674 



PENNSYLVANIA. 



in 1848, which position he held at the time of The 3i P er cents are selling at $106 



his death Five years after his appointment he ffi J S SgJ ;; = ' IS 



published his first important work, his well- 



known and authoritative " Treatise on the Law Before assuming such responsibility, the 



of Contracts." This was followed by " The Treasurer is justified in awaiting a legislative 



Elements of Mercantile Law" a year after- command. 



ward, and by " The Laws of Business for Busi- The sources of revenue to the State for the 



ness Men " in 1857. In 1859 he published his vear were as foll w : 



"Treatise on Maritime Law," and in 1863 his Lands $5,60547 



" Treatise on the Law of Promissory Notes Ta * . on corporation stock and limited partner- 



and Bills of Exchange." The "Treatise on Taxon^ssVeciiptsV:::.::::::::::::::::::':. 



the Law of Partnershi p " was published in Tax on coal companies 90,703 86 



1867 and that on "Marine Insurance and Gen- BStSStj;^ : : " ". IS 3 



eral Average" in 1868, and "The Political, Tax on gross premiums 82,057 



Persona], and Property Eights of a Citizen of 



the united states" in 1875. Besides these, 



his Chief works, Professor Parsons Wrote On a Tax on collateral inheritances 476,852 02 



variety of topics. One of his most interesting ^*S%^{E::^ J& % 



Works IS the biography of his father, Chief- Tavern licenses 493,86282 



TrmHfft Parsons Retailers' licenses 805,984 92 



u U 1HJV" A.**^ "* . >TT . _ _ Eating-house licenses 79,682 26 



PENNSYLVANIA. STATE GOVERNMENT. Brewers' licenses 9,188 42 



The State officers during the year were the Billiard licenses 1 6,534 60 



following : Governor, Henry M. Hoy t, Repub- iStion^ereMiclnses ! :::::: '.'.'. '.'.'. ! '. .' .' ! '.'.'. '.'.'. 



lican ; Lieutenant-Go vernor, Charles W. Stone ; Liquor licenses 86,076 50 



Secretary of State, Matthew S. Quay ; Trees- SSSffl^:: ":: ::." ' 38 % 



urer, S. M. Baily; Auditor-General, John A. Theatre, circus, etc., licenses 6,040 so 



Lemon ; Secretary of Internal Affairs, Aaron ? U8 1{ on charters I80,wi 91 



K. Dunkel; Attorney - General, Henry V. ?^::~:~~--^ $38 



Palmer; Adjutant-General, James W. Latta ; Penalties 



Superintendent of Public Instruction, E. E. ^^S^i^::::.V:.V::.V::::: ia,i?5oo 



Hlgbee; Insurance Commissioner, J. M. Fos- Alleghany Valley Railroad Company 439,06941 



tor; Judiciary, Supreme Court Chief-Justice ^^^^^^^:::---: $$ g 



George Sharswood ; Justices, Ulysses Mercur, Annuity for right of way lo'ooo oo 



Isaac G. Gordon, Edward M. Paxson, Henry Escheats 8,073 87 



Green, John Trunkey, and James P. Sterrett. JM^jf ??;;.: "S? 5 9 ? 



FINANCES. Dividends on stock owned by the Common- 



At the close of 1878 the State debt was $21,875,620 86 Co^sdence-money ' ' ' 



At the close of 1882 the State debt was 20^225,088 28 JSJoSSnSS. . . .' .' .' .' .' .' .' '. .' .' .' .' .' .' .' '. '. '. '. '. '. '. '. '. '. .' .' 1,551 27 



Reduction of debt in four years $1 ,650,587 68 Total *7 068 529~66 



From this total of State debt is to be deducted 



assets in sinking fund amounting to ^9_92,983_82 The ^^ expenditur es for the same time 



The net State indebtedness December 1, were $5,024,766.41. 



1882 ' is $12,232,099 46 qf this aggregate, more than $4,000,000 were 



In 1879 there was refunded an outstanding derived from taxes on corporations. The only 



debt of $2,000,000, bearing 6 per cent inter- item which, in any true sense, is a direct tax 



est, by a loan of a like amount, bearing 4 on the people, is that of $437,776.64, " tax on 



per cent interest, the premiums on which were personal property." This tax is derived from 



$30,002.83. money at interest, watches, and carriages. If 



In 1882 State loans of over $10,000,000, it is desirable to retain the taxes on the 

 bearing in the main 6 per cent interest, were national banks, which yield the State nearly 

 refunded by loans of $9,450,000, bearing inter- $350,000 annually, this "tax on personal prop- 

 est at 3, 3-J, and 4 per cent per annum. The erty" can not be abolished, as the acts of Con- 

 premium on these loans amounted to $449,562. gress creating the national banks forbid their 



The result of these operations has been to being subject to any greater tax than is im- 



reduce the annual interest which the State posed upon "other moneyed capital "in the 



pays upon its interest-bearing debt from $],- State. There is no tax for State purposes on 



233,623.72 in 1878, to $874,460 in 1882, an real estate. Except certain corporate bonds 



annual saving of $359,163.72 on this account. and stocks, and the road-beds and shops and 



There is at present in the sinking fund mechanical devices of railroads, all property in 



$2,077,073.90 cash. As none of the State loans the State is liable to local taxes, for city, coun- 



are at present reimbursable, the Treasurer has ty, school, poor, and road purposes. The laws 



no lawful authority to apply this fund to the for their levy and collection are substantially 



reduction of the debt, except by going into the uniform, and sufficiently understood by the 



market and buying the bonds of the State at a people. 



premium. These bonds, at market rates, now For educational, penal, and charitable pur- 

 bear premiums about as follow : poses, there were appropriated by the Legis- 



