Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1859-01-13

reduce it, let all such efforts, coming from
whatever quarter they may, be sternly resisted.
Let Pennsylvania be just before she is gener-
Gus. Let our good example be light in the
pathways of our sister states as we'll as On ad-
monition to our own local governments This
is due alike to the faVors which Providence
has so bountifully bestowed upon US, and to
that high character for honesty and integrity
which has ever distinguished the people of this
good old Commonwealth
In pursuance of the act, entitled An Act
for the sale Of the State Canals" approved on
the 2lst day of A pril last did, as the Cover
nor of the Commonwealth, on the 10th day of
May, 1858, convey to the Sunbury & Erie rail-
road company, all the public works belonging
to the Commonwealth, then remaining unsold,
consisting of the Delaware division-the Up
per and Lower North Branch divisions-the
West Branch division-and the Susquehanna
division of the Pennsylvania cana, with all the
property thereunto belonging, or in anywise
appertanng, 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 & Erie railroad company paid 20
the state treasurer its bonds, secured by
mortgage, as directed by the act for the
amount of the purchase money The compa-
ny also complied with the provisions of the act
which require it, as additional security, to exc
cute and deliver to the State Treasurer mort
gage on the Delaware division for one million
"A mortgage on the Susquehanna and West
Branch for half mllion-and mortgage on
the Upper and Lower North Branch divisions
for half million of dollars. The deeds and
oil fnI h.
diate supervision of the Attorney General. and
were in strict conformity with the requirements
of the law
After the conveyances were duly executed
and delivered, possession of the canals was Civ
ell to the railroad company
The act further provided that the Sunbury
& Erie railroad company should not re sell the
canals, or any part of them, without the con-
sent Of the Governor and that if a resale
were made for greater sum, in the aggregate,
than three and a half millions of dollars, seven
! ty-fve per centum Of the excess should be paid
to the commonwealth, in the bonds of the pur-
| chasers. 1t was also provided that upon re-
sale the mortgages given by the Sunbury and
Erie railroad company to the Commonwealth,
upon the canals should he cancelled by the
! State Treasurer and surrendered to the compa-
ny hy the Governor, ON the deposit made by the
said company in the office of the State Treas
urer, of an equal amount to the bonds Of their
grantees, secured by mortgage of the canal or
canals sold as aforesaid'--with a provision
! that no transfer of securities should be made
until the Governor should be satisfied hat the
new securities 10 be given were sufficient to
/ protect the interest Of the State and that his
written approval of the change should be filed
/ in the Office of the Secretary of the Common
wealth
Sales were made by the Sunbury & Erie
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 Canal Company,
.......... 81 600 900 90
/ The West Branch and Susquehanna diyi-
sionS to the West Branch and Susque-
hanna company. for .................. 500 900 90
! The Delaware Division to the Delaware di-
vision canal company of Pennsylvania,
Observation-Disclosures. l.775.O 900 90
In all the sum Of ACKNOWLEDGEMENTS. 3s75OOO 90
Upon investigation and inquiry having be-
come satisfied that these sales were made :or
fair prices, and upon such terms and to such
persons composing the various purchasing as
sociationS as to insure payment of the purchase
money, they were severaly approved
After the contract for the sale of Delaware
division had been entered into, and my consent
had been verbally given, and seventy-fve thou
sand dollars actually paid by the purchasers,
! upon the faith on the contract, and my assent
| thereto, ! was informed that a higher price
! had been offered by responsible persons, for
the canal But, under the circumstances, my
opinion was that the offer came to late (; and
as the railroad company considered itself bound
to consummate the agreement by delivery of
the deed and possession of the property to the
first purchasers, | could not, in good faith,
withhold my assent The North Branch ca
nal company, subsequent to the purchase of
that division, sold that portion of the canal ly-
ing between Wilkesbarre and Northumberland,
| to the Wyoming canal company, for the sum of
nine hundred and eighty-fve thousand dollars
On the 18th day of December, 1858, bonds
of the various companies owning the different
canals secured by mortgages, were, in pursu
ance of the act, and by my approval deposited
with the State Treasurer, to the amount of
two millions of dollars and the mortgages on
the canals given by the Sunbury & Erie rail
road company, were cancelled by the State
Treasurer, and surrendered by me to the com
| panY in accordance with the directions of the
| law. At the same time a settlement was made
between the Commonwealth and the railroad
company, by which the latter paid to the State
seventy-fve per centum of the proceeds of the
resale over aud above the contract price of
three and a half millions This amounted to
two hundred and eghty-one thousand two hun
dred and fifty dollars, and was paid in the fol-
lowing manner, viz:
Bonds of the Wyoming canal company,
| secured by mortgage the canal from
| Wilkesbarre TO Northumberland payable
in twenty years, with interest at six per
cent. payable semiannualy $2sl 900 90
| Cash ......... $50 90
Total PSI $50 90