The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1858-01-14

strength, the great inancial, commercial and
j industrial Interests of our country and the
world, has been suddenly impaired, producing
J financial and commercial distress, and affect
ing the revenues of the Commonwealth; but
with the advantages resulting from the rap
id development of our resources during the
the last quarter OF a century-the immensely
valuable lucrease of our agricultural, mining
and manufacturing industry during, the same
period-lhe abundant harvests of The past
year-our completed improvements, and ak
the elements of material wealth in our midst,
It's restoration al an early period is not prob-
lcmatical. Returning confidence will be the
herald oil returning prosperity. NotwIth-
standing, then, the present embarrassment
and gloomy condition of the country, alter
careful consideration of the present and
prospective condition of The finances and re-
sources of the Common wealth, | cannot hesl-
tate to realiirm my belief, " that the time is
not fa r distant when Pennsylvania will stand
redeemed from the oppression of her public
debt, aud her people be relieved from tax
atiou imposed 10 meet It's ACQUIRING interest
and maintain the faith aud credit of the
| Commonwealth" and that "by practising
strict economy in all departments of the
Governeht-dsoiding extravaganza expendi-
ture-reiusIny TO undertake any new schemes
CT internal improvement, and holding TO a RI
ged accountability the receiving and disburs-
ing agents of the State, the realization of
these views may be anticipated with conf
dence."
As corroborative of the opinion now and
heretofore expressed, brief review of the
| Of bo Tro, fho
three years, as connected with the payment
of the debt of the Commonwealth, may not
be inappropriate. In my first annual mes
sage to the Legislature the fact was stated,
that during the three years intervening be-
tween December l, 1851, and December /,
| 1854, the public debt had been decreased ST.
554 ,3J9 81 and that the total debt at the
close of the fiscal year, December l, 1854,
was Sal, ,6y5, ,595 "a. At the close of the
late fsca! year, December l, 1857, three
years later, the funded and 1nfunded debt
as before shown, was S39,SSl, 73S 22;) de-
crease in three years, SI,Sl6,S57 81.
Thus in three years the punlic debt has
been decreased, by actual payment and with
out resorting TO the expedlent OF temporary
loans, Sl,sl6,S57 81. If TO this be added
the sun S4l4,920 %, now in the sinking
fand, and applicable to the payment of the
funded debt, the reduction will be s., ,23l,-
III 81.
These facts are not only gratifying, but
encouraging Ii has already been stated
that there is in the Sinking Fund the sum OF
81. 500. .000-bonds of the Pennsylvania Rail-
road Company, bearing interest at the rate
of five per centum per anHum, payable semi
annnallU and nlalnod To hc nt the
funded. Ii this sum be ADDED TO the reduc-
ton before stated, We have presented TO US q
virtual, if not an actual decrease, of the State
debt of S9,73I.777 81; showing the total
funded and un'unded debt of the State on the
first day of December, 1857, to have been
S3l ,966,SlS al.
In aDticip alton Of the sale of the Main
Line and the decrease in the public debt,
the State tax, by al act of the last re2u-
lar session vas reduced from three to two
aud and one half mills on the dollar; a
reduction equal to one-si1th of the tax
imposed for State purposes prior to that
act. These facts speak for themselves.
Well may the people be congratulated on
such auspicicious beginning in the pro-
cess of liquidation, and we'll may they
with confidence anticipate the day of their
deiiversnco from State taxation. Fiuan-
cial and commercial embarrassment may
postpone-nothing but unwise legislation
and the imprGdent or dishonest B anage-
ment of our finances can prevent the ear
ly realization Of their we'll founded anti |
cipations.
The condition of the public works, their
general operation, the receipts and expen-
d itures during the past fiscal year, will
be presented 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 No
Vember 30, 1857, including receipts from
the Main Line up to the FIRST day of Au-
gust last, were 81 ,308, ,59562. The ag-
gregate expenditures for the same period
we're 81 ,3l2, ,7O567 the expenditures ex-
ceeding the revenues s4,lO7O5-
The receipts at the Treasury from the
several divisions were as follows, viz:
Main Line to Aug. /, 1857 S796, $50 33
aud North aud
West Branch Divisions 257, ,7l5 95
Delaware Division. PA, ,329 "a
The receipts from the Delaware Divis-
ion are less than those of the previous
year. The completion of rival railroads.
and other causes have lessened the re-
,eipts from this important disision o.
our public works, and it is feared will
continue to decrease them. Its manage
neDt has been satisfactory, and compar-
ID with other divisions of the public i'm
economical The net revenue :
1t the Treasury, was $l74,00I 81, de.
'rease Of $50, ,093.53, as compared with
be receipts of the preceding year. In
addition to the ordinary expenditures, the G
um of sac, ,263 was paid for the enlarge
nent aud Improvements of this division
The North Branch Extension of the t
'ennSylVania Canal, although so far com
'leted in the fall of 1856, that boats ]
reighted with coal and other products ;
7ere successfully passed through its en- t
ire length from Pitt,ton to the Junction |
ANAL, yet in consequence of large por- a
ion of the "Horse Race DAM having r
een carried away by the freshet of last {