Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1858-01-14

| year, December |, 1854, was S4l ,69S, $50 "A
| Al the close of the late fiscal year, December
| |, 1851, three years later, the funded and un-
! funded debt, as before shown, $50 ,SS1 ,73S
| %, decrease in three years, 81, ,Sl7,S57 So
| Thus in three years the public debt has
| been decreased, by actual payment and wiJh-
out resorting to the expedent of temporary
/ leans one million eight hundred and sixteen
thousand eight hundred and fifty-seyen dollars
and fifty-two cents. If to this be added the
sum of $4l4 ,920 % now in the sinking fund,
and applicable to the payment of the funded
debt, the reduction will be s., 231 IL, 81.
These facts are not only gratifying, but en-
couraging. 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 Company, bear
ing interest at the rate of five per ccntum per
annum, payable Semi-annually, and pledged to
the payment of the funded debt If this sum
| lie added to the reduction before stated, we
have presented to us virtual if not an actual
decrease of the State debt of 50, ,731, TT 81:
showing the total funded and unfunded debt
of the State on the first day of December,
1857, to nave been S3l 966,SlS 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 session, was
reduced from three to two and one half 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 may the people be congratulated on such
an auspicious beginning in the process of liqui
daton, and well may they with confidence an
tcipate the day OF their deIiyerance from State
taxation. Financial and commercial embar-
rasSment may postpone. nothing but uuwise
legislation, aud the imprudent or dishonest
. management of our finances, can prevent the
early realization of their well founded antic-
pations.
The condition Of the public works, their
general operation, the receipts and eXpendi-
lures daring the past fiscal year, will be pre-
sented to YOU in detail in the Report of the
Canal Commissioners.
The total receipts at the Treasury from the
public works, for the year ending November
80, 1881, including receipts from the Main
Line up to the first day of August last, were
81 l,30S 59S 81. The aggregate expenditures
for the same period were 81 ,3l2, ,705 67 : the
expenditures exceeding the revenues 81 lO7
05
The receipts at the Treasury from the scye-
raj Divisions were as follows, viz:
Main Line to August l. 1857 7.......... s79c $50 O.
Su-quehanaa and North and West Branch Divi-
sions. 2N1,1lS 9j
Delaware Division % 1929 81
The receipts from the Delaware Division are
less than those Of the previous year The
completion of rival Railroads and other causes,
have lessened the receipts from this important
division of our public works and it is feared
will coutinue to decrease them. Its manage
mcnt has been satisfactory, and compared with
other divisions of the public improvements, eco
nomcal. The net rcrenue, at the Treasury
was $lI4 00l s., Il decrease Of $90,093 53.
IS compared with the receipts OF the preccd-
ing year. In addition 10 The ordinary eypen-
dturcs, the sum Of $iG,263 was paid for the
enlargement aid improvement of this divi-
sion
The North Branch Extension Of the Penn
Sylyaaia canal, although so far completed in
the fall of 1886, that boats freightcd with
coal and other products, were successfully pass
ed through its entire length from Pitt>ton to
the. Junction canal, yet in consequence of
large portion of the Horse Race Dam hay-
ing been carried away by the freshet of last
spring, business on the canal was suspended
the greater part of the past year 1t was re-
paired during the summer and in the fall bns-
ness was resumed along its entire length
Soon after, the same dam was again extensive.
ly injured by sudden aud heavy freshet, and
the greater part of the canal rendered useless
for business. An appropriation will be requir-
ed to reconstruct the dam.
This canal, although useful and valuable
appears to he doomed to failure and disaster.
{ l,nt -,oEco
and fraud in its construction Every effort
has been made to repair the errors OF its early
management, and to complete and render use
ful this division of our public works Under
proper management il can be successfully ac-
complished.
In pursuance of the act Of the 10th Of Nav
1897, providing for the sale of the Main Line
I of the public works, after giving the notice
required 10y law, caused the said Main Line
TO be exposed to public sale at the Merchants
Exchange, in the city of Philadelphia, on the
18th day of June last, and sold the same to
| the Pennsylvania Railroad Company for the
sum of seven millions FIVE hundred thousand
dollars the highest price bid for the same, and
and minimum price fixed in the act.
After full compliance by the purchasers
with the conditions of the act authorizing the
sale, and the delivery of their bonds in num-
Der and for the amounts equal to and falling
due at the time provided for the payment of
the respective instruments, the Secretary of the
Commonwealth, Oh the 3lst day of July; A
ID. 1851, as directed by the act, transferred,
under the great seal of the State to the Penn
>ylvania Railroad Company, their successors
or assigns, the whole Main Line of the public
works between Philadelphia and Pittsburg,
together with all the right, title and interest.
claim and demand, of the Commonwealth Of
Pennsylvania TO all property, real personal
and mixed, belonging to or used in connection
with the same by the Commonwealth of Penn
sylyania and the purchasers having given