The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1859-01-13
Company of Pennsylvania, for 1,T5,O00
So $4,000
Tn all the sum of


Upon investigation and inquiry, having
become satisfied that these sales were
made for fair prices, and upon such terms
and to such persons composing the various
purchasing associations, as 10 insure the
payment of the purchase money, they
we're severally approved.
After the contract for the sale of the
Delaware Division bad been entered into,
and my consent had been verbally given,
and seventy Eve thousand dollars of the
purchase money had been actually paid
/ by the purchasers, upon the faith of the
contract. and my assent thereto, | was in
formed that higher price had been offer
ed, by responsible persons, for the canal.
But, under the circumstances, my opinion
was that the offer came too late; and as
the Railroad Company considered itself
bound to consummate the agreement by
a delivery of the deed and possession of
the property to the first purchasers, l
could not, in good faith, withhold my as
sent. The North Branch Canal Compa-
ny, subsequent 10 the purchase of that di-
vision, sold that portion of the canal lying
between Wilkesbarre and Northum ber-
land to the Wyoming Canal Company for
the sum of niue hundred aud eighty FIVE
thousand dollars.
On the 18th of September, 1853. bonds
of the various companies owning the DIFF
fercnt canals. secured by mortgages, were
in pursuant of the act, and By my appro-
val deposited with the State Treasurer TO
the amount Of two millions of dollars; and
the mortgages on the canals given by the
Supbury and Erie Railroad Company,
were cancelled by the State Treasurer,
and surrendered by me to the company
in accordance with the directions OF the
law. At the same time settlement was
made between the Commonwealth and
the Railroad Company, by which the lat
ter paid to the State seventy-fve per cent
of the proceeds of the resale over and a.
bove the contract price of three and
half millions. This amounted to two hun.
dred and eighty-one thousand two hun
dred and fifty dollars, and was paid in
the following manrer. viz:
Bonds of Wyoming Canal Com
pany, secured BY mortgages
On the Canal from WiIkcsbar
re 20 Northumberland, paya-
tle in twenty years, with in
terest at six per cent payable
semi-annualiy, s2sl 600
Cash, $50
Total, s2S1 $50
These bonds are well secured, and the
accruing interest and principal, when due
will doubtless be promptly paid.
From information of reliable charac.
ter recently communicated to me by the
President Of the Sunbury and Erie Rail.
road Company, it appears that the pros
poets of an early completion of that great
public highway are very encouraging
A large amount Of work has been done
on the line of the road during the past
season, and at this time, very considera-
bic portions of the road are graded and
rapidly approaching completion. 1t is
the opinion of the President of the Com
pany that, within two years, the work
will be entirely finished, so that cars will
be running directly from the city of Phil
adelpbia to the harbor of Erie.
When this great enterprise shall be
contaminated, and the desire of its friends !
finally accomplished, the payment of the
three millions and half of mortgage
bonds, which the State has received in
exchange for the canals, will unquestion.
ably be we'll secured, whilst the railroad
itself will prove of inoalculable advantage
to our great commercial emporium, as
we'll as to the important but long neglec-
ted region through which it passes. It's
construction will, undoubtedly, add to
the value of the real estate Of the Com
monwealth many times its cost, and de-
velop and bring into use the rich resour-
ccs of country which have hitherto re-
mained as they were lavshIy strewn by
hand of nature. | have an abiding con-
fidcnce that the result will abundantly |
prove the wisdom of the measure, which. (
while it guaranteed the completion of one
of the greatest Improvements ever projec-
ted in the Common wealth, it at the same
time divorced the State from the unprof-
liable and demoralizing management of
her railroads and canals.
Whatever differences of opinion may,
at any tine have been entertained in re-
gard to the propriety of the details of the
legislation authorizing the sale of the
Vain line, or the branches, it can scarce
ly be doubted that the public welfare will,
in every respect, be vastly promoted by
the transfer of the management of the
public works from the State to individual +
owners.
The short experience that we have had
already, proves conclusively that the Com
monweslth is greatly the gaiuer, in f.
naneial point OF view, and it has been
equally demonstrated that the people at
large have been as well, if not better, ac-
comm odated BY the change.
1t would, in my judgment, be public
if, by the happening of any con-
tingency, the Commonwealth should be
70 o1oin Al