The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1859-01-13


. To meet this, besides the ordinary sour
ces of public revenue, the State owns
bonds received from the sale of the pub
lie works, and which have every reason
to believe, are we'll secured, amounting
TO eleven millions one hundred aud eighty
one dollars. Deducting this from thc
outstanding debt, it leaves to be otberwisc
provided for. the sum Of twenty. igh
millions eighty-seven thousand one hun.
drcd and eleven dollars and sixteen cents
1t is believed that With the existing
sources of revenue, and the observance Of
strict economy, this sum nay be reduced
during the current year, at least one mil.
lion OF dollars
The present would seem to be the ap-
propriate time-wbcn our nation is at
peace, and when health and reasonable
prosperity prevail within our own borders
to greatly reduce the public debt. We
have but to carefully husband our legiti-
mate resources, avoiding extravagant apd d
unnecessary appropriations, and practi-
sing proper economy in all the depart
meutS OF Government, to repder the en-
tire extinguishmont of our debt fixed
fact within very brief period, To care
fully guard the public treasury at this in
teresting epoch iu our financial history,
is so manifestly the duty of the public au-
thorities. that [ cannot for one moment
believe that any other policy will be pro-
posed. If there be any, who, relying on
the improved condition of tue finances of
the State would encourage the adoption
OF new schemes for depicting the Treasu-
~, or would cut off the sources of our
present revenue, and thus reduce it, let
all such efforts, coming from Whatever
quarter they may, be sternly ressted.--
Let Pennsylvania be just before she is
generous, Let our good examples be
light in the pathway Of our sister States,
as we'll as au admouition to our own To-
cal governments. This is due alike to
the tayors which Providence has 30 boun-
tlfuIly bestowed upon US, and to that high
character for honesty and integrity which
has ever distinguished the people of this
good old Com u onweal,h.
In pursuance of the act entitled "An
Act for the sale of the State Canals" ap-
proved on the 2lst day of April last, |
did, as the Governor Of the Common
wealth, on the Il 9th day of May, 1858,
convey to the Sunbury and Erie Rail-
read Company, all the Public Works be-
lonciur IN tho Commonwealth H., 80
unsold, consisting of the Della
" are Division--the upper and Lower
North Branch Divisions--the West Branch
Di'isiou--aDd the Susqnehauna Division
Of the Pennsylvania Canal, with all the
property thereunto belonging, or in any
wise alpertaining, and all the estate, right,
title aud interest Of this Commonwealth
therein, for the sun Of three million five
hundred thousand dollars. To secure
the payment of all this sum, the Sunbury
aud Erie Railroad Company paid to the
State Treasurer its bonds, secured by
mortgage, as directed By the Act, for the
amount of the purchase money. The
Company, also, complied with the pro-
visions OF the Act which required it, as
additional security, TO execute and deliy-
er to the State Treasurer mortgage on
the Delaware Division for one million-a
mortgage on the Suspueasnna aud West
Branch Divisions for half miIlion-and
a mortgage on the Upper and Lover
North Bra noh Divisions for half million
Of dollars. The deeds and mortgages
were all executed under the Immediate
supervision of the Attorney General, and
were in strict conformity with the require
nents Of the law.
After the coDveyances were duly exc
'uted and delivered, possession of the ca
nails was giTcn to the railroad company.
The act further provided that she Sun
bury and Erie Railroad Company should
1ot resell the Canals, or any part OF them,
without the consent of the Governor; and
hat II resale we're made for greater
sum, lD the aggregate, than three and
half millions Of dollars, seventy five per
'entum of the excess should be paid to tue
Commonwealth, iu tSe bonds of the pur.
,hasers. 1t was also provided that upon
1 resale, the mortgages given by the
Sunbury and Erie Railroad Company to
he Com monwealtb, the Canals. should
&c cancelled by the State Treasurer, and
surrendered to the Company ty the Gov
.rnor, on deposit made by the said Com
)any In the Office of the State Treasurer,
If an equal amount of the bonds of their
grantees, secured by mortgage Of the ca
lal or canals sold as azores aid with
PROVISION that no transfer of securities
bou!d be made until the Governor should
,e satisfied that the new securities to be
,iVen we're sufficient to protect the inter-
SIS of the State; and that his written APP
roval OF the change should be filed in the
flee of the Secretary of the Common
wealth.
Sales were made by the Sunbury and
9rie Railroad Company and reported to
ne, udder oath of the President of the
iffereDt lines, as follows:
The Upper and Lower
North Branch Canal, the