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



The sales were made at a low figure, for all of the ahove realized 

 but $1,319,730.65. Notwithstanding this fact, however, the bank 

 stock, at least, had been a good investment, since between 1821 and 

 1844 it had yielded on an average 5.7 per cent. On the other hand, 

 the rest of the holdings had returned less than one per cent.* 



On November 30th, 1843, the close of the last fiscal year before 

 financial reform was commenced, the total amount expended by 

 the commissioners of the internal improvement fund for the various 

 purposes of the state works was $53,352,648.72. The cost of the 

 latter to this date had been $28,616,375, and they had yielded 

 $9,286,644.26 revenue. The interest payments on loans pertaining 

 solely to the improvements totalled $16,230,597.15. The balance in 

 the treasury was only $115,466.91, while the debt still outstanding 

 for loans was $39,240,461.40.t 



As already intimated, the year 1844 saw the commencement of 

 radical measures of financial reform. Rigid economy was now 

 introduced in all lines of public expenditure. On the 29th of April, 

 Governor Porter sanctioned an Actt providing among other things 

 for an extensive system of taxation. This policy, hitherto adopted 

 always as a temporary makeshift, now that the financial failure 

 of the public works was recognized, was viewed in an entirely 

 different manner. The provisions for taxation applied to all real 

 estate not exempt by law; all personal estate; mortgages; money 

 owing by solvent debtors, whether by promissory note or otherwise ; 

 with minor exceptions, all articles of agreement and accounts bear- 

 ing interest; all shares or stock, in any bank, institution or com- 

 pany; all shares of stock in unincorporated saving fimd institutions ; 

 all salaries from professions,- trades, and occupations excepting 

 farming. The same act also made adequate provisions for equal- 

 izing the assessments and taxes in the different counties, and created 

 the machinery for imposing the provisions of the act and for making 

 .collections.§ Anyone holding interest certificates or claims for 



* Worthingtoii, Hist. Sketch of the Finanees of Pennsylvania, p. 57. 



f Tlie debt contracted solely for public works and for paying interest 

 amounted on Jan. 6th, 1S42, to $33,350,313. See J. 11. Rep., 1S42, II, 

 p. 4. 



$ Laws of Pennsylvania, 1844, p. 497. 



§ Governor Porter estimated that the new assessments authorized by the 

 Act of April 29th, 1844, would yield $1,500,000 yearly. "This sum," he said, 

 "with the other resources of the commonwealth, will be entirely adequate to 



