Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1861-01-10
SS,699,07s 65


Receipts into the general fund for
the last fiscal year r............ 0,O11 o4o o.
Total ............. So, ,699, ,O7s IS
Payments of the ordinary appro-
priations and general expenses of
the State from December lst,
1885, 10 November both, 1861,
inclusive. So, ,I44, ,48O "a
Available balance of the general
fund, November 80, 1861 ..... 1854, 59S 81
By comparing the receipts into the general
fund for the last year, with the receipts for the
preceding year, it will be seen there Is falling
off or deficiency of S46l, Gil "A.
This deficiency is mainly on the following
items, viz
Tax on bank dividends.
Tax on real and personal estate.
Interest on railroad and canal bonds
The deficiency on account OF taxes is TO be
attributed to financial embarrassments and
great depression of business, caused by the war
In which our Government is engaged.
On the 18th of April last the Legislature by
81 An Act for the better organization of the
Militia of the Commonwealth" authorized the
Governor to negotiate temporary loans to the
amount of five hundred Thousand dollars to
carry out the provisions of that act. Under
this act temporary loans were obtained from the
banks in Philadeph to the amount of S475,-
600. On the 18th of May following, another
act was passed, "to create loan and To provide
for arming the State" By the provisions of this
act the Governor and State Treasurer were au-
thorized "to borrow on the faith of the Common
wealth any sum not exceeding three millions of
dollars, and to issue the bonds of the Common
wealth for the same at six per centum interest
per annum, and reimbuIsable at any time after
the expiration of ten years from their date
Provided, That no certificate should be negotia
ted at less than its par value" There being
doubt upon the minds of some of the members
of the Legislature, as also of the officers of the
State government, whether six per cent loan
could at that time be negotiated at par, the
Governor was authorized by the sixth Sc 5tion of
the Act of 10th of May, "for the payment of
members, &c, to advertise for propOs is for the
loan any part thereof, and dllot the LoaH to the
highest and best bidders" On examination of
these two acts by gentlemen conveTsant with
financial matters, as well as by the Hon. At
toTney General of the Commonwealth, it was
decided that they did not confer any power to
negotiate the loan at less than its par value In
this situation of things with civil war exist
ing against the Government, its very existence,
as well as the capital of the nation threatened,
and Government skies under the panic then ex-
isting, selling III the market at Is per cent be-
low par. it seemed almost useless to undertake
the negotiation of our State loan at its par
value. In this emergency, by the consent of
the Governor, | called upon two of the promi-
nent Banking Houses of Philadelphia, Messrs
Drexel, and Jay Cooke & Co., and after
consultation with them, they agreed, with
the assistance of this Department, to under
take the negotiation even in the face of
all the difficulties surrounding it; and to the
the credit of Pennsylvania be it said that in
this dark hour of our country trial, and in the
midst OF an excitement such as the country had
never before known, with the credit of the
General Government rapidly falling in the mar
ket as it then was, the citizens and corporate
institutions of our Commonwealth most nobly
responded to the fervent and patriotic appeal of
those gentlemen, and vindicated the loyalty
and patriotism of our people by subscribing to
this loan at its par value, and setting a most
noble example for her sister States, who were to
follow her in like appeals to their own citizens
In this connection | cannot forbear expressing
the thanks which are due to the banks of the
Commonwealth for the promptness and liberali-
ty with which they responded to the call for
this loan. But for their subscriptions the loan
never could have been negotiated and l deem
1t but an act of justice that this acknowledge
ment should be made of their valuable assist
ance To the State in the emergency then exist
ing. conceive it also to be nv duty to saw
That In consequence of doubt existing as to
the power OF the Governor under the Act to
Roy SA0 SSAtACA1SA VINO rendered such eminent
service IN the negotiation of this loan. they
have never received any commission or remu
neTatlon tor their expenses or services In view
of these facts, and in consideration of the in
valuable services rendered the State by them II
is to be hoped that the Legislature will make
prompt provision for the pay ment of their com
mission by authorizing the Governor to draw
his warrant for the same
The receipts and expenditures for Military or
War purposes up to the end of the fiscal year,
November 30, 1861, are as follows, viz:
Amount received under tempo
raTy loan, Act of 18th April,
1861. 6l...............,.... 475,o0O 90
Amount received under Act of
10Th May, 1861 1 2,612,15O 90
Cash refunded by Paymaster
and others. hers.,............. 80, ,229 As
Expended under
Act 18th April
1861. ......... 474,s78 s5
Expended under
Act 18th May,
1851; ;.....:. 1,7os, ,4e2 6s
Expended under
Act 18th May,
1851. ..,,,..... 170,5s5 81
Amount of tempo
rary loan of 18th
April, 1861, re-
paid ....... $4,000 90
S2,728, ,s72 Ol
Balance on hand unexpended,