The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1876-01-15
State 1reasurer,s Report.

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State 1reasurer's Report.
In the House of Represeu tatlves, on
Wednesday last, Major A. Wilson Nor
ris, Private Secretary of the Governor,
presented the annual report of the State
Treasurer. 1t is rs follows Il
Gentlemen IL submit herewith, in
conformity to law, statement Of the
receipts and expenditures of the Treas
ury for the fiscal year ending NOvem-
Der Both, 1875, showing reduction of
81 1886, ,407 63 of the public debt, and
balance in the Treasury OF 1903 207 81,
OF which $50, ,534 1S is to the credit of
the General Fund, while the apprOpri.
ations yet due and payable out OF this
fund will exceed $500
sgain desire to call the attention of
the Legislature to the disproportion be-
tween the revenue and the require
ments of the Sinking and General
Funds. While the former is largely in
excess of the demands of the Constitu-
ton, the latter is entirely inadequate to
pay the ordinary expenses of the State
Government, with constant embarrass-
ihNhb thC luob hSIdl year W lllb
Treaursy and to the creditors of the
Commonwealth.
Prompt legislation is necessary, eth
er in the form of additional taxation or
of diversion of portion of the Sink
ing Fund revenue to general uses, for
the relief of the Treasurer and the pro-
lection of our credit.
The revenues of the Sinking Fund
consist OF the tax on corporation stock
placed in that fund by Legislative ems
actment as per act of May 9th, 1874,
amounting to So, 1000, 900 the proceeds
of the sale of the public works, placed
there by authority of the Constitution,
amounting to $730,000. The Consti-
tuition compels the maintenance of the
Sinking Fund at sufficient to pay $780,
600 of the principal and the interest
on the public debt, which would to-
gether, amount to 81, $50, 900.
1t is, therefore, the privileges of the
Legislature to make any diversion of
the tax on corporation stock, or sub
stitute any other taxes, provided the
Sinking Fund is maintained at sufficient
to meet the demands of the Constitu-
ton. Very respectfully your obedient
servant, Il. W, MACKEY,
State Treasurer.
The report of the Commissioners of
the Sinking Fund sets forth so folloys
In compliance with the fouTth section
of the act approved nril 99nd ISIS
the fifth section of the ACT annroved
April 18th. 1870. and the fonrteenth
section Of an act approved Nav 9th
1874, we have the honor TO submit the
following report for the wear ending
November Both, 1878:
That the amount of nrincinaI of debit
redee med during the wear was 81 335..
497 So.
Amount OF annual interest paid. sI,s9s,17o 4s
AWoans OF ehs @GH debt t q the Common co, 90.
"''n y" -'0'' '''N' 1910 @.H S12.-oo,-o- -
To fSI which ;nn there the is in the Sinking
Inc % debt I'll bon9sp ono p pof the eNP Penna IN @ RSiI. I
road Company. s5,soC,OOO; repre-
sSnds Of Hlerbe1v valley Rarooa 46Sa 90
Balance in Sinking Fund, Nov. Both,
io'4'''''''''''''''''''''''''''''''''.. soto]o ~
s9466572 IS
Thus leaving an Indebtedness un-
provided for of Sl3, 766, ,564 81.
AhO OhoiAS uSp' VI 'hS SoihihOh-
wealth maturing or payable before
Nov. 30th, 1870, has been paid or pro-
vided for. The revenues of the Sink
ing Fund must therefore necessarily ac-
cumulate in tie treasury until 1877,
when portion OF our outstanding in
debtedness becomes payable unless the
Legislature shall authorize the pur-
chase at market rates of a portion of
the debt not yet due. On August 1st,
1877, the hve per cent. gold loan of
the act OF May 4th, 1902, amounting
to $3, S67 800 is due and relmbursable,
This is the only loan OF the Common
wealth actually due IN that year. The
second or lO.lo series OF the six per
time after the first of February, 1877.
o,d ks. tL .Ile.. - INL 1000
anu pelore the HIsI Vi resruary, 1909,
at the Option oil the Common wealth.