The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1861-01-17

DEttHtbtt. ioJi, NdS CJ-E,l JD 4
On the first day Of December,
1860, it was G8I,433 0,
Exceeding the former balance
in the sun Of l53.326 6.
Add to this the sum PAID at the
Treasury during the past
three years, for debts and
claims against the Common
wealth arising cut Of the
construction and maiateu-
ance Of the public improve
mcnts, and which was sub
stantially a part of the I'M
fundcd 5ebt Of the Common
wealth, amounting to l7I,6G4 8.
And We have The sum Of 324,99I 4
BY adding this sum to the amount
on the public dobt from December /,
1857, to December /, 1860, to wit: ST.
I91I,890 y, it Will be found that during
the past three years the State not only
met AL her ordinary liabilities, including
the expenses of Government, aud the IN
terest on her public debt, bit has dimin-
ished bu actual indebtedness the sun Of
; ,236,8S2 10.
When it IS remembered that for the
last three years the tax on rca! and Yer
sonal estate has been but two and a hall
mills on the dollar, while from 1911 to
1891 1t was three mIlls-that Tor the past
two years and six months the State has
received no part Of the tax on tonnage due
from the rcnnsyIFanla hailroad Company
and that NICE July 1902, the interest
on the bonds held 10y the State against
the Sudbury ana Erie RaIiroad Company
has remained due a"d unpaid it IS Ger
fanny U LoF ucaI'J congratulations Aat,
".'Aoo' alu no" '"cSe important sources
OF I~c'cnoC' 50 great 4 I'o"cl'vn q 'ne
poOIlc 0tot mas 0.en acC'AII'sN 10
comparatively 50 SNORT q PlE!.o inc
tended debt OF the state Is noT less thaa
1t has been since 1872, and the unfunded
and floating debt, which at that time
amounted 10 upwards OF two millions Of
dollars, las been almost entirely redeem
ed. IT Is now reduced to %I10,12 Is
ana OF this sum over nlncty-nine thou
sand dollars consists of relief notes, most
Of which are undoubtedly either lost OF
destroyed, aud will, therefore, never be
presented forpayment. The claims against
the state, accru.ng from the construction
and maintenance Of her canals and rail
roads, are now reduced to mere nominal
sum and, in the future, after providing
for the ordinary expenses Of Government,
her revenues aud her energies may be ex-
cIuslyeIy applied 10 The payment Of the
Interest, aud the discharge Of the priucl-
pal OF her public debt.
The people Of this Commonwealth have
hitherto met, with p~romptness, the de-
mauds made upon them, from time to
time, for the ways and means Of rcpleu
ishing the public treasury and now that
they see that. the onerous debt with which
they have been 50 long burdcned. is each
year certainly and rapidly Disappearing
that the mount required to meet the 10
terest is annually being dlmini5hcd-that
consequently a still greater sum can each
year be devoted to the reduction Of the
principal OF the debt, without resorting
t. additional sources Of reyenuc-audthat
with a proper Outstanding of the rcsourc
es of the State, the day is not far distant
when direct taxation in Pennsylvania will
cease altogcthcr-thc payment Of such
taxes as may for the time be required to
meet the public necessities, will continue
to be met with cbeertulneSs and alaerity
But they viii unquestionabIy hold those
TO whose care they have entrusted the f.
nanclaI. interests Of tbs State to q rigid
accountability. That there should, at
tins particular juncture, when the bust
ness and moi etary af.airs Of the country
are so greatly depressed, be the s@trictest
economy IN public expenditures, is so
manifest, that 1t can scarcely be nccces-