Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1861-01-10
Balance in Treasury. ISL, ,551, sos Il

~
Balance in Treasury 81, ,55l sos 72
The semi-annual interest on the State debt,
which will be due and payable on the lst of
next month will amount to nearly one million
of dollars.
1t is gratifying to know that the State will be
ready and prompt as usual to meet the interest
on her obligations.
| How much of the balance in the Treasury
may yet be required to meet expenses of cur
military operations is impossible to say, but the
| probability is that the unexpended balance will
be sufficient for all those purposes, unless the
! State should receive future requisition from
| the General Government for more troops If
no further requisition shall be made upon us,
the refunded balance in the Treasury will then
be applicable to the defenses of our State, the
redemption of her loans meeting the direct tax
of the General Government or such other pur-
poses as il the wisdom of the Legislature may
seem most proper.
By an act of Congress, approved August 5th,
1861, direct tax of twenty millions
of dollars was levied against all the States of
the Union. The quota of Pennsylvania, under
that Act, is 81, ,946, 1898. Two modes of pay
ment of this tax to the General Government
are presented by the provisions of the Act. One
is, that it may be paid by the citizens of each
State direct TO collectors to be appointed by the
General Government; and the other mode, that
the State may assume and pay the tax and
collect it herself from her own citizens.
l would respectfully urge upon the Legisla-
ture the assumption aud payment of this tax
by our State, for two reasons - First. The
innovation of Government tax collectors among
our people would be distasteful to our citizens
who would undoubtedly much prefer to pay the
tax to our own State collectors in the usual
manner. Secondly. Because the adoption of
that course will save about three hundred thou
sand dollars to the State, an allowance of
fifteen per cent is made by the Act to all States
who will assume the collection of said tax
Under the suppositon that the State will
assume the tax, l would respectfully suggest a
mode by which our citizens may be relieved
from the payment of it for the coming year
By proviso in the SD section of the Act afore-
said, it is allowed that this tax may be 90 paid
| and satisfied in whole or in part by the release
of any State duly executed to the United States
of any lquidated and determined claim of such
State of equal amount against the United
States" 1t is further provided that ia case
of such release, such State shall be allowed the
same abatement of the amount of such tax as
would be allowed in case of the payment of the
| same in money"
would respectfully propose that the claim of
our State against the General Government for
military expenses be determined" as soon as il
| can &c done, and that the Legislature shall au-
thorize a release to be made of such claim to
pay the amount of our State tax aforesaid
This would relieve us from imposing this tax
upon our citizens for the present year and il is
to be hoped that by the time it would be ne
cessary to levy such tax for any succeeding
year, that the existing war and rebellion NAV
be crushed out and the general business of the
country will have recovered from its present de.
financial
citizens be better able to sustain the burthen of
such tax.
In this connection cannot but express the
| hope that our Representatives in Congress NAV
be requested by the Legislature to take such
action as shall put the expenses of this unholy
war and rebellion upon the traitors who com
menced and are now sustaining it, that they be
requested to support such measures in Congress
as shall authorize the seizure and confscaIion
so tar as 1t eau be done constitutonaly of the
property of the rebels engaged in this rebellion
to pay the war debt OF the Government, and
| thus relieve the loyal citizens and their chill
| dren from the onerous burden of taxation which
| they will otherwise have to sustain for wears to
come
| The State Is holder of bonds of the Wyoming
| Canal Company to the amount of S2SI 900 co.
Upon these bonds the interest was punctuaI-
| ly paid up to the 10Th of January last
In July the company defaulted in its in
terest due at that time aud it yet remains
unpaid. Being informed that some action
was about to be taken by the bondholders
to reorganize the company by sale of the
canals under the mortgage, addressed let
| ter to the trustees of the mortgage on the Both
OF September, requesting that they would take
no action IN reference to a sale without first
notlfylng me as the reprcsen tative of the inter
est OF the State in the matter. They referred
my letter to c. h. Clark, Esq, attorney for the
oono- holders, who informed me by letter that
ne was fully authorized by the large bond
| nolders to treat with the State for the bonds
she holds, and that it was his and their desire
Ihat the interests of the State should he nronerlv
pFotected 70 the same extent as other hond-
holders. subsequently had an interview with
MI. Clark, and ascertained from him that in
consequence of suits having been Instituted
against the company, receiver had been an
pointed, and plan matured between tho stork
and bond holders TO reorganize the connany
and that application would be made to the Conrt
to grant decree of sale. The action contar,-
plated would result in a substitution of stocl,
for the bonds held by the State, and a reduo-
ton or loss of about ten per cent. of the
amount of her bonds / declined to act for the
State In the matter, for the reason, that had
no authority TO compromise or make any settle
nent which would not realize to the State the
IuiI amount of her claim. Under mese crcum-
stances, would respectfully recommend imme-
olate action upon the part of the Legislature to
protect the interests of the State in this matter
AT the last session of the Legislature an act
was Passea 10 cnange the name of the Sunbury