The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-01-07
STATE FINANCES.

The Financial Condition of the Common
wealth During the Year 1S60-Suggestions
TO the Legislature.
The following is the report of r. w. Mackey,
State Treasurer, showing the financial opera
tions of the Commonwealth during the fiscal
year ending November 80, 1867
To the Senate and House of Representatives
of the Commonwealth of Pennsylvania.-Gen-
tlemen-In the performance of my duty have
the honor to submit the following report Of the
finances of the State, and my action since these
affairs have been under my control:-
The Indebtedness of the Commonwealth at the
end Of the fiscal year ending November 80, 1865,
was $33 2S6 94613.
The indebtedness at the close of the fiscal
year ending November 80 1869, was $32, S14,-
540'95, showing reduction during the period of
$472, 40518.
The total debt rs given above amounts to the
sum of $32, ,S14, 540'95 from which sum should
be deducted the following amounts, now In the
Treasury, and set apart for the payment of the
debt. Amount on hand for the payment of
overdue loans, interest certificates, and relief
notes, s3S2, ,3l4'02 amount applicable to the
payment of the five per cent. loan maturing
July 1, 1870, and now payable on cali,
81, 01S 54S47; total 81 400, ,S62,49.
Total debt, less cash in the Treasury on Nov
ember 80, 1862 $31, ,413, ,67846.
The receipts for the fiscal year ending Nov
ember 3d. 1868, exclusive of loans and pre-
miums and interest thereon, were 1924, ,S6761.
For the fiscal year ending November 80, 1869,
with similar deductions, So 23O, ,264'94.
The total payments for the year ending No
vember 80, 1868, exclusive of loans redeemed
and interest paid on overdue loans, amounted to
81 1892, 53919. The total payments for the year
ending November 80 1869, with similar eXcep-
tions, amounted to $4, ,3S1, ,356'9S.
The total receipts for the year ending Novem-
Der 80, 1862 amounted to 1924, 711.2S. Bal
ance in the Treasury November 80, 1868,
81, ,012, ,925'37.
Total moneys received by me, S6,254, 63665.
The total payments for the year ending Novem-
q A OF =.
balance in the Treasury on November 30, 1869,
OF 81, ,4O0, ,S62'49.
THE SINKING FUND.
At this point 1 deem it proper to explain to
the Legislature the action of the Commissioners
of the Sinking Fund with reference to this
balance, and also to show the exact Obligations
assumed by them, and the reasons which gov
erned their action in the premises.
The amount of debt payable on call on the
30th of day of October, 1869, was 1886, 668S7
and the moneys held by the Treasurer, in ex-
cess of these claims, amounted to 81, 140, 7Sl'H
To let this money remain idle while the State
owed large debt, seemed doubtful policy, par
ticularly as our State now enjoys very high
character for excellent credit-admitted to be
higher than that of any other State in the Union.
If our credit had been liable to any unfavOrable
shock, holding a considerable balance might,
perhaps, have been defended on some financial
principles. But, in view of our good standing
in the money market, the retention of so large
| unwise. l therefore proposed to the Comnis
sioners of the Sinking Fund to call in the five
per cent loan maturing July !, 1870, and to
offer to pay it on demand with accrued interest
to date of presentation, giving notice at the same
time that interest would cease on July l, 1870.
The amount of this loan was 81, ,642, 1929.
While ! do not hesitate to affirm the wisdom
of this act it has placed the Treasury in the
position of being Voluntarily liable for q sum
| much greater than the amount of cash on hand.
| Its liabilities now are as follows
The amount outstanding, and payable on call,
| of overdue loans, ETC.. is $685., ,3l4'02 the
amount of the loan outstanding, which | am
| now authorized and directed to pay, is 81, ,483,
S15'65; showing total of liabilities of u, 1885,
12967, or an excess over the amount of cash
| on hand of $465, ,3671S. My ability to meet
these calls will depend, first, on prompt and
| rigid collection of the revenue; second, unre-
mitting efforts to force the payment of taxes
heretofore eyaded, and now the subject of
legal action; third, the gradual presentation of
the loan at the Office of the Treasury for re-
dempton. For the first two of these hold my
| self responsible. For the last rely on the un-
sullied and excellent credit of the Common
| wealth.
THE RECEIPTS.
The gross receipts from all sources into the
! Treasury for the last fiscal year were $52i1,-
| 7111S, a sum which appears to be sufficient for
| the current expenses of the Government and q
| gradual extinction of the State debt. But the
attention of the Legislature respectfully called
to the manner in which the income is distributed
| by law, and necessity for change in its dis
! tribution. AS the law now stands, the amount
set apart for the payment of the general ex-
| penses of the Government was, for the past
year, $1,617, 1871, while the actual amount
| paid on account of general expenses was
81, ,596, ,059 SO, or $916 907'95 more than the sum
| provided to meet this item of expenditure. In
| my judgment q change in the law will be neces-
sary to meet this difficulty, and content myself
| with directing the attention of the Legislature
to this subject.
| UNcoLLECTED TAXES.
| large amount of uncollected taxes has ac-
cumulated in times past, until it has reached the
| enormous total of 81, 800 900. Efforts are now
| being made to collect this by legal process
am sanguine that large proportion of this sum
tax payers. So far as the suits of the Common
wealth against these delinquents have pro-
gressed, we are justified In looking forward with
hope. One of them-that against the Credit
Mobilier of Amerca-has been tried, and re-
suited in verdict against that corporation, and
in favor of the Commonwealth, for $407 600
The claims yet in controversy possess equa
merit with the one just decided in our favor
and 1t is fair to hope for final triumph IL
them all.
ESTIMATED INCOME.
The revenues are believed TO be ample; anC
| with economy will enable the State to meet iti
| current expenses, and to continue the paymen
of portion of the funded debt yearly without
| negotiating loan for that purpose. This ha!
| been done during my administration of the Trea
the State. And while am not vain enough tC
claim any credit Tor the improved condition o.
| our finances, am ardent enoughs to hope tAat
| there NAV not be anY retrOgression from thiS