The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1858-02-04

The Commissioners of the Sinking
Fund yesterday transmitted to the Legis-
lature their triennial report of the condi-
ton of the fund. The receipts for the
last three fiscal years, 1855, SO, and 81,
up tt the first of January, instant, have
been as follows:
Balance in fund, Dec E..
1855, 1922, 648 80 -..r
From Collateral In
heritance tax, 4oa, 7o5 Is
Premiums on charters so, ,405 II
Distilleries & Breweries, 1904 IS
Billiard saloon, Bowl ....
ing saloon, &c, 4,97f "a
Theatre, Circus, and Z
Aensgerie, 1882 81
Eating house l. Beer
house licenses, 40,474 4s
Tax on Tonnage, 582,762 3
Premiums, and inter- ...
est on loans, &c, 37,8l8 So ....
--r--~$l: :457, III SO
Disbursements for the same pc .....
Rod, to wit, l,o42,8s7 81
Leaving bal. in fund, Jan. !, SO. $4l4,92O %
The disbursements by the Commission
ers during the three years, were as fol-
lows:
Temporary loans Of 18th April,
1853, redeemed S40o 900 90
Temporary loans of 9th May, 1851, 10000 90
Certificates of State Stock, Of
various dates E -l--1.. 1887 c.
Relief notes cancelled 4o3, o4U 90
Total ..... Sl,o42,857 Ga
This is very encouraging exhibit of
the condition of this fund. The sum of
Sl,042,857 81 of the debt Of the Com
monwealth has been actually li9uidated
within the last three years, and there is
still in the Treasury, to the credit of the
fund, s4l4,920 20, besides the sum of
S7,500,000 of bonds of the Pennsylvania
Railroad Company, the purchase money
of the Main Line of the Public Works,
which is pledged by law to the payment
Of so much of the funded debt of the Com
ponWealth.
The Sinking Fund has thus worked ad-
mirably for the past three years, and it is
fair to presume that it will do even better
in the future, and the State debt, under
its salutary operation, will be gradually
and finally extinguished. BY the 4th
section of the 1lth article of the State
Constitution, as adopted at the late cleo
ton, it is made the duty of the present
Legislature to create d F" Sinking Fund
which shall be sufficient to pay the accru-
ing interest on the present public debt,
and any additional debt hereafter consti-
tutionally contracted, and annually to re,
d1ce the principal thereof in sum not
Jess than $3.50, 900, which sum shall con-
sist of the net annual income of the Pub
lie Works, from time TO time, owned by
the State, or the proceeds of the sale Of
the same, or any part thereof, and of the
income OF proceeds of sale of stocks owned
by the State, together with other funds
or resources that may be designated by
law. The said Sinking Fund may be in
creased from time to time, by assigning to
IT any part of the taxes or other revenues
OF the State, not required for the ordinary
and current expenses of Government; and,
HplesS IN case of war, invasion or insur
FectioR, no part of said Sinking Fund shall
be used or applied otherwise than in the
e4tipgqishing of the public debt, until the
amount of such debt is reduced below the
sum of five millions of dollars" .
If this wise and salutary law be faith.
fully carried out, the people of the Com
mopwealth may confidently look forward
70 speedy exemption from State taxa,
tion, aud the ultimate entire extinguish-
meat of the State aebt.-Horris6urg TEL
eCr1ph. ..s.-.s -.-c ..sk