A. L. Bishop — The State Works of Pennsylvania. 207 



the net proceeds of escheats; the dividends accruing on the canal, 

 road, and bridge stock owned by the state; also the tolls to be 

 taken on the public works when built. Let us now endeavor to 

 make a fair estimate of the yearly revenue thus diverted into the 

 improvement fund. 



In any safe system of finance, the "appropriations, grants and 

 donations" could scarcely be regarded as sources of any sure revenue. 

 Hence it seems fair to say that such contingent contributions should 

 have little or no weight in computing the strength of the fund in 

 question. The second item, viz., $30,000 from the auction duties, 

 could be depended upon as always forthcoming, since this was only 

 a small fraction of the yearly revenue derived from that tax.* 

 The net proceeds of escheats was but a minor fund, also uncertain. 

 In 1827, it amounted to $2,040.35, but for the next three years it 

 averages only $485. One thousand dollars per year was certainly 

 as much as could reasonably be expected from this source. f Tor 

 a number of years following 1826, the dividends on the state stock 

 diverted to the improvement fund averaged $29,000, and as the 

 yearly income from this source had usually approximated this 

 figure it could quite safely be depended upon as forthcoming. 

 Finally, the revenue to be derived from tolls depended wholly upon 

 the future. The fund could not be augmented from this source for 

 several years, however great might be its contribution in time to 

 come. Consequently we find that the sums that might reasonably 

 be collected yearly to constitute an interest fund were approximately 

 as follows: — 



Auction duties $30,000 



Escheats 1,000 



Dividends on canal, road and bridge stock 29,000 



Total $60,000 



Computing interest at five per cent., the market rate when pre- 

 vailing, this sum was sufficient to pay the interest upon loans of 



$1,200,000. The estimated cost of constructing the through line 



* In 1826, the auction duties amounted to $108,820.06 and for several years 

 afterwards they were never less than this sum. See Hammond, Tabular 

 View of the Financial Affairs of Pennsylvania, p. 14. 



I The average yearly income from this source for the twelve years follow- 

 ing 1827 was $1,061. — Hammond, Tabular View of the Financial Affairs 

 of Pennsylvania, p. 17. 



