-American 9® Uoluiitcfr. MJOHNB BRATTON. VOL. 38. tDomtcal. REMARKS OF MR. BONHAM, On the Finances of the ‘ Commonwealth , delivered be fore the “ Bigler Club ” of Carlisle, Augutl 30M, 1651. Mr. PnEgIDKNT AND O&NTLBMBN— At this Crisis of tho Gubernatorial canvass in this State, the financial policy of .the Commonwealth under the present and previous administrations is becoming a prominent topic of agitation. Independent of those questions of national policy, which aro of primary Importance, (but which I do not propose to discuss on tho present occasion,) it is almost the only one at issue between the two parties. 1 propose to submit to-your con bidorolion a few plain facts oh this subject, believing (hat they aro a full vindication of tho policy.of tho Democratic parly in their administration of tho financial affairs of tho Commonwealth’; and’ an cm* photic rebuke to pretensions that have been recently advanced by tho present Executive of the State, which, to say tho least, ore neither modest nor be coming in a public officer, and which aro contrary to tho truth of history. Before I proceed to tho discussion, I take thie-oo* casion to refer to a' matter personal, to myself, and I which is indirectly connected with tho subject under I consideration. - | Tho editor of tho Carlisle Herald has been good, humorediy u keeping before the people, h my vote on i tho appropriation bill last winter, in which provis. ions woromade fur two loans—one of 9250,000 for avoiding the inclined planes on tho Allegheny Por« (ago Railroad—and the other.of 908,000 fur ienprov. ing the curves on tho Columbia Railway. The sinccrily of those who find-fault with tho Democratic members of tho House of Representatives fur voting for these two appropriations, may be.judg od of from tho fact that tho. Whjgs of the two. Houses voted for a loan of $1,000,000 tinder circumstances which 1 shall detail, and yet no word of. censure is uttered against them. It is welt recollected that Gov. Johnston was the father of the “ Relief Law,” as it was commonly! called, which was passed -the 4th May, 1841, autho rizing an issue of 93,000,000 of government scrip, directly in tho face of tbo.TOlh section of tho Ist Article of tho Constitution of tho United States, which ho was sworn'then and is sworn now to sup port, which expressly declares that “ no State shall coin money or emit bills of credit.” .These relief notes had been partially .cancelled by Governor Shank's administration, and it was his ardent desire that they should bo entirely destroyed, as soon as the resources of tho treasury wouldadmil of that good work being accomplished. It has, however, been the policy of Gov. Johnston's administration to keep alive this unconstitutional issue of paper; and accor dingly an act was passed on tho 10th April, 1840, authorizing new .issues to be made of those relief notes iii the place of the old ones, at an expense to tho Commonwealth 0f910,940 OU, 09 appears by (ho report of the Auditor General for the year 1850, page 57. The cancelling of these notes has been suspsn ded, and it was tho desire of this administration, that another large omission of this government scrip bhould bo made. . Accordingly, when tho appropriation bill passed , the House of Representatives and went over to Clio , Senate, Mr. Konigrnachcr, a Senator from Lancaster, | and. a personal and political friend of tho present Governor, roso in his place, and moved to strike out , thO ssblion.boforo referred to. and insert in lien there* ( .i)T«'lioMWn’'tiulhoTlKlnge roUef Iniin of 81,000,000 , appropriating 8400,000 to the'North Branch Cahali < 8900,000 to avoiding Iho mountain planes, and , $300,000 to straightening Iho curves on tho Colum. , bis railway. Thus was a loan of ono million of ] dollars proposed, a loan, too, in tho most objections* , ble farm, that of an issue of small notes in uncon. , stitutional government scrip. Hero wds a proposition t to increase tho Stale debt, not 83*18,000, but $1,000,* ( 000, and every Whig member of Iho Senate voted , for it; and it passed that body, and the appropriation j bill camo back to tho House ofßoprosontalives with , this unsightly fungus hanging upon it. So anxious , was tho Governor to forco this obnoxious measure , through, (hat his particular friends, both in and out | of tho House, threatened that ho would veto tho bill ; if that provision was stricken out# Tho democratic , members wore firm. Tho House refused to concur j in the amendment of the Senate, and a committee of , conference followed. That committee consisted of . the following members: Messrs. Rhey (Armstrong,) , Brindlo (Lycoming,) and myself, democrats, and , Messrs. Hart (City,) arid Linton (Cambria,) Whigs, | appointed on tho part of tho House—Messrs. ICon* ( ighmachor Brooks (Chester,) Myers , (Clarion,) Packer (Lycoming.) and Ives (Potter, &o.) t appointed on the part of tho Senate. It is not too t much to say, that by tho firmness of the House com* , rniltoe, the relief note project, the relief loan of 81,* | 000,QUO was defeated. It was the settled dotormi* nation of the democratic members of tlio House cbm. milteo to suffer the appropriation bill to fall, and adjourn without passing ono, rather than yield to tins ill advised scheme. The bill did fall, but not so near the end of tho session as to prevent another being passed in its place. I have now a word to say on the merits of tho op* propriations made by tho Honso bill, and for which the democratic members of that body sro oiraignod on the charge of voting to increase tho Slate,debt. Those appropriations can bo successfully defended bn tho strictest principles of economy and sound slate policy, It was not a new and untried oxpori. moot, but had been tried with tho happiest results in , tho appropriation before mado (o avoid tho inclined piano on the Columbia road, at tho Sohuylkill, by tho 38th section of the not of 10ih April, 18*19, which authorized a loan of $400,000 for lligt purpose. Tho saving ofmoliva power, and the ftxponscs of keeping 1 tho plane in repair much more than pays the interest ' of tho loan, and will soon realize the amount of tho principal—to say nothing of tho groat convenience 1 to tho public. Forwarding men can now mako n return trip to Columbia, tho same day, from tho oity, which formerly took tho best of two days, going and coming, thus largely increasing the tolls on the road. Tho oast ofavoiding tho Schuylkill jdana maybe elated as follows, taken from tho official records:— The amount expended under tho act referred to, for tlio fiscal year ending tho 3Ulh Nov. 1849, according to tho report of the Auditor Gonorat, was 823,000 for tho yoar ending 30lh N0v.,1850, 8280,440 02- total, $309,440 02. Tho old road oust of tho piano was sold to Iho Philadelphia and Reading Railroad Company, by tho Conal Commissioners, in ncoor. dance with tho 39th section of tho oct of lOlh May, 1850, os appears by thoir report for tho fiscal yoar ending 30th Nov. 1850, (jingo, 9) for tho gum of 8243,200. They say olso thaT they have Tossrved property on thot portion of tlio road sold, which, when disposed of, will probably swell tho amount received for the road cast of tho inclined piano to $350,000. , . By tho 441 h section of tho appropriation bill of last winter, the Canal Commissioners aro authorized to eel! that part of the rood from tho foot of tho plane westward to tho point of intersection with tlio road constructed to avoid said plono. I understand from reliable oulhority that they have sold that portion o the road also, to tho Philadelphia and Reading rail road company for tho sum of 8100,000—whloh» ad ded to the 8250,000 already named, makes 8050,000 for tho old road alone. If wo add to the $309,446 09, tho cost of the road to avoid tho plane, tho sum of 840,180 00 oppropri. nlcd by the 40th section of tho last appropriation blllj.for that portion of the West Philadelphia Rail* road occupied and now used by the Commonwealth, Wo have tho whole oust of tho road and damages, so far as ascertained, at tho sum of 8349,020 03—loss only by $373 98 than tho amount received and lobe received for tho old road. , ~,,, The annual expense of keeping up tlio Suhaylklll plane was slated by tho Canal Commissioners in their report for the fiscal yoar ending 30lh Nov. 1848, to ba equal to tho interest at' six per cent, of a Capital «f not loss than s4fio,ooo-or $27,000. They stated also that at that period there was a lose to each burthen train in the time necessary to make a trip, t of from 25 to 30 per cent., in consequence of tho dolay-oaused bypassing up and*down the piano— thus adding much to (ho cost of transportation. There wore many notwithstanding who violently opposed tho appropriation and loan to avoid this plane, on the ground (hat it would Increase,tho Stale I dobl. . So far, however, from that being th*o case, wo I find it is an annual saving of the amount required to ( keep the plane in repair, of probably 930,000, to say nothing of the increased revenue of $50,000 more, which U will now. yield by reason of the increased capacity of the road for business. This was not an appropriation for tho Gettysburg Railroad, tho Sin nemo honing extension, the Wiscopiscb feeder, and other similar projects, which wore iho coup d'etat of Joseph Ritnor's.administration, upon which mil lions of money wore absolutely lost, as much so as ifit had been sunk in tho depths of the sea, but a maltor-of slatosmanUko policy and sound economy; Now tho proposed loans to avoid tho planes on tho Portage Railway, and to. improve tho curves on tho’ Columbia road, would have been equally, as sound policy on the part of the Commonwealth. ' Tho expense of keeping up those planes has been immense, annually as much as thd revenue derived from tho State improvements on tho whole mountain section from Holliduysburg (0 Johnstown, paying | nothing whatever upon tho cost of construction. I For the fiscal year ending 30lh Nov. 1848, as. op- . I pears by tho report of the Canal Commissioners, tho I receipts an tho Portage road were $241,817 45,and the 1 !expenses for-roelivo power, i&o„ worp $247,844 17, bringing tho State in debt 96,02(5 72 on that portion of tho improvements. Far tho fiscal yoar ending 30lh Nov. 1640, as op- 1 pears by the same authority, the receipts on (hat road 1 wore 9220,466 56, and tho expenses $222,663 11, being $2,106 55 more’than the receipts. For tho year ending 30th Nov. 1850, (he receipts 1 were 9219,203 73, and tho ordinary expenses wore $212,879 77, being $6,323 96 in favor of the Com muhwoallh. Rut by referring to the report of the Auditor General for tho same period, tho fiscal year ending 30lh Nov. 1850, wo find tho ordinary and extraordinary expenditures amount to the sum of $332,529 32, bringing tho state in debt by that im provement during tho year tho round sum of $113,- 325 59. The tables of receipts and expenditures aro made up by tho Canal Commissioners from tho actual d* mount of lolls received during tho year, and the.en tire cost of motive power, repairs, oxpoascs of cob lection, &.o. Tho exhibits of the accounting depart ments, the Treasury and Auditor General's office, aro made up from settlements to the close of tlio fiscal yoar, which explain any apparent discrepancy between them. It sometimes happens that tlio ac counts of ono year aro finally audited and settled in thonoxt. ilonoo by the Auditor General’s report for tho yoar 1848, the expenses on tho porlago road wore $213,173 11, being $34,07.1 00 less than the receipts—and for the year 1849, (hoy were by tho same report 8202,542 14, being 820,120 96 loss Ilian tho receipts, whilo. for. tho fiscal year 1850,.by the report of tho same department the expenses'of (hut road pro 8113,325 59, greater than the receipts. Enough, however, is thus soon from thoso statistics (o show that this part of our public improvements, us it stands, is a constant drain upon tho treasury of more than the.interest of the cost of its construction, which was $1,828,461 35, and (hat something should bo done to remedy the evil. This is tho more important at this crisis of our affairs than over, from the fact that a rival improve ment, the groat Central Railroad, is'now steadily pushing ‘ across tho Allegheny*, and bnJng bulll without planes, will take tlio trade and travel entirely off the State road at that point; end not only so', but seriously injure tho Pennsylvania Canal. It is well known that tho Central road diverges from (ho lino of canal at Petersburg on the Juniata, about forty miles, below Hotlidaysburg, and follows up tho Lilllu Juniata to Ailona, some seven or eight miles from tho former place, end from thence will cross the mountains some distance from tho Porlago road. It is not to bo supposed that a road with planes, and (heir attendant hindcranccs and expense, can compote with a road without thorn. Tho transpor tation and-travel would naturally therefore lake the Central Railroad route, and passing from Johnstown down to Petersburg by tho way of Ailona, across tho mountains, would leave some forty miles of tho oanal, from llollidaysburg to Petersburg, and Iho Pottage road thirty-six and sevon.lcnlh miles in length, com paratively unoccupied, (o (ho serious detriment of tho revenues of tho Commonwealth. Besides, if a transhipment did not tako plaoo at Ilollidaysbuig before reaching Petersburg, oven of heavy articles, they would most likely continue on (ho Cuhlrarfoad to its point of intersection with the Harrisburg, M(. Joy ond Lancaster road, or tho Columbia road, and thus cripple tho revenues of the Commonwealth on tho whole lino of canal from llollidaysburg to Co luinbia. 1 consider, therefore,an avoidance ofllio pianos on the Portage road as vital to tho interests of the Com monwealth, and 1 shall sustain that measure as long, as 1 have the honor to represent, in part, the people of this county at the seal of government. ■ Out its construction would bo an.immodiatosaving to the Commonwealth of some ninety thousand dol lars annually in actual outlay, enough to pay the Interest on a debt of $1,500,000, so can bo satisfac torily proved, not to mention tho accessions of reven ue in retaining and largely Increasing tho travel and transportation upon tho Stale improvements. It is said by experienced engineers that with the neces sary Biddings, five times the tonnago could bo passed over a single tradk without planes, that is now passed over tho present road, and with loss confusion. Besides the great rival for the trade and travel of the West within our own borders, tho Central Kailr road, wo have also tho Baltimore and Ohio Railroad on tho South, and tho New York and Erie road on tho North, both penetrating tho heart of a most ex. tensive and.fertile region, that has. heretofore boon principally tributary to our own improvements. Ifuny other considerations wore necessary to move tho Legislature in this matter, there is an additional fact entitled to groat weight, whioh is, that tho Por tage road is now in suoli a state of dilapidation and decay, as.to require to be newly laid within lees than two years, at a cost of perhaps $300,000, nearly one half of what would bp necessary to avoid tho pianos onlirbly. An bxerlion, therefore, would soem to bo absolutely necessary to maintain the revenues and credit of tho Commonwealth. Tho only remaining question is to ascertain whether (he avoidance of those planes Is practicable, and within tho moans of tho treasury. -In addition to the statistics 1 havo already fur nished as to tho expenses of tho Portage road, I would refer to tho estimated coat for motive power, trucks, cars, running 6xponso* t &0., and for repairs on (his road for tho present'year, ending 30t)i Nov. 1851, made by tho present able. Superintendent of (hat dl vision‘.of our improvements, William S. Campbell, Esq. This estimate is for motive power, &0., $229,. GOG 28—for repairs, $63.825 00—total, $286,431.28 —which Is probably rather below than above what will bo the actual outlay. By tho report or Robert Faricn, Eaq., the engineer appointed in purananoo oflbo act of 10th May, 1650, to make a aurvoy of a rout to avoid tho Inollned I’ianoa on llio Altogliony Portage Railroad, aubmiltod to tho Board of Canal Commlasionora, January aOlh, 1851, ahd oommunloatod by thorn to llio Ilouao of Roproaonlolivoa, February 7th, 1851, ho alaloa that tho road oan bo mado with a ainglo trvok.nl a ma*. 1 iniotn grade of olxty (bol, for $1,125,000—at a inax llnum grade ofaovonly.nvo fool, for •1,015,000-al aTxlmum grade ofoighly.riva fool fee 9027.500-. nt a maximum grado of nmoly-fivo foot, for 880.»,. 83 Tho OBliinnlo for exponaoa and ropuira on llio Por tage road 08 wo Imvo boforo atalod, lor llio yoar end ing 3011. Nov., 1851. ia 9281,,1.11. Jho coat «""• otniotinn of llio road nt a grade of alxty foo l 91,125,000, tbo interval on tho coat, at aix por coni., would bo 907,600. Tbo oaponaoauf motive power, oara, Iruoka, ropuira of road, Jko, aa oaloulalod Irmrt tho gamu uxpemoi on llio Columbia rood, would bo * OUR COUNTRY—WAT I TALWAYS D* RlbjlT— BUT OIITOH WRONG ,OUR COUNTRY " CARLISLE, FA-, THURSDAY* SEPTEMBER 11, 1851. 'Bl36.62s—making (ho interest bn (ho cost of con- Btruolion, and (ho expenses of (ho road at $204,125 boinjfah annual saving of $82,306. By (ho same calculation wo find that on a road, with thi grade of , seven ty-fivofocl, tho annual saving would UosBB,ssB —on that of a grade, of oighty-fivo foot, it would bo s93,6B9—arid on that of a grade of ninety fita feet, it would bo $94,875. . . • The value, of the old materials on iho old rpaq la, estimated by Mr. Farios to bo $16,000 —total . s264,6so—which deducted Tram the lowest estimate of the cost of the road, $395,884, would leave for tlio actual cost of thoaiiw roiilo • s63l,lB4—the interest of which would bo only 837,. 871.04. . The annual saving as 1 have shown in tho actual expenses of the two roads is nearly 8100,000, sufficient to pay the interest and in a short iitno liquidate tho principal. But. the great gain to the commonwealth, would be tho incroused'rovonuo such an improvement would bring upon the .whole lino of our public works, from Philadelphia 1 to Pittsburg, amounting, perhaps, to nearly one half a million of dollars annually. ,1 venture tho assertion that, (bps increased'revenue would pay fur lho.whbJa"syhtom of publio schools.' More' than half a jniLhjn uf.lho publio dobt has ’boon paid since ho whohoVtaddressos you has boon in publio ofijop.” Now this Is boIU indee.d.- He says the debt had accumulated from something over ’ twenty-five mil lionw of.dollars, to forty millions and a half, "through the instrumentality of our opponents (the Democrats) uhilc inpower,who Had misapplied the public funds" Doi4-as?cr(ion, indeed, unless sustained by proof to mpko-gbbd so hazardous a position. - Well,then, gentlemen, wo must goto “tho law andHhcfioslimuny,” and ace who is right and who is wrong; in this controversy. • I intend to make no assordon that cannot bo sustained by official re cords. ; Whoit Hlia Federal and-Anti-masonic party-got into power* in-1835, by tho election of Joseph Rit por, the State debt, as shown by tbo report of (ho State Treasurer, of 4th December, 1835, amounted to $34,995,435 56. Tho amount required to finish all the linqs of improvement then under contract, as shown by'(ho report of tho Canal Comimssioncrs, was 8167,930 46, as appears, by (ho journal of tho Houso.of Representatives for 1835-36, vpl, 3, page 148. - So that tho Slate debt at that period after the completion of tbo linos of. improvement then, under contract was only $25,162,465 03. { Within two months after the inauguration of Governor Ritncr, when the same parly had a major. Jty -*awb<£b .branches of (ho Legislature, tlio act chartering (ho United States Bank was passed, by tho provisions of which act tho following now linos of improvement woro put under sbntract. See Pam. Laws 1835-36, pugo 365 ; the Erio Extension, at an estimated cost of 83,384,835, 22; North Branch Extension $3,553,600 86; Sinhcmchoning Exion sion $1,389,199; 15; Gettysburg Railroad $2,550,- 000 OCt;AViscohisco Canal $416,316 51; Allegheny Feeder $£51,603 00—amounting, in all for work qontraftlWto bo done on these sovcralimprovcmonls to $t 13)55,554 74. Towards Iho payment of (huso controls there was appropriated, in Governor mi nor's term tho sum of $1,940,000 leaving six now lines of improvements under contract and a debt virtually contracted thereon when Governor Fortcr coino iutp t otUco, of $10,015,554 74. It is welt.recollected that when tho United Slates Bank was chartered by Governor miner's udminis* stratiou, (hot-lliuro was a lax of ono‘mill on tlio dollar upon the. valuation of certain properly by tho act.uf.2slh March, 1831, which was as well a source flf.fovonuo os a salutary chock upon extrava gant logr*ialioift il “Tho act chartering tho-Bank" was patted iho 18U» FobruaryJlßJG, aqd was onli tlod u A,t-» act to repeal tho State tax bn‘ real , and 'pTiffiuf audio continue und Cklcntf'iho improvemodts or l/»o State by railroads and canals, ond to oftartcr a Slato Bank, to bo called ‘tho Uni ted States Bank.” By the charter of (he United States Bank and other bunking institutions, there was paid to tho Stalo during this administration for bank bonuses llio suni of $3,236,977 67. There was also receiv ed during his term of office from tho general gov ernment, on account of surplus .revenue divided among tho States, (and which by the terms of the act of Congress granting it, may bo recalled at any time) tho sum of $2,667,514 78—making in tiio nggreato received from these sources during Gov. Ritnor’s administration, the sum of $6,101,- 19215. In view of these largo receipts into the treasury, and tho.chango introduced by him In the financial policy uf tho State, he says, in his last annual message dated 27th December, 1838,.with some complacency—“ The State tax which was then in existence,*’ (refuting to the comrooncemept of his administration) without hope of termination, has coksed to be collected, and nothing btil tho utmost profusion can make it again necessary.** And yet we find in this same message, an im* plied admission that his administration had been conducted in such an extravagant and lawless manner that ho despairs of tho credit of the Com* monwcalit), and doubts whether she will be able to moot her engagements. He says— u Thus has it come to pass thkt notwithstanding a succession of circumstances the most fortunate, and of receipts (ho most ample and most unexpected!, the Com* rhohwealtU is left without means to'conlinuo her own works and redeem her own faith. The con* tractors—her citizens—and the public generally, are, I fear, about to'ppssess good causes of com plaint that she has entered upon undertakings that she cannot accomplish $ or ns the only alternative, the moans to complete and render productive the projects of private speculation, which have already proved so burdonSomo to the Treasury, and so insatiable in their demands, must continue to bo granted without regard to consequences.** As the Canal Commissioners wore then dependent on the will of tho executive for their tenure of office, |t is difllcult to conceive to whom he referred, when ho speaks of (> tho projects of private specu lation which had become 11 so insatiable in their demands,** unless this wne Intended ns a delicate hint to the High Priest of Anti-masonry, who was one of his Canal Commissioners, and had much to do and say throughout his entire administration. Had ho selected more trustworthy officers, perhaps those •*demands** of privnlo speculation, would have been less “ insatiable.** Bo that as it may, ho admits that tho treasury is bankrupt; and un able to redeem its plighted faith when he is about to. lay down the reine of government. ■ And v when Governor Porler, was inducted Into office,'lho Stale debt, and debts duo, amounted.to tho enormous sum of $39,789,754 22, ns appears by tho Senate Journal of 1838-39, vol. 1, page 303—in detail os follows: Debts contracted' for public Improvements, 923,229,003 23; loans not relating to canals and railroads, $1,080,000; loans for Eastern Penitentiary, by act of 21st March, 1831,9120,000; loan for Union Canal Company, 9200,000; temporary loan by aot of 10th June 1836, $200,900; temporary loan by aot of 14th April 1838,9800,000; debts due on appropriations to miscellaneous objects, 91,645,729 86; debts due by appropriations to internal improvements, $532,057 01; debt due the United States on Ac count of conditional loan of surplus revenue, 93,- 867,514 76. Amount of public debts, 930,174,- 304 97. To which may be added the follow ing debts then due, and the amount necessary to put tho improvements in navigable order, for which no provision had boon made. (.Sue appropriations madupPutn. laws.of 1838-30;) Interest on public debt,duo lot February, 1839,9603,550; debts duo for repairing Huntingdon breach,93Bo,ooo; debts duo for repairs on improvements, $145,000; debts dun fur damages on improvements, 9100,000; dchla duo contractors on the Frio extension, North Branch, West Branch, Allegheny Feodor, and Wlaooplsoo oanal, 9320,000; amount drawn from the Irensury by the,canal officers, appointed under Hov. Ullnor’a udminislraiftm,'mil uf upptupriu*| tioao made after Governor Porter came into office, | $163,812 $5;. amount stated in report of Gov. Ril ner’s Canal Commissioners “ as necessary for the permanent-repair of the. public improvements, s749,3B7making a grand total of the State debt, and debts dud. at the close of Gov. Rimer’s ad ministration of $32,789,764 22—being an actual increase of the public debt of the commonwealth during the three years of his administration, al though no permanent loan was negotiated during that period, of $7,627,889 20—and an actual ex penditure of $10,864,266 89, counting.the amount received from the salo of bank charters, and being ah actual outlay of better than three millions of dollars per year .over and above the ordinary re ceipts of the government. : Some debts were contracted during the interreg num of. the Buckshot War, which are not taken into account in tho foregoing, estimate. The ex penses of that treasonable conspiracy alone, a gainst the rights and sovereignly of- the people, amounted to the sum of $147,000. Tho amount of the whole public debt therefore, which was contracted prior to the day of Governor Porter’s inauguration, on the 15(h of January 1839, as es timated from the official records, was $34,- 141,663 80. On this subject Governor Porter in his first annual message says—‘‘This aggreate State debt (with the exception of $lBO,OOO appro priated, at (he last session of the Legislature to the survey of. a railway from Harrisburg to Pittsburg —to stock in tho Franklin railroad, and to stock in the Penn’a. and Ohio .canal) was contracted .prior to the 15th January, 1839, the day. of my inauguration. It is true that, tlio sum of $6,521,- 000 . was authorized to be borrowed since that period; but the whole of this largo amount (with the above exception,) was appropriated to the payment of debts and liabilities duo and falling due in the year 1839, for the payment of which no provision had been made when 1 entered upon the duties of my office.” But tho idea appears to have entered Governor Johnston’s head, and to be prevalent among,the especial friends of his administration, that no con tract or appropriation made by the State, is a debt upon the commonwealth, unless it is funded or in the shape of a permanent loan. Thus they have not only the temerity to assert that Governor Rit ner’s administration did not increase (he public debt, but that the debt was increased during the administration of Francis R. Shunk. . Nothing but the grossest ignorance or a reckless disregard of truth could prompt such an assertion. It is true that a portion of tho public debt has been funded during Gov. Shank’s administration. It is well known that the State failed to pay the interest on her public debt which fell due Ist August 1812, Ist Fob. and Aug. 1843, and the Ist Feb. and Aug. 1844, and that certificates of tho amount of interest duo woro issued to bach holder of the State loan, bearing six per cent interest. These certificates wore not redeemed, and.as they formed no part of tho funded debt of the Statn, on act was passed by the Legislature bn tho ICih April 1845, provi ding , for funding (hem at five per cent per annum. Tho amount of certificates issued for interest on loans, and for guarantied interest due Bald Eagle and Spring Crock Navigation Company, and the Danville' and Pottsvillo Railroad Company, was $4,508,83101, as por Auditor General’s report for 1850, page 428. During tho year 1815, $1,784,• 731C8.wcr« faildod; Jft/1848 there,vivfhtunded to (ho amount 0f53,010,04-i 37. In 1647, the sum of $349,838 99. In 184$; (he sum 0f5133 ) !66 9(. | In 1819, tho sum of $45,616 Cl, as will be seen by tho reports of tho Auditor General for those years. There Is still a considerable amount of these cer tificates not yot funded. Now any one can per ceive that tlio funding of those certificates is noth ing morothan changing tho form of (he indebted ness and not creating the indebtedness itself—and yot to such sophistry and chicanery are the ad herents of this administration driven. . As a distinct and positive answer to the charge of an increase of tho State debt under the last Democratic administration, 1 read to you (ho fol lowing statement of the entire amount of that debt for (ho years mentioned, as appears by tho annual report of the Auditor General. Pads Total Dbbt. 46 ltd Dec. 1811, $10,835,013 60 49 Ist Deo. 1845. 40,986,393 23 85 let Deo. 1846, . 40,789,577 00 85 Ist Dec. 1847,. 40,628,949 51 94 Ist Deo. 1848, 40,474,736 93 100 Ist Deo. 1849, 40,397,673 92 135 Ist Dec. 1850, 40,316,363 44 Now from the gradual increase of tliOjValuo of real and personal estate, subject to taxation, ond the in crease.arising from new' objects of taxation (about which wo hour so much) thoro has nut boon a pro 4 porlionato reduction of tbo Statu debt since tbo inau guration of Gov. Johnston—although tho Governor repeatedly boasts of having paid off more than a half a million of dollars of that debt. Tho statistics.} have read to you (and (hoy nre authentic) prove directly tho reverse. They show that during the first year of Gov. Shank's administration, that debt was reduced $196,816 22—(ho second year, sl6li -627 49—and the third year, $154,213 58. While durinp.tho first year of Gov. Johnson's administration tho debt was reduced only $77,063 01, arid the second year only $61,311 48. These are facta and figures which cannot Ho. They present tho whole truth of tho case ond are irrefragable., Lot mo now, gontlomon, refer to one other branch of this, perhaps to you uninteresting subject, which has boon much discussed during this, canvass by the present Governor and bis friends, Tlio Sinking Fund. Governor Johnston has riot only charged tho worst portions of our public debt upon democratic adminis rations, but claims especial credit for having largely reduced It during his term of office by moans of the financial policy, uf which ho avows the exclusive pa ternity. In order that you may properly understand (his subject, H will bo nooessary for me to give you a condensed history of our tox laws from tho lime our debt has arrived at its present enormousbulk, and the moans devised from lime to lima to procure Its gradual liquidation. Nearly all the laws for purpose ofr&ising revenue, were passed before Gov. Johnston was elected to his present ofllce. In addition to tho laws then already in force,'so far back as tho 11th June, 1840, an aot was pasted “To create additional revenue to be applied towards tho payment ofintorust and the extinguishment of the debts of tho Commonwealth.* 1 Pamphlet Laws, 1640, pago 612. The Ist section of (he aot imposed one half mill tax on evory dividend or profit of one per oonh on bank ; stock In addition to any taxes, rates or levies now < imposed by law, and one half mill for every additi- > onal one per cent, dividend or profit. The second section imposed an additional mill for every dollar of (be actual value of all real and per sonal property, persons, trades, occupations and pro. < fesalons, (hen taxable by existing laws for oounty rates—also upon all mortgages, monies at interest, i debts due ftom solvent debtors, by promlsory note, i penal or single bill, bonds, judgments, and all stocks I held by citizens of this Commonwealth In any other i State, ono half mill on every dollar of tho value i thereof, on which ono per cent, dividend may ao oruo, and un additional ope half mill on every dollar uf tho valuu thereof for ovary additional one per ounl. por annuni—rulao upon household furniture, exceeding $3OO, five mills upon ovory dollar—also upon plea sure carriages olio pur cent, on ovory dollar of the value thereof—upon gold lever or other watnhos of equal value, nno dollar cnoh—upon every other do* Hnripllon of gold watches, and idlvor lever watches, and other silver watches uf equal value, seventy five looiils—upon every Other description of watches of I the value uf s2oand upwardn,'fifty coilla each—upon I all salaries and emoluments of office, created or lu-ld AT 12 0 0 PER ':V“ by virtue of any law of (his Commonwealth, one par ,' coni, upon every dollar of the value thereof. V ' . The Bth section provides for the. amount thus 00l- . looted to be paid into the treasury of the Common wcallh.ond to*'bo vested in the Commissioners of the, internal improvement fund; end so mooli ae is re* quirod, to be applied to the payment of the interest, and the.romainder< to the debts dr liabilities charge ble to that fund. By on act passed on the 3d May, 1841, commonly colled the “relief law,” entitled an act, “to provide' revenue to meet the demands on the treasury and for' other purposes”—it is provided by the 9th sectlonf. that a tax drone per cent.on persons, trades, ocoupa-, lions and professions, shall be imposed on every dollar, of the value thereof above S2OU, in Hon of. the one, mill tax of the 11th Juno, 1840, end in lieuof.tho tax of one per dent, upon salaries imposed, by lhy< act, a lax of two por cent, was assessed on .every' dollar, of the value thereof above $2OO, to be paid ab(f applied as provided by the act of lllh June, 1840.—'. Pamphlet Laws, 1841,page 310. By the 7th section of the act cf 27th July, 1849 s entitled an act “ to provide for ordinary expenses of the government, payment of the interest upon thrf. State debt, and for other purposes,” an additional tax Was imposed upon all real and personal estate, now made taxable for State purposes, of one mill upon every dollar of value. Pamphlet Laws, page 444. By a supplement to the act of lllh June, 1840, passdd 31st March, 1843, joint stock associations, upon which dividends arc .declared or made, were subjected to the provisions of that act. Pamphlet. Laws, 1843, page 121; - " ; By & resolution of the 19(h April, 1843, the collect tors of county and State taxes bro required,upon tbn settlement of their books, to make an oath or .affirm' malion,.lhat they hove made a true and juslratarit of all monies by them collected, whether taxes upon real or personal properly, or persons, la order to se cure a more efficient execution of the revenue laws.. Pamphlet Laws, 1843, page 394. ' . By thu 32d section of (hoVct of 29lh'April, 1644, entitled an act “ To reduce the State debt, end to incorporate the Pennsylvania. Conal and Railroad. Company,” all species of real and personal property then taxable by existing laws;.are declared subject to . taxation for all State and county purposes. Pamphlet Laws, 1844, page 497, &c. . ■ By the 33d section of this act, the capital stock of all banks, institutions and companies incorporated by or under any law of this Common wealth,yn which a dividend or profit of six per cent, or more is declare ed, shall be taxed at the rale of one half mill on each/ one per cent, of such dividend or profit, and the tax shall bo assecsod.and paid as provided In (he act of 11 th June, 1840; ond all banks, institutions or .com panies ‘which shall fail to make or declare any divi dend or profit, or shall make or declare a dividend or profit of loss than six por cent., shall be taxed three mills on every dollar ol the actual value of the stock, estimated and appraised by their officers os. (herein provided. • . The 34th section imposes the same tax on carria ges as was imposed by the act of lllh June, 1840,, viz: one per cent on every dollar of (hie value thereof and the same tax on watches as imposed by that hot), and the ssmo'tax upon all salaries and emoluments uf office above $2OO, as was imposed by tbo act of 3d May, 1841, viz: two por cent.; and the same tax upon trades, occupations and professions whose taluer is abovo 8200, as was imposed by this latter net, Via:' one por cent.; ond upon alt other property heretofore made taxable for State purposes, or that Is eo made by the 32d section of this act before referred to, three mills on every dollar of the value thereof. This tql f repealed all laws heretofore Drfssod forTeVying.taxes for Stale purposes; hut by thp 6th section of thd.'aet; of 16th April, 1845, tbo repealing clause is construed to repeal only tho laws relating to (ho subjects'of taxation mentioned in said 341 h section. Tito 3Gtli flection of this act authorized tho appoints, monl or a Board of Revenue Commissioners, for tbtf. purpose of equalizing the assessments and taxes for tho me of the Commonwealth in tho different coun ties. - f • Formerly tho taxes had been assessed very une qually, some counties paying for Slate purposes let* than they received for school purposes out-of the. treasury. Its workings have largely increased the revenue, and equalized tho burlhona upon the .differ-# ont portions of tho Commonwealth. By on net of IGlh April, 1645, (Pam. Laws, page 532) entitled an act “ To increaao tho revenues and diminish the legislative expenses of the Common* wealth, M several now sources ofrevenue were devised: 1. Taxes on private acts-of'legislation, at follows: on bank charters;.iron, coal and manufacturing com* panics; canal, railroad and insurance companies; now counties; renewing or extending charters by courts; divorces; relating to private estates or cor porations; changing names* 2* On licenses,.and public amusements. 3. A taxon tho public loans and slocks Issued by the Commonwealth, at (lie rate of ono half mill on each and every dollar of tho par value thereof, on which one per cent, per annum of interest shall accrue to the holder, and an additional one half mill on every dollar of the par value, for every additional one per cent, per annum of interest. On the 22d April, 1646, a very Important sot waa passed, entitled an act l4 To provide for the reduction of (ho public debt.” . Pamphlet Laws, page 486. By (ho Ist section of this act, a tax of three milla on each dollar is assessed upon all stages, omnibuses* hacks, cabs and other vehicles; also upon all annul* tics over $2OO, except those granted by this Common* wealth or (ho United Stales, and upon, all property; real or persona), not then.taxed under existing* laws, hold, owned, Used or invested, by any person* company, or corporation, in trust for the use,benefit* or advantage of any other person, companyor cor poration, excepting only such property as shall beso> hold for religious purposes. Tho Bth suction imposes a tax upon all loans snd< Slate slocks, tho inlorcsl of which is guaranteed by the Slate, of ono half mill on each dollar of the par , value on one per cent, per annum of Interest, whleb. • shall or may bo paid .by the Commonwealth, and one ■ half mill for every additional.one per cent, eo paid.. > Tho 12lb section authorizes the appointment of - Appraisers of mercantile taxes.throughout (be differ*, ont counties of the Commonwealth, boingsupplemaa* (ary to (ho sot ofjfith April. 1845, authorizing such appraisers to be appointed for the counties of Phlla-. dolphia and Allegheny. Tho I4(h section Increases (ho collateral Inheri tance tar, from two and a half per cent, (as it exit led under tho provisions of the Ist section of the tel of 7tli April, 1826, entitled 44 An act relating to> collateral inheritances,*') to five per cant. Now (he importance of this section may beCstl*. mated from tho fact that under its provisions, (hb amount of collateral inheritance (ax paid intotfab- . sinking fund in the years 1649 and 1650, was by (lie Auditor General’s reports $282,507 46. The wholb amount paid into the sinking ftmd during tboAO years, as appears by (he same authority, wae $424,- 832 75, leaving only $142,935 87 as paid from alb other soureea-oSo that two-thirds of the whole . amount paid (hat fund in 1849 and 1650 vu do* rived from thla collateral inheritance tax,, wlilelt was devised by Governor Shank’s administration, long before Wm. F. Johnston wse Governor of this commonwealth. On the 16th March, 1847, an act wai pined, an* thorielng the State Treasurer, Auditor General, and the Secretary of the commonwealth* to prepare 4 bill, revising the revenue laws of the Stale, with auoh alterations and additions thereto aa they may deem advisable, end report the tame to (he next Legislature within lon dsya sftor it ahall convene. Pom. Laws 1847, pago 404. This uut shows an anxious desire on the .pail of Guvurnor BhunU'e administration to liquidate the Stale dobl and maintain tho credit of the common* wealth. ~ Under the salutary laws onuolod on the soWedl c* tho rovonnos of (lie commuiiwoaltli, which x,!»•*•* thus dcmulliod, (lio Stnlo was enabled during Ihd v.iar ISIS to pay llio inlcra.l on 111" P«W »•• U fell-duo; nnd to iiiont »ll olhor Irw!, ' Stalu willloul l.i.rralvliir" , i l hi ‘ “PP a,r * f a lVon