The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1868-01-17

" Eric R.R.CO 3,DOO,WW VI
Inst.on hondsof
Phla. & Eric
II. II. Co. 100000 90
Cash in Treas
ury............. ,723,Sj7 81
---- 10, l23,Sj7 81
Liabilities in excess of as
SETS. 2l,6l2,1I3 III
The above assets will be available as
follows:
BY the act of May lG, 1861, the Penn
sylvania railroad company are to pay on
the above bonds, 100000 Il year until
July 81, 1890, when one million of the
residue shall fall due, and one million
annually thereafter, without interest,
until the whole is paid, which will be
in the year 1895.
BY the act of March 7, 1861, the $3,-
500, 900 of bonds of the Philadelphia n
Erie railroad were surrendered to that
company, upon the deposit of four mil
lions of dollars of their bonds As collat-
eral security for the payment of the
original bonds, and mortgage of four
millions of dollars was also given by
the company to secure their payment.
These bonds are to be paid in forty years
from date Tissue, and will mature a. j.
1901.
There is always discrepancy in an
nouncing the reduction of the State debt,
between the annual proclamation of the
Governor and report of the State Treas
urer, arising from the fact that the sink
ing fund year terminates on the first
Monday in September, and the fiscal
year of tho Treasury on the 3Oth of No
vembcr. To prevent complications of
accounts and annual explanations | re-
commend that the termination of the
| sinking fund year be made the same us
| that of the Treasury.
The lTomptitudc with which citizens
of Pennsylvania came forward last April
and took the whole amount of the twcn-
ty-thrcc million loan, (the bids being for
upwards of thirty-threc millions,) mGy
be considered most auspiciouS circum-
stance in the financial history Of the
State, and indicates unbOunded conf
dence in the good faith and substantial
credit of the Commonwealth. The fore
| going statement of the finances is set
| forth with pleasure, in consequence OF
their hourishing condition.
In addition thereto, the balance in IA
vor of the General Government for
| Pcnnsylvania's quota of the direct tax
| levied in the several States for war pur'
poses and for cash from the United
States, amounting, in all, to nearly two
millions of dollars has been settled il
full by the allowance of claims for cX
traordnary expenses incurred by Tho
State during the war.
In consequence Of the lapse of time
since the remaining claims were con
tracted, the want of sufficient vouchers
aud explanations, and the difficulty o
finding the parties, some of them being
dead by whom they should be made
render their settlement difficult, and il
many instances, doubtful, the accom-
plishmeut of which will, however, b'
vigorously pursued and the results lai'
before the Legislature.
Passing from this general review o
the finances of the State, | cannot per
NIT some of the most prominent idea
connected with them to pass unnoticet
because they clearly indicate the patl
of duty in the discharge of the ENecu
tive trust. 1t is deemed proper to cal
your attention to the fact that during
the entire year very large sum q
money is in the keeping of the stat
Treasurer. This sum has not at an.
. time for years been less than million q
dollars, and at present amounts to con
siderably over four millions of dollars
That it Is unnecessary that the create
portion of this money should be Kept II
: the Treasury to meet the ordinary dc
mands upon it is obvious; and that
should be withdrawn from circulation
, certainly Il dctriment to the business c
the community. a contraction to tn
, amount of several millions, rs at pres
enl, cannot fail to make its impression
! upon those engaged in mercantile manr
featuring, agricultural, mining, and a
other kinds Ofemploymcnts. This mon
ey, | am informed upon good authorl
1 ty, can be loaned, with ample securit
for its repayment when needed, io
certain specified periods, lat reasonabl
rate of interest, and the proceeds place
O in the Treasury for the benefit Of til
q State, which would not only be bent
fetal to the taxpayers, by increasin
n the public revenue, but also enlarge til
accommodations for business purposes
o this plan were adopted, the withdraw;
of the circulating medium, by the pay
ment of taxes, would be so brief that
: would not materially affect the publ
U welfare. The fund thus acquired coul
be added to the sinking fund, and woul
materially aid in the reduction Of I'll
State debt
A glance Mt the condition of ii
II Treasury will show that at least fol
millions of dollars might now be loai
ed and at four per cent, would realize Il
a handsome sum of Sl6O,0OO per annun
Or nearly the whole amount of the ba
No ance now in the Treasury might be rel
% dered productive by being invested
M the bonds of the State bearing six p'
: cent interest, even though purchased
N premium. Or, it might be inVcStC
in United States interest bearing bOn'
M which would be available at any IN
ment II necessity might arise for the II
20 of the funds. If that amount were e
changed at par for United States to
2s forty bonds, bearing five per cent, int
ct in gold, the product would be ut Il
G7 rate of 5000, ,0O0 per annum, in gold, &
: at the present value of gold, S2G6,OOO
~ currency. Besides, the funds wouldn
= become "depreciated and unavailable
" by long continuance in the "rcasur
- a law for this purpose could be passe
specifying the method by which the Il
needed money of the Treasury may
55 loaned, authorizing and empoweringt I
State Treasurer, and such Others as y
% may designate, To execute, or carry OF
its provisions.
Your attention is also invited to t
0i fact that the salary OF the state rrea,
NC rer, now only seventeen hundred dolla
he is entirely disproportioned to the dut
ed and responsibilities of that officer, II
,rs that the amount of the bond, cigl
I: thousand dollars, given by him to
State, is equivalent to no security att