M
lif - PEOPLE , S JOURNAL
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t 1
;IVIESSAGE•
To the Honorable the Senators and
M e mbers of the House of Representa
tives of the General Assembly :
GENTLEMEN:—A Kind Provi
der= Lai greatly blessed our Corn
' , c ;nwealth during the past year. No
foreign war, no internal Strife have in
terrupted or destroyed the peaceful
quiet of our homes. All the great in
, ;erects of the people have been emi
rently prosperous. The earth, in
rich abundance, has, yielded her in
crease to supply our wants, and re
ward with her bounties the labor of
the husbandman. Labor, in every de
partment
of ,manufacturing and me
chanical industry, has been stimula
ted and encouraged. The ravages of
disease and the horrors of the pesti
lence have been averted from us ; and
whilst the cry of human suffering, from
other States, has been heard invoking
cur sympathy and aid, we have been
bleated with health and permitted to
enjoy the comforts and happiness of
social life. To Him who lath bestow
ed these blessings upon us, and upon
whose care we arc constantly depen
dent, should be ever paid the willing
homage of ounctratefnl hearts.
The report of the State Treasurer
will exhibit to you, in detail, the ope
rations of his department. The re
sults are more satisfactory and encour
aging than were anticipated.
The receipts at the Treasury for
the fiscal year ending November 30,
155,5, including the balance in the
Treasury on the Ist day of December
1554, (31,240,925 72) amounted to
55,631;402 83. The total payments
fur the same period were 85, 355, 705-
52 ; leaving a balance in the Treasury
VI the 30th November, 155.5, of $l,-
245,1197 31. No loans, temporary or
otherwise, were negotiated during the
pvt fiscal year, as they were not re
quired by the wants of the Treasury
The receipts during the pat year,
onw all sources, (excluding the bal-
uce iu the Treasury on, the first day
of December, 1554,) were 85,390, 474
U.. ordinary expenditures for
the Same period, including the interest
on the public de.,t, were 54,139,512
2S, showing an excess of receipts over
ortlmary expenditures 0f51,250,961 33
The extraordinary payments for the
year were $1,216,193 24, as follows,
tizt—To the completion of the now
Portage railroad over the Allegliery
mnuntains, 8146,762 12; the North
Branch canal, 537,562 67 ; to the Co
lumbia railroad, to re-lay south track,
3133, 100 00 ; to the payment of do
mestic creditors, 81,629 85 ; to .. the
fodurtption of loans, 316,550 60, and
;to rel;44 notes cancelled, 5260,55 S 00.
the balance in the Treasury will
, e required for the payment of the in
crest nn the State debt falling due in
February nea., Iws,l fur unpaid appro-
priaticum. The iaterest On the funded
debt of the Commonwealth. which be-
came due in February and August
last, was promptly, paid i ! Ina it is grat-
dying to state that the interest due in
Pebruary next will be paid frith equal
PtuMptuess. The credit of the State
may be regarded as firmly established,
and with proper economy and a care
ful and hottest management of her
finances, an annual reduction of her
debt, to a considerable extent, may be'
confidently expected,
Thereiadue by the Treasury to the
ainidagruncl. the sum of-4335.01139.
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COUDERSPORT POTTER. COUNTY,,P.A., JANUARy 10,,, 1850
• to be applied to the redemption of the
relief notes now in circulation, and to
the' fundedle,lat of the Commonwealth
The. greaterpart of :the 'funded clebt!
hears interest- at the rate of .five per
cent. per tnium.;•the balance. bears a
. ,still less rate of interest. But as the
temporary loans, which by law are to:
be first paid 'out of the available means
of the Treasury, bear interest at the
rate of six pet cent., it has been deem
ed advisable, as a matter of: economy,
to apply the surplus revenues to the
payment of those loans. When these
are liquidated, the amount- due and
properly applicable to. the Sinking
Fund will be paid, and its operation
continued as directed by law.
Notwithstanding the . revenues for
the last four or five years have largely
exceeded the ordinary expenditures
of the government, yet in consequence
of the large and insatiable demands up .
on the Treasury for the completion of
the North nrane.h canal, the Portage
railroad and other kindred improve
ments, the public debt, instead of be-
log reduced, has been increased.--
This increase, with the amount and
condition of the debt at different peri
ods, will be seen in the fhllowingstate-
$l.OO
1.25
rile nts-:
Statement of the funded and unfunded
debt of Me Commonwealth on the let
day of December, 1861, as per report of
of Auditor General.
Funded debt, viz:
i per cent. loans $2,314,023 51.
5.... do 36,70.1,484 03
44 - - do 198,200 00
Total funded debt
Unfunded debt, viz:
Relief notes in cit. _
culntion 650, 163 00
Interest certificates
outstanding.... 150, 231 82
do. do. unclaimed 4, 448 38
Interest on outsand.
mg o unclaimed
certificates, when
funded 9,752 91
Domestic creditor. 82,932 74
Total debt Dec. 1, 1851 .... 40,114,236 39
Statement showing the indebtedness of
the Conimonwealth on the Ist day of
December, 1854, as per Auditors Gene
ral's report.
Funded, debt, viz :
6 per cent. loans $532,104 93
5 do - - - 39,004,609 97
.... d 0.... 3R8,200 00 '
4 d 0:... 100,900 00
Total funded debt -- $40,084,914 90
Unfunded debt 'viz:
Relief notes in •
circulation....
Interest certificates
outstanding- •
Do - - do • • - - un
claimed
Interest on outstand
ing & unclaimed
certificates when
funded
Domestic creditors'
certificatop.
Balance of temporau
loan of April
191854,
Balance of tetnporary
loan of May
9, 1844
Total unfunded
debt .n temporary
560,000 00 -
450,435 61
loans,
Carried forward 41,623,595 74
• Brought forward 341,643,595 74
To these should be added the
following relief notes, not
included in the " teller notee •
in circulation," viz:
Reliernotes made
by the Leacarter
Bank, not chirs
ed on State TEo•
surer's book. $25,000 00
Relief votes put in
circulation Sep.
1854, and not re._
deemed Dec: I,
1854,
50,000 00
Total public debt Dec. 1, 1854 41,698,595 74
Do do 1851 , 40.114,236 39
Increase of debt in three yearn 1,584,359 35
The funded and unfunded debt, including
unpaid temporary loans,' on the Jet day . of
Dec. 1855, the close of the hot fiscal year, es
per report otthe Auditor General and State .
Treasurer, wan as follows, to-wit:
Funded iebt, viz: - . -
6 per tent'. loin 4516,1,54 93
6.... de ;8,903,436 -
DEVOTED TO'THE" PHINCIPLES'OE - DEMOCRACY, AND -' THE. DISSEMINATION OF r iiIORALITLITERATURE; AND. NEAVS.
897,528 E 5
494,361 00
24;357 21
4,448 38
1,870 97
2,707.61
1,5:38,680 84
75,000 00
44.... d 0.... 8,.!5t0 00
4..,.d0..,. 100,06 Ob
Total funded- detn--i39,907,800 '47 ' '
lU'nfunded '
Relief in:ace in cit..; "' •
• enlation 258,773 00
Interest certificates
outstanding 29,157 25
Domenic creditors' 1,%4 00
Balance of tempo
• rary loan ofApril
19, 1553, 5'25,000 00
Balanc'e of temj)o
nary loan of May
• 9, 1954, 340,000 00
Total unfanded debt----- 1,160,194 25
Total debt Dec.
1, 18.5:3
Total debt, as abOve
stated, Dec.l 1854 41,698,591 73
Do 1 /855 41,067,994 72
Decrease during
the fiscalyear
This statement exhibits the gratify
ing fact that duringthe fiscal year end
ing November 30, 1855, the indebted
ness of the Commonwealth has been
reduced 8630.601 02. During 'the
same period large appropriations and
payments - were made for the cotnple
thin of the new Portage railroad,
re
laying the track of the Columbia rail
road, and for other purposes. These
demands upon the Treasury were,
without • the aid of loans, promptly
paid.
Refusing to undertake any new
schemes of internal improvement; lim
iting all appropriations to the actual
demands of the - Occasion, practising
strict economy in all departrrients of
the government, and holding the re
ceiving and disbursing agents of the
COmmonwealth to a rigid accounta
bility, will greatly reduce the expend.
itures, and under ordinary cirdum
tances, leave an annual surplus of
the revenues to be appliedto the re
demption of the public debt, •
The estimated receipts and expen
ditures for the current fiscal year, will
he presented to you in the report of
the State Treasurer. The receipts
from the usual sources of revenue,
above the ordinary expenditures: , may
exceed the sum of one million and a
half of dollars. These estimates may
approximate the true result, hitt can
not he relied upon with certainty:
By the thirty-eighth section of the
act of the 16th of April, 1845, entitled
An Act to provide for the ordinary
expenses of government, the repair of
the .canals and railroads of . the State,.
and other claims upon the Common
wealth," the Governor was authorized
to cause certificates of State 'stock to'
be issued to all persons or bodies cor
porate holding'certifieates for the pay
inent of interest on the: funded debt of
the State, which fell due' on the lit
day of August, 1812, the first days of
February'and August, 1843, and the
Ist daye of February and Atigust,•lB
- in an amount equal to' 410a:onion
of certificates . ' so held, Upon their
livering up said certificates to the Ait.
ditor General. In pursuance of the
authority thus giVier, certificates •of
State stock to the amount of 51,105,-
150 20, bearing interest at the rate of
five per cent. per annum, payable
semi-annually, on the Ist days of Feb
ruary', and August in each year, and
redeemable on or after the Ist day of
August, 1855, were issued. The min
imum period fixed by law for the re
demption of these certificates, expired
on the' fat day of August last. •No
provision has been made for their re
newal or redemption. - -
Although by the terms of the 'act
authorizing these certificates of State
stock, as also - by the conditions of the
certificates issued in - pursuance there
of, the time of payment, after the ex-
piration of the minimum period, id op
tional with the debtor,—thit Cimmon
wealth—yet a due reg,ird to the Credit
of the State, requires that provision
sbOuld be made for their renewal or
redemption. To redeem these e'er-
tificates, a loan would beinme • neees-
sary ; and as a loan cannot-be effected
in the present financial condition .Of.
the eoufitry, ott terms' more favoiable
to . the - Stete than those on which these.
eertifiCitee,Witi
MEI
.
0133111 . CIJEI t h at authority.be*gic'en to
: issue the. bonds of the Commonwealth
in reneival of said 'certificates, bearing
interest at thereto of five per,Cent. - per
annum, payable semi- and
redeemable un' or after the exPiration ..
I,of twenty years; and that the bonds
be issued with coupons, or certificates
of interest attached, in sums equal in
amount to the semi-annual interest
thereon, payable on the first dais of
.February and Angast in each and
every year,.at Such place cis, ma) be'
degiguated: This change in the form
and character of the certificates, it is : /
believed, will be so advantageousto
the holders, without increasing the
liabilities of the Commonwealth, as to .
induce a willing and prompt exchange,
at a premium, for the bonds prOposed
to be issued;
41,067,994 72
630,601 02
The condition of the public works,
their general operation, and the re
ceipts and expenditures fo r the past
fiscal year, will be presented to you
in -the report of the Canal CommiS
sionera.,
• The aggregate receipts at the Treas
ury from the public works, for :the
year ending November 30',1855, were
$1,942,376 71. The aggregate ex
penditures, including ordinary and
extraordinary payments, for the same
period, amounted to $1,838,791 18,
showing an excess of receipts over all
expenditures, of 8103,585 53.
The extraordivary•payments for the
same year, (excluding $1.33,100 00
paid fur relaying the south track of
the Columbia railroad, and 823,000 00
for rebuilding the Freeport aqueduct)
were 5690,427 78. -The ordinary ex
peutiitures were 81,148,363 40.
Aggregtt• receipts us abo v eetated
Ordinary- expenditures
Net revenues for the fiscal year 79.1,013 31
This balance exhibits a small in-'
crease in the net revenues, as compared
with the net revenues of 1854 - ;- and
notwithstanding the withdraWalof the
transportation lines from the main line
of the canal, the aggregate revenues
for the last year liave exceeded the
revenues of 1854 by more than three
thousand dollars. 'Front the abundant
crops of the past year, the impreved ..
condition of the monetary
. affairs of
the cOnntry,• and lito general revival
of business, a large increase in the rev
euties for the current year, may be
confidently expected.
The sum of 8161,125 25, has been
paid into, the Treasury by the Penn
sylvania railroad company and other
railroad eompanies, as the tax on ton
nage passing over their roads. This
amount largely exceeds the sum. paid
by the seine companies in 1854.
.The Delaware division exhibits a
satisfactory result: Tbo total receipts
were $392,673 42 ; expenditures, $6O,
097 86; showing a net revenue of
$332,575 56. If all our lines .of im
provement exhibited a similar balance
sheet, the people would have loss cause
Of complaint- More confidence in
the general operation of the system.
There has been a large increase in
the business and tonnage Of the Colum
bia railroad, and a corresponding in
crease in the receipts therefrom. The
operations of this reads for the past
year have been highly satisfactory.
The operations of that part of the main
line from the Junction to Pittsburg,
including the Pottage railread,• do not
present so favorable a re:Mlt. The re
- ceipta have greatly diminished, - and
were not sufficient to meet the• ordi
nary expenditures. The , revenues
from the main line do not equal the
receipts of the pievious year. Tho
causes of-this reduction are apparent,
and some of them have been referred
to and - enuinerated. It is but just to
add that the expenditures on this line
have been much diminished by the
avoidance of some of the inclined
planes-on the. Portage railroad. •
I regret to inform you that the rail.
road to avoid the inclined 'planes on
the Allegheny mountain, has nut been
completed as was confidently.anticipa
tett. :Tke delay ip the. completion, of.
this, work has geemions4 musk itmon-
. ,
business Of the mairi
line arid a loSi - t6 the revenues of the
Commonwealth. The • expenditures
have largely exceeded the original
estimates for its construction ; and
altlieugh the suns, 'of $277,730 00 was
appropriated at the la'st session of the
Legislattrie for the completion of this
work=-a stini s covering the estimate of
the engineer—yet after the expendi
ture ot tne whole amount thus appro.
priate ,a'
the road is unfinished; and
to complete, it, find pay the debts con
tracted, the further Sum of $177,573
66, as new estimated by the engineer,
will be required. Either the estimates
have been very carlessly made, or
large sums of money uselessly and ex
travagantly expended in the prosecu
tion of this improvement. As aiding
the business of the main line, reducing
still further its expenditures and re
lieving the Treasury - from these con
stant demands, the announcement of
its early completion wilt he hailed
with pleasure by every. citizen.
Although the completion of the
North Branch canal, befbre the close
of•the navigation, was certainly et -
pectbd, yet this expectation has nut
been realized. The efforts • of the
present Superintendent, Mr. Maffit,
during the past year, to complete and
put in successful operation, this canal,
deserve the highest
.cominendatiOn.
Everything that skill, 'energy and in
dustry could accomplish has been done-.
The labor to be performed was great,
and rendered more difficult and per
.plexing by the imperfect and fradulent
construction of the old work and some
portion of the new. The large quanti
ty of rocks, trees, stumps and touts
placed in . the I:ittem of the canal,
and the defective material used in the
embankrrients, suffered the water to •
escape almost as rapidly as admitted,
and rendered a re-construction of the
work, in. many places, indispensably •
necessary: Its - successful completion,
it isilinped i will 'shoo be annour_ced.l
It will 'appear by , the report, of the
Committee of Ways. and Means made I
to the' House of Representatives in I
1519, that the entire amount necessary
to cismplete and put in operation 'the
unfinished portions of this carnal was I
estimated at the sent of $1,106,037 00..
The amount actually expended on the
work since that period,.. as appears
from the reports of the' Superinten
dent, Erigineeraerl Canal Commission
ers, is . 81,857,377'52.* being an excess
of expenditures over the original esti
mates of 8751,' . 340 52 ; and the canal
not 'yet in operation: With such facts
haw& us--suers evidence of mis
management and reckless expenditure
as the history of this canal shows, it
is not a matter of surprise that the I
Commonwealth and People are bur
dened
with debt and . taxation.
•
• ,Inn pursuance of the act of the Bth of
May last; -previding, for the 'sale of the
main line of the public works, after
giving the notice required by law, I I
caused the same to be exposed to pub- !
lie sale, attire Merchants' Exchange,
'in the city of Philadelphia. , No offers
were made and consequently the works
remain unsold. , Sealed propoials fur
the ". sale orlease of the, main line,"
were subsequently invited,- as directed
by the seventeenth section of the said.
$1,84.9,376 71
1,14,363 49
act, and . the propoaala received Are
herewith submitted to the Legislature
for their action and final disposition.
Having on a. former .occasion pre
sented my 'views of the props iety and
policy ofasale af. thisAranch of out
public improvements, a repetition of
thesentiMents then expressed becomes
unnecessary. In relatiou to this sub-
sect my. opinion has not changed. On
the contrary the - experience of the
past, and a careful examination of the
question in its economical and politi
cal relations, have strengthened and
cm:Armed it. That the State should,
long sincehave been separated from the
management and 'control of these
works., the history of their construc
tion and management clearly demon-
-atrates. ; Public - policy and public
:sentinacot demand this stvaiation ; and
every comicieration of present and fu-
r A.ur. o :interelk requires Th••
=IEI
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late -. financial embisrresamenti Or - the ' '
eountrythe iMperfect character' - Of '-
. .
ionic , of• the provisions of the bill '
'authorizing the tide, together with_ther
..
adverse': influence ' Of iiial -- interviste. '
defeated the recent attempt to sell: :
These difficulties have been, or can .'
be,'rernoved ; and a sale' yet 'effected
on the terms amply protective oftheS .
rights . ' and' interests of the peopls‘ "
and at the same' time just and lames ''
1 to the purchasers.
To reduce the State 'debt and tvio
hove "the people from -taxation, are
objects worthy the earnest and anxious '
I consideration of the Legislature. -To* H:
accomplish these objects speedily, - * . '
I sale cif the whole or 'parker out publirt
improvements becomes important and
1 necusiary . . ' The revenues of the State •
under the present system of manage.
merit of the public works, 'are but
little more than sufficient:to pay Able
' interest of her debt, and the ordinary:
expe4iis of the government.' A sale- J
id those works, for u fair considesetion, ,:
and upon terms just and liberal, would-
constitute a beginning in the process. i
of liquidation that would free our Com.
monwealth from debt and . bar 'people :
from cueseipleat taxation. lu every..
measure calculated to produce_ thesis. ..
desirable results, I will cheerfully cos. '
operate with the Legislature. „
The currency of the State, in ita
relatiou to banking . institutious, and •,
their. increase, is a •sahject that de! .
meads careful aud iutelligout consider
ation.
From the notice given of .
numerous intended applications to the ;
Legislatute for new banks aud an itt
creaie of .-intaking capital, this subject ! ,
will doubtless be presented to, 114 . ,
strongly urged upon your attentirm..... ;
Shall tile number of banks and the
aritountufhankiug capital be increass4l,
and if to-what extent and 41 w l .*Z.
localities 7 are questions of absorbing
public interest.
Without desiring "to usurrie .
general a id uncompromisinkheatility ;
to all banks, or to an increase of
ing capital. I canout discover 0.,
necessity that requires, or the.circum.,
stantes that would justify the incorpor t %
ation of all that may be demanded,
from the Legislature., The incorpop.,
ation of new, or the recharter of old s
and solvent banks, when indispensably :
necessary and clearly demanded ky l .
the actual businu33 mutts 'of the cont
inanity in which they may be located.,
should not be refused ; under no other„
eireuffistatices should. their
,incorpciteL
Wm be permitted.. .
The necessity for increasing the
number of banks should be di:tern:lb*
more by the actual wants of, legitirpote
trade, than by the number °Capp!**
I tions and the wild thecies of stock •
jobbers and speculatas. The suds's,
and Unnecessary expansion - elthe cur
rency should be avoided, and VEl4*
ever tends to produce , such a lose)"
ought to be discountenanced and pref.
vented. In the creation of lAA, the
true interests of the State. and people
- should be consulted; and .a justs.aust
honest discrim'lntien, as t., nember
locality and the dertiands of trade, b
exercised by their represenatives
Public -sentiment -does n dem&s4
tier do public or private interests ra,
quire, the creation of numerous banks.
In the present condition of the
finances, and in aid of the revenues of.
the State. (in addition to the taxeseing
proposed by lan) a reasonable premi
um should be required to be paid kor
all banks or saving institution:ol4k
may hereafter be chartered nr, ter
chartered by the Legislature.
As appropriate to this subject, arvi
intimately connected , with: it, 1. cannot
forbear to express my disapptubsttige
-of a practice, 'that has heretofore_ ob.
tabled to some extent, of. using. that
names of the members .of the Legisla
ture as corpetators in bills pending .ke.
fore them fur the c(irporatiun-of bit4st
and other companies. Such a practice
is per nieiuus, and cannot be too strongly.
condemned. It perils the indepeit•
deuce• of the L. egi laterr—expolies bite
to unjust suspicions, !and, stamps ; eitla
selfishness,.. at least, hin•leenlokro
action in the rrenlinee.,;:tegidstiont.
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