A. L. Bishop — The State Works of Pennsylvania. 223 



certain unpaid appropriations issued during tlie years of financial 

 embarrassment, miglit surrender them and receive in their stead 

 stock certificates bearing 5 per cent, interest. By the concluding 

 clause it was enacted, — "That the whole amount of revenue to be 

 raised under the provisions of this act shall be irrevocably appro- 

 priated to the payment. of the interest on the public debt; and the 

 said appropriation shall not be withdrawn or repealed by any 

 general words or repealing clauses, in any appropriation bill or 

 other act."* 



The tax-payers were quick to respond to the provisions of this 

 bill, and, in some instances, the assessments apportioned to certain 

 counties were paid into the treasury several months before they 

 were due.f Accordingly, it was possible in February, 1845, to 

 resume the interest payments, and, at no period since that date has 

 the treasury department been without means to meet every obliga- 

 tion. 



Having now examined the manner in which the public works were 

 financed, the embarrassments experienced from time to time, and 

 the struggle made to preserve the credit of the state, let us consider 

 the reasons for adopting this policy as well as the causes for the 

 serious financial embarrassment during the years 1839-44. The 

 latter of these two points will be discussed first. 



In general, it may be said that the spirit of wild speculation was 

 common to many of the states during a large part of the time the 



furnish the necessary amount to discharge the interest upon the public debt, 

 and thus ensure the fidelity of the state to her engagements." — Extract from 

 message of Jan. 8, 1845, in Exec. Docs., 184.5, p. 5. 



* The amount of the state debt on April 1st, 1844, was .$40,051,794.18, dis- 

 tributed as follows: — • 



6 per cent. Stocks .$ 4,331,013.99 



5 " " " 32,934,763.73 



4i " " " 200,000.00 $37,465,777.72 



Relief notes in circulation bearing 



one per cent, interest 1,292,449.68 



Relief notes in circulation bearing 



six per cent, interest 171,636.00 1,464,085.68 



Domestic creditors, script outstanding 166,504.65 



Interest on loans due 1st Feb., 1844 955,426.13 



Total $40,051,794;i8 



f See Gov. Shunk's Message in Exec. Docs., 1845, p. 3. 



