Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1862-01-16

the stability and integrity of the Common
wealth, and their determination to support the
Government
The operations of the Sinking Fund during
the last year have been, as shown by my Pro-
clamation of the 5th of September last, as fol
lows
Debt redeemed from 4th
September, 1860, to lst
September, ls6l...... $780, sOl OIL
OF stock loans $500 ,050 90
interest on certificates $3.50 oil
"relief notes ....... AL 90
/ refer to the reports of the State Treasurer
and Auditor General for the details Of the f.
nancial affairs of the Commonwealth The re-
ports of the Surveyor General and State Libra
rian will exhibit the state of the Departments
under their care
The Commissioners of the Sinking Fund dur
ing the last spring received from the Phladel-
phia and Erie (late Sunbury and Erie) Rail,
road Company forty bonds of that Company
for 100000 each executed in conformity
with the third section of the act of March the
7th, 1861. That company has also deposited
in the State Treasury 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 authoriz-
ing the State Treasurer to deliver to the said
company one thousand of said bonds, being to
the amount of one million dollars. This warrant
was issued in conformity with the law, the
five per cent. bonds mentioned in the fifth sec
tion 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 Mort
gage mentioned in said fifth section. Having
received notice from the company that the
bonds so delivered to The company of their
proceeds had been appropriated in accordance
with the provisions of the law, on the 2lst of
June last appointed John A. Wright as
Commissioner to examine and to report to me
whether said bonds or their proceeds had 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 under which the direct railroad
connection between Philadelphia and Erie will
be completed within a short time. 1t is i'm
possible to estimate too highly the Importance
of this great work to the Commonwealth, and
especially to Philadelphia anG Erie and the
hitherto neglected counties near its route west
of the Susquhanna.
BY the act of the Dist of April, 1858, for
the sale of the State canal to the Sudbury
aud Erie railroad company it was provided
that if that company S ould sell said canals
for greater sum in The aggregate than three
and half million of dollars, seventy-fve per
centum of such excess should be paid to the
Commonwealth by transfer of so much o.
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 1921 250 of which
$3.50 was paid in cash and for the remaining
1921 900 the Commonwealth received coupon
bonds Of the Wyoming canal company to that
amount, being portion of binds 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 annCm,
payable semi annually on the 18th OF January
and July, and the interest was paid by the
company TO January last inclusive The in
terrSt due in July last has not been paid
Judgments having been obtained against the
company on some of the coupons for the un-
paid July interest, bill in equity was filed
in the supreme court by O bond and stock
holder in which such proceedings were had that
by decree made On the I'd September last the
property and affairs of the company were
placed in the hands of a receiver.
A plan has been suggested for the assent of
the stock and bond holders which contemplates
O sale of the canal under lawful process and
purchase of the same for the purpose of form
ing new company, of which the capital stock
shall be one million of dollars, divided into
twenty thousand shares of fifty dollars each,
of which asserting holder of a mortgage bond
for one thousanddollars 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 af-
feet her position 1t is believed also that the
plan is not one that ought to be aSSented to
10y the Commonwealth, and that under all the
circumstances, if the convenience of individual
parties requires change such Us proposed,
the debt due to the commonwealth ought to
be first paid or fullp securey.
| suggested 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 purchasers thereof shall not be entitled to
the benefits 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 first
mortgage on the work ITSELF
commend the subject to the immediate
of the Legislature, as an effort
may be made at an eraly day to enforce. sale
of the canal, and some provision by law to pro-
tect the interests of the State would in that
case be necessary.