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

gratifying under all the then existing circum-
stances OF embarrassment, affords triumphant
evidence OF the confidence of the people in the
staollty and integrity of the Commonwealth
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
VI stock loans ...... $500, $50 90
% interest on Certif-
Gates. ............. $3.50 Of
" relief notes. ... AL 90
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- artlnents
under their care
Ihe commissioners of the Sinking Fund dur
ing the last spring received from the PhiladeI-
delphia and Erie Qate Sunbury and Erie) Rail
road Company forty bonds of that Company for
SIOuU UuO each, and mortgage to secure the
same executed in conformity with the third
section of the act of March the 9TH. 1861. That
company has also deposited in the State Treas
ury its bonds to the amount of five millions of
dollars, IN 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
sad 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-
oelyed notice from the company that
the bonds 50 delivered to the company or their
/ proceeds had been appropriated in accordance
with the provisions of the law, on the 2lst of
June last appointed John A. Wright as Com
missioner to examine and to report to me whe-
ther said bonds or their proceeds had been ap-
! propriated TO the purposes required by the act
! His report has not yet been received by me-
| 1t is understood that arrangements have at
/ last been made under which the direct railroad
connection between Philadelphia and Erie will
( be completed within a short time 1t is impos-
slble to estimate too highly the importance of
this great work to 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 Il 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 S28l $50 of which
$50 was paid in cash and for the remaining
S2Sl 600 the Commonwealth received coupon
bonds of the Wyoming canal company to that
amount, being portion of bonds for 5000 900
issued by that company and secured by 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 on some
of the coupons for the unpaid July interest a
bill in equity was filed in the supreme court by
bond AID stock holder in which such proceed
ings We're had that by a decree made on the I'd
September last the property and affairs of the
company We're placed in the hands of a recei-
yer.
| 4 plan has been suggested for the assent of
the stock and bond holders which contemplates
q sale Of the canal under lawful process and a
purchase of the same for the purpose of forming
new company of which the capital stock
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
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 in any way to affect
her position. 1t is believed also that the
plan is not one that ought to be ass -nted to
by the Commonwealth, and that under all the
circumstances, if the convenience of individual
parties requires a change such as proposed, the
debt due TO the Commonwealth ought to be
FIRST 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 a first mortgage on
the work itself
I commend the subject to the immediate
consideration of the Legislature, as an effort
may be made at an early day to enforce a sale
Of the canal, and 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.
Iu 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 / 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 PennsyIva-
MIA, She cannot afford to have a foreign DOW
er below or above or bounding her on the Della
ware, the Chesapeake or the Mississippi. and
she will never acquiesce in such a result, what
ever NAV be the cost in man and money of hor