EXTRA.
LEWISBURG, l'A. JAN. 0, 1858.
Message of the Governor.
To the IlmorntAt the Senators and $fmtr of the
Ujuseof Rjfresentattres of the U'enerttt AsumtJy.
GixmaiRt-Bv th mifTnuret of vnUr fellow ritiz'-n.
you bare been charce-l with the duty of rerfu-iitiiin
them, and the intertt of the Oiunio wealth, io the
LejUUtive brauru of lht Government. Tb nfniO.
bilities "U have anuiued and the duti-A to he pviiutiu
d hhould ever I- rt-curdeilai- paDifunt ! every tfel!i-h
orpartitau eonsidt ration. The priority of th MaW
.n,l th .reneral WulUre f the iwple. oboulri weive
your earnest atteutii'ii, and f the aim and end of your
ie.riUtive action. Ti. pruiuote thewubjeets. I will rheer
fullv. in every lentil and constitutional manner. duritiR
theVnntinuance of my official term. Hirte with you.
The pant year, with tit except ii-n of re ent financial
.nv.rr.m'.nt been on of isvneral I'nflK-riiy.
No ff"rfijro war no fraternal ptrite. ha di-turbed the
peai-etUI (JUlrl 01 our iioiuen. . ii-wiu u ......
if- t. )-Kt n.rs. ha buen vouchsafed to us. Seed time and
h.noxt. have not failed th earth hith yielded her in-
-reae . aud rirhlv rewarded the lal-rol the huf-tnuduisn.
The Art and S -ienee hv been advanced, and the jrreat
tnte-vsta of lunation. Morality ami IMtirioti liberally en
couraged ani susUind. ur natii .n in it unity our free
tn-uttutione in iheii integrity, with our rights and privi
leges, civil and r-li.'inu. have fieeii preserved. Itero
niiing in thene hUtwimiti the irtnnlnfsj of Aluiihtv ii"d.
we tbould render U llitu the homage of prsteiul hearts
and the devotion of our Miieere praise; and whilst hum
bly a--knowledt:inir His mercies to us a a people, let uh
still further exprvwumr gratitude to Hi in. by arts of
Individual rhintyand Undue; to the potr and help
es in our midst, Sorrow qh till tlie hearts, and ad
versity darkens the homes of many of our citizer..
Our lilerality fdvtuld l-e peneit-ut.; our benefaction
munitirent; and thus whilst the wants of tb poor and
autTeriii' are relieved, the irenerous triver will find a
ri -h reward iu the pleasure that result frwn coiutuuni
eated jrood.
-The binmee of the Commonwealth are in a very sat
1fiictorv condition. Ilurinir the past year every demand
upon the Treasury ha.- Ueo promptly paid, from the
rrTeuues derived from the ordinary w.urce. 1'U-t"
rationtiol ihi l. rOiiui will iprrynMlW)""-'"
detail, in the reports '" toU Tn-a-uier
For the tifral yer endiii Nov.uilr Jmh, lSi.ttie
receipts at the Treasury, including l-alanw in the
Treasury on the find day of Ihcemt'er, lKV.. of one mil
liun two hundred and 'lorty-lnur th'.usaud Ten huu
dred and ninetv-hve dolUrri and forty. two cents,
7di were live milliotit- nine Hundred aud lhirty-ti
tbouxand three hundred and eighty three dollam and
twentv-six cents. i$...lt;;5 ;i-J'iVi I he arepnte expendi
ture for the me period, were fie million tr.urhundred
and seven thousand two hundred and tventy six dol
lar and seventy nine cents. fr.4o7.-76 7y. Jtalanre in
the Treasury le'cemler 1. 1S,".7. tive hundred andlwenty
ML'bt thousand one hundred and six dollam and forty-sev-en
cent, i jJ. 101 47. i Kxrludim; thel-aianr. iu the Trean
ury on tlie tir-t davof lh--einler. K, ttie iwiptsfrom
all sources were four million eix hundred and ninety
thousand tive bundled and ei.hty-neven dollar and
lirht-toureents f.t.'.t".fK7 4- The rtnlinaryexpeiKii
eures f.-r the same period were three million nine hun
dred and ninetv-lwo thousand three hundred andeven
tv dollars and iwentj-nine rents, t.oy.;t7 exbib
itiui nu t-'i- of re"eip' over exienditures of six
(a'reTliei'H uonittn m .t ... ,s - - -
The extraordinarv pavmeuta for tne year, were one
niilli'n tour hundred and fourteen thousand nine hun
dred and six dollar and lift v nut. ($l.4U.VMi as
frillows, to wit : To theconitetin of the I'ortajre Kail '
rad, tortv-nine thousand wxty-oe dollars and ninety- I
two vnti iv.t'l y2:t t" the North Hranrh eiten-ion j
one hundred and tbirty-eipht thouwtnd seven hundred
a&d uinetv-eiL'ht dollars and eighty fiv cents: (l:;s.7yv
to relay the South Track of the Columh a Railroad,
ninety-one thoucind nir hundred and tive dollars and
fortv-six cents. fyl.4o5 4o:i to enlarge the lielaware
Division, fiirtv six thousand two hundred and Mxty
three dollars.' if4fi.U3 WJ fir motive (wer in lwti,
eiibtv-one thousand six hundrcl and fur d" liars and
twentv-lour Cents. if-l.io4 -l:f for rpuirc lu K6 and
lb.Vi. ittrty-niDe thousand five hundred and sixty-four
dollam and seventy-ei-ht cents. 4'...'i4 7: lor the
redemption of loans. eiL'ht hundred and twenty thous
and ninetv-seven dollars and three cents. (fCo.oy7 o-'t:) ;
daotatres on the Public Works, forty-MX thousand five j
hundred and fifty-two dollar aud ixty-fife cents, i
4ti.fW 5; ) old claims on the Main Une adjusted un- i
d-r the several A i-U of Asseinhlv, fortv-six thousand
five hundred and t'Tty-ei'ht dollars and fifty-seven rents i
$4fi ''.) and for the new State Areiial and harm- :
r Hitfh School, forty-five thousand dolllarsi$4.'i.iMtu '
The interest on the funded debt, due iu February !
and Auirust ln-t. was then promptly paid, and that ;
la'. It Us due in IVSrunrv next.will bepai lout of available
means now in th Treasury. By virtue of the provi
sions of the Act .f the I. ah of cti.ler, lsfi". entitlel
An Act prfv Mine fur the Kesumption of Specie I "ay
metits by the Banks, and for the Kelief of llehlor."
the State Tr.-asurt r w ill lie enabled to pay the interest
due in t'ebrurv. iu sie ie oritse.juivaient. The credit
of the Ojtnnoiuweaitli ha I'eeu fully and bonoral-ly
pustaitied. Tiie (.roiuptnt ss with which every legitimate
demand upon the Treasury has leen ntel. has inspired
pulUc confidence in our s--urili- k and although recent
and existing firitn ial revuKion may etulwrrass the ojn
ratiitlM of the Treasury, aii'l redu-. to some extent the
revenue, yet the ability ol the Mate to meet her engage
meuts and mainttiii her creiit, under an honest and
economical administration ol her b nances, is und-.ut-t'-d.
Ibe honor aud credit ol the Mate must and cau be pre
served tot act.
The torn ti i is sinners of the Sinking Fund, report the
uinot lour hundred and fourteen thousand nine hundred
aud twenty d.-llar and twenty nine cents, t $ tU.Wi )
a now in the Treasury to the credit of that lund- This
amount will he applied to the redemption of Belief Notes
vet in circulation, and to the pajnieDt of the funded
debt of the Commonwealth.
The Com uiiio hers of this fund, on the 7th day of
September last, reported to me tbat the sum of one
million fori -two thousand eight hundred and ritty
even dollar aud sixty-four cents. t$l.u42.s.'t7 Wi of the
deht of the Common weal lb, a held by them, as follows
vir:
loan- ot itth of April, lii, over due, b m
Iir:iry 4iO,iO 0
LiinK of 9th of ,Mv, ls.'.4. over due, tem-
... v 104,000 00
Certiib-atwinf .. Nim ol April II, 14
l-r cent...
bb,50! 00
rerun tr of tUnrk. loan of vaTKiUS dates.
A percent -31 o4
4 Belief Notes cancelled and destroyed S73.04O 00
in Treasury, fct a--ide lor cancel
ation 80,000 00
Total $1.04-Ja7 t4
As required by law. I directed the certificate arid evi
dences of ibis indebtedness to be cancelled ; and on the
l&th of svpumber.lNii7.isued my proclamation declaring
the payment, extincul-hment and final riLscharae, of one
motion forty -two tlntuud eichl hundred ami tttiy -seven
dollars aud'fiixty tour teiita 1,042 A7 A) of the punlic
ln addition to the ntnourt reported tn be In the Treasu
ry to the iTtilit ot the sink me fund, and apple able to the
rmytnent ot the public tit-Id. the oinnjia-ioriersnf the fund
now boid the (itun ol seven and one h.ilf nnilionn of
dollar-. ($7 6'0.lHf tw) b-md ot the t'enu.-j '.".-unia liail
road Company, pledged by law to the puyniciit ot the
futlded Uelit o! the I". illimol. Wealth.
By the 4th seetn-n ot t ,.. HU ;irtireof theron-titntion,
a'inetide.1 and Mtitied by a niajority ol the 141 iai. tied
VOt- T- id the Ml'C, ilt til'- (jetKT.tl ei. . tl'-u J),..t on t!,e
a.H..tl1 I.it-.i.iv ! 'i !"T. 1-.'.;. tt riiiob- th.-dury of
th" I."'.':-I.iti;n' :t' ;t- 1i:t s'---"i t; a'P r i1m ;'t- j t ri of
;iin-t: itm-:.! t- aU n .nl.!H. Kn:,!. whu li lt:ill be
V :tV. t. tvi 11 ' Te-t on !( pr.v-ent p' h-
lr -! M ais 1 y .1 ' ::t- ' 'I"'-: th n ;i!t- r mn-t intional.
v : trio t-"'. ;i: I n" :.i'! t" r-"'.' Mi-' J nil ip;il there
V itv -i !!' '''I'' h red tr:.l filty thousand
! .!:r. ($Vmi ) v.'. ct, '-S.t.t.f-f f .i..d -li.ill ctist
of tti 11--t :i' .:tl lli "t::.- of the puh.ic work- from time
.. t r.i-. (!. ! ! the St it-, or th.- pp ds ot the K.le of
t he .mi", o; itv pirt ll.'T 'of. an, 1 uf tin- in-line w pro
C.v mI- ! ks ..Wt.od ,y tl.eM.ite, lotet:er with
other tuiids or reonn'es th:it may be dispirited by kw.
The eaut Sinku.g rund may be increased from time lo
lima br af eiuiug to it any part of the taxes or otbar rtr-
etintw of im Put'', not required for tl-e ordinary and cur
rent expense of pnvemnient, an I, unless in ca-e of wnr,
Invdsifin or insurrection, no part of said Slnkine Fund
shtli bo u-ed or app Ktl oih. rwie than in extioetiL'-h-meiit
of the public d' ld. until the amount of su h debt is
reduced be!ow thtt sum of tive millions of dollars," ($5,
0l.o0 This heinsr tho flrt sesion of the I epHlature f Ince the
adopt !!! of this ann-nlnieiit. the dt.ty therein enjoin, -.1
devolves u(K.n you, and .hoiild bi; promptly and faithful
ly (it -char cod.
" The funded and nnfiinded d-bt of lh Plate, Incladi'ip
t'-mporary loiu-;, on the tirr-l 'lay of e'etiiter, 1SW, a
p.-r K"-rL- of Auditor liemral ubd Sute Ireanurer,
as follows, vu:
ri w-KD rf:irr.
6 per cent loaiw . ftll "M "0
ft afi,Hoti.'e.4 M
4 1 . ::ss, -jhi isi
" " ItHI 000 IM)
Total funded deU 19,6ft6,97 60
I H Mikll lKHT.
Relief notes in rin nlaii.'ii, . . f ."jo.. 00
lnterotcertlllraU'souP-taiiihng '2t l'A i7
urn iai Diet).. 4.44S ;;H
!Vime-t:c irreditors. 1,14 00
italaiice p tiiporary loan, April
IU, ISM 400,00-5 00
Hilani-e temporary lciim, M;ty
u. Is,--, ." isi.oco 00
Total unfunded debt R34.fi.f,!i 75
$10,701 .K& -JO
The funded and unfunded debt, at the clo-e of the hi.-t
0?lo1 year, l-'ecember 1, ls.ri7. was as follows, viz:
ITMiK!' lKltT.
R percent, loan 4-lfl.lw oo
ft
4 V
1 i0
lon.lKHJ 00
Total futnlcd deht..
-3I.70')59-J 62
l'rTHKt I'f.lT.
Hejief notes in circulation $14". 4"J1 00
lutere-t cerUtkateS out-Ulid'tr 47:i 2
- uucUiiuid 4.44S ;j,S
Iome-;tJc creditor? htl- M)
Total unfunded debt 175.145 70
TotaJ debt December 1, lh'i" ' ssi.t.w s.
Total debt December 1. lM 4',7oI.S::.i V5
1, li7 ii hM.7"
rtecToa-sedtinntr late fiscal year fv.'O oi7 1S
lliese statements exhit-it the eranlyinir Lo t. that du
rint the past tisal vnr. the i ut ljr drli ban been redu
ced eiht hundred and twenty thousand, ninety-seven
dollars and fitly five cents. During the same period
larite appropriations and prtviii'-Ms were made on ac
count of our public iuip! veuieiits. tor old and unsettled
claim adjusted und i il.e act ol lat seseion, and kr
other extraordinary p:' - .es.
The condition of the Tr- asury piior to the suspension
of specie payment l.y th.- 1 :tnk justified the appreci
ation of at leat two hundn d thousand di llars more in
payment of the public d- 1-t. and arrangement were
made by the I rea-iirer, iu r llie ilm - tion tit the 4 om
niiiotier. of tbcn.kiui k un-l i..
out miut itie su.-p ni-iii 1 1 1 th- consequent fiuaiiciul
eiiiliarrasvinent ot the eoiintrv. tiie proposed payment,
Irom prudential nnitive. j.. i j . r- -1 . Had thistay
uieiit l--n uiale. in addition to t h-; ' i tnents already Tt
ported, the statement and cnl- ul.r.i os submittd in
my list annual 5b "sae in relntK ii ti l '. enrlv t-avntetit
and tinal exiiuuishmetil of thepuMi.- ,!.(. t. would thus
tar have ueeii sustain, tl l.y their actu tl verification.
The causes that prevented their realisation, it is believ
ed. will soon cease to atfect injuriously th.- revenues of
trie Commonwealth. Actuated l.y that in3-toitatle en
enry that has eve "haracteritl the Am. ri an pe.iph
falterine for a momea'. but not di-heartetied by the ad
verse circuuislaur. thitt surn und u roud to more
vigorous action l.y disaster and deleat, our pnjrres can
not long 1 checked, tior our prosperity h-nji lie inter
rupted. Contidence. the a, nsitive. y,-t powerful aencv.
that binds in unity and strength the jrreat fiuanrial,
n-imiiiureil mi. I itL.liictris) iiitr.-ta nl niirminntrv atiil
the world, has been iu.l leiily impairet). pnlucinT fin in- J
cial ana commercial iii.stre. ana an.-ctiujt the revenues
of the Commonwealth : but with the advantages result
ing from the rapid development of our resources during
the last Uarterof a century the immensely valuable
increase of our airrb ulturahniitiinicaud manutactuHtifc
and all the element-of material wealth in our midst,
its restoration at an early eriod is not probiemaiical.
IVturnin confidence, will be the herald of rturnitir
prosperity. Notwithstrnnlinir. then, the prtsent embar
rnssiuent and clirfuny condition of the country, after a
cnrelul ci.tisideration ot the present and prfspeetive con
dition of the finances and resource of the Common
wealth. 1 cannot hit,ite to reatbrin mv U-lief. "that
the time is not far distant when Pennsylvania will stand
redeemed from the oppression of her public debt, and
her people be relieved lnm a taxation inittosed to aiit
its accruimr interest and inantain the tailh and credit
of the Commonwealth,'' and that -ry pnw tisinc strict
economy in all departments of the I 'oYernment avoid
imr extravagant expenditure refuMnir to undertake
any new scheme of internal improvement, and holding
t" a rie.id accfiuut.il ility the reci iviim and dil-ursiuft
anents it the State, the realization ol these tiews may
be antiiipated with contidence.'
As corntborative of the opinion now and heretofore
expressed, a brief review of the operations of the Trea
sury during the past three years, us connected with the
payment of the deht of the Commonwealth, may not l
inappropriate. In my first annual mesane to the I--gislnture
the fact wa state-1. that during the three
years intervenine between December 1, 1 .'!. and l"e-ceml-er
1.1.4. the public debt had been itiereasd one
million, fire hundred and eiuhty-four thousand, three
hundred and fifty-nine dollars and thirty four cents;
and that the total deht at the . ..se of the fiscal year.
Decent fieri, 1V.4. was frt-oije millions, six hundred
and ninety. eiht thousand, live hundred and ninety
five dollars, and seventy-fuur cents, (41.o9fc .V.t5
74. At the close of the late fiscal year. Decern tier
1, 1o7, three years later, the funded and unfundeil
debt, as before shown, was thirty nine millions, eijiht
hundred and eijhtv-one thousand. s ven hundred and
thirty-eitrht dollars and twenty two cent; i SM .T,,s.
2"J:f decn ase in three years, one million, ei'ht bumlrt d
and sixteen th- fi-and, eiht hmidre! aud fifty-seven
dollars and fifty-two cents, ifl SJti.s.',: t'l.)
Thus in three years th- put'li- detit has leen decreas
ed, by actual iauient and without res.-rtini: to the ex
pedient of teuHrary loan, one million, eirlit huudr.-d
and sixteen thousand nyht hundi4 and fifty swen
dollars and Idty-two cents. If V this be added the sum
of four hundred and fourteen thousand, nine hundred
and twenty dellars and twenty-nine cents 414 W! 'Jtoi
now in the i nk tne fond. and a nlicaMe to the payment
of the funded debt, the redu -tion will tie two millions,
two hundred and thirtv-one thousand, seven hundred
atid seventy -seven dollars aud eighty-one cents, ('-.riil-
7i7 M.
These facts are not onlv pratifvinc. but encouraeinir
It has already lieen staUd that there Is in the Mitkinjr
Fund the sum f M-ven millions, five hundred thousand
.iJUri )n.ts.f the 1'eiiiiHtlv.inia ICailT''l tomr-"J-
i. . . ti r,t-.,'.f rue ier iituin per an
num iiavalde semi nonuail' rWewl to the pay
...,.t ill,, fun. i.- tti. If this sum W addtdtothe
r.-Ln ii. t-i rr stilted, we have presented to us a virtu-
mi. if not an actual decrease, of the Mtedebt of nine
millions, ihai ii uuudred and thirty one thousaiidx veu
hundred and St vent -seven doilm- and eiehty-vne cents.
Tol.TTT M: show inn the total tunded aud unfunded
debt of the State on the first day ot Deeeinlmr. 1V.7, to
have (tee ii thirlv-otie miiiiotis. nine htuidred and sittv-
six thousand, eijfht hundn-! aud eighteen dollars and
forty-one cents .'.srfi II .)
In antit ipatiou ot the sale ot the Main Line and the
deiTea" in the public deht, the Mate tax. by iui act of
the la.-t repulir ses.-ion. w;is reduced from three to two
and one half tin. Is on the dollar: a reduction iipial to one
sixth of the tax imposed for Slate purposes prior to that
act. These tacts seak for themselves. Well may the
jieople lie congratulated ou such an au-pinous hckimijiix
iu the process of liquidation, and well may they with con
tld nee anticipate the day of their deliverance from Mate
taxation. Financial andcommerrialembarrassmei.t may
xiM'snie. nothiiifr but unwise legislation, and the impru
dent or dishonest mu eemein id our tliiancea, can pre
vent the early realization of their well louuded anlmpa
tions.
The condition of flip public works, thir pcneral opera
tion, the receipts and xpetidttures dunsp the jiast ti-cal
year, will he presented P you in detail ui the UijKtrt of
the Canal Cotntm lowers.
The total rec ipb at tho Trea;iiry. from the public
Work, for the year ending Novcmlter 'Mi. Kt7. including
rece troiti the Maui l,;!ie up to tin- fir-t d iy ol A iii:-t
la-t. Were oi.e Iin;:. 'ti tl.'ee hiilnlrt-1 arM I'lit liloii-ahd
live h ii, r-! :t::i! ui!!"t)' c:i;lii dollnrs :.;.d s:xty -two ceiu.-.
($I.3im.V'M r.ji. The hi-rc"ite expenditures for the
rame ier! nd wre one miiiioti tliree huii'treU ilid twelve
thousand seven hundred and live doIUr and sixty seven
cetds. ($I..'il-7' 5 'T;. tie- e. i.d .!.: c i-xcee.Uii.' the
r v. ii'iv-i p.iir th.'utt'd i in hundred aiid seveu itollar
aiid liveceti'J, (j4.o7 li'i )
TV receipts at the Treasury tn-m the several Division?
Were as follows, viz:
M.ub Iji.c. to August l.lsr.T $796.Sil0 32
Suru jeliatma ana Xurth and West Urunch Di-
ot7 rid or
D8kWalHTlaW.7.V..".'."!ll.l... 2S4.o9 34 I
The receipts from the I:lnware Division are Icps than I
those ot the previous year. 1 he completion of rival KjuI
ro us ai.d other caiL-es, have ies-etie.1 the receipts from
this Important division of our public works: und it is
feared wdl continue to decrease Uiem. Its management ,
ha been sati-fa tfry, and compared with other dun-ions
of the pubhe Improvement, economical. The net reve
nue, at the Treasury, was $174.otil h7, a decrease of t si,
tr.:t W. as compared with the receipts of the pre f-UiiK
year. In ud-luion to the ordiuury expenditures, the nun
of $HV.sl was paid for itos enlarge-"tit and improve
niert of this division.
I he North ItraiK.-h Fxtenstoo of tlieIVnnvlvaiiii canal,
although Hi tar Completed in the tail ol ls.6o, that boat"
freighted with coal and other pmd'n V. Were mici es-f'iily
passed throoph its eniire length from IttL-tou to the June
tion canal, yet in consequence of a lare ortioii ot the
1 Horse Kace Dam'' haviuie bou came l away by the
freshet ot last sprinz. bii-liisn on the canal was suspeml
ed the urealer tart of the past year. It was repaired
dunnjr the summer and in the fail Im-iness w.is re-u rued
alonu its entire length. Su atter.the same dam was
a tram extensively injun-d )- a sudden and heavy fresh t.
and tie- greater part of the canal rendered iiecies for
fcu-ines. Ail appropriation wul Ih- rni'jired to re con
struct the dain.
This canal, aithongh useful and valuable. apiers to be
doomed to failure and di.-a-ter. I he-e are tie- lruits ol
former mt-mauapement and fraud tn its con.-1 ruction.
r.'very ettort has iM.-n made to repair tl-e errors ot its
early mai-ievim-nt, and to conipiep ami render usetul
this division ot our public works I'nder propter maii
agemenl it can be sm ce.-sfully accompli-hefi.
In i ur-iiatice of the act of the D'.th day of May. I".
providing f.-r the sale of the Mam Ijue of the public
work-, att- r t'lvuiR tin nonce rwp.ire.i uy law, i t a i.-'-a ;
the -aid M mi Line to be exposed t'i i ultlic -ale at the M.-r- :
cliiud-' Ksi'haiiffe. in the city of I 'lit lade I phi, on the 'th i
day of Jm.-e last, atid sold the sam; to the i'cna-ylvai sa !
itailr 1 t ompany for the sum of m-vui million.-, five j
hundred t'lon-and dollars, tke bu;he-t price bid lor the I
tiam. and "he minimum price fixed in the act.
Alter a full complianci- by the purcha-er- with the con I
diton- ot the act ai.thoriz.inj: the tale. aud the delivery of i
Iheir bonds in nuiutier and lor the amounts e.pil t4t and !
falling due at the time provided for tlie pa ni- nt ot the
re-i iive in-taluienf. the Secretary of the Common- !
weaith. on the :il-t day of, Juiv, A. D , lh.17. as .ure ted 1
by the act. tran-t'erred, under ihe treat seal of th- Mate,
to the I'enn-ylvant.-i Kflilrond Company, tlieir st e.-.-or-ora-sn:tis.
the whole Main Ijiiooi the public w rks be
tweeu I'htlaileipl.ia and rutimrir, toteiher with all the
ru'til. trtie ami intere-t. claim and demand, ol the Com
nioiiwealth of reniisylvatiiit ti all property, real per-o-nat
and mrxed. ItelMinuir to or u-oi in connection w.th
the same by the Commonwealth, and the purchaser
bavil;,; pi veil notice ol their readiness Intake pi--e-on
ol" the -tiid wor s. po-isfs. hid of Die same Was accordingly
delivered to the Company on the firt day of August lat ;
ul which notice was given to all Superintendents and
Ak'cnts of the Commonwealth, by proi Urn iU-n b ari!.k'
ilat-r tip :ilt day of July, 1S57, as repured by the law
ant tn ri7iriL' the "ale.
The 1 mi-ds of the Pennsylvania Railrond ComiKiny. in
the -um of seven and one halt tml.iousof dollar-, were re
o ived by the Stile Trea-urer aud are h"hl by h:tu fiir tin
'oin!iu--ioiiers of the sioKiiijr Fund: the entire pp i''!
of the sale hi-iii(i n-.pi red by the l Jlh ;iiOift ' ,K"
O' STe ?UU- debt.
I car md forbear concratulatin? the peop of the Com
mfi w.'.ilth ou the ou-um::i:iti u of thi- -a!e. 1'nldn
setitimi-l.t as expressed thri'Uk'h the ballot tioX. and i:i
otli-r i'iimseqii:iiiysii:t1itlc.ir,t.dem.iiidd it public poll y
ati't i he iiiterct- nl toe t ttimoiiealth rcpiin d it. It i
doiie The many approve; few complan. tlnt-e most( ho
have ffimed an tiiienviaMe reputitioti by a reckie
recard of the pub ic uilere.-ts, as exh;b:tod in th- i-xtrava
laiit. useless and fraud'i'eiit exi-'ii'lituruc ol the public
iu icy lor eitL-h or partuiti puri-oses.
The sale of the Main Line has directed
public attention to the importance and neces
sity of di.sposin; of the retnainmp division
of tlie iulilic itnjiroveiuent.s. The reasons
and policy that required and justified the sale '
of the one, apply with equal foree to the s.ile
o( the other. The propriety of Repantiiu;!
tlie State from the care and control ot the i
public works, is not only evident to all who !
have given the subject a candid and impartial
consideration, but the necessity is clearly
nun ana iniifrAv. i.-v
be a source of revenue to the Commonwealth,
and if retained by the State, w ill require an
expenditure in their repair and management,
largely exceeding aiy revenue, that under
the most favorable circumstances, can te
derived from them. In any phase of the
question, this separation is desirable, but in
connection with the payment of the public
debt, and the reduction of State taxation, it
becomes an object of more titan ordinary in
terest. A sale, at the earliest practicable
period, of the whole of our public works, for
a fair consideration, upon terms just and lil
eral to the purchasers, and at the same time
amply protective of the rights and interests
of the people, should be authorized by the
Lffrislnturt. Such sale, with the application
of the proceeds to tlie payment of the public
debt, would secure its still more rapid extin
guishment. The subject is recommeuded to
your unbiased consideration.
The law incorporating the Pennsylvania
Railroad Company imposed a tax of three
nulls, per ton, per mile, on all tonnage pasing
over that road, as an equivalent for any tie
crease in the revenues of the Commonwealth,
that might arise lrom the anticipated compe
tition of the road, with the business of the
Slain Line of the public improvements. This
tax is not imposed upon the Company, but
upon the tonnage, ami is paid by the owners
of the freight transported over the road; the
company acting as agents in its collection and
payment to the State. It is virtually a tax
upon the trade and commerce ot the Com
nionweallh, and upon the commerce of other
States whose productions seek an Kastern
market over this road ; and thus by increasing
the rate of charges ami the cost of trpr
tation the produce of the V lorced upon
the compel inir niii ot other States and
U . maikets than our own. The neces
sity that required this tax, as regards the
Commonwealth and her improvements, has
ceased. Its continuance can only Ik justified
as a revenue measure. It should be the
policy of the State to invite the transmission
of the products of other States through her
territory to her own markets, and, therefore, the
propriety ot relieving the trade and business
of the Commonwealth and country from this
tax upon it, is respectf ully submitted for your
consideration.
In consequence of the suspension of specie
payments by the liatiks of this and tho other
States of the Union, and the tiuancial embar
rassment andgeneial prostration of business,
I deemed it my duty to call, as authoiizcd by
the Constitution, an Extra Sessin of the
Legislature, to meet at H irrisburg on the
sixth dav of October last. Although the re
lief provided by this extraordinary session of
the Ueneral Asseintuy, was not as ample as
the exigency of the case required, yet it was
productive ot many beneficial results, and
served to all.iy the intense excitement and
alarm that pervaded the entire community. By
the act providing lor the resumption of specie
payments b the Bank-, all banking in.-ditulions
accepting the provisions of that law, were re
quired to pay into the Treasury oue.fourth of
one per cent, on their capital stock; the amount
realized by the payment of this bonus has
not only defrayed all the expenses of that
session, but will leave a balance in the Treas
ury ol nut less than thirty-live thousand
dollars a result certainly not injurious to the
finances of the Commonwealth.
My views expressed in former communica
tions on the siilij. et of banks and banking capi
tal, in their relations to the currency and the
general interests of trade, remain unchanged.
However diverse our pinions may le on this
subject, it must ti admitted by all, that the
banking and credit systems are so intimately
interwoven with the business and commerce
of the country, that their sudden separation,
or a rash innovation, would produce conse-qiienci-sof
tearful m'iiil ude. That the pn bent
system of hankiug is perfect, is not preten
ded ; that it could hj essentially modified
and improver, w ill not be denied. The pres
ent derangement of tlie currency may and
will suggest the necessity of reloriii, not only
in the system itself, but in the management
of our hanking institutions.
Unlimited credit by corporations or indi
viduals have and will ever be an unmitigated
evil. They contribute to bank expansions,
rash speculations, extravagant living, ami ex
cessive over-trading; always sun to be fol
lowed by ruinous revulsions. What the re
medy should be, I do not deem it my province,
under existing circumstances, to suggest; bul
to Ik; peimaiieiit ami cnVctuui, it must accord
with the natural and necessary laws of trade.
The currency of a country forms no excep
tion to these laws, and should be left to their
operation and control, so far as may le con
sistent withthepubhcgood. It is, therefore,
that a system of tree banking, based ou un
doubted public securities, and coin in such
proportion locirculation and de.Hsites as may
be deemed sullicier:t to secure their conver
sion into specie, on demand, with proper lim
itations ami restrictions, is deemed preferable
to the present s stem. Its introduction would
correct many existing abuses not only iu the
system itself, but in the present mode of
banking. These qtiotions. however, with the
remedies necessary to prevent a recurrence of
the evils under which we now sutler, together
with the nature and extent of the relief, if
any, that tuny yet be required by the Banks of
the Commonwealth, to enable them to resume
the piiymcnt ol their liabilities in specie, aro
all referred to the w isdom ol the Legislature.
They are practical and important business
questions, aud as such should receive your
intelligent consider.!! ion.
The present condition of our Commonwealth
- k imping re
mark. A severe financial revulsion has oc
curred, inducing a suspension of specie pay
ments by the Banks, not only of this Com.
inouwealth, hut of all th? States of the Lnion,
deranging the currency and alfecting disas
trously all the great interests of commerce
and the industrial pursuits of the citizen.
Lai tor is without employment, and thousands
of strong active men are now asking lor work
or bread. The Causes assigned for these evil
are almost as various as the interests or ire-
judices ot those who undertake their explica
tion, i o wuaiever cause or causes tliey may
lie referred, it is neither just, nor proper to
charge all our present financial and commer
cial distress to the Banks and their manage
ment. However much they may have con
tributed, othercauses have operateu still more
directly and powerfully to produce these re
sults; and among them first in importance and
influence is the present svstem of low duties,
adopte-i as tne policy ot Ihe General Govern
ment in 181ii. The abandonment of the pro
tective policy, as embodied in the Tariff act
of 1S42, was resisted by Pennsylvania with a
unanimity almost unparalleled in her historv.
Her representatives in both branches of the
National Congress strenuously opposed the
repeal of that act. The evils under which
we are now suffering were predicted, as a con
sequence of such repeal. But other counsels
prevailed, the act was repealed, and the in
dustry of the country exposed to a ruinous
competition with the cheap labor of foreign
nations. The disastrous eifects of the repeal,
were postponed by the operation of causes
well understood by every intelligent citizen.
Famine abroad produced an unprecedented
demand lor our breadstufl's, and the gold of
California, although it may have added to the
excitement of our progress, and contributed
its full share in producing existing tiuancial
and commercial embarrassment, in millions,
supplied the means of paying the overwhelm
ing balances against us on our foreign impor
tations. Under the present system of low
duties, the excess of imports over exports
has been lieyond the most extravagant wants)
of the country. They have been enormous
aud ruinous destructive of domestic indus
try, and involving the home manufacturer and
home labor, in one common ruiu. We have
imported more than we could pay for, and
much more than we needed. Pennsylvania
abounds iu iron ore. Iron aud its manufac
tures are justly regarded as important ele
ments of her material wealth; ana from her
abundance, if properly fostered and protected
by national policy, could supj.lv the
markets of the world; and yet, since the pas
sage of the act of l.Sltj, we have imported of
iron and steel and their manufactures, more
than two hundred millions of dollars in value
paid tor in gold or our bonds and stocks, now
held by foreign capitalists the interest on
which but adds to the burdens imposed upon
us by our foreign indebtedness. The same
is true of many other important branches of
home industry. Many millions in value of
cotton and woolen goods have, durin" the
same period, leen imported, that should have
been made in our own workshops, should have
lieen woven on American, and not on British
French or (ierman looms.
As an example of the practical working of
the system, ollici j documents exhibit the
fact, that during the past four years the im
ports of foreign merchandise, exceeded our
exports one hundred and eighty-four millions
two thousand seven hundred and sixty-eight
dollars; and as a consequence, the drain of
the precious metals was correspondingly
great. The amount of specie sent out of the
country during that period, was two hundred
and thirteen millions three hundred and sir
j ty-four thousand three hundred and eighty-
f'Kr dollars specie imported twenty-six
( millions nine hundred and twenty-seven thous
j and four hundred and twenty-seven dollars:
leaving a balance against us on specie account
of one hundred and eighty-s.x millions tour
hundred and tlnity-six thousand nine hundre.l
and lifty seven dollars. This depleting pro
cess, aggravated by excessive importations,
unsettled the currency ami induced an inflated
papt r circulation, resulting in bank suspen
sions and financial embarrassment. But tho
evil docs not end here. Au inflated paper
currency, by cheapening the price of money,
increases iu this country the cost of produc
tion, and thus, whilst the American Manufac-