The daily gazette., 1877-01-02

of Federal power upon the rights reserv-
ed by the States, we still rejoice in an un-
divided Union. Very recently we have
averted war with foreign power by sub
mission to peaceful arbitration of an an
CRY controversy between two nations, thus
challenging the respect and imitation of
the world. v2"l l0 EtNa'' triS' '.ml
And yet with all this, at the close of its
first century the Federal Union is con-
fronted with dangers and graphing with
problems Of government which warn us
that this effort at self government is yet
but an experiment. To secure Its ulti--
mate success will demand of the present
and succeeding generations the same wise
craftsmanship, self-sacrificing patriotism,
careful study of the lessons of history,
through appreciation of the underlying
principles of our system of government,
manly depreciation of party strife, ,resolute
subordination of selfish interests whether
partisan or sectional, and "firm reliance
on the protection Of Divine Providence" !"
which characterized the men of the Rev
olution and the founders of the Republic.
FINANCIAL.
The accompanying Report Of the State
Treasurer discloscs very satisfactory
condition of the State credit. 1t shows
that large portion of the bonded debt
has been paid and cancelled, and that the
outstanding bonds ofthe State have stead
| lily risen above par and are now so firmly
held that he is unable 10 procure them
| for the investment of the large and grow
ing surplus in the Treasury applicable to
the payment of maturing indebtedness.
The following statement will exhibit
the original and present indebtedness OF
q, the State and the progress Ofits reduction:
| Bonds issued to pay bounties to volunteers
| and to relieve drafted persons. 81 ITO 900
Bonds loaned to the Junction and
| Breakwater II. II. Co. exclusive
| OF bonds to the amount OF S4S 900
| retained by State treasure 10
pay two years interest. ........... 352,OOt
Bonds loaned to Breakwater anu
Frankford r. r. Co., exclusive
of bonds for S24 600 also retained
for two wears Interest. ......... 176,0OC
+, Aggregate original indebtedness 81 ,63s. .OOt
Deduct bonds bought and cancel
AIRY, 1875. ......,................ 1884
Total indebtedness at commence
ment of present administration
of Treasury, January, 1870, and
composed as follows: g.
) nv /, 1915. ..,...................... s23,
Interest due on bonds, January !, =.
| 1879. ..................'....'- w
/, 1885. Observation-Disclosures. Vs. .' 795,
. r.. r. Co., due January /, 1880 5000
= Bonds loaned to b. & f. X. RICO,
due January /, 1898. S............., li6,Ol
I, Notes issued by late State Treasu-
rer.. ..'...'...'.'''.'''''. "'"
= 1861, o.
! Deductamount paid by State
Treasurer since January,
n 1873, as follows:
: Residue ofwar bonds due Jan . .. .
W uary I. 1875. ................ S2j,OOO
} Interest due ON bonds, Jan
U uary 4, 1876. bbO
e Notes issued by late Treu-
)fI surcr- rcr-................-.s.. T"."'"
! Sc
IN Present total bondct debt ......... -l ,E1l, U
< Deduct net balance row in
- Treasurya applicitble to re
u demption of bonded debt
is (tDOuI). .,..,....-..,,..'. r3uN"V
fe Deduct also Investments oi
= State other than those APP
c, propriated to free schools 6I | .SOO
Of Deduct amount now due
N State from interest, taxes
m and all sources. ............lO .lO,4O2