. r , 4•• . . , . , 0, ,•.;;. __ ', ' - . . , ....._ ...... . , - r je . ` 1 . i 1 -77.. A „-- 1 , r , , , _ . ~ , . ; , . i , ..• . , ...._ , , . (..1\ . . Itn-;.- . „--.... . ... \ N. ~ I - , _ , - 1 - , _ . , , BY M'CLURE & STONER. GOVERNOR'S MESSAGE. To Me Senate and House of .Representatives of the Commonwealth of Pennvirania. GRATZ:ER= : The past year has afforded as new cause of thankfulness twthe Almighty for the moral and • material blessings which he has bestowed upon us. The balance sin the Treasury Novem-• bar 30. 1862. was i,2.172,844 16 Receipts during tenet year ending No ember 3n,1863 4,299,451 65 TOtal la Treasury for-fiscal year end- hue November 30,183-3 - 6,462, 29 5 75 - I rit,La payments for - the same period • Mire been ' 4,314%964-05. Wanes io Troxiury Nor. 30.1853 $2.147M1. 70 The operations of the sinking fund during the last vest have been shown by my Proela niation of the Bth day of Septentber last, as fellows 0 4 A' l'Of debt Commonwealth reduced $954,720 40 fellows, visa. loan lint May 4.'62 $lOO,OOO 00 per cent... .... ...... .... 790,716 GO oar and one-half - cent: 63,000 00 Belief notes cancelled 963 00 Domestic creditors' certifi cates% Interest certificates paid.. Amount of public debt of Pon,,sylca. . - ctia.as it et'ood en the Ist day of De cember,lB6° 140,448,213 82 Deduct amount redecined*at the State -- T m rWzirrActring the fisall year. end _' g nith,.. oVeinher 30, 1883. cis: Fire per omit. stocks %.88,499 l'B Four and a half per cent. .. stooks • 03,000 00 . Relief notes 109 00 Dniuestic creditors' cortifi- (*tem_ Pliblic debt Deie'tuber 1,1863 F.nnded debt, viz: Vsxper cent. loans $400.630 fil -1 ir!, per cont. leans '35.709.988 45 - IC iSI percent. toaut 2M.200 00 36,378.816 .45 'Unfunded debt, yir.: Rona notesin eisoulation -;11,7.2.A Interest certificates eut,15.26 03 fittinaing Interest cartificiste. un 'claimed Domestic creditors' cortifi- $38"598 , 78 Military Loan per Act of May 7,1861. 3.000.000 00 Tata! indobtOdn oss By the act of 15th May', 1801 authorizing Abe military loan of $3,000,000, atax of one half mill was laid on real and personal pro perty, to furnish a fund for redeeming the same. I recommend that the commissioners of the . sinking . ,futid.be directed to invest the proceeds of the" tax in State loan, so that it - may be drawing, interest; to be in like man ner invested, or that they should apply such proceeds directly to the purchase' of certifi cates of . the military loan; and cancel such certificates as shall be purchased. , Although'our finances are still in a healthy condition, it is necessary to invite the serious attention of the Legislature to the consider ation of the means of maintaining them un impaired in future. _ By the act of 12th June, 1840, it was pro vided that the interest on the State loans should always be. paidin.specie or its equiva lent,;and that whenever. the funds in the Treasury should be or less value than specie, the difference in value should be ascertained and certified to the Governor, wha should ' thereupon issue his warent to the agents or batiks authorized to pay such interest on behalf of the Commonwealth, to, allow such difference to parties receiving the interest, or at the option of the parties to pay the same in specie. By the net' of llth April. 1862, it was pro, vided-that for the purpose of paying in specie at\ its,- equivalent., all interest . that should thereafter be due by.the Commonwealth 'as required by.the act of 12th Jiine, 1840, the several banks who should avail themselves of - the provisions of that act, (Of 11th April, "1862.) . and who should refuse'to redeem their notes in specie, on demand, at anytime with in ten days upon or after the time when such interest should become...dee, should thereafter, when required by the State Trees arer,,by notice in writing, pay into the State Treasury, in proportion to the capital stock paid in of each bank, their ratable propor tion of such preinium for gold or its equiva lent. es should have been actually paid by ' the,' State. - By the act of the 30th. January, 1863, it - was provided that the State Treasurer sbuedd exchange with the banks an amount_of cur rency Hufficient to pay the interest on the State debt falling due on- the- first dais of February and August,. 1863,1er' the same amount of coin, and should give to the banks specie certificates of exchange, not transfera ble, pledging the faith of the State to return said coin in -exchange for notet current at the time, on or before the first Monday of March, 1864; such Certificates to bear inter 7 „tat at the rate of 21 per cent per annum. Under the provisions of the act of 1862, certain banks paid into the State Treasury $140,768 39 as an equivalent for coin for the payment of interest on the public debt. Under the act -of 1868, specie certificates have been given to the banks, amounting in the whole to $1,068,904 97, which with the accruing interest, will fall .due on the first M. ndsty of March next. . As the provisions of this act were of a temportirS. , character, the only acts now in turtle on the subject are those of 1840 ant 1862, above mentioned, under which it will he theduty of theStateauthorities to pay the interest on the Ist Februry, 1864, and there after, in coin or its equivalent,, and look te the.batikithat may be liable under the act of 1862 for reimbursement of the premium paid by the Commonwealth. - In the face of all difficulties, this Com monwealth, actuated by's sentiment which does its people honor, hag hitherto paid its interest in coin or its equivalent. Existing circumstances make it necessary -to consider now the fair extent of her just obligations. The exigencies of the times have compel led the averment of the United States to issue large amounts of Treasury notes for eirettiation, which are not redeemable in e4A, and which form the great mass of our circulating medium, It is our duty as'a loyal State—it is our iidereat as a State whose welfare, and even -safety, depend emphatically upon the main tenance of the credit and the success of the military operations of the general govern ment—to do nothing to impair its credit or embarrass its measures. On the corqary, we owe it to ourselvm and to mit—posterity to give an active support to its efforts to quell the =Matrons rebellion which is I lig, 13 00 27 90 $9a'4,720 441 526 95 . .117 ( . 4 39,40,396 78 4.448 38 MEI 117.780 33 $.14.496.596 78 5 .., The lion. Schuyler Colfax was born in the State of New York pn• the 23d of March, 1813. He is lineally descended from Gen. Schuyler and Capt. Colfax, of Revolutionary celebrity. A more honorable ancestry no one heed desire. Of the early boyhood of Mr. Colfax we have no account, but that it gave_promise of his future excellence there can be no doubt. AU the ,schkol education he received was obtained before he reached the age of ten years. With such meagre advantages, it would Scarcely be presumed that Mr. Colfax was now eiltsidored to have one of the best cultivat ininds of any among our public men :ve ais the feet. At the age of thirteen Mr. x , remov ed to the State of Indiana, where he e tered a printing-oftice. It_ was while supporting himself by his labors in this capacity that he acquired the most Of his education. In this respect the example of his great: prototype, Benjamin Franklin, is scarcely more brilliant. The advantages which even an iziferinr posi tion on a public j)urnal giy.c to industrious, and aspiring youth. are shown in - this case, as well as in many' others of men .who have occupied or now hold distinguished positions in our country. t.t the age ortwenty-one years Mr. Colfax beeame editor and proprietor of the South Bend Register, a political organ advocating the principles of the- Whig party. A. young man without means in early life except such us he was enabled to acquire by his own in- and thus restore peace to our distracted coun try. It is.our own Government, and we could not, without grossest indecency, attempt to refuse itscurrency in payment of taxes and other debts due to the Commonwealth. In 1840 the case was veryj.iffere it. - The difficulties then arose from tTie suspension of , specie pay m e nts by our ,Stiiie banks, mere local and - private corporations, and the State very properly by the act of .that year, inten ded to provide against loss to its creditors by reasons of such suspensions. An exigency like the pr esen t could not then have been fore seen by the Legislature, and it is to be inferred therefore that they eyuld not• have intended to provide-for it. NN'e derive our system of public loans from Europe, and the true extent of ,our obliga tion is to be ascertained by referring to the known established practice Of European goy,. ermnents prior to the dates when our loans were effected. I mean of course such of thosegovernments as were held to have main tained their national credit, • It is believed to have been the dnifortn practice of such governments to pay their in terest in paper currency, h.iwever deprecia ted, during a legalized suspenSion of specie payments. An • observable instance of this is affhrded by the course of the British gov ernment, which during twenty-flve years, from 1797 to 1822, during which the bank was prohibited by law from paying out coin for any purpose, paid 'the interest on its pub lic debts in bank notes, which during a great part of that time were at a heavy _discount, Nom( times amounting to 30 yer cent. or there -a - bout. Their necessities then were not grea ter than ours are now. • Among ourselves at the present time, 3fas sachusetts (whose debt is believed - to be very small) pays the interest in coin. Ohio and Indiana pay in currency. • In New York it is not known what will. be done. Her Leg islature, by concurrent resolution, ordered 110 N. SCIItYILER COLFAX. CHARBERSBURG, PA,, WEDNESDAY, JANUARY 13, 1864. 1 Hon. Schuyler Colfax, Speaker of the House of Representatives. , dustry and energy, certainly must have pos- seven years of age had no little influence in and stamped him as one of our most. effective ! sessed no small share of those qualifications securing the preparation and adoption of Congressional orators, l'hitt speech was to attain a position of such commanding 103 u.-; the excellent Constitution of his• State. In widely circulated all over the country, and ence at so early an age. In European coon- 1 11351 he was the candidate of the Whig was used as a - campaign document by the tries we often hear of the precocity of certain ! party in his district . for Representative to , Fremont party during the canvass of 1856. men of genius who have startled the world 1 the National Congress. He was defeated During that - exciting campaign Mr. Colfax by efforts in the way of poetry' and other by only 288 votes, though, the Minority •f j labored 'zealously for his particular personal departments of literature at an early age. .To I his -party in the district was considered to be i friend, J6hn C. Fremont. The result of that obtain control of a, at that time, leading ! much greater. In 1832 he was again sent as ) contest is , well knowm,.yet,..Mr. Colfax and newspaper in the part of the country where I a delegate to the Whig National Convention his coadjutors had the satisfaction of wit h was published, and-to Ative the ability to of which also he was appointed Secretary. , nessing thetriumph of their principles in the conduct it properly, are evidences of an nap- 1 - In the year 1854, Mr. Colfax was elected 1 election of Mr.3,incoln to the Presidency in, 'anal precocity of -talent. . , ~ , 1. to Congress: Before this. time the Whig' 1860; . . At this, date the political life of our subject ; party was generally considered to have pas..! • In,the Thirty-fifth Congress'Mr. Colfax may be preSnmed to have commenced. His lsed from the stage as a distinct. i olitical or- I was elected to till the important position of position was ayeryinfluential one, and he so I ganizathin, and the Republican party had to Chairman to the Committee on Post-offices_ _discharged its duties as to secure universal , some extent supplanted it. To the interest:tirid Post-roads, and that place he continued I ' esteem, Still he was compelled to.labor ar- of this party Mr. Colfax devoted his politi. I to lipid until hia election to the Speakership; • duously, for the patrlinage,of his journal Was Ical energies, and of its principles he was 'one i H has fur some years acted as one of the not -very coniiderable. 'Yet his energy,, his lof t earliest as be Ins been one of the' Regents to the Smithsonian Institution.' integrity and his temperate, even abstemious i neat and most - faithful supporters. From On the 7th of December. 1863,. Mr. Colfax , - habits, t.t . dded to his considerable natural and I r 1854 until the present date, Mr. Col- was elected Speaker:lo the House of Repre . acquired gifts, caused his reputation rapidly_ constantiv occupied a seat in the sentatives of the Thirty-eighth COngress. He ito increase, and he. was regared by all who I tional Councils. His Congressional career was elected on the first ballot, and-by a_ tote ' knew him as' one destined to arrive at Consid-'lll tondo him well known to all intelligent of 101 to 8l .: .- erable distinction. - , A Arens.- . Though achipying-a position scarcely sec , i In the year 1848 Mr. Colfax, then tiVentV., 7 I , t the opening of the Thirty-fourth Con- and to an. in this country, excepting that of - five years of age, was sent as a delegate 'to g occurred the memorable contest the the Presi ent of the United States, Mr. Col the Whig .National Convention. Of this ' kership resulting hi the election of N. fax is only fOrty years of age. In personal body he was elected Secretary, a position of • * . iks to that position. In this Congress appearance he is rather below ,the medium, importance for one so young, f ind showi ng . . - Colfax took his stand as one of the most height, his. dark hair and whiskers a little how far Mr,. Colfax had even at that , eariy 1 raising of our parliamentary deliters, tinged wfth grey. He has a quick, flashing ' age ingratiated hinritlf 'isto the favor of tIT: 1 is speech upon the then an-absorbing - topic I eve, and Countenance pleasing and intellectu-, people - . In 1850 he w elected a member ",', ', the extension of slavery and 'the aggress- ' ally expressive. His person is graceful, and -7 Of the Constitutional. Con •ntion of the .„. as of the slave power Was a masterl3ceffort, his mannbr-denotes unusual energy. State of Indiana, and - . , but twenty- .': , . . • , k ' the interest to be paid in coin to foreign stockholders, in April last. At the present rate of premium on g old the sum necessary to pay on an amduntsuf- . ficient to discharge.the annual interest on the. State debt, would be more than $1,000,000. and to meet this, additional taxation to that extent would be unavoidable:' The demands on the Treasury for other necessary purposes must probably be such as to render it impru dent to throw any part of this 'expenditure on the existing ; surplus. To borrow money from year to year to pay the interest on past loans would, of course, be wholly inadmissi ble. To leave the act of 1862 in force, and attempt to throw the payment of this, large premium annually on the banks, would be not only flagrantly unjust. but quite imprac ticable. I recommend the whole subject to the careful and immediate consideration of the Legislature. Sortie legislation ought to be had On it before the close of the present Month. In my opinion the Commonweajth will have fulfilled her. obligations by provi ding for the payment a her interest in the currency of the Government. If the Legis lature should think fit to continue to - pay it in coin, it will be their duty to levy forth with the heavy taxes ilbcessary for that pur pose. I must in passing observe that the plan apoptal by one of the States of paying coin to foreign, 'and currency to :domestic loan holders, appears to me to-be Wholly un- - wise, and founded on no, legitimate principle. At the'close of the last session, nineteen bills renewing the charters of certain banksl for another.period of five years were present-i ed to me. Of these I have (for reasons which l will be hereafter communicated,) withheld my signature from one and approved the ref I mainder. I have beenied to sign them bpi the considerations that the banks of t.:3le Co,mmonwealth pay a large• revenue which! :the State can ill afford talose, and that iii the present condition of the country it would, be impolitic to drive so much capital I= MEE • NN, \N. I MSI out of active use or force it _into new em= Ivments. _ , ~ f the National Banking system afford dent inducements, capital will voltotar iik• take that directly% it is proper to oh # e that the charters of most of the banks in question expire at an early' • period, 'While in 0., .• uence of the invasion of 'the State, lastlummer, they could not have nably expected to give the nee esear n ce of renewed Applications for re charter. , . . recommend an extension of the time da ting which the banks are now relieved-from penalties for net paying their obligations in coin. - The increased expenses of living invite at tention to the salaries of• our public officers. !Those of theßecretary orthe Commonwealth, Auditor ahneraTandßtate Treasurer, and of the Clerks in their employment are, in my opinion, too low, especially as the exigencies of the time have greatly enhanced the labors and responsibilities of all, and In the cose of the heads of those departments, enforce a constant attendance at Harrisburg, which was not formerly required. Under the Act of 16th April, 1862, and its supplement passed 22d April, 1863, the Ad jutant General, Quartermaster General and Commissary General have been acting-as the Board of Military Claims. They have,