Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1862-01-15


and partial repayments have already been
made twill be observed that the re.
ceipts from ordinary sources of revenue
for the year 1861 have decreased, but as
payments have been made on some OF
them since the settlement at the end OF
the fiscal year on the first of December,
, and more may reasonably be expected in
addition to the payments to be made by
the National Government as hereinafter
stated the balance available in the treas,
ury will be largely increased
Ii will also be observed TINT il has not
yet been found necessary 10 call in all Of
the loan effected under the act Of the
! 18th Of Msy last.
! In some items the ordinary revenue of
1861 was in excess of that OF 1850.
The loan authorized by the act Of May
18th, 1861, was taken at par. This occur.
renee, most gratifying under all the then
existing circumstances of EN- mbarrassment,
affords triumphant evidence ofthe conf
denco Of the people in the stability and
integrity of the Commonwealth and Of
their determination TO support the Gov
eminent.
The operations Of the Sinking Fund
during the last year have ben as shown
by my Proclamation of 5th September
last, as follows:
Debt redeemed from
4tL Sept 1860. TO
Ist Sept. 1861, s3O0,50l OIL
OF stock loans, $500, $50 90
" interest on oerti-
fcates, 3,3S00I
- relief uotes A0l M
-S300,S0 ,S0l OF
refer TO the reports of the State Treas.
urer and Auditor General for the details
of tho financial affairs of the Commons
wealth. The reports of the Surveyor
General and State Librarian will exhibit
the state Of the Departments Under their
care
The Commissioners Of the Sinking Fund
| during the last spring received from the
Philadelphia ard Erie (l4te Suubury and
Eriej Railroad Company forty bonds of
that Company for 100000 each, and
mortgage to secure the same executed IN
conformity with the third section of the
act of March the 7th, 1861. That COM
pany has also deposited in the State Treas,
ury its bonds 20 the amount oc five mill.
|
section CT the same act. On the 9th of
May last granted my warrant authori.
zing the State Treasurer TO deliver to the
said company one thousand Of said bonds,
being 10 the amount Of one million OF dol
lars. This warrant was lssueO In conform
ity with the law. tue five per cent bonds
mentioned in the fifth sactlon of the act
(except those belonging to the State and
now in the Sinking FUND.- having been
previously surrendered and cancelled and
satisfaction entered on the Record OF the
Mortgage mentioned in said fifth section.
Having received notice from the company
that the bonds 50 delivered to the compa-
ny or their proceeds had been appropria-
ted in accordance with the provisions OF
the law,on the 2lst Of Juno last appoint
ed John A. Wright as Commissioner 10
examine and to report to me whether said
bonds or their proceeds had been appro'
priated to the purposes required by the
act His report has not yet been Teoely'
ed by me.
1t is understood that arrangements have
at last been made under which the direct
railroad connection between Philadelphia
and E:le will be completed within short
time. 1t is impossible TO estimate too
highly the importance of this great work
TO the Commonwealth, and especially to
Philadelphia and Erie and the hitherto
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 Sunbu-
ry and Erie railroad company twas pro-
vided that il that company should sell
said canals for a greater sum in the aggre'
gate than three and half millions OF dol
! lars, severity. tive per centum of such eX'
cess should be paid 20 the Commonwealth
by transfer of so much of such bonds
and securities as said company should re
1oive for The same aud payable in like
manner.
The company sold the canals and repor-
ted that the share OF the pioft on such
sale, due to the Commonwealth was S2Sl,
$50 of which $3.50 was paid in cash and
for the remaining S2Sl 900 the Common
wealth received coupon bonds Of the Wy.
oming canal company TO that amount, be
ling portion Of bonds for S9OO0 900 issued
by that company and secured by mort,
gage OF the Wyoming c. nal, formerly CALI
cd the Lower North Branch canal. These
bonds bear an interest OF six per cent,
per annum, payable semi annually on the
18th of January AMI July, ana the inter
est 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 ior the unpaid JIly
interest, a bill IN equity was filed in the
supreme court by q bond and stock hol-
der in which such proceedings were had
that by decree made on tie I'd Septem,
Der last the property and affairs of the
company were placed in the hands OF a
receiver.
! A plan has been suggested for the as
sent of the stock and bond holders which
conlemplstes sale of the canal under
lawful process and purchase OF the same
for the purpose Of forming a new compa-
ny, OF which tue capital stock shall be one
million Of dollars, divided into twenty
thousand shares OF fifty dollars each, of