Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1868-01-08
Animal Message of
GOV JOHN w. GEARY
Delivered January 7, 1868.
To the Senate and House Of Representatives
ofthe Commonwealth of Penn

GENTLEMEN Before performing the GUS
| tomary and constit utional duty OF transmit
ting TO YOU information of the affairs of the
| Commonwealth, and recommending such
measures to your consideration as are deem
ed necessary and expedient, 1t affords me
great qualification to tender to you my most
! friendly greetings on your assembling at the
Seat of Government, and to welcome you to
the council chambers of the State.
Our grateful acknowledgements arc due to
the Benefcent Author of all good for the
continued prosperity and well being which
every where prevails, tor the abundance
which has crowned the labors OF the hus-
bandman, for the general health with which
we have been so signally favored, and for
all the enjoyments of peace, contentment
and happiness within our borders.
Our country has just emerged from the
trials and dangers of an unrighteous rebel
lion and entered upon period of important
political struggle arising therefrom. Being
convened as the representatives OF confld-
ing constituency grave duties and response
bilitities devolve upon you to so eglslate
upon the great and manifold interests COM
mitted to your charge as best to subserve the
welfare of the people and advance the honor
of the State The fullest confidence is en-
tertained- that your deliberations will result
benefcially and your public duties be faith
fully discharged; and on my part permit
me to give you assurances Of Jealous coop
Grafton in all your labors calculated to pro-
mote the general welfare.
One of the most important duties devolv
ing upon the Legislature is the consideration
of the public finances. Such action should
be taken for the provision of funds to de-
fray the current expenses Of the Government
the preservation of the credit of the Com
monwealth and the speedy extinguishment
of the public debt, as circumstances shall be
found to require. These objects are Of the
highest importance and claim the first atten-
tion of the Representatives OF the people.
| FINANCES.
The rep ort of the State Treasurer shows that
the ba lance in the Treasury November 80 1865,
was 81 al 033 27 Ordinary eceipts during the
fiscal year ending Nov. 30. 1857. S5.423,33 OF
Loan for the red mption of the overdue bonds,
S23,OoO,OOo 90; Deprecated funds in the Treasu-
~, unavailable, s4l.032 90; Total in Treasury
for fiscal year ending on November Both, 1867,
$50, ,205, ,395 "a.
Payments, to wit: Ordinary expenses during
the fiscal year ending Nov. 80 1857 "a 5S3 696 99i
Loans, &c, redeemed $50 9Is,S29 80; Depreciat-
| ed funds unavailable S4l ,632 90: Total of pay
ments, s25 .543, ,55S 50; Balance in Treasury, No
VEN Der 30, 1867, 81, ,66l ,S36 AZ;
Of which the Treasurer reports as applicable 10
the payment of overdue loans S2,931,9lS 50
Balance, Sl.723S57 81.
Amount of the State debt on November 30th
| 1866 S35 622 052 16.
Funded debt, to wit: per cent. loans SIS.
3l1 ,1S0 90; per cent. loans. Sl2l04O25 20; Al
per cent loans Sl75 900 90; Total S37, $3.50, ,205 20.
Unfunded debt TO wit; Relief notes in circu-
lation, S96,625 90; Interest certificates outsand-
ing, 5130S6 50; Interest certificates unclaim ed
81, 44s 3s: Domestic creditors certificates, Sf4 81
Total unfunded debt SlI4 20i 81.
Total outstanding debt S37, ,409 II. From
which deduct the amount in Treasury applicab e
to the payment of over-d due loans S2931 9I9 80
Balance, outstanding debt. 34,166,43l p A
mount redeemed during fiscal year ending Nov
= | 30. 1867 SS55.62 81.
That the operations of the Sinking Fanl may
be clearly understood, the following recapitula-
= ton" is quoted from the report of the CoInmis
/, | sioners for the year ending Sept. 3, 1867:
Balance in sinking fund, September 3D. 1867
S2,752,3jl II; Receipts in fund for year ending
September 5, 1867, S., ,355,S $40 SO; Total in fund
s6,IOS,I62 46. Disbursements Paid interest
81, 575. $50 55; Loans Redeemed. 81 ,794, ,569 90
Premiums. s275 90; Domestic creditors, SIS 90
Total disbursements, S4,37O, go 05. Balance il
fund, S1.737, 912 Al.
BY the sixth section of the act of May 16, 1861
a special tax OF one half mill on the dollar wa
especially set apart for the payment of the inter
est. and redemption of the 'oan created by ac
of May IS. 1851 entitled AN Act to create lcaI
f and provide for arming the State. u
The receipts from said tax and tax on gross re
S ceipts amounts to S4S9l7S II. Interest paid il
February and August, 1867, 1863, 245 90. Balance
| on hand, S3l9933 II.
Public debt, November 20, 1867 S34, ,766 43I %
Assets in Treasury, to wit: Bonds of the Penn
sylvania Railroad comp my, S6500,000 90; Bond
of the Philadelphia and Erie Railroad company
| S3,500000 90; Interest on bonds of the PhiIadel
phia and Erie Railroad company, 81 400 900 90
Cash in Treasury 1,723,S ,S57 81; Total amount o
: assets SI3l23.S57 81.
Liabilities in excess of assets, S7l ,642573 81.
: The above assets will be available as fol
lows: By the act of May l6, 1867, the Penn
: sylvania railroad company are to pay on The
, above bonds, 100000 year until July 81
! 1890, when one million of the residue shal
fall due, and one million annually thereafter
without interest, until the whole is paid
e which will be in the year 1895.
By the act of March I, 1861, the $500
600 OF bonds of the Philadelphia and Erie
Railroad were surrendered TO that company
upon the deposit Of four millions of dollars
of their bonds as collateral security for the
2 payment of the original bonds, ard a mort
gage of four milliors of dollars was alse
, given by the company to secure their pay
ment. These bonds are to be paid in forty
years from date of issue, and will mature A,
ID. 1901.
There is always discrepancy in announ-
cling the reduction of the State debt. be-
tween the annual proclamation of the Gov.
ernor and report of the State Treasurer
arising from the fact that the sinking fund
: year terminates Oh the FIRST Monday in Sen
tember, and the fiscal year of the Treasury
on the 3Oth of November. To prevent com
plication of accounts and annual explana.
tions recommend that the termination OF
) t he sinking fund year be made the same as
that of the Treasury
The promptitude with which citizens of
Pennsylvania came forward last April and
took the whole amount of the twenty three
million loan, 1.-THE bids being for upwards of
thirty three millions, may be considered a
most auspicious circumstance in the finan-