The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1859-01-12
S39,354,2s5 81

| h UNFUEDED DEBT
Relief Notes outstanding, SOS, $50 90
Interest certificates, 23.357 is
do do unclaimed, 4,44S SO
domestic Creditors, S02 80
Total unfunded debt, SI32,s5s 90
Making the public debt on the first of De-
cember last $39, ,4s8,243 81. Since the
close OF the fiscal year, the Commissioners
oil the Sinking Fund have redeemed of the
hve per cent. loan, the sum of $3.50, 1872 81,
leaving the real debt of the Commonwealth.
at this time, founded and unfounded,. $39, :
268, III Is. agptts-rss
r .seet this, b-siaesrfe ordinary sources
| OF prone revenue, the State owns bonds re-
ceIved from the sale Of the public works,
and which have every reason TO believe,
are we'll secured, amounting to eleven mil.
lions one hundred and eighty one dollars
Deiucting this from the outstanding deb,
1t leaves TO be otherwise provided for, the
sum OF twenty eight millions eighty seven
thousand one hundred and eleven dollars
and sixteen cents.
1t is believed that, with the existing sour.
ces ot revenue, and the observance of strict
economy, this sum may be reduced, during
the current year, at least one million of dol
lars.
! The present would seem 10 be the appro.
pirate time, when our nation is at peace.
and when health and reasonable prosper
lty prevail within our own borders.-to
greatly reduce the public deb We have
Quito carefully husband our legitimate re.
sources, avoiding extravagant and unneces.
sary appropriations, and practicing a proper
economy IN all the departments of Govern
/
OF our debt fixed fact within a yery brief
period. To carefully guard the public treas.
ury at this Interesting epoch in our financial
history, is so manitestly the duty of the
public authorities, that cannot for one mo.
ment believe that any other policy will be
proposed. If there be any, who, relying on
Inc improved condition OF the finances OF
Inc slate, would encourage the adoption of
new schemes for depicting the Treasury, or
would cut of the sources of our present rev.
enue, and thus reduce it, let all such efforts,
coming from whatever quarter they NAV,
De sierniy resisted. Let Pennsylvania be
Just before she is generous. Let our good
example be light in The pathw Of our
sister States, as well as an admonition TO
our own local governments. This is due
alike 10 the iavors which Providence has so
beautifully bestowed upon us, and 10 ,ba,
high character for honesty and integrity
which has ever distinguished the people oi
this good old Commonwealth.
In pursuance of the act entitled can Act
tor the Sale of the State Canals,n approved
on the 2lst day of April last, did, as the
Governor of the Commonwealth, on the
18th day o. May, 1858, convey TO the Sun.
bury and Erie Railroad Company, all the
public works belonging TO the Common.
wealth, then remaining unsold, consisting
OF the Delaware Division-tte Upper and
Lower North Branch Dvisions-the Wes,
Branch Division-and the Susquehahna Di-
vision OF the Pennsylvania Canals, with all
the property thereunto belonging, or in any.
wise appertaining, and all the estate, right,
title and interest OF this Commonwealth
therein. for the sum of three millions five
hundred thousand dollars. To secure the
payment OF this sum, the Sunbury and Erie
Railroad Company paid TO the State Treas.
urer its bonds, secured by mortgage, as
directed by the act, for the amount Of the
purchase money. The company, also, com.
piled with the provisions of the Act which
required II, as additional security, TO exc.
cute and deliver tn the State Treasurer a
mortgage on the Delaware Division for one
million-a mortgage on the Susquehanna
a
ion-and a mortgage on the Upper and Low.
er North Branch Divisions for half million
OF dollars. The deeds and mortgages were
all executed under the immediate super.
vision OF the Attorney General, and were
in strict conformity with the requirements oI
the law.
Ailer the conveyances were duly executed
aud delivered, possession of the canals was
given TO the railroad company.
The act further provided that the Sunbury
and Erie Railroad Company should not re-.
sell the Canals, or any part of them, with.
out the consent of the Governor; and if a
resale were made for greater rum, in the
aggregate, than three and half millions oil
dollars, seventy.five per centun.Sf the ex.
cess should be paid TO the Commonwealth
in the bonds of the purchasers. It was also
provided that upon resale, the mortgages
given by the Sunbury and Erie Railroad
Company TO the Commonwealth, upon the
Canals, "should be cancelled by the State
Treasurer and surrendered to the company
by the Governor, on deposite made by the
said company in the Office of the State
Treasurer, of an equal amount of the bond;
OF their grantees, secured by mortgage oi
the canal or canals sold as aforesaid"-witl
provision that no transfer of securities
should be made until the Governor should
be satisfied tina: the new securities to be
given were sufficient to protect the interest:
OF the State and that his written approva
of the charge should be filed in the office
of the Secretary of the Commonwealth.
Sales were made by the Sunbury g. Erie
) Railroad Company and reported 40 me, un'