The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-01-09
ANNUAL MESSAGE
OF THE
GOVERNOR or PENNSYLVANIA,
JANUARY 2, 1878.

OANUAn1 - 1000
Gentlemen of the Senate and Hoas'
of Representatives.
Many important and grave ques
tions will occupy you during tb'
coming session. Among these. tb.
6usuces of the State, being of frs
Importance. will claim correspond
ing share of your time aud attention
fortunately. they are 10 such excel
lent condition, and the credit Of ,bt
S,ate SO high. that you will probably
have little difficulty in re-adiusring
the funds 10 meet the ordinary aHd
extraordinary expenses Of the year
without imposing additional taxa
tion.
Total receipts and disbursements
during the fiscal year ending Nov
Der 80, 1877.
Receipts 80 ~ 49, @ ~, "
Disbursements. -31s, ,4s2 $SS Is
Balance in Treasury Nov 30, 1877, s2,ie2.O4s 81
Public debt unprovided Tor Dec.l,
lsU..-..........-.... .>is Soz,S ,Sso,S'
The new five per cent. eight mil.
lion loan. for the redemption Of the
maturing loans oftbe Commonwealth,
authorized by act Of March 90 1871.
WAS duly advertiz-d, aud the bids
thereof we're duly opened on the first
day If May, 1877. The bids ah've
par ampunied to over $l7 900 600,
and 'be premium realized was
$2sl, 1922 33. Of The eight millions
Of oouds redeemed with the proceeds
# this loan, over five millions were
Fix per cent currency interest bear
ing bonds, and the remainder were
five per cent gold interest bearing
bonds. This reduction of the rate
of interest will save the State more
than fifty thousand dollers annually
Taking the receipts of the fiscal
year ending November 30, 1877, aad
deducting therefrom expenses of
current year and unpaid appropria-
lion Of last year there will be found
q deficit OF 1888, 925 so.
The depressed condition of the
industrial interests forbid the attempt
to meet the deficit by increased tax
alton. /, therefore, recommend that
one-third of the revenue derived from
the corporation tax be diverted from
the Sinking Fund and paid into the
General Fund for the present year.
There will still be ample funds. after
payment of interest, to more than
comply with the constitutional pro-
visions for the redemption of the
debt. The one.third 30 div rt-
ed will, in part, pay the ex-
tracrdinary expenses Of the July
rints. which are estimated to be about
$500,00O. The balance of the deficit
can only be avoided by the closest
scrutiny of all appropriation bills,
and the stric'est economy iu all De-
partments of the Government
Surplus 10 Sinking Fund for 1873,
$439.743 so; available for payment
OF public debt during 1878, 81 327.-
200 S.
UNEQUAL VALUATION
Uuder the several acts constituting
the Board of Revenue Commission
e-s, the law is very defective for the
of obtaining a fair and equal
of the subjects of State
taxation, and for ascertaining and
determining the value thereof. When
the Board was organized in 1874
it consisted OF one member from each
judicial distric' together wi Z the st te
and the phucipal subject
Of taxation was real estate. The
Board now consists Of the Auditor
General. Safe Treasurer aud Sscre,
tary of the Common wealth, and per-
sonal property only is liable to taxa
ton. The law. as applicable to real
estate, is not adapted to the valua-
ton and equalization of personal
property.
The reports for the commissioners
Of the several counties of the returns
made by the assessors are 20 unequal
in the valuation of the property, and
some of them 80 deficient in returning
full assessments of the various kinds
Of property taxable for State pur-
poses, that great injustice is done TO
the Commons wealth, as well as to
macy counties, in consequence of
this want Of uniformity in valuations
and completeness of returns. The
power of the Board Of Revenue Com
to remedy this by going
behind the returns TO make cor
reciions from information derived
from other sources has been question
ed, and a bill was introduced into
The Legislature at the last session to
remedy this defect, aod to define the
powers aud extend the duties of the
Board of Revenue Commissioners
But the bill was no; passed. The tri-
snnisl meeting of the Board will take
place this inter, and without such
legislation, under the construction of
be presen, law, which is contended
or. the duties of the Board will be
,nly clerical, and the meeting a use.
ess ceremony lfrevenue is to be
derived from that source, ttere should
be adequate power enough to ascer.
ain the amount. and to enforce its
and this law should be
passed without delay, in order that
he Revenue Commissioners, at the
approaching meeting, may avail
bemselves Of its provisions.
Many appropriations are asked
or annually for the benefit of the
'lssses of persons who paw these tax
~, but to pay appropriations itisnec-
'sssry to have revenue. The account.
ng and financial officers of the Com.
n nouwealth should be provided with |
be means of ascertsibing and collect
Dg the amount of taxes which the
avs have imposed. To declare by
aw that subject or article Of prop
'rty, is liable to taxation. will pro.
luce no revenue unless the means of
assessing and collecting the taxes
re provided.
Av1NGs BANKS AND TRUST CoMpAN.
An examination Of the many fail
Ires Of these institutions during the
ear demonstrates that to allow them |