The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1870-01-14

nine thousand, eight hundred and sicty. eli ght
dollars and eiahty.t,co cents have been
paid, and, at five per cent, the sum of
$2i4, ,49s.4i in interest is annually saved
to the Commonwealth. Consequently,
the total amount of Indebtedness of the
Commonwealth on November 80, 1869,
was hrty-t,co million, eight hundred and
fourteen thousand, fec hundred and toriy
dollars and ninety fre cents.
The reduction during the year ending
November 30, 1869, amounts to four
hundred aud serenity. t,oo thousand, four hun
dred and SIC dollars and eighteen cents.
ASSETS IN SINKING FUND.
The assets remaining in the sink ing
fund are as follows: Bonds of the Penn
sylvania Railroad Company, six mil
lion three hundred thousand dollars.
Agreeably to an act dated March 80,
1869, the Sinking Fund Commissioners
delivered all the obligations of the Sun.
bury and Erie Railroad Company, being
third mortgage bonds, to the Allegheny
Valley Railroad company, and receiv-
ed therefor thirty-five second mortgage
bonds of one hundred thousand dollars
each, making, in all, three million five
hundred thousand dollars. executed by
the said Allegheny Valley Railroad
~ompany, and guaranteed by the Penn
! sylvania Railroad Company, the North
ern Central Railroad Company, and the
| Philadelphia and Erie Railroad Com
pany, payable to the Commonwealth as
| follows:
The principal OF one of said bonds
| (S100,000) shall be payable each and
| every year, beginning Jan. l, 1875, and
so continuing annually thereafter until
the said sum of 81, 100000 shall be paid
with interest thereon from Jan, /, 1872.
| The citizens of Pennsylvania have
always borne taxation not only patient.
ly but cheerfully, and they are still as
willing as ever to contribute to the pay
ment of all the obligations resting upon
the State; but they expect their public
servants who arc entrusted with the
management of their affairs to act upon
the most prudent and economical basis.
In word, they demand reform in the
management of the fipancial affairs OF
the State, and, as far as possible, the
retrenchment of all unnecessary expen.
ditures.
On the 30th of January last, replying
to a resolution of the Senate, said:
81 have the honor 10 acknowledge
the receipt, through the clerk of your
honorable body, copy of the following
resolution, passed on the 10Th inst, t(
wit:
"Resoired, That the Governor be re
quested to submit some plan to the Sen
ate to secure the State from loss by thu
accumulation of large amounts OF sur
plus funds in the treasury.
f "In reply, beg leave to direct you
: attention to my message of January s
1868, in which say, the balance nov
in the treasury might be rendered pro
j.. ductive by being invested in the bond
3 of the State, bearing six per cent inter
. est , and to the message of Jan G, 1865
I where remark, whenever there ma,
: be surplus funds in the treasury the
r can with safety and beneft to the Stat
! be employed in the purchase of its out
standing bonds, and in saving the inter
+ est on them which would accumulat
!. prior TO their maturity"
!. Since making these suggestions, an
}. maturely deliberating upon the subjec
,. l have seen no reason to change III
s mind in relation thereto; and now sui
l. nit tho same plan, more especially S,
i. forth, based upon the following stat
> ment of the loans of the Common
# wealth, viz:
q Amount of over due loans,
q including bank charter
loans and relief notes nm