The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1866-01-19
STATE FINANCES.
Annual Report of the State Treasurer
Tor tIae \ ear 1865.

Annual Report of the State Treasurer
1Or the Near 1865.
To the St10iedItd House q representa-
tires Of the Commonwealth Qf PetWSY'-
U0HjO:
GENTLENIEN: In presenting his An
nual report, the State Treasurer con-
graduates the people of Pennsylvania,
through thei' representatives, upon the
prosperous condition of the finances Of
the commonwealth. 1t should be a
source of pride to every Pennsylvania
to learn that. Notwithstanding the eX-
traOrdinary expenditures to which we
have been subjected, during the last
five years. in consequence Of the rebel
lion, reaching the large amount of 81,
OPS, ,627.2 in addition tOWhat has been
refunded by the General Government,
we are, on tie termination Of the cur
rent fiscal year. financially in better
condition, bv the sum of -, $50, 1872,
than we Werp on the Both day of No
Vember, 1864. BY q statement hereto
appended, il will be seen that during
that time W. have reduced our public
debt $l92, 1856, while our assets have
increased S2067, ,235. .06. These facts de
IftOIISlIdt' ilit liflulttNE lCNOtiN'7 VI
the State, and cannot fail to give in
creased confidence to the holders of her
obligations. Duringthe 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,
publicly and privately, to sustain her
gallant sons while battling for the
great cause Of freedom. and yet she
stands to-day with an overtl0wingt treas
ury, and with every Just demand upon
her PAID.
The receipts of the last year exceed
those of 1864 hy 81, ,4S6, $685., the larger
portion of which has been derived from
taxes on corporation stock, tonnage,
real estate, loans income. collateral in
heritance, foreign insurance companies
and charters. The only sources show
ing a decline are the proceeds from pat
pnting land, and the tax on banks.
The income from the latter source
fell off during the year, in tax Oh diVi-
dendS, S205, ,9ll.39; in tax on capital
stock, SO, ,j07 %, making in all S2Sl,-
4Sl.ii. and has now. almost entirely
ceased. This diminutiun has been Caus-
ed by the banks having ceased TO Oper-
ate as State institutions. and accepting
charters under the national banking
system. As these corporations are still
located in our midst, and derive all
their profits from their business rela-
tiOnS with our people. twill he admit
ted by all that they should he required
10 bear their proportion of the public
burdens. There is no valid reason why
a business which is always profitable,
when properly conducted, should be eX-
emptpd from the taxation which is i'm
posed upon every other pursuit Ot life.
I recommend, therefore, the passage
of an act taxing the capital stock of
National banks, To- be collected early in
the wear, as the method by which we
can now get, which We failed To de-
mand Ii year ago. OF our right 20 i'm
pose this tax have not single doubt;
but even if it We're an open question,
| feel confident that there is patriotism
enough among the owners OF these IN
stitutiOnS to induce them readily to
bear their just proportion of heeNpenS-
es Of ii contest which, if it had termi-
mated adversely, would have left Them
with Hftle or no capital To tax. On in
quiring of the controller of the curren-
cy, | learn that the National banks of
Pennsylvania have a capital OF $40, ,942,-
100. \ tax OF one per cent. on this a
mount WOuldnO doubt, be cheerfullX
paid by them, provided they were eX-
empt by law from tocai taxation.
There Is no foundation for the cry
that these institutions are already too
heavily taxed by the General Govern
ment, for, i'm fact these State banks, by
placing themselves under the National
banking laws have eScdped the larger
portion Of the increased taxation that
all other trades and occupations have
been subjected to on account of the war.
An exhibit Of the relative amount
of taxes paid under each system, il here
with appended, from which il will be
seen that the taxes Of these institutions
are in reality less now than they We're
before the war.
respectfully call Your attention 10
the very small amount of revenue re-
allied from tax on railroads and canals,
representing in value, in 1864, almost
$250,O00, 900. The whole income from
them in 1865, was Si32, ,562. 10, or about
0ne-fOurth of one per cent. on their val
ue. In this the tax on tonnage is not
included, for it is difficult TO determine
whether this was intended as tax on
the corporation or on prodacti0n. If ii
was designed for the former, it should
be forthwith amended or repealed. be-
cause of the inability of the Auditor
General to ascertain what amount of
tax is due the State, and on account of
the unequal manner i'll which it oper-
ates upon the different companies,
which ii was intended TO reach. For
example:
The Pennsylvania railroad company,
with an income which, in 1864, amoun-
ted to nearly Sl5, ,000, 900, pays for 1865
tax of Sl5,365.l3; while the Reading
railroad company, with an income of
SO, go, 900, during the same period, pays
$S9, ,2S2.77. The Laekawanna and
Bloomsbury railroad company, with
an income of 500, 900, pay $40, ,3S3.03