Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-02-03
VOL. 10.---N0. %.

The General Government pays the inter
est on its debt in specie, and New York
partially so though the system she has
adopted of discriminating in favor Of her
foreign creditors [ think unjust,
Some of the States that pay in currency
contracted their debts since the suspension
efspecie payments, and therefore borrowed
currency but Pennsylvania borrowed mon
ey from her creditors, and she ought TO pay
! them III n,OHeV
Let us therefore SO act now that, in the
future, it may be the boast of our honored
old Commonwealth that amid all the trials
OF this eventful period of tie nations his
tory, she faithfully performed her whole du
ty, and came out of the erdeal with unsul-
lied honor
In another portion of this report the dis
continuance by the Pennsylvania Railroad
Company Of TIE collection of the State tax
from the bondholders is referred To. This is
| the only company in the State that ever
performed that duty, and as | am unable to
find any law imposing it upon them, | pre-
sumo, of course it was done voluntarily.
1t is a fact well known, that very large
portion cf the personal property in the State
escapes taxation altogether, either through
the neglect of assessors or the failure of the
owners to report to them. And it is there
fore surprising that the easy and effective
mode Of securing the large revenue due the
Commonwealth for taxes on the bonds Of
corporations, by requiring the corporations
to collect the tax and return it to the Treas
ury, has not before this been provided for
by Law.
| beg leave, therefore, respectfully to urge
the passage of an act authorizing and di-
rectlng railroad corporations, at the time of
paying the interest on their bonds, to de
L. Il. l,1l ~,
Of the tax due 10 the Commonwealth in the
same manner that treasurers of municipal
corporations are by the act of April 29th,
1914, now required to do.
By the report of the Auditor General, last
year, the funded debt of the railroad com
papleS alone IS stated at seyenty-seven mil
lions of dollars A very large proportion of
which, e"er exclusive Of TIE amount held
by aenresidents, escapes taxation. 1t must
be evident, therefore, that the enactment
of fsuch law as have alluded to viii pro
dace very largely increased revenue
The act Of April 10, 1862 and the sup
plement thereto, of April ID, 1868, for the
pay and expenses of Pennsylvania Volun-
teers, provided that these claims should be
paid out of the war loan'' of 50, 900, 900
authorized by the act of 18th May, 1861,
and if that were insufficient, then out of any
other money IL the Treasury not otherwise
appropriated
The war Ioan" is row exhausted, and as
these claims it is supposed, will amount to
nearly 50, 600, 000, it will be seen that they
cannot be paid out of the ordinary receipts
of the Treasury in any reasonable time
When it is remembered that all the income
Of the State, except the tax of q mills on
real and personal property, is appropriated
to the Sinking Fund, and the Commission
ers of the Sinking Fund are authorized TO
transfer from the general fund an amount
sufficient to pay the interests, and redeem
portion of the public debt annually, it will
be apparent that some other means viii have
to be provided for the payment of these
claims