The Potter journal and news item. [volume] (Coudersport, Pa.) 1872-1874, 1873-01-24
During the last six years payments
ON the debt have been made as follows ::

During the last six years payments
on the debt have been made as follows
Amount paid in 1867. sI794,644 so
Do, 1865. 6S............... 241i,SI6 81
Do, 1863. 472,466 Is
Do, lS7o............... 1,702,879 05
Do, lTl............... 2,l3l, 80 II
Do, l6i2............... 2,47 ,S26 %
being Il little over t,centy-ajne per cent.
on the debt due December /, 1866, which
was then S37, ,7U4, ,4U9.77.
SINKING FUND.
In remarklng upon tniS subject,
tiust it will be instructive to I, fer,
briefly, to some of the facts relating 10
the accumulation and payment of tie
public debt, and the origin Of the asset 5
arising from the sale oI t..e public i'm
p.UVvln~
However wise our predecessors were
III opening avenues for trade and COM
metce, and however great were the
CNAiNiANo ANouANIIlo w NilS DtOlilC llOlll
Che internal improvements of the State.
IL is Obvious, that while those of Othl
states rarely failed to become sources OF
revenue, the management of ours was
such as to produce lesultS widely differ
ent. a large majority of the taX-pay
erS, therefore, after long and patient
endurance, becoming dissatisfied with
their management, demanded tLey
should be sold assuming it would be Il
measure OF ecurIUrny ,,.-d ,,'"uId prevent
an Increase OF the UUlI CATIONS.
The construction of the Improvements
resulted III a public debt which in lS5-
reached its maximum, ) IL, ,5Zi, o75.37.
Hne interests, premiums and other eX-
penscs that have been paid upon the debt,
from its incipiency to Nov. 80, 1872, sum
up ) 76, S4j, III 80; aud make the entire
expenditure on account OF the public
works ) lis, 500 ,6-O.36.
In pursuance OF law the State canals
and railroads were sold III 1857, for eleven
millions dollars i'll bonds upon which
the State las received ) zoo, 900 III cash
and , $500, 900 remain in the hands OF
the Commissioners ofth Sinking Fund,
Us follows:
Bonds of the Pennsylvania Railroad
Company, sCcu. Ell 10y len On the
hi Idc .p.ht ana COIulnDld Ii. H., S.SVOOOV W
fhi tY-iive Dunds of the Allegheny
Na..ey Il. L. Co., each 70, SiOy.OUu
guaranteed Dy tne Pennsylvania II.
Il. CO., No. tHcin Centra, X. w. Co,
and tmc rni.ad - and Eiie R.R.CO.,
payable Sluu.UUO annual.y, begin
ming Jan. 1879, bcal ing per cent.
I.tcrest from Jan. j. IS72......... 35O1O0O o.
Amount Of assets. 93UNVvV W.
The Governor speaks of lne reduction Of the
state debt and flie reduction of taxation as hay-
ing gone hand-in hand throughout his admins
t.ation, and recommends a continuance Of that
po icy. lie mentions various items of taxation
chat might Wisely be .inquiShed, and concndes:
1t is confidently believed that with
these proposed reductions, wllichamount
TO 5 .O4l ,961. 81, the State can still pay
all her current expenses, the interest Oh
the public debt and make an annual It.
ductiOn OF least one million five hul-
dred thousand dollars upon the princi-
pal.
GEOLOGICAL SURVEY.
Numerous communications, signed by
many enterprising and intelligent citi-
Z.ns, continue to reach me OH the sub
lect OF geological and minerllogical
survey, urging lie to commend 1t to your
careful consideration.
In my annual messages of 20 and II,
| [ laid before the GtnGrl ASSEMBLY tie
necessity for continuation OF the sur
! ycys already made, in order that tine mm-
rialogical resources OF the State should
De more fully and perfectly ;tscertained;
and EXPRESS Il tie opinion thai tie results
would De inter, sting and valuable, not
only 10 our cIlIZrns individually but to
Ine entire country.
Assurances nave been given 10y the Of
licers OF the United States Coast Sur
vcy'' OF the great interest they viii take
III our State, III the event tney carry out
Lneir intention to Cross the continent tO
connect tue ocean lines OF Coast Sur
vcys." ThiSconnectIol Will pass through
| rcnnsylvania and will materially assist
III determining and establishing one Oh
more point nIeacn county through WHICH
the hne Will pass, AID III trianSuIatlng So
lar aS 10 enable us 10 rectlty our county
maps and connect them Ill correct MAJ
vi TIE State. And It's the State GeOlO-
gist progresses with Ills studies and eX-
amiliatlonS lie should cause to be accu-
lateiy represented upon the corrected
maps. by colors and other appropriate
means, tile various areas occupied by the
different geological formations and place
them iii the POSSESSION OF the people, fUI
their information, prior to the compile
tion and publication Of a full account Of
the survey. I as .-..a.3-.a
A state map Of the kind indicated, with
all the discoveries marked IN proper col
ors thereon, would give to the thousands
OF visitors from our own country and
4 from foreign lands who will attend the