The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1866-01-11
STATE TREAsURER's REPORT.


this Annual Report, the State Treasurer
eongratulates the people of Pcnnsylva
MIA, through their representatives., upor
the prosperous condition of the fnancas
Of the Commonwealth. 1t should be 0
source of pride to every Pennsylvania
to learn that, Notwithstanding the extra
ordinary expenditures to which we have
been subjected during the last five years
in consequence Of the rebellion, reaching
the large amount of S4,028,627 q, Gin
addition to what has been refunded BY
the General Government We are, on the
termination of the current fiscal year, Fl,
nancially in a better condition, by the
sum of S2,660,173 ~, than We were On
the seth day of November, 1860.
BY statement hereto appended, it will
be seen that during that time We have re-
dnced our public debt S492 ,93S 66, while
our assets have increased $2,067 ,235 06.
These facts demonstrates the immense
resources of the State, and cannot fail to
give increased confidence to the holders
of her obligations. During the last FIVE
years, at least three hundred thousand of
her citizens have been called away from
the peaceful pursuits Of life. Millions of
her treasure have been contributed, pub
licly and privately, to sustain her gallant
sons while battling for the great cause of
freedom, and yet she stands TO day with
an overhowing treasury, and with every
just demand upon her paid
The receipts of the last year exceed
those Of 1864 by Sl,4s6,676 65, the lar
ger portion of which has been derived
from taxes on corporation stock, tonnage,
real estate, loans, income, collateral inher-
itance, foreign insurance companies and
charters. The only sources showing a
decline are the proceeds from patenting
lands and the tax on banks.
The income from the latter source fell
off during the yoar, in tax on dividends,
S205, ,91l So; in tax on capital stock.
S75,5O7 O5, making in all S2Sl, ,48l A,
and has now almost entirely ceased. This
diminution has been caused by the banks
having ceased to operate as State institu-
items, and accepting charters under the
national banking system. As these cor
porations are still located in our midst,
and derive all their profits from their bus
ness relations with our people, it will be
admitted by all that they should be re-
quired to bear their proportion of the pub
lie burdens. There is no valid reason
why business which is always profitable,
when properly conducted, should be ex-
empted from the taxation which is i'm
posed upon every other pursuit Of life
l recommend, therefore, the passage of
an act taxing the capital stock Of Nation
al banks. to be collected early in the year
as the onl y method by which we can now
get, what We failed to demand year ago
OF cur right to impose this tax | have
not a single doubt; but even if it were
an open question, feel confident that
there is patriotism enough among the
owners Of these institutions to induce |
them readily to bear their just proportion
Of the expenses Of contest which, if it |
had Terminated adversely, would have
left them with little or no capital to tax.
On inquiring Of the Controller of the Cur.
rency, | learn that the National banks of
Pennsylvania have capital of SIS, ,043,-
100. A tax Of one per cent. on this a.
mount would, no doubt, be cheefully
paid by them, provided they were ex,
empt by laws from local taxation.
There is no foundation for the cry that
these institutions are already too heavily
taxed by the General Government, for.
in fact, these State banks, by placing
themselves under the National banking
laws, have escaped the larger portion of
the increased taxation that all other trades
ind occupations have been subjected to
On account of the war. An exhibit Of
.he relative amount of taxes paid under
each system, is herewith appended, from
which it Will be seen that the taxes Of
hese institutions are in reality, less now
han they were before the war.
l respectfully call your attention to the
1ery small amount of revenue realized
rom tax on railroads and canals, repre-
enting in value, in 1865, almost $780,
100000. The whole income from them l
n 1865 was $685., ,562 10, or about one t
ourth Of one per cent. on their value {
n this the tax on tonnage is not inclu-
led, for it is difficult to determine wheth. t
r this was intended as tax on the cor 1
'oratfon or on proauctton IF it was de- g
igned for the former. il should be forth t
nth amended or repealed, because of the v
inability Of the Auditor G General to ascer- C
ain what amount Of tax is due the State t
nd on account of the unequal manner in
'hich it operated on the different COM
an!es was intended to reach. For ex
mple:
The Pennsylvania railroad COMPANY.
lth an income which, 10 1864 amounted C
nearly sl5,OOO,0O0, pays for 1865 "
* Of S5l ,365 IL, while the Reading Il
abroad Company, with an income of So ST
3O,QOO during the same period, pays, c.
o9,Z32 n. The Lackawanpa and
ioomsburg Railroad Company, with an
come Of 100000, pays sl6,3S3 O3.- Il
he Erie and Northeast, with an income q,
only S5O0,000, pay $I4,754 43; and O.