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


district, was elected Speaker of the Senate,
and Mr.. Longaker, of Montgomery, Speaker
of the House, (both Democrats.) On cd
nesday morning the organization was compile
ted by electing VIM. II. Miller clerk OF the
Senate, and Capt. Ziegler clerk OF the House.
THE MESSAGE.
The Governor commences by reminding the
Representatives of the duties they have been
charged with by the people, and that those du-
ties should be faithfully performed, and ever
be regarded by them ssas paramount TO every
selfish or partiZan consideration he would
cooperate cheerfully with them, during his
term of office, in every legal and constitution
al manner, to promote the prosperity OF the
State, and the general welfare of the people.
The past year. with the exception Of the re-
cent financial embarrassment, has been one OF
general prosperity, and gratitude to Almighty
God is expressed tor his numerous blessings.
The finances of the Commonwealth are III a
very satisfactory condition. During the past
year, every demand upon the Treasury has
been promptly paid from the revenues derived
from the ordinary sources. For the fiscal year
ending Nov. 80. 1857, the receipts at the Irea-
sury, including the balance in the Treasury on
the first day of Dec. 1856, of 81, ,244,19o AZ,
were So, ,935 1888 26. The aggregate expendi-
lures for the same period, were So, 40I ,2i6 ~
Balance in the Treasury, Decembe: l, 1891,
S52S, l06 Al. Excluding the balance in the
Treasury on the first day of December, 1896,
the receipts from all sources were 81 4,690,5o'-
81. The ordinary expenditures for the same
period were SO, ,992 $40 30. exhibiting an ex-
cess of receipts over expenditures Of S69S,-
217 30. The extraordinary payments for the
wear were Sl,4II,9 500 50, as follows, to wit
To the completion of the Portage railroad,
S49, ,06l 90 to the North Branch extension
SI3S, ,79S So to re lay the south track of the
Columbia railroad, S9l .405 46; to enlarge the
Delaware division, SIC ,263 90; for motive pow
er in 1856, SSl GOA 81; for repairs in 1888 and
1856, $40 .56f rs; for the redemption OF loans,
SS20,097 03 :; damages on public works, $46,-
552 50; old claims the main line ADJUSTED
under the several acts of Assembly, SAG, ,5io.
81, and for the new StateArsenal and arinefS
High School, S45, 900 90.
The interest on the funded debt due in Feb
ruary and August last, was then promptly PAID,
and that falling due in February next, will be
! paid out of available means now in the Treas
! ury. By virtue of the provisions OF the act
! of the 18th of October, 1857, entitled 'EAn Act
providing for the resumption OF specie pay
| ments by the banks, and for the relief of debt
ors - the State Treasurer will be enabled to
! pay the interest due in February, in specie or
! its equivalent. The credit of the Common
| aealth has been fully and honorably sustained
! The promptness with which every legitimate
| demand upon the Treasury has been met, has
! inspired public confidence in our securities
| and although recent and existing financial re-
vulSion may embarrasS the operations OF the
! Treasury, and reduce, to some extent, the
revenue, yet the ability of the State to meet
| her engagements and maintain her credit, I'M
| der an honest and economical administration
of her finances, is undoubted. The honor
and credit of the State must and can be pre-
! served intact.
The Commissioners of The Sinking Fund re-
port the sum of $4l4, ,920 20 8s now in the
Treasury to the credit of that fund. This a.
mount will be applied to the redemption OF re-
= +ia,.H
ment of the funded debt of the Commonwealth
The commissioners Of this fund, on the It'll
day Of September last, reported to me that the
sum of s ,042 ,S57 81, Of the debt OF TIE Com
monwealth, was held by them.
As required by law, directed the certifi
| Gates and evidences of this Indebtedness TO be
! cancelled and on the 18th of September, 1887.
issued my proclamation declaring the payment
! extinguishmen and final discharge OF 81 Oh,
S57 81 OF the public debt.
In addition TO the amount reported to be in
the Treasury to the credit of the sinking fund
and applicable to the payment of the public
| debt. the commissioners of the fund now hold
the sum of 81 500, 600, bonds of the Pennsyl
vania railroad co., pledged by law to the pay
ment of the funded debt of the Commonwealth
BY the 4th section of the lth article of th'
Constitution. as amended and ratified by ma
jority of the qualified voters Of the State, a
the general election held on the second Tues
| day OF OCTOBER. 1891, IL Is maze lltc uutr "
the Legislature at its first session after the a
doption of this amendment, TO create sink
| ing fund which shall be sufficient to pay tn
! accruing interest on the present pubic debt
and any additional debt thereafter constitu
tionally contracted, and annually to reduce tn
principal thereof by sum not less than SOU,
600 which ssinking fund shall consist Of tn
net annual income of the public works from
, time to time, owned by the State, or the pro
J ceeds of the sale of the same, or any par
thereof, and OF the income or proceeds OF sal
S of stocks owned by the State, together wit
other funds or resources that may be designa
{ ted bv law. The said sinking fund may be in
creased from time to time by assigning to
t any part of the taxes other revenues OF tn
State, not required for The ordinary and cur
rent expenses of government, and, unless i
e case of war, invasion or insurrection, no par
OF said sinking fund shall be used or apple
otherwise than III the extinguishment of tn
D public debt, until the amount of such debt
. reduced below the sum OF S5 COO 0G0.''
a This being the first session of the Legisla
e ture since the adoption Of this amendment, ,th
/ duty therein enjoined devolves upon you, an
should be promptly and faithfully discharged
The funded and unfunded debt of the State
including temporary loans, was, on Dec.
1856, S40,701 ,S35 25. On Dec. 1, 1857, it Wa
, S39, ,SS1 ,13S 22. Decrease during the late fl
cal year, SS20.097 80.
), These statements exhibit the gratifying ia,
q that during the past fiscal year, the publ
debt has been reduced SS20,097 50. Durir
the same period large appropriations and pa,
!. | ments were made on account of our public in
s provements for old and unsettled claims at
e justed under the act of last session, and (,
other extraordinary purposes.
The condition of the Treasury prior TO Il
5, suspension of specie payments by the bank
n justified the appropriation of at least S2oo,ot
more in payment of the public debt, and
rangements were made by the Treasurer, VI
: der the direction of the Commissioners OF Il
Sinhinn Fnnd To linuidate that amount bl