Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1858-01-13

/ postponed Had this payment been made, IN
addition to the payments already reported' Ilie
statements and calculations submitted III my
| last annual message, in relation 10 the carry
payment and final extinguishment of the pup
! lie debit would thus far have been sustained
| by their actual verification- The causes that /
| prevented their realization. 1t is believed, VIII
soon cease to affect injuriously the revenues oil
| the Commonwealth Actuated by that indon-
| liable energy that has ever characterized the
| American pcople-falterng for moment, put .
! not disheartened by the adverse circumstances
! that surround us-rouscd TO more vigorous ac- |
| tion by disaster and defeat, our progress can !
! not long be checked, nor our prosperity long
be interrupted.
As corroborative of the opinion now ana
! heretofore expressed. brief review OF the op-
rrationss of the Treasury during the past three
years, as connected with the payment OF tle
| debt of The Commonwealth, may not oe map
propriate. In my first annual message TO Inc
Legislature the fact was stated, that during Inc
| three years intervening between December L,
! 1851. and December /, 1854, the public debt
had been increased 81 ,5S4, ,3j9 81 and thatIhe
| total debt ut the close of the fiscal year, De
cember !, 1854, was Sfl ,69S,595 II. At the
! close of the fiscal year, Deccmber1 4, 1857, three
years later, the funded and uEfunded debt, as
| before shown, was S39, ,8S1, ,93S 22 decrease IN
| three years, 81 sic, ,S5I 81.
| Thus in three years the public debt has been
| decreased, by actual payment and without re-
sorting to the expedicnt of temporary loans,
| 81 ISI6S57 81. If to this be added the sum OF
| Sill 920 90, now in the sinking fund ana APP
plicabie to the payment of the funded debt,
| the reduction will be 81, ,23l ,lT1 81.
These facts are not only gratifying, but en-
| couracing. It has already been stated that
there is in the sinking fund the sum of 81 ,36o,-
OGO--bonds of the Pennsylvania railroad COM
pany, bearing interest at the rate OF hyc per
centum per annum, payable semi-annuaiiy, ,and
pledged to the payment of the funded Debt
| re l,o Cd 70 M before
stated VIC have presented to US a virtual If not
an actual decrease Of the State debt, OF So
73l III 81, showing the total funded and un-
funded debt of the State on the first day oil
December, 1857, TO have been S3l ,9b5,o Al.
In anticipation Of the sale OF the main lne
and the decrease in the public debt, the State
tax, by an act of the last regular session, was
/ reduced from three 10 two and onc-hait mills
on the dollar; a reduction equal to one-sixth
of the tax imposed for State purposes prior to
that act. These facts speak for themselves
, Well NAV the people be congratulated on such
an auspcous beginning in the process Of Il
! uuidation. and well may they with confidence
anticipate the day Of their dclivereuce from
1, State taxation. Financial and commercial en-
) barrassnlent may postpone-nothIng hut I'M
| wise legislation, and the imprudent or dishon-
. ! est management of our finances, can prevent
, the early realization OF their we'll founded an
, tcpationS.
The condition OF the public works, their
general operation, the receipts and eXpendI-
, | lures during the past fiscal year, will be pre-
sented to you in detail il the report OF tie
Canal Commissioners.
The total receipts at the Treasury, from the
public works, Cor the year ending November
80, 1857, including receipts from tire main
line up to the first day OF August last. were
81 3GG. .5qS 50. The aggregate expenditures
for the same period We're S1,3l2,1O5 G7i the
expenditures exceeding the revenues 81. .lG7
/, O5 The receipts at the Treasury from the
several divisions were as follows, viZ:-daIn
: line to August /, 1857, 81 So 800 81 SuSque-
hanna and North and West Branch divisions
2S1.7lS 90; Delaware division 224, ,52J 81.
. The receipts from the Delaware division arc
less than those of the previous year. The
: completion Of rival railroads and other causes,
: have lessencd the receipts from this important
division of our public works; and it Is feared
, will continue to decrease them. It's manage
ment has been satisfactory, and compared with
c other divisions of the public improvements,
/ economical. The net revenue, at the IreaSU-
: ~. was $174 ,00l 81, decrease of 9O,o93 %,
: as compared with the receipts of the preced-
, ! ing YEAR In addition to the ordinary eXpen-
G ditures the sum of SIC, ,263 was paid for the
/, enlargement and improvement of this division.
# The n orth Branch Extension of the Pei a.
: sylvania canal, although so far completed II
If the fall of 1856, that boasts freightcd with coa
/ and other products, were successfully passed
:, through its entire length from Pittston to the
C Junction canal, yet in consequence of large
| pcrtion OF the ssHorse Race Dam; having beer
i carried away by the freshet of last spring, bu-
e siness on the canal was suspended the greater
= part of the past year. Ii was repaired during
e the summer and in the tall business was re-
n sumed along its entire length. Soon after
= the same dam was again extensively injured
# by sudden and heavy freShct, and the great
e ar part of the canal rendered useless Tor DuSl'
h ness An appropriation viii be required L
l. reconstruct the dam
= This canal, although useful and valuable, ap
II pears to be doomed to failure aud disaster
e These are the fruits Of former mismanagemen
r and fraud in its construction Every etfor
N has been made to repair the errors of its earl,
rt management, and to complete and render use
d ful this division of our public works. Unde
le proper management it can be successfully &C
is complished.
In pursuance of the act of the 18th day o
a. May, 1897, providing for the sale Of the Mai
le Line of the public works, after giving the no
Id tice required by law, l caused the said Mall
L. Line to be exposed to public sale at the Mer
e, chants Exchange, in the city of Philadelphia
l. on the 25tl. day of June last, and sold the SAM
as to the Pennsylvania Railroad company 1or IN
s. sum of 81 500, ,0o0 the highest price pa 10
the same, and the minimum price hSco III ti
ct act. After full compliance by the Purcna
ic sers with the conditions oil the aSt ,i
,p the sale, and the delivery oil their oonos II
70 nun,bcr and for the amounts equal TO and iail
= i'm, due NJ the time provided Tor the paymen
H. of the respective instruments. the secretary Q
or the Commonwealth, on the 3lst day OF July
AD. 1857 as directed by the act, transferred
he under the great seal OF the State, TO the Penn
. sylyania Railroad company, their successor
90 or assigns, the whole Nam Line OF the publ
.r- works, between Philadelphia and Pittsburgh
n together with all the right, title and interes
be claim and demand, of the Commonwealth
ut Pennsylvania, to all property, real, persons