first session
after the adoption of this amendment, to
create Sinking Fund, which shall bo sufi-
cient to pay the nccruing interest on the
present public debt, and any additional debt
thereafter constituiionaly contracted, and
annually to reduce the principal thereof by
sum not less than two hundred and fifty
thousand dollars, (S250000 90, which "Snk.
ing Fund shall consist Of the net annual
income Of the public works from time to time,
ownen By the State, or the proceeds OF the
sale Of the same, or any part thereof, aud OF
the income or proceeds Of sale OF stocks own
ed by the State, together with other funds or
resources that may be designated by law.
The said Sinking Fund may be increased
from time to tine by assigning to it any part
Of the taxes or other revenues Of the State,
not required for the ordinary and current
expenses of government, and, unless in case
OF war, invasion or insurrection, no part OF
said Sinking Fund shall be used or applied
lie debt until the amount Of such debt is
reduced below the sum Of FIVE millions of dol
lars" [$5 600, 900
This being the first session OF the l.egisla-
ture since the adoption Of this amendment,
the duty therein enjoEed devolves upon you,
and should be promptly and faithfully die.
charged.
The condition Of the Treasury prior to the
suspension of specie payments by the Banks,
justified the appropriation OF at least two
hundred thousand dollars more in payment
of the public debt, aud arrangements were
made by the Treasurer, under the direction
of the Commissioners Of the Sinking Fund,
to liquid0te that amount; but after the
suspension, and the consequent financial en-
bariassment Of the country, the proposed
payment, from prudential motives, was post
poned. Had this payment been made, in
addition to the payments already reported,
the statements and calculations submitted In
my last annual Message in relation to the
early payment and final extinguishment of
the public debt, would thus far have been
sustained by their actual verificution.
Thus in three years the public debt has
been decreased, by actual payment and with.
out resorting 20 the expepedient OF temporary
loans, one million, eight hundred and sixteen
thousand, eight hundred and ffty.seven dol
lars and fifty-two cents. If TO this be added
the sum of four hundred and fourteen thou
sand, nine hundred and twenty dollars and
twenty nine cents |S4l4,920 30 now in the
sinking fand, and applicable 10 the payment
oil the funded debt, the reduction will be two
millions, two hundred and thrty-one thou
sand, seven hundred and seventy-seven dol
lars and eighty-one cents, S2,23l, III 81.
These facts are not only gratifying, but
encouraging. 1t has already been stated
that there is in the Sinking Fund the sum Of
seven millions, five hundred thousand dollars
bonds of the Pennsylvania Railroad Com
pany, bearing interest at the rate Of five per
centum per annum, payable semi nually,
and pledged to the payment OF the Funded
debt. If this sum be added 20 the reduction
before stated, we have presented to MS vir-
tual, if not an actual decrease, OF the State
debt of nine millions seven hundred and
thirty-one thousand, seven hundred and
seventy.seven dollars and eighiy-one cents,
l$9,T3l, III 81 i showing the total funded
and unlunded debt OF the State on the first
| day of December, 1857, 10 have been thirty
one millions, nine hundred and sixty-six
thousand, eight hundred and eighteen dollars
and forty one cents 1891, ,966 sis Al.
In anticipation OF the sale Of the Main
Line and the decrease in the public debt, the
State tax by an act Of the last regular ses-
sion, was reduced from three to two and one
half mills on the dollar; reduction equal
to one sixth Of the tax imposed for State
purposes prior to that act. These facts
speak for themselves Well may the people
be congratulated on such an auspicious be
ginning in the process OF liquidation, and wei
may they with confidence anticipate the day
of their deliverance from State taxation
| Financial AID commercial embarrassment
may postpone, nothing but urwise legisla
ton, and the imprudent or dishonest manage
ment Of our finances, can prevent the earl!
realization Of their well founded anticipations
The condition OF the public works, thel
general operation, the receipts and expend
lures during the past fiscal year, will be pre-
sented to you in detail in the Report OF thu
Canal Commissioners.
The total receipts at the Treasury, froH
the public works, for the year ending Novem
Der 80, 1857, including receipts from th
Main Line up to the first day of August last
we're one million three hundred and egh
thousand FIVE hundred and ninety eight dol
lars and sixty.two cents, Sl,30S, ,590 62,
The aggregate expenditures for the sam
period were one million three hundred an,
twelve thousand seven hundred and five dol
lars and sixtyseven cents, 81 ,3l2, 100 81 ;
the expenditures exceeding the revenues fou
thousand one hundred and seven dollars an
five cents, [S4,l07 O5.
The receipts at the Treasury from th
several Divisions were as follows, viz =
Main Line, to August l, 1857, $780, $50 A
Susquehanna and North aud
West Branch Divisions, 2S1,IlS 9
Delaware Division, 227,329 3
The receipts from the Delaware Divisio
are less than those of the previous year. Th
completion ofriyal Railroads and other cause
have essened the receipts from this impo
tant division Of our public works; and it
feared will continue to decrease them. Ii
: management has been satisfactory, and con
| pared with other divisions of the public in
provements, economical. The net revenue
at the Treasury, was Sl7400l 81, decreas
Of S90,0S3 SO, as compared with the receipt
Of the preceding year. In addition TO th
5 ordinary expenditures, the sum Of S16,26
' was paid for the enlargement and improy,
ment of this division.
: The North Branch Extension OF the Penn
D sylyania canal, although so far completed
= the fall Of 1856, that boats freighted wit
coal and other products, were successful
b passed through It's entire length from Pitt
I ton to the Janction canal, yet in consequent
4 of q large portion OF tbs Horse Race Dan