The Ebensburg Alleghanian. [volume] (Ebensburg, Pa.) 1865-1871, 1868-01-16

o.
Liabilities in excess of assets, 2l,642,573 81
The abuve assets Will be available AS
follows:
By the act of May 16, 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 shall fall due. and one million
annually thereafter, wishout IN, crest, until
the wholeuis paid, which will be In the
year 1895. t dE
BY the act of March Z. 1861, the S3,-
500,0 Of bonds of the Philadelphia anc
Erie railroad were surrendered to that
company, upon the deposit Of four mil
lions of dollars of their bun is as coIiateral
security for the payment OF the orlsl"al
honds, and mortgage OF four mfllons OF
dollars was also given by the company to
secure their payment. These bonds are
to be paid in forty years from date OF Is
sue, aud VIII mature n. ID. 1911.
There is always a discrepancy IN an
nounciug the red uc ion OF the State debt,
between the annual prociamatlon OF the
Governor AID report ot the State Treasu-
rer, arising from the fact that the sinking
fund year terminates on the first Monday
in September and the fiscal year OF the
Treasury on tine Both OF November. To
prevent com p.icatIon OF accounts and an
uual ex xplamat ions, l recommend that the
termination Of the sinking fund year be
iaade the same a. that of the Treasury.
The promptirude with which citizens OF
! PenusIIya:cia came forward last April and
took :he whole amount of the twenty
three million loan, (,he bids heiug Tor
| upwards Ot thirty-thrce millions may be
| considered most auspiciuuS circumstance
in the financial history of the Ssate, aud
| indicates uubounded COULD ence In the
! good faith aud substantial credit of the
Common wealth. The foregoing state
ment OF the fu3nces is set forth With
pleasure, in consequence OF their flourish
! lug condition.
Ia addition thereto, the balance in
favor of the General Government for
Penn> lEania's quota OF the direct tax
levied in the several Stares tor war pur-
| poses aud Tor cash from the UuIted States,
amountiDg, III all, to nearly two mliiio S
| Of dollars, has been settled in IuiI Uy The
allowance "f ciains ter ex raordInaTy ex-
penses incurred by State during the war
| La consequence ,: the lapse Of time
|
| ed, the want ut sufficient vouchers and
| explanations, and the difficulty ot finding
the partit S, Some of :hem being dead bJ
| whom they should be made, render tnelr
settlement difficult, aud IL many lil>tances
! doubtful, the accomplishment Of WHlci
will, however, be vigorously pursued and
the result laid before lbc Legislature.
Passing irom thIs general review OF
! the kuanccs OF the State, | caunut perm t
some ut the most prunIiucnt ideas cJu meet
ed with them 10 pass 1nuOtIced, hecau- t
! they clearly Indicate the part OF duty III
the tt~chaigc OF the Executive trust. Ii
Is deemed proper 10 cal. your attention IL
| the fact that during the entire year Il very
! large sum ut money Is in the keeping u
the State Treasurer. This SUM has not at
any time Tor years Oeen less than miilion
| OF dollars, and At present amounts to
considerably over four millions OF dollars.
| That It Is unnecessary that the grea'e
portion vi this money should be kept IN
| the treasury TO meet the Ordinary demands
| upon IL is obvious and that it should be
Withdrawn from circulation is certainly a
| detrInIent to the business OF the c1mmuuI-
| ~. A contraction 10 the amount ot sev-
| make its impression upon those engaged in
mercantile, manufacturing, agricultural,
mIuing and all other kinds ot employ
meut,. This money, l AIN Informed upon
| goou authority, can be loaned, with ample
| security tor It's re- payment when needed
Tor certain specified periods, at reasona-
| bic rate oi inIere-., and the proceed,
! placed III the Treasury tor the benefit Oi
the State, which would not only be Uene-
hclsl To the taxpayers, by increasing the
| public revenue, but also enlar2e the
accommodations for business purposes. 1t
| this plan were adopted, The Withdrawal of
the circulating medium, by tile pay me ut
OF taxes, would be 81 briei that il would
not materially affect the pubic welfare.
The iund thus acquired could be added
10 the eIu king iund, aud would materially
aid In the reduction ol the State debt.
A glance at the condition ct the Treas-
ury wul show that ar least four millions
ut dollars might now be loaned, aud at
tour per ceut. would realize the handsome
sum uf Sl6U, 600 per annum. Or nearly
the whole amount OF the balance now iu
the Treasury might be rendered produc-
tive by being Invested In the bonds of
the State, bearing SIX per cent. interest,
even though purchased at premium.
Or, it might be Invested in Unlted States
interes: bearing bonds which would be
avaIldbie at any moment a necessity might
arise Tor the use Of the funds. Ii that
amount were exchanged at par Tor United
States ten forty bonds, bearing FIVE per
cent interest in gold, the product would