The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1862-01-15

and pay for al cosi. Arrangements have
been made with the general government
Tor the relm bursement OF the military ex-
peuses Of the State since The 27th of July
last. The bills as paid are forwarded 10
Washington and partial repayments have
already been made.
II will be observed that the receipts from
culinary sources of revenue for the year
1861 have decreased, bu; as payments have
been made on some of hem since the set
tlemen al the end OF the fiscal year on the
! first of December, and more may reasoEa-
bly, be expected in addition TO the payments
! TO be ma de by the National Government as
herinaf,er stated the balance available in
the treasury will be largely increased.
II will also be observed that it has not yet
been found necessary 10 call in all of .he
loan effected under the act OF the 18th of
May last.
In some items the ordinary revenue OF
| 1861 was in excess OF that OF 1860.
The loan authorized by the act of May
18th, 1861. was taken a. par. This occur
renee, most gratifying under all the then
existing circumstances of embarrassment
affords triumphant evidence OF the conf
cence OF The people in The stability and in-
iegrity of the Commonwealth and OF their
determination 10 suppor; The Government
The operations oi the Sinking Fund dur
/ ing the last year have been as shown by
my Proclamation of 5lh September last, as
| follows:
Debt redeemed from 4th Sep.
1850, 10 Isl Sep. 1861. 5000, ,s0l0i
Or stock loans. $780, 100
''interests on GER
fca,ss. s,s3o0i
s'reiief notes. 42lO0
! refer to the reports of the State Treasu
| rer and Auditor General for The details ol
the financial affairs of the Commonwealth
] he reports Of the Surveyor General aud
State Librarian will exhibit the State of the
| Departments under their care.
The Commissioners OF the Sinking Fund
during the last spring received IRON Phla
I delphia and Erie (laie Sudbury and Eriel
Railroad Company .oriy bonds OF that Com
paay for 500 900 each aud mortgage 10
secure the same executed in conformity
with the third section OF the act OF March
the 7Ih 1861 That company has also de
posted IN the s ate Treasury It's bonds to
| the amount of five millions oi dollars in ac.
cordance with the 9Th section OF The same
act On the 9th OF May last granted my
warrant authorizing the Sale Treasury to
deliver TO the said company one thousand
of said bonds being TO the amount OF one
million of dollars This warrant was issued
/
cent bonds mentioned in the filth section oil
the act (excepi those belonging to the Stale
and now in the Sinking Fund) having been
| previously surrendered aud cancelled, and
| satisfaction entered on the Record OF the
! Mortgage mentioned in said fifth sectiou.-
/ Having received notice from the company
| that The bonds so delivered To the company
or their proceeds had been appropriated in
accordance with the provisions of the law,
on the 2ls, OF June last appointed John A.
| Wright as Commissioner TO examine aud
TO report TO me whether said bonds or their
| proceeds had been appropriated to the pur
poses required by the act. His report has
not yet been received by me.
II is understood that arrangements have
at last been made nnder which the direct
railroad connection between Philadelphia
| and Erie will be completed within a short
time. Il is impossible TO estimate 100 highly
The importance OF :his great work 10 the
Commonwealth. and especially to Phiiade.
phia and Erie and the hitherto neglected
| counties near lis route west of The Susque-
| hanna
By the act of the 21st A pril 1858, for the
sale of The State Canals TO the Sunburv and
Erie railroad company it was provided that
if that company should sell said ca
nails for a greater sum in tie aggregate than
] d
FIVE per cenium OF snch excess should be
/ paid 10 the Commonwealth by transfer of
| so much of such bonds aud securities as
| said company should receive for the same
/ and payable in like manner.
The company sold the canals and report
ed That the share OF the profit on snch sale,
due to The Commonwealth was Sz8l ,25G OF
which $3.50 was paid in cash and for The re-
naming S28 900 The Commonwealth re
ceived coupon bends of the Wyoming canal
! company 10 that amonni being a portion OF
bonds for $500, 900 issued by that compa-
! ny and secured by mortgage of The Wyo-
ming canal formerly called the Lower North
| Branch canal. These bonds bear an inter.
esl of six per cent per annum payable semi
annually on the 18th of January and July,
and The interest was paid by the company
| 10 January last inclusive. The interest due
in July lasl has not been paid. Judgments
| having been obtained against the company
on some OF The coupons for the unpaid July
/ interest. a bill in equity was filed in the su-
| preme couu by bond and stock holder in
which such proceedings we're had that by
decree made on the I'd September last the
property aud affairs OF the company were
placed in the hands OF receiver.
a plan has been suggested for the assent
| of the stock aud bond holders, which con-
process ani purchase OF the same for the
j purpose of forming a new company OF
which the capita. stock shall be one million
of dollars divided into ;wenty thousand
shares OF fifty dollars each, of which each
asserting holder OF mortgage bond lof one
thousand dollars, shall be entitled To eigh.
teen shares, aud each asserting holder of
fry shares oil stock OF ihe Wyoming cana!
company shall ne entitled 10 nine shares
OF course no officer OF the Commonwealth
had authority 10 assent to tie proposal or in
any way 10 affect her position. Il is beIiev-
ed also thai the plan Is not one that ought
| 10 be assenied 10 by the Commonwealth
| and that uuder all the circumstances, if The
coEsehience oil individual parties requires
a change such as proposed, the debt due 10
the Commonwealth ought to be first paid or
fully secured
] fsugeesi that the Act passed 9Th of April,
/ 1861 entitled .An Act concerning The sale
/ r,f ra;froaIs eonatS Ga ~ shonld ha ruodtf1