PENNSYLVANIA. 



739 



The revenue and expenditure of the State 

 for the year 1863, were as follows: 



BEVENCE. 



Ordinary receipts $3,959,438 61 



Miscellaneous 330,013 04 



Total $4,289,451 65 



On hand November, 1862 2,172,844 10 



EXPENSES. 



Expenses $3,139,121 08 



Military 208,074 44 



Other 967,768 63 



Total $4,314,964 05 



November, 1863 2,147,331 70 



The excess of expenditure for the year was 

 made up from the balance on hand. The State 

 debt was as follows, on Dec. 1st, 1863 : 



Funded debt, viz. : 



6 per cent, loans, ordinary..? 400,630 00 

 5 " " 35,709,986 45 



4J u " " 268,200 00 



$36,378,816 45 



Unfunded debt, viz. : 



Relief notes in circulation.. $97,251 00 



Int. certificates outstanding 15,356 63 



" unclaimed.. 4,448 38 



Domestic credit'rs' certifies 724 32 



117,780 33 



$36,496,596 78 

 Military loan, per act of May 15th, 1861 3,000,000 00 



Public debt, December 1st, 1863 $39,496,596 78 



Public debt December 1st, 1862 $40,448,213 82 



Deduct amount redeemed at the 

 State treasury during the fiscal 

 year ending Nov. 30, '63, viz. : 



5 per cent, stocks $888,499 78 



4} per cent, stocks. 63,00000 



Relief notes 109 00 



Domestic credit'rs' certifi's 8 26 



851,617 04 



Public debt December 1st, 1863 . $39,496,596 78 



The redemption of $951,617 04 by the com- 

 missioner of the military fund was in currency, 

 and gave rise to great complaints, particularly 

 on the part of the foreign holders who had 



(loaned specie and got back not more than two 

 thirds of that value. The commissioner had, 

 however, no option under the law. 



The interest on the debt of Pennsylvania is 

 paid in specie. But the" funds are derived from 

 the banks, which are required by law to pay 

 into the treasury their ratable proportion of 

 such premium on gold as is required to meet 

 the interest. By the act of January 30th, 

 1863, the banks were required to exchange a 

 sufficient amount of coin for currency, receiving 

 in return treasury certificates pledging the 

 State faith to return coin before March, 1864, 

 with 2J per cent, interest. $1,968,904 coin 

 was so obtained, and there is $41,040 interest 

 due the banks. The State had to pay $1,013,- 

 986 premium on the coin to return it. In the 

 years 1837-'39, the State was forced to sus- 

 pend the payment of her interest or pay in 

 paper. When the difficulty passed, the State, 

 by the act of June 12th, 1840, appropriated a 

 sufficient sum to reimburse her loanholders for 

 the difference in value between specie and the 

 currency in which they had been previously 

 paid, and then declared u that hereafter the 

 interest falling due on Pennsylvania stocks 



shall always be paid in specie or its equiva- 

 lent." This is the law at present. The taxable 

 property of Pennsylvania is as follows : 



Real and personal estate $595,591,994 



Tax assessment $1,545,648 94 



imill tax 294,859 72 



$1,840,503 68 



Population 2,921,046 



Population taxable 642,468 



An election was held in the State on the 

 second Tuesday of October, for the choice of a 

 governor, one third of the Senate and the 

 Assembly of the Legislature, and a judge of the 

 Supreme Court. 



The Democratic Convention assembled at 

 Harrisburg, on July 1st, and nominated George 

 "W. Woodward for governor, and Walter W. 

 Lowrie for judge of the Supreme Court. The 

 convention adopted a series of resolutions, in 

 which they declare that they again renew their 

 fidelity to the Constitution, and inasmuch as it 

 embodies the only guarantee for public liberty 

 and private right, the man who sneers at the 

 " Constitution as it is," proves himself deficient 

 in the first elements of patriotism, and any of- 

 ficer who violates it, is unworthy of public 

 confidence ; that among the rights provided by 

 the Constitution, that of security in life, lib- 

 erty, and property, is so plainly written down, 

 that any one who can misunderstand it, has 

 not fit mental capacity for any public station ; 

 that they have heard with alarm and indigna- 

 tion of the power claimed for the President to 

 arrest citizens for the expression of honest opin- 

 ions, and that he delegates this power to oth- 

 ers, a large proportion of whom must, in the 

 nature of things, be incapable of wielding it 

 honestly or wisely ; that those who attempt to 

 suppress books and newspapers by violence, 

 are the enemies of a free Government ; that 

 thanks are tendered to the democracy of Ohio 

 for the vindication they have given to the Con- 

 stitution ; that it is the duty of the chief mag- 

 istrate of the State to protect the State and 

 the people from violence, come from whatever 

 quarter it may ; that the democracy of Penn- 

 sylvania have been true to the cause of the 

 Union ; that they will exercise the right to 

 consider, discuss, ascertain, and urge such 

 measures as will be most likely to keep the 

 whole Union together under one Government ; 

 that the Administration, in departing from the 

 resolution of Congress, has totally changed the 

 grounds of the war, and greatly delayed a just 

 hope of an honorable peace. 



The Republican or Union Convention as- 

 sembled at Pittsburg, on the 5th of August, 

 and nominated Governor Andrew Curtin for 

 reelection, and Daniel Agnew for judge. The 

 resolutions adopted declare their inflexible pur- 

 pose to be to maintain the Union by every 

 necessary effort, service, and sacrifice ; that the 

 rebellion was without cause, and is stained with 

 every crime ; that there can be but two parties, 

 one which supports, and the other which crip- 

 ples the constituted authorities; that all en- 



