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


Total debt December l. 1855 .......s4o 7oi .S35 p
l, 1857 ............39, ,SsI,73S %
These statements exhibit the gratifying
fact, that during the past fiscal year, the pub
lie debt has been reduced eight hundred and
twenty thousand, ninety-Seren dollars and fiji
ty-fye cents, Daring the same period large
appropriations and payments were made on
account of our public improvements, for old
and unsettled claims adjusted under the act of
last session, and for other extraordinary pur-
poses
The condition of the Treasury prior to the
suspension OF specie payments by the Banks,
justified the appropriation of at least two hun
dred thousand dollars more in payment of the
public debt, and arrangements were made by
the Treasurer, under the direction of the Com
missioners of the Sinking Fund, to liquidate
that amount but after the suspension, and
the consequent financial eHbarras>ments of the
country, the proposed payment, from pruden-
tial motives was postponed. Had this pay
mcnt been made, in addition to the payments
already reported, the statements and caIcuIa-
tons submitted in my last annual Message in
relation to the early payment and final eXtin-
guishmcnt of the public debt, would thus far
have been sustained by their actual vcr.fcation
The causes that prevented their realization it
Is believed Will soon cease 10 affect injurious
" the revenues of the Commonwealth. Ac-
tuated by that indomitablc energy that has
ever characterized the American people-fal-
tering for q moment. but not di>heartenrd bv
the adverse circumstances that surround US
reused to more vigorous action bv disaster and
defeat, our progress cannot long be checked,
nor our prosperity long be interrupted. Con
hdence, the sensitive, yet powerful agency. that
binds in unity and strength the great financial
commercial and industrial interests of our coun-
try and the world, has been suddenly impair
ed, producing financial and commercial dis
tresS, and affecting the revenues Of the Com
monwealth but with the advantages result
lng from the rapid development of our reSour-
ces during the last quarter of a century-the
immensely valuable increase of our agricutu-
raj, mining and manufacturing industry during
the same pcriod-the abundant harvests of
the past vear--our completed improvements.
and all the elements of material wealth in onr
midst, It's restoration at an early period is not
probematical. Returning confidence will he
the herald of returning prosperity Notwith-
standing, then, the present embarrassment and
gloomy condition of the country, after a care
fnI consideration of the present and prospec-
tive condition of the finances and resources of
the Commonwealth. | cannot hesitate TO re-
affirm my belief, that the time is not far dis
taut when Pennsylvania will stand redeemed
from the oppression Jf her pahlic debt and her
people be relieved from taxation imposed to
meet Its accrung interest and maintain the
faith and credit of the Commonwealth" anu
that by practising strict economy in all de
partments of the GoYernment-avoiding ex.
travagant xpendture-refusing to undertake
any new schemes of internal Improvement, and
holding To a rigid accountability the receiving
and disbur>ing agents of the State, the reali-
zatio1 of these views may be anticipated with
confidence"
As corroberative of the opinion now and
heretofore expressed, a brief review of the op-
erat!ons OF the Treasury during the past three
years, as connected with the payment of the
debt of the Commonwealth, may not be iuap-
proprlate, In my first annual message to the
Legislature, the fact was stated. that during
re f'ree years intervening between December
], 1891, and December /. 1854. the unbJic