The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1873-01-22

Company Northern Csn4rL
Railway Conpsuy, sn1 the 81
Phfiadelphta and Erie Rail s.
road Company, payable cloo
uary, 1878, bearing hSS per
cent. interest ffo0 Janassy
l, Is72. aS00,OOl
Amount Of assets ..-..-... te,Soo,o ,oo|
REMARKS rHEfoRH0ofNG FINANCIAL
STATEMENTS.
The proper and efficient manage.
ment of the finances is one of the
most important duties Of the admins.
tration of the State government. The
collection of the revenue the eco.
nomical expenditure; the safe keeping
of the public moneys, and well-guard.
ed appropriation bills, are always
questions of deep interest to the tax
payers of the State.
1t is lasting honor to the people Of
Pennsylvania, that they have never,
even when struggling under the most
oppressive burdens, permitted the in
tegrity of the State to be doubted,
and now it cannot be otherwise than
gratifying to them to learn the rapid
extin guishment Of the public indebt-
edness, the greater part Of which was
incurred for improvements, which, as
herein already shown, utterly failed
to be advantageous to her Golfers.
The rapid reduction Of the State
debt, and the reduction Of taxation,
have gone hand in hand throughout
my entire administration, and have
constituted a marked portion Of its
policy, attesting, at the, same time,
the concurrence and wisdom of the
Legislature, and the fidelity Of those
who have been the custodians Of
the public funds. sa ~
This policy should be continued,
and no attempt to cover up or conceal
the actual expenses of the government
should be made for the purpose of OBJ
tanning the peoples consent to appro-
priations, or enterprises of doubtful
propriety; which propositions, il
coupled with condition to raise
money by immediate and direct taxa
ton, would be unhesitatingly rejected.
The Legislative appropriations,
during the last six years, made in aid
of the various institutions for the sup
port of the deaf, dumb, blind, insane
feeble-minded, friendless, wanderers,
orphans, soldiers homes, hospitals,
universities, houses of correction, pen
itentiaries, and the payment of militia.
ry expenses, incurred during the war
expenses of government, common
schools, and Soldiers Orphans
Schools, amount to about seven
teen million dollars.
The expenses of the Soldiers Or
phan's Schools alone, during the same
time, is So, 467, ,543 ii, and, although
it is a most notable and patriotic ex.
penditure, it is, nevertheless, an unu-
sual one, and if such a necessity had
not existed, the reduction of the State
debt, during their existence would
have been nearly fifteen million dol
lars. E
During the past six years, the cur.
rent of Legislation has been steadily
in favor of reduced taxation. Not
only have numerous local laws been
enacted, excmpting churches, ceme-
tcries, schools, hospitals and other in
stituticns from taxation, but many
general laws Of the same character
have been passed, as is shown by the
following enumertion.:
BY the "act to amend the revenue
laws" approved, February %, 1866,
all real estate in the Commonwealth
was thereafter made exempt from tax
alton for State purposes.
BY the act approved March 30,
1866, all persons who served nine
months or upwards in the military SER
vice, or who were honorably dis
charged therefrom by reason OF
wounds or physical disability con-
lracicd therein, and their property,
were exonerated from all bounties
and per capita tax and military fines.
The act Of April 29, 1867, repealed
all laws requiring payment of taxes
to the State on sales of loans and
stocks by auctioneers.
By the act of April 10, 1857. oil
trustees or owners of property to the
value of thirty-five thousand dollars,
used for soldiers orphans schools,
were exempted from all county,
road, city, borough, poor and school
taxes.n
By the act of April 4, 1868, and
the supplements thereunto, "all mort
cages, judgments, recogniznaces and
moneys owing upon articles of agree
ment for the sale of real estate,n were
made exempt from all taxation, ex-
cept for State purposes
BY act approved January Sd, 1868,
all laws therein recited were repeal
ed, which imposed taxes upon "the
shares of stock held by any stockhol-
der in anv institution or company,
Incorporated under the laws of this
State, which in its corporate capacity,
is liable to, and pays into the State
Treasury the tax on capital stock i'm
posed" by the acts therein recited.
The act of June I'd, 1871, repealed
so much of the law of Anril Doth IL.