The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1878-01-09
( GOVERNORS MESSAGE.


we have not room for the full
of the Governors Message, and
is an unusually important one
give the following synopsis of the
snment, which contains the leading
nts:
fhe governor starts out with the
ances which he is happy to state are
most excellent condition, with the
Is credit very high. The total re-
pts for the fiscal year, ending No
flber 80, were $15, 5,644,5O0.O6. The
bursements we're $13,4S2, 453.19;
wing a balance in the treasury of
,162,046.S7. The total state debt is
2.943,814. Including in this is Gin
htedness unprovided for of $685.
81" The bids above par for the
~ FIVE per cent. $S.0O0000 loan
eounted to over $17,000,000, and
premium realized was $261 500.
the eight millions of bonds redeem
with the proceeds Of this loan, over
b millions were six per cent. cur
ncy interest bearing bonds, and the
smainder we're five per cent. gold in
rest bearing bonds. This reduction
the rate of interest will save the
ate more than fifty thousand dollars
Anually.
The estimated revenue for 1878 is
643, 400, leaving a deficit of $685.
90, which the Governor proposes
meet, not by increased taxation, but
diverting one-third of the revenue
erived from the corporation tax from
Be sinking fund. The one-third so
N|yerted will, in part, pay the extra
fdinary expenses Of the July riots,
Nhich are estimated to be about five
hndred thousand dollars. The bal
nee of the deficit csn only be avoided
%y the closest scrutiny of all appro-
nfiation bills and the strictest econo-
my in all departments of the govern
ment.
The receipts Of the sinking fund fol
The fiscal year were $11 ,174,5S9; pay
apents, SO, ,469, ,574; balance in fund
81, ,705,014.
HkyINGs BANKS AND TRUST COMPANIES
An examination into the many fail
rres Of these institutions demonstrate
that to allow them to be used as bank
of discount is fatal to the interests o
'he depositors, even where the busines
conducted with ordinary integrit,
and prudence. Banks of discoun
nd exchange, although entitled saw
lngs banks, must be conducted as
bnsiness and cannot be managed as
rust. Money must be loaned to busi
saess men upon business paper, subjec
o the fluctuations of trade, and in
Rested in speculations, which, Will
~erfsctly legitimate for bushes
involve risks which ought not
u-asa6aAen by trustee. The law shoul
hparate banks of discount for bushes
arposes from institutions designed fo
b safe keeping of the earnings of tn
sople, and ought not to allow ther
bO deceived by the name of saving
@Anks, applied to what are, in reality
nply banks of discount and el
|lange.
movement is on foot to organize
4iional postal savings fund. Such
ieme is a subject for serious refe,
5n. 1t involves not alone question
pecuniary nature, but those of
AGound political character. 1t i
ts the federal government with
st trust, and clothes 1t with CORE
ending influence. 1t would add il
nse interest to our elections, ar
Fe the dominant party the weight
he conservatism of a great vested i
crest. On the other hand it offers Il
eople the securest depository for the
ayings, and excites an abiding inte
st in the perpetuity and integrity
be national government. Upon Il
hole it seems to me to promise e
bring benefits to the people indivi
~, and to the nation, and to
orthy Of support and cooperate
Pending the discussion and orgaI