A. L. Bishop — The State Works of Pennsylvania. 221 



tioned, the semi-annual interest payments had been met until 

 August 1st, 1842.* At that date, however, the treasury was without 

 funds, and witli no means of securing them! Accordingly interest 

 certificatesf were authorized to be issued to the amount due each 

 holder of state stocks. They bore 6 per cent, interest, and were 

 redeemable one year from date of issue. At the same time provi- 

 sions Avere made for the payment of a percentage of the debts 

 owing to contractors, employees, etc., on the public works. The lat- 

 ter were known as the "domestic creditors." On November 30th, 

 1842, the books of the auditor general showed that the various 

 amounts due them totalled $1,191,710, and, of this sum, $597,- 

 461.74 was for work done prior to May 4th of the previous 

 year. Again, on the 1st of February, 1843, more interest certifi- 

 cates had to be issued, as also for the payments that fell due the 

 folloAving August, and for the whole of the next year.| 



In the meantime, such serious financial embarrassment had 

 started an agitation for the sale of certain stocks held by the 

 state. § To this end, by an Act of April 8th, 1843, the necessary 

 legislation was secured, and at once stocks having a par value as 

 follows were disposed of: — 1| 



Bank stocks $2,108,700.00 



Bridge stocks 524,350.00 



Turnpike stocks 803,833.00 



Canal, Railroad and Navigation stocks 755,500.00 



Total $4,192,388.00 



* The interest due on February 1st of this year was delayed somewhat. 

 f See J. H. Rep., 1843, II, p. 8, and Laws of Pennsylvania, 1842, p. 441. 

 $See Exec. Docs., 1854, p. 96. 



§ At this time the state held stock in incorporated companies as follows : 

 86 Turnpike companies $2,313,275.00 



3 Banking companies ^ 2,108,700.00 



9 Canal and Navigation companies 852,778.66 



4 Railroad companies 395,276.90 



21 Bridge companies 524,350.00 



Total (par value) $6,194,3S0..56 



Ij Other stocks in canal, railway, turnpike and navigation companies to the 

 amount of $1,986,797.56 Avere \mi up for sale, but as the offers were small 

 they were not disposed of. For some holdings no offers were received. See 

 Report of Commissioners for Sale of State Stocks in J. H. Rep., II, 1844, 

 p. 28. 



