Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1859-01-14

rent year, at least one million Of dollars
The present would seem tosbe the approprI-
ate time,-- when our nation is at peace, and
when health and reasonable prosperity prevail
within our own boIders, to greatly reduce the
public debt. We have but to carefully hus
band our legitimate resources, avoiding extrav-
agaut and unnecessary appropriations, and prac-
ticing proper economy In all the departments
of Government, to render the entire extinguish-
ment of our debt fixed fact within very brief
period. To carefully guard the public treasu-
ry at this interesting epoch in our financial his
tory, is so manifestly the duty of the public
authorities, that | cannot for one moment be-
lieve that any other policy will be proposed. If
there be any, who, relying on the improved con
dition of the finances of the State, would en-
courage the adoption Of new schemes for de-
pletng tae Treasury 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 sterDly resisted. Let Pennsylva-
MIA be just before she is generous. Let our
good example be light in the pathway of our
sister States, as we'll as an admonition to our
own local governments. This is due alike to
the fav RS which Providence has so bounifully
bestowed upon. us, AMI to that high character
| for honesty and integrity which has ever distin-
guished the people Of this good old Common
| wealth.
| In pursuance of tie act entitled 'sAn Act for
/ the Sale of the State Canals, approved on the
! Dist day of April last, did, as the Governor
I of the Commonwealth on the 18Th day of May
| 1858, convey to the Sudbury and Erie Railroad
/ Company, all the public works belonging to the
! Commonwealth, then remaining unsold, consist
/ ing of the Delaware Division the Upper and
| Lower Branch Divisions-the " est Branch Di-
visjon--and the Susquehanua Division Of the
| Pennsylvania Canal, with all the property there
unto belonging, or IN anYwlse Gppertaiuing, aud
all the estate, right, title and interest Of this
! Commonwealth therein, for the sum Of three
| millions fve hundred thousand dollars. To Sc
cure the payment of this sum, the Sudbury and
Erie Railroad Company paid to the State TIea-
surer is bends, secured by mortgage, as di-
rected by the act, for the amount of tho pur-
chase money The company, also, complied
/ with the provisions OF the Act WhiCfr rSci'isrot1
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 Susquehanna aud West Branch Divis-
ions for halt lillion-and mortgage on the
Upper and Lower North Branch Divisions for
half million of dollars. The deeds and
mortgages we're all executed under the immed-
ate supervision Of the Attorney General, and
were in strict conformity with the requirements
of the law.
After the conveyanccs were duly executed
and delivered, possession Of the canals was given
to the railroad company
The act further provided that the Sunbury
and Erie Railroad Company should not resell
the Canals, OF any part Of them, witout tie con-
Of he nd ant / "A
made for a greater sum, in the aggregate, than
three and half millions of dollars, seventy
Eve per centum of the excess should be paid to
the Commonwealth, in the bonds of the Purcha-
scrs. 1t was also provided that upon resale
the mortgages given by the Snnbury aud 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 com
pany in the office of the State Treasurer, of al
equal amount of the bonds of their grantees
secured by mortgage of the canal or canals solo
as aforesaid d'-with provision that no trans
, fer of securities should be made until the Gov
ernor should be satisfied that the new securities
, TO be given were sufficient to protect the utter
ests of the State; and that his written approva
of the change should be filed in the office o
! ! the Secretary of tho Commonwealth.
: Sales were made by the Sunbury aud Eric
,, Railroad Company and reported to me, under
the oath of the President, of the different lines
as follows
The Upper and Lower North
Branch Canal to the North Branch
Camel Company, for Si,G00,00(
The West Branch and Susquebanua
Divisions, to West Branch and Sus-
quehanna Canal Company, for 100000
The Delaware Division, to the Del
,, aware Division Canal Company, of
Pennsylvani for 1,775,O0(
In all the sum of S3,o13,OUl
Upon investigation and inquiry, having be
come satisfied that these sales were made fo
fair prices, and upon such terms, and to suct
persons composing the various purchasing as
sociatiOns, as to insure the payment of the pur
} chase money, they were severally approved.
After the contract for the sale OF tho Della
ware Division had been entered into, and my
consent had been verbally given, and seventy
five thousand dollars of the purchase money
, had been actually paid by the purchasers, upon
, the faith of the contract,and my assent thereto
r | was informed that higher price had been of
, fered, by responsible persons, for the canal
But under the circumstances, my opinion was
that the offer too late, and the Railroad
f Company considered itself bound to consum
mate the agreement by delivery of the deet
and possession of the property to the first pur
chasers, could not, in good faith, withhold N.
i assent. The North Branch Canal Company
, subsequent 10 the purchase of that division
sold that portion Of the Canal lying between
5 Wilkesbarre ana Northumberland to the Wyo
ming Canal Company for the sun of nine hun
dred and eghtyfve thousand dollars.