Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1874-01-09
THE GoyERNOR,s MESSAGE.

to both houses, at Harrisburg, on Iuesday
last. We are unable to publish it iD this
issue, owing to the crowded state of our
columns. The document itself is short
and gives full and concise statement OF
the financial affairs of the Commonwealth,
which we find in the most nourishing con.
dition, the debt of the State having been
reduced within the past year the sum OF
one million fire hundred and four thousand
and sic hundred and serenty.tro dollars
and seventy cents, and in addition to this
large reduction Of the debt a balance OF
81, 1926, 1912 is still in the treasury.
In regard to the finances, he says:
In 1874 the receipts from all sources will
be 81, 800, 900 less than the receipts oi 1873,
while the expenditures will not be dimin'
ished. This loss of revenue is largely due
to the repeal of taxes bearing heavily upon
the industrial interests of the Common
wealth, and partly to the prostration of
business. The receipts in 1875 may be
about the same as those of 1874, but the
expenditures will be greater, owing to the
additional outlay necessary for schools,
Legislature aud Judiciary, under the new
Constitution, which will then be in full
force. Notwithstanding this enormous
decrease in the receipts, and increase in
expenditures, it is hoped and believed that
by the most rigid economy in every branch
of the government, and moderate apprO-
priatiuus, the revenues in the future will
be sufficient to meet all the demands on
the treasury, and leave balance to reduce
the Indebtedness OF the State, as required
by the Constitution. am in accord with
those who believe as the debt decreases
there should be corresponding relief at
forded to those interests that bear the bur
den Of taxation but at this juncture l
would regard any further reduction of the
revenues as unwse. In our list of taxes,
however, may be found some that are not
strictly uniform upon the same class OF
Subjects" and very unfair in their opera
tion, and 1 think, therefore, revision OF
our tax laws is now desirable if not neces-
sary.
SINKING FUND.
In compliance with the constitutional
amendment of 1857, the Legislature in
1853 created sinking fund for the pay.
ment of the interest on the State debt, and
for an annual reduction of the principal in
a sum not less than S25O,0O0 per annum.
In addition to the securities designated Dy
the amendment, the revenues arising from
certain taxes were assigned to this fund.
From that time, each succeeding year, the
interest on the debt has been punctually
paid, and the portion of principal redeem
ed, instead of amounting to $3.50, 900, has
grown to the immense sum OF one to two
millions per year. The reason is a simple
one. The revenues set apart for the sink
ing fund, by the natural growth OF these
special taxes, have become annually much
larger, while the amount required to be
paid on account of interest, by reason OF
the rapid decrease of the public debt, has
every year become smaller, and in this
way the annual credits to the sinking fund
have swollen To proportions never contem-
plated by the original friends of the mea-
sure. As an illustration, it is simply ne
cessary to say that the revenues flowing TO
this fund were last year over half the en-
tire income Of the State, or S3, 500, WV WV
while oplyvl 81 800 talie aRe debt. In the mean.
time, the annual revenues allotted for gen.
eral purposes have been less than the
amount of the annual appropriations of the
Legislature, and the Legislature never
M bsYi3g u pg c,sds nroyision for tho difference
" reconstructlon OF the revenues, il -
came necessary for the T...e.-er tn pay
the deficiencies of appropriations out of the
iunds properly due to the sinking fund or
suspend payment. This condition of af-
fairs places the Sinking Fund Commits
sioners in an anomalous position, from
which it is manifestly the duty of the Leg
sature 10 relieve them.
The progress of the work of preparation
Tor the centennial is realizing fully the ex-
pectations OF our people. He urges all TO
end their aid to make it success and |
says
Pennsylvania mustnot neglect this op. |
for the sJlay Of her rich, varied |
md inexhauslible pr,ducts, nor relax her
,flOrts to rescue the exhibition from every
nischance to which Indifference or distrust
nay expose it. 1t istrue her contribution,
nave been large, butshe must not forget
hat the nation has lignally honored her
'eopie by designatin. her metropolis as the
'lace Tor the proposed celebration, and she
must show by renewed exertions that she
ppreciates the distinction.
we give the Cove nor's views on the new
entire.
THE NEW CONSTITUTION.
pursuant to an aci Of the General AS
embly, approved June /, A. d. 1871, the
eeopie, oy large minority, voted in favor
Gazing Conyenti'n to amend the Con-
hutton OF this Commonwealth, and the
eneral Assembly, ly an act approved
-pril III, 1872, provided for the calling of
ne same, and in compliance with its pro.
slons the delegates elected thereto Assem-. :
ed at the State Capit,l, at Harrisburg, on ,
'e second Tuesday q November, 1872, :
ID adjourned sine die o SATURDAY.. Deccm. !
'r ~, 1873. The Constitution adopted by q
e Convention was submitted to the quail. !
a electors of the Com nonwealth, on the
ira Tuesday Of December, 1873. and by a
certificate Of the said Convention, on file q
the Office of the Secretary of this Com. i
nwealih, 1t appears 252, $50 votes were =
en- for, and lO9, 1913 votes against the a
ew Constitution. q
In the schedule of the new Constitution
IS provided that it shall take effect on the n
st day of January, 1874 In the act cali !,
the Convention, il is provided that the ii
urns OF votes cast for and against the new nj
''shall be opened, counted N
published as the returns for Governor .,
,, now by law counted and published. - d
when SO ascertained aud certified n
10 Governor shall declare by proclama. III
the result of the election" The Con. \,
'ution of 1888, as the new Constitution. h,
woes that the returns ofevery election nj
governor shall be sealed up and trans. p,
'ted TO the seat of government, directed in
he PRESIDENT of the Senate, who shall to
and publish them in the presence of the
sNEh hAa Il a