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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-