Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1862-01-17

Icembar, 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 treasury will be
largely increased.
1t will also be observed that it has not yet
been found necessary 10 call in all of the loan
effected under the act of tho 18th Of May
last.
In some items the ordinary revenue Of 1861
was in excess of that 1860.
| The loan authorized by the act Of Mag l5,
! 1881, was taken at par. This occurrence,
most gratifying under all the then existing
circumstances Of embarrassment, affords trium,
phaut evidence of the confidence of the peos
| pie in the stability aud integrity of the Com
| monwealth, and of the determination to sups
| port the Government.
! The operations Of the Sinking Fund during
| the last year have been as shown by my Pro-
clamation of 9th of September last, as fol-
| lows:
! Debt redeemed frem 4tb' of September,
| 1860, TO lst OF September, 1861 SS00,s0 Oh
/ or stock loans $800,050 90
Of interest on certificates s,sSO 0l
/ OF relief notes Al %
] IelGf W khG AbPoAA6 VA AbS OhGtC AANdsOAGl
/ and uditor General for the details of the f.
naneIal affairs of tho Commonwealth. The
reports of the Surveyor General and State Lii
brarian wilI exhibit the state of the Depart
mentS under their care.
| The Commissioners of the Sinking Fund
during the last spring received from the Phil
adelpbia and Erie lata Sudbury and Ere)
Railroad Company forty bonds Of that Compa-
ny for 500 600 each, and a mortgage to Sc
cure tue same executed IN conformity with the
third section of the act Of March the 7.b,
1861. Thas company has also deposited in
the State Treasury its bonds to the amount Of
five millcas of dollars, Iu accordance With the
9th section of the same act On the 9th of
May last / granted my warrant authorizing
the State Treasurer 10 deliver 20 the said
company one thousand of said bonds, being to
the amount of one million of dollars. This
warrant was issued 10 conformity with The
law, the FIVE per cent bonds mentioned in tho
fifth section Of the act (except those belonging
to the State and now in the Sinking Fund)
having been previously surrendered and can
eelled, and satisfaction entered on the Record
Of the Mortgage mentioned in said fifth see
tion. Having received notice from the com
pany that the bonds so delivered to tue COM
pany or their proceeds have been appropriated
ia accordance with the provisions of the law,
on tha 21st of Jurs last, lappoiu,ed John a.
Wright as Commissioner to examine and to
report to me whether said bonds or their pros
eseds hqd been appropriated 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 nnder Thich the direct rail-
road connection between Philadelpbia and
Eric viii be completed within short time
Ii 10 impossible to estimate TOO highly the im-
portance of this great work to the Gommon-
wealth, and especially 10 Philadelphia aud
Erie aud the hitherto neglected counties near
its route west of the Susquehanna.
By the act Of the 2Ist April, 1893, for the
sale Of the State canals to the Sudbury aud
Erie Railroad Company it was provided that
if that company should sell said canals for .
greater sum in the aggregate than three and
half millions Of dollars, seventy 1--WE per
centua of excess shogld &c paid tn the Com
monWealth BY transfer of SO much Of such
bonds and securities as said company should
receive for the same and payable 10 ike man
ner.
The company sold the canals and reported
AAok tue cuat6 VI pIOub Ou ouSu SatSs 4do
to the Commonwealth was $28I, $50, of which
$3.50 was paid IN cash, and for the remaining
1921 ,0C0 the Commonwealth received coupon
bonds of the Wyoming Canal Company, to
that amount, being portion of bonds for
$500 600 issued by that company and secured
by mortgage of the Wyoming canal, former
II called the Lower North Branch canal
These bonds bear an interest Of six per cent
per annum, payable semi-annually on the 10th
Of January and July, and the interest was
paid by the company to January last inclusive.
The interest due on July last las not been
paid judgments having been obtainod against
the company on some OF the coupons for the
upaid July interest, bill in equity was flod
ia the Supreme Court by bond and stock
holder, in which such proceedings wsro had
that by decree made on the 2d. of Septem-
Der last, the property and affairs Of the COM
paDy wREe placed 10 the hands Of a receiys
er.
A plan has been suggested for the assent of
the stock and bond boidars, which conien-
plates q sale of the canal, uader lawful pro-
cess, and purchase OF the same for ibe pur-
pose OF forming new company, of which the
capital stock shall be Que million of dollars,
divided into twenty thousand shares of fifty
dollars eseh, Of which each asserting holder
of mortgage bond, for one thousanl dollars,
shall be entitled to eighteen shares. aud each
asserting holder of fifty shares of stock of
The Wyoming Canal Company, shall be entis
tied to nine sh9ses. Of course no officer Of
she Commonwealth bad authority to assent to
the proposal, or in any way 10 affect her posi-,
tIon. Ii is believed, also, that the plsn is
DOT one that ought to be assentcd to by the
Commonwealth, and that under all the ciroumr
stances, it the convenience of individual par