Year: 1874

y


ment of the interest on the State debt,
and for an annual reduction of the prin.
cipal in a sum not less than $3.50 600 per
annum. la addition to the securities
designated by the amendment, the
revenues arising from certain taxes were
assigned to this fund. From that time,
each succeeding year, the interest on the
debt has been punctually paid, and the
portion of principal redeemed instead of
amounting to S250,000 has grown to the
immense sum of one to two millions per
year. The reason is simple one. The
revenues set apart for the sinking fund,
by the natural growth of these special
taxes, have become annually much larger,
while the amount required to be paid on
account of interest, By reason of the rapid
decrease of the public debt, has every
year become smaller, and in this way the
annual credits to the sinking fund have
swollen to proportions never contemplated
by the original friends Of the measure.
As an illustration, it is simply necessary
to say, that the revenues flowing to this
fund were last year over half the entire
income of the State, or SO 800 ,000 while
only 81 100000 were needed to pay the
interest on the debt In the mean time,
the annual revenues allotted for general
purposes have been less than the amount
of the annual appropriations of the
Legislature, and the Legislature never
having made provision for the difference
by reconstruction Of the revenues, it
became necessary for the Treasurer to
pay the deficiencies of appropriations out
of the funds properly due to the sinking
fund or suspend payment. This condi
tion of affairs places the Sinking Fund
Commissioners in an anomalous position,
from which it is maniiestly the duty of
the Legislature to relieve them.


THE CENTENNIAL


The progress Of the work Of prepara-
ton for the Centennial is realizing fully
the expectations of our people. The
distinguished gentlemen charged with
the details of this vast undertaking are
striving zealously, with great Intelligence
and industry, to perfect all the arrange
ments in manner commensurate with the
i'm mportant and conspicuous position our
Republic occupies among the nations of
the earth. a becoming regard for the
dignity and honor Of the country, We can
hope, will now induce the General Govern
ment, and ali the States. to extend to the
Commission such material aid as will
secure this enterprise from every pos
sibility of failure. The city of Philadsl
phis. whose generosity, in different ways,
in behalf of the Centennial, has ELECTED
conmendation from all quarters, ceded to
the Commission an eligible site in the
midst of her beautiful park, whereon the
proposed buildings for the exhibition, the
plans Of which have been adopted, are to
be erected. This site was formally trans
ferred aud dedicated to its special uses on
the 4th of July last, in the presence of
large concourse of citizens. Upon that
occasion proclamation of the President
was made, wherein the celebration aud
exhibition were commended to the pee
pie of the United States, aud cordial in
viiaton given to all nations who may be
pleased take part therein.


With this act the project became a
national one, and cooperation was invited
and expected from the whole nation I; and
/ q
ferent States and Territories are earnestly
moving with view to such contributions
as will place the celebration not only
upon a sound financial basis, but make it
a successful exhibition Of their various
resources and industries. To stamp the
Centennial however, with the character
Of a national enterprise, it must receive
assistance direct aud substantial from the
National Government. Congress must
set the seal of its appreciation upon the
work Of the Commission, and manifest
not only an interest in this great under
taking, but a determination that in its
| proportions and grandeur the American
Exposition shall eclipse all those which
have preceded it in Europe, as the
development of our resources, the
Expansion of our grand railway system,
and the diversified employment of the
arts and sciences 10 all the avenues of our
industry surpass those of the old world.


Pennsylvania must not neglect this
opportunity for the display of her rich,
varied and inexhaustabls products, nor
relax her efforts to rescue the exhibition
from every mischance to which indif-
ference Of distrust may expose it. 1t is
true her contributions have been large,
but she must not forget that the nation
has signally hSnorca her people by
designating her metropolis as the place
for the proposed celebration, and she
must show by renewed exertions that she
| appreciates the distinction.


THE NF,v cnNS.PrTUTToN


| Pursuant to an act Of the General As
senbly, approved June 2, A. ID. 1871,
the people, by large majority, voted iu
favor Of calling a Convention to amend
the Constitution of this Commonwealth
aud the General Assembly, by an act
approved April IL, 1872, provided for the
calling of the same, and in complanc,
with its provisions the delegates elected
thereto assen.bled at the State Capital, a
/ uarr;shur1 on the second Tuesday o