Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-01-13
GOVERNORS MESSAGE.
To TIE Senate and House Of Represeatat

of the Commonwealth Of Peansylcania :
GENTLEMEN: The past year has afforded
us new cause for thankfulness to the AlmigI-
ty for the moral and material blessings which
| he has bestowed upon us
The balance III the Treasury on November
| so, 1862, was 81, l72, S44 10; Receipts dur
ing fiscal year ending November 80, 1868.
81, ,289, 45I Go; Total in Treasury for fiscal
year ending Nov. 80, 1868, SO, 49,, ,295 10 +;
| The payments Tor the same period have been
81, ,3l4, 964 %; Balance in the Treasury No
vember 30, 1868, 81, l47, ,33l 70
The operations of the Sinking Fund dur
ing the last year have been shown by my
Proclamation of the Sth day of September
last, as follows: Amount Of debt Of Com
monwealth reduced, 1854, 72O 40, as follows
Coupon loan act, May 4, 1862, 500, 600 90 +;
| Five per cent, $3.50, 7I6 80; Four and one
half per cent $63, 900 90; Relief notes can
| celled, 1868 90; Domestic creditors certif-
Gates, Sl3 90; Interest certificates paid,
| S27 90; Total, 1854, 720 40
Amount Of Public debt of Pennsylvania
as it stood on the lst day of December, 1862
$40, ,448,2l3 50; Deduct amount redeemed
at the State Treasury during the fiscal year,
ending with Nov 80, 1868, viz: Five per
cent stocks, 1888, ,499 10; -Four and half
per cent stocks. $63, 900 90; Relief notes
SIS 26; Making $95I,6l O4 Public debt
December lst, 1868. $39, 1876, 500 -. Fund
| ed debt, viz: per cent loans, $500, $50 90 /;
Funded debt, viz: per cent loans, $50
709, 9S6 45; Funded debt, viz !: II per cent
loans, $26S, 900 90; Total funded debt S36.-
37S,S ,Sl6 40 Unfunded debt, viz Relief
notes in circulation, $97, PSI 90; Interest
certificates outstanding. Sl5,35 So; Inter
est certificates unclaimed, S4, 443 50; Do
mestic creditors certificates, 1924 81; Total
unfunded debt, S1l7,7 3d. Total funded
and unfunded debt, $50 400, so 7S; Militia
ry loan per Act of May 10Th, 1861, S3, 000,-
600 90; Total Indebtedness, $39, 496, 500 IS.
By the act of 18th May, 1861, authorizing
the military loan of So, 00D 600, a tax of one
half mill was laid on real and personal prop
erty,- to furnish fund for redeeming the
same recommend that the commission
ers OF the sinking fund be directed to invest
the proceeds Of the tax in State loan, so that
1t may be drawing interest, to be in like man
ner invested, or that they should apply such
proceeds directly to the purchase Of certiti-
Gates of the military loan, and cancel such
certificates as shall be. purchased.
Although our finances are still in a healthy
condition, 1t IS necessary to invite the seri-
Gus attention of the Legislature to the con-
slderation of the means of maintaining them
unimpaired in future.
BY the act of 18th June. 1910, it was pro-
ylded that the interest on the State loans
should always be paid in specie or its eauiv-
alent, and that whenever the funds in the
Treasury should be Of less value than specie,
the difference In value should be ascertained
and certified to the Governor, who should
thereupon issue his warrant to the agents or
banks authorized TO pay such interest On be-
half of the Commonwealth, to allow such
difference to parties receiving the interest,
or at the option OF the parties to pay the
same In specie
By the act of the lIth April, 1862, it was
provided that for the purpose Of paying in
specie or Its equivalent, all interest that
should thereafter be due by the Common
wealth, as required by the act of 18th June,
1910, the several banks who should avail
themselves OF the provisions Of the act, (of
Ilth April, 1862, and who should refuse to
redeem their notes IN specie, on demand, at
any time within ten days upon or after the
time when such interest should become due,
should thereafter, when required by the
State Treasurer, by notice ID writing, pay
into the State Treasury, in proportion to the
capital stock paid in of each bank their rata
bic proportion of such premium for gold or
its equivalent, as should have been actually
paid by the State.
By the act Of the 30th January, 1863. it
was provided that the State Treasurer should
exchange with the banks an amount of cur
rency sufficient to pay the interest on the
State debt falling due on the first days of
February and August, 1868, tar the same a
mount of coin, and should give to the banks
specie certificates of exchange, not transfer
able, pledging the faith of the State to re-
turn said coin in exchange for notes current
at the time, on or before the first Monday of
March, 1864, such certificates to bear inter
est at the rate Of } per cent. per annum.
Uuder the provisions of the act of 1868,
certain banks paid into the State Treasury
$40, l6S 80 as an equivalent for coin for the
payment Of the interest on the public debt
Under the act Of 1868, specie certificates
have been given TO the banks, amounting in
the whole to 81, 96S, 904 81, which, with the
accrling interest, will fall due on the first
Monday of March next. As the provisions
of this act were of a temporary character.
the only acts now IN force on the subject are
those of 1910 and 1862, above mentioned.
under which 1t will be the duty Of the State
authorities to pay the interest on the 1st of
February, 1864, and thereafter, In coin or It's
equivalent, and look to the banks that may
be liable under the act of 1862 for reim-
bursement of the premium paid by the
Commonwealth.
In the face or all difficulties, this Common
wealth, actuated by a sentiment which does
its people honor, has hitherto paid its inter-
est in coin or its equivalent Existing cir
cumstances makei it necessary to consider now
the fair extent of her Just obligations. The
exigencies of the times have compelled the
Government of the United States to issue
large amounts of Treasury notes for circula-
tion which are not redeemable in coin, and
which form the great mass OF our circulat-
ing medium. 1t is our duty as a loyal State
it is our interest as a State whose welfare,