The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1877-01-11

W N L Y, IA, j A N u AK y
of dollars. This is not practicable nor
desirable. I, therefore, recommend that a
new loan be authorized, at rate of interest
not exceeding FIVE per centum. redeemable
IN fifteen years and payable in thirty years,
for such amount as may be deemed in
excess of a reasonable reduction of the
public debt for the next five years. 4
new five per centum loan would be
taken promptly at premium and a
large amount of interest saved The
deslrabiiity of such investment may enable
the loan to be placed at even a lower rate
OF interest. The loans of the State would
then successfully become payable during
the next thirty years, and the Sinking
Fund Commissioners could always redeem,
annually, the amount required by the
Constitution, or more, if necessary, at par,
and would not be forced to 90 into the
market and purchase at premium
GENERAL FUND.
Receipts during fiscal year ending November 80 1876:
Balance in fUhd November 30 1875 500 523 Ia
Revenue from two-thrdS tax on
r, corporation stock 1852 III IS
revenue from all other sources 3,lISl7S 90
Total receipts 4,67O.SI2 p
Estimated receipts for fiscal year ending
November 30, 1871:
Balace in fund November
%. 1876 sI4oo o51 3T
Revenue from one-third tax on
corporation stock G59OOO 90
Revenue from other sources 100000 %
- 1880 251 81
Loss to fund for 1877 7SO59l 35
Estimated amount of reduction in
expenses for 1877 oven 1876 s5O0O0O 90
Amount to ce provided for 28o59l IS
All the expenditures Of the government
are payable out of the general fund except
public debt and interest thereon, which are
payable out of the Sinking Fund. By act
Of February u, 1876, two-thirds OF all the
tax on capital stock of all corporations of
this Commonwealth were diverted to the
Sinking Fund, but the act further provided
that for the year 1876 two-thirds of the
corporate tax shall be paid to the general
fund, and the remaining one-third into the
Sinking Fund. In 1877 the general fund
will, therefore, receive only one-third of
this tax, intead of two-thirds as in 1876
This loss Of one-third Of the corporation tax
to this fund, with the natural reduction in
this and other sources of revenue by reason
of depression of business, will make the
receipts of this fnnd about S600,000 less
than last year. Expenses will have to be
cut down materially, or additional revenue
provided. The Executive will feel it his
duty, should the appropriations be in excess
Of the probable revenue, to disapprove such
items as to him may seem the least urgent.
It may not be well to withdraw the aid
heretofore extended to charitable institu-
tions Making no reductions in these ap-
preparations, am confident that $500, 900
of expenses of last year, attending the Cen
tennial, improvements, Legislature, judici-
airy, printing and suppressing riots, will not
be necessary this year, leaving a reduction
ofabout s3O0, 900 to be prodvied for. For
eign insurance companies are resisting the
payment of State tax. If the question is
decided in favor of the State $3.50 900
additional will be received in the fund
The State has also p Ming war claim
against the United States, amounting to
about S200,O0 And there may be smaller
| claims in suit Although it is believed
| that these amounts will ultimately reach
the Taeasury, it will not be safe to antici
pate them by appropriation. The deficiency
can probably be supplied without additional
taxation, by strengthening the hands OF
the financial officers Of the State and a
rigorous enforcement of the tax laws. The
present system of a assessment and collec-
ton of mercantile and tavern licenses is
expensive and inefficient. Sometime there
are no assessments, and when assessments
are made there are no collections, and wher
collection are many the money is slow IL
reaching the Treasury. The whole subject
of mercantile and tavern licenses, in the
manner of assessment, collection and publica
ton, ought to be revised By avoiding un
necessary expense and making the 6nancia
officers of the State responsible for the
execution of the law, through their Owl
appointed agents, the returns from thi
source may be largely increased. Will
this increased revenue, | feel satisfied tht
general expenses of the Government cal
be met without resorting to additional
taxation.
The corporation stock tax is measured
by the dividend declared, and if no dividend
is declared the stock is appraised and as
sessed at fixed rates. When small divi
dend is declared during the year, the tax ma,
be very much out of proportion to the valu,
of the stock To avoid this the stock of al
corporations paying less than six pc
centum dividend should be appraised. l
is also question to be gravely considered
whether the tax on railroad corporations
now paying only the tax on capital stock
should not be reduced from nineteenth o
one mill upon its capital stock for each on
per centum of dividend made or declared
by such company" to fve-tenth Of one mil
and a gross receipt tax imposed suffcien
to produce revenue equal to such reduc
ton. Some of the wealthier railroad enter
prises Of the State are now paying little o.
no dividends, and therefore very little tal
FOR the large amount ofproperty represented
TPba non yro1uctJva aS wei, aS the Droduc