Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1861-01-10

gIatlIylng under all the then existing circum-
stances OF embarrassment, affords Triumphant
evidence OF the confidence of the peoul., in the
STABILITY and integrity of the Commonwealth
ana OF their determination to support the Gov
eminent
The operations of the Sinking Fund during
the last year have been as shown by my Procla-
nation of 9th September last, as follow
Debt redeemed from 4th SepteIn-
Der, 1850, to lst Sept 1851. $500, SOL OIL
Of stock loans. -. S30O,0 90
interest on certif-
Gates. es............. 1880 OF
" relief notes. ....... AL 90
$500, SOL OIL
l refer to the reports of the State Treasurer
and Auditor General for the details of the fl
nanCial affairs of the Commonwealth The re-
ports OF the Surveyor General and State Libra
rian will exhibit the state of the De. artments
under their care
The Commissioners of the Sinking Fund dur
ing the last spring received from the Philadel-
delphla and Erie late Sunbury and Erie) Rail-
road Company forty bonds of that Company for
SlOO, 900 each, and mortgage to secure the
same executed in conformity with the third
section OF the act of March the 9TH, 1851 That
company has also deposited in the State Treas
! ury It's bonds to the amount of five millions of
/ dollars, Ia accordance with the 9th section of
the same act On the 9th of May last granted
my warrant authorizing the State Treasurer to
| deliver TO the said company one thousand Of
/ SAID bonds, being to the amount of one million
of dollars. This warrant was issued in conform
/ ity with the law, the five per cent bonds men
/ toned III the fifth section of the act Except
those belonging to the State and now in the
| Sinking FUND.- having been previously surren-
dered and cancelled, and satisfaction entered
on the Record of the Mortgage men
toned in said fifth section. Having re-
/ oelved notice from the company that
the bonds so delivered to the company or their
| proceeds had been appropriated in accordance
with the provisions of the law, on the 2Ist of
June last appointed John A. Wright as Com
missioner to examine and to report to me whe-
ther said bonds OF their proceeds had been ap-
prOpriated TO the purposes required by the act
dis report has not yet been received by me.
1t is understood that arrangements have at
I last been made under which the direct railroad
connection between Philadelphia and Erie will
be completed within a short time 1t is impos-
sible to estimate too highly the importance of
this great work 10 the Commonwealth and espe-
cially to Philadelphia and Erie and the hither-
to neglected counties near its route west of the
Susquehanna.
By the act of the 2lst April, 1858, for the
sale of the State canals to the Sunbury and Erie
railroad company it was provided that if that
company should sell said canals for "a greater
sum IN the aggregate than three and half
millions OF dollars, seventy five per centum of
such excess should be paid to the Common
wealth by transfer of so much of such bonds
and securities as said company should receive
for the same and payable in like manner.
The company sold the canals and reported
that the share of the profit on such sale, due to
/ the Commonwealth was 1921, $50 of which
| $3.50 was paid in cash and for the remaining
| $28l 900 the Commonwealth received coupon
| bonds Of the Wyoming canal company to that
amount, being portion Of bonds for 5000, 600
issued by that company and secured by q mort
| gage OF the Wyoming canal, formerly called the
! Lower North Branch canal. These bonds bear
an interest OF six per cent. per annum, payable
/ semi-annually on the 18th of January and July
| and the interest was paid by the company to
| January last inclusive. The interest due in
/ July last has not been paid Judgments hav-
/ ing been obtained against the company onsome
! OF the coupons for the unpaid July interest, a
/ bill in equity was filed in the supreme court by
d bond AID stock holder in which such proceed
ings We're had that by decree made on the ID
J September last the property and affairs of the
company were placed in the hands of recei-
yer.
A plan has been suggested for the assent of
| the stock and bond holders which Contemplates
a sale Of the canal under lawful process and a
/ purchase of the same for the purpose of forming
I q
shall be one million of dollars, divided into
twenty thousand shares of fifty dollars each, of
which each asserting holder of mortgage bond
! for one thousand dollars shall be entitled to
I eighteen shares and each asserting holder OF
! fifty shares of stock of the Wyoming canal COM
/ pany shall be entitled to nine shares. OF course
no officer of the Commonwealth had authority
to assent to the proposal or III any way to affect
! her position. 1t is believed also that the
rl,, fs- %EcA 1.
! by the Commonwealth, and that under all the
| circumstances, if the convenience of individual
parties requires change such as proposed, the
/ debt due TO the Commonwealth ought to be
/ drst paid or fully secured.
! suggest that the Act passed 9Th OF April,
! 1861, entitled. ''An Act concerning the sale of
/ railroads. canals, &c, should be modified so
! that in all cases in which debt may be due to
| the Commonwealth by the company as whose
| property public work may be sold, the pur-
chasers thereof shall not be entitled to the bene
! fits and privileges conferred by the Act unless
| they shall have first paid the debt due to the
State, or secured the same by their bonds to the
| Commonwealth secured by first mortgage on
/ the work itself
! l commend the subject to the immediate
| consideration of the Legislature as an effort
may be made at an early day to enforce sale
Of the canal, aud some provision By law to pro-
tect the interests of the State would in that case
! be necessary
| The wicked and monstrous rebellion which
/ broke out many months ago, has not yet been
| quelled. Every sentiment of loyalty and pa
| triotism demands its effectual suppression.
| In my messages of the 9th and Both of April
last, set 70 tn at length my views of the char
acter and objects of the contest which is still
| pending. Subsequent reflection has confirmed
me in the correctness of the opinions then ex-
| pressed and to which l refer. In addition it
ought to be understood, that looking to the va
riety and character of her products and indus
| try, her material interest alone would render
the preservation of the Union from the pres
ent assault upon it, indispensable to Pennsylva-
mia She cannot afford TO have a foreign pow
er below or above or bounding her on the Della
ware, the Chesapeake or the Mississippi, and
she will never acQuieSce in such result, what
ever may be the cost in men and money of her