The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1878-01-10
Sl5,644,6 .06


Premium on gold. ........ ls,72GSS
Compensation, Farmers
and Mechanics Nation
Coupon interest, paid at
treasury...... .......... 2,4Si.os - - -
Balance in treasury, Nov. 80, 1877, s2,1s2O4e. 81
The total founded debt on December l, 1877, was
s22,9iS, ,s4Sl. peducting from this sum Penn
Valley railroad bonds for ss.Soo,6oo and balance
there is left an Indebtedness unprovded for Of
sIs,352, 1858.
FIVE PER CENT LOAN.
The new five per cent. eight million loan, for the
redemption Of the maturing loans of the Common
wealth, authorized by act of March 90, 1877, was
duly advertised and the bids therefor were opened
on the ist day OF May G lS,I Inn The bids above par
realized was $26l, ,9l2,33 OF the eight millions Of
bonds redeemed with the proceeds of this loan over
nve millions were six per cent. currency interest
bearing bonds, and the remainder were five per
cent. gold interest bearing bonds. This reduction
of the rate of interest will the State more than
fifty thousand dollars annually.
The statement Of the general fund shows n deficit
Of so9S s25oJ in regard to which the message says:
The depressed condition of the industrial interests
forbds the attempt to meet this deficit by increased
taxation. therefore recommend that one-third Of
a.od nue. , from 'e YAK m ne III III
general fund for the present year. There will still
be ample funds after payment of interest. to more
shan comply with the constitutional provisions for
the redemption of the debt. The one-third so di.
verted will in part pay the extraordinary expenses
Ave hundred thousand dollars. The balance of the
deficit only be avoided by the closest scrutiny OF
al appropriation bills and the strictest economy in
all departments of the government
SAVINGS BANKS AND Trust COMPANIES.
Au examination of the many failures of these in.
sttutions during the year demonstrates that to al
low them to be used as banks of discount is fatal to
ths interests OF the depo tors, even where the ou5
ness is con iu ced with ordinary integrity an pru
dense. Banks of discount and exchange, althouyh
entitled swings banks, must be condu ,ted bu i
ness and cannot be managed as o trust. Money
must be loaned to business men upon business
paper, subject to the fluctuations Of trade, and in
vested In specustions, which, while perfectly leRt-
innate for business man, involve risks which ought
not to be taken by trustee. The law should sepa.
rate banks Of discount for business purpo,es from
institutions designed for the safe keeping of the
earnings of the people, and ought not to allow them
% be deceived by the name of savings banks, APP
pie to what are, In reality, simply banks OF dis
The Governor also favors "a national postal
saviugs fund.-" and believes it would be ga wise
provision to create bank examiner or commissioner
with duties analogous to those OF the insurance
eommss oner."
In regard to education the Governor fully recon-.
m lds the trial of the cautious system of compul-
cory education OF vaaarant children proposed by the
superintendent of public instruction.
THE JULY RIOTS.
The message gives history Of the July riots, and
then says Passing from these secondary matters to
the broader and deeper lessons of the STRIKE while
there is much to cause solicitude, there is much,
also, to awaken confidence in the final solution OF
the problem. While capital held labor i'll ignorance
and bondage, strikes were raro Their frequent
occurrence is proof that labor is growing, more
md more, to an equality in strength and import
ance to capital Intelligence has spread itself
among the laborng classes, they have learned to
read aud write, and to interchange their views. and
formed associations, according to their new lights,
iSr their protection and adyancement; And if in
dangerous thing" it Is yet better than learning
at all, and s the progressive step to higher nteli
gence. On the other hand, under the influence oil
CIVILIZATION, wealth became more and more ulhISed,
aud corporations grew up to collect the large and
ANAL amounts of unemployed capital, to build the
gigantic works and conduct the great industries re-
quired by modern society. These two results are
the inevitable consequences OF increased intelli.
gence and civilization. These great corporations
from the character OF the enterprises, OF neces
sity, in most cases. monopo les. As such the people
accrue to private individuals, their management
shall rise above merely selfish aims, and consult
also, the public utility and welfare. il has come to
nass that in the conflict between capital and labor
the former is almost wholly represented by corpora
ttons, and the latter by various organizations.
The message advocates a scientific and industrial
education for the working classes in addition to the
regular studies Of the schools, and favors arbitra
t;on us peaceful method Of "adiusting the rela.
tions between capital and labor"
THE MILITIA.
The message speaks of the part taken by the
militia during the labor troubles. and closes that
subject follows: Recognizing the exact conditions
OF the problem have to solve, / invite your co.
operation in making some desirable changes in the
law to better prepare the troops for active duty
The standing menace, in any future disturbance
that the railroads may be useless for transportation
either by the absolute refusal OF the engineers and
crews to man them, or from tracks being torn ~
or bridges burned, makes it necessary TO fully
equip the militia for long marches and the field
Except in or two instances the troops, although
in receipt of the regular yearly allowance of money
all the equipments for active, continuous and indie.
pendent servics. blankets, overcoats, haversacks
mod6cation OF the Inv Is required to devote the
fund to purely military purposes The Executive
has power by law to reorgsnize and reduce the
National Guard, In accordance with tine recon-
mendation of the adutant general, but the action
of the Legislature will be necessary to reapportion
the annual appropriation among the organizations
and confer authority upon the adjutant- to
issue the allowance In clothing and equipments OF
in money, In his discretion as the service requires
earnestly recommend that pensions be given to
the widows and families of those of the militia who
fell in the service Of the State. The public welfare
demanded the service in which these lost their
lives, and justice requires that the State, which
prohted by the sacrifice. should contribute to the
support OF those who have been deprived, for its
sake, of their natural protectors trust that, upon
the broad principles OF common justice this recog-
milton of devotion to duty will be universally
ceded, and that Pennsylvania, who has been Sc
generous to the orphans of her volunteers viii not
De less than just to the widows and children OF her
militia.
MISCELLANEOUS.
desire to call your attention to several subjects
which, II OF less importance than those just dis
eussed, are yet of sufcient moment to demand con-
sderation. The present act fixing the fees of
oincefs, passed IN le0o, mas been so often modi-
ned by special provisions that there is longer any
uniformity in IT'S application and general revision
OF the bill is advisable. think indeed, that the
salary provision might advsntageously be extended
TO all the counties OF the State whose population
falls below the constitutional limitation OF one hun
dred and fifty Thousand. The bonds of recorders Of
oeeds OF the several counties, fixed by the act OF
March IA, l777, is now wholly disproportisnate to
me bus ness OF the ofiee, and T. therefore,
mend that the security for the faithful performances
OF the duties OF their Office and preservation and de-
nVeIy OF the records be readjusted and increased.
In connection with the geological survey, it would
Dc wen 10 make arrangements for a topogra phical
survey OF tne s,ate and the preparation of accurate
maps oy the United States coast survey corps II
10 said there great doubt the of the
present location Of the boundaries snd points oi
the state, and, ssthe expense would be slight and
the results trustworthy-and valuable and nrobablS
reimbursed TO the State by the sale OF general and
local minntely-detaed maps Of the highest autbori
~. think IL would be we'll to suthorize the wort
Iu 1857 the price of the phamphlet laws was rsiseS
from nifty cents TO one dollar per volume. Sine.
the adoption of the constitution the volume bs
decreased in size, and much complaint is made a
the charge. recommend the passage Of an act \