The Portland gazette., 1819-03-23

rs only worm you, OWlhg noWeNeI W Ue
superior security afforded by having the pub
lie as debtor, over an individual or private
corporation, government 3 per cent stock IS
worth in the market more than 80 per cent
But Il does not exceed b6 per cent--or two
thirds of a hundred dollars. On The contrary
the price of that stock is under that sum. II
therefore the whole amount Of nominal United
States Stock, say S7OO,0O0, were invested ~
three per cents, its value would not be over
$3.50 600 Aud il is fact that the real val
| ue OF this nominal amount of United States
Stock was far short of $500, 900.
Again. It is fact that large proportion
OF this very Z. S. Stock Grated at S7oO,OoO)
was pledged to pay for the mttion Of bank
stock. said 10 be owned by the State II is a
fact, that by Ear the greater part of the old
III. s. 6 per cent Stock was thus pechcally
pledged. So one kind of stock was ours when
we sold the other 10 pay for it--and the State
must have robbed Peter 10 pay Paul
FROM these statements lei the public,
whose interest II is, Judge bow far democratic
arithmetic is to be trusted in Treasury cacu
latons. Upon these facts what becomes of
the immense amount of one million, seven hun
dred thousand dollars, stated to have been.
owned by the Commonwealth in (ull property
in the wear 1912 Or where is even the
more modest balance of S., 100000, remain.
ing in the Treasury at that period after
squirting IF yoth all The avorId, according to
| the same kind Of computation ? BY what
magic has it vanished from the Golfers Of the
Treasury II the democratic party actually
had that balance in their hands---or the whole
amount subject to the same ofset--when they
reluctantly reiuquished the reins ofthe state
government that year at the indignant demand
of an injured people, let them noe exhibit
some account for il. ir NEVER CAME INTO
THE HANDS OF THE FEDERAL REPUBLICAN AID
MlNlsrRATIoN or THIS STATE, which succeed
ed that party in authority. The authors of
these exaggerated calculations must pardon us,
if we can give no other account of the mtrGc.
uious Disappearance OF the enormous amount
which this grand estimate discloses than by
| adyerting TO the we'll remembered deficit Of
public money, which took place--to the to-
tai destruction of public confidence in their
Treasury arrangements--under the admins
lration of Thomson j SKINNER,--a person Sc
lected by them from the whole field of their
party. for his talents and integrity, TO be
| Treasurer OF this Commonwealth
! What were the consequences Of this dread
ful and disgracelu detalcation--paralyzng
and mortifying we firmly believe the diScto.
sure to have been TO The bulk of the demo
cratic party themselves--the public may
Judge from the following fact That when
the government of the state was delivered in
TO the hands of the federal party in 1879,
they found the Commonwealth u debt 10 The
banks 10 the amount Of nearly Sl50,0o0; !;
which was fall equal 10 the amount of money
leil inihe treasury by the democrats at that
period Such was the condition TO which the
defdicdtioa ofo democratic treasurer had redu-
ced IT, The truth is--that the first shock,
that was given 70 the financial arrangements
& concerns of this Commonwealth, arose from
the delinquency of SKINNER. II is one, which
has been Jeltever since--which aggravated The
emhauassments of the scur--and from schich
the Treasury has never fully recovered The
federal government OF the state has, ever since
its accession to authority, been diligently EN-
ployed in the pursuit of an indemnify TO the
commonwealth for this monstrous deficiency
:.
with various success, by suit, settlement and
compromise. But with all their exertons to
accomplish this important object,by modes the
most eihcacious and at the same time liberal;
by relnquishing part to obtain the rest
by giving credit and encouragement--by in.
viting the democratic Suretles TO contribute
something TO the relief Of the State out OF the
property they had placed beyond the reach
OF its process, by extending to them every in
diligence and accommodation they could with
any reason require, the annual account OF the
Treasurer still exhibits balance against the
" heirs and sureties" of THOMSON J. SIMMER,
Of S2S,892, 81.
The next statement which has been made,
and is now to be mentioned is this that the
Commonwealth is absolutely buakrUW that
Gov. Brooks's last message admits balance
against the state beyond what it has funds 10
meetof upwards of $50, ,o00-thereby max.
ing the enormous difference agalaa The State
ot nearly two millions of dollars-and there
fore involving loss 10 the Commonwealth
in the course of little more than six years, of
a aa,llioa. foar hundred tbousaad dollars, be.
sides the proceeds Of the annual State tax,
bank tax. DC.
Such aprodigate expenditure Of public mo-
ney-such an enormous sacrifice ct public
property-as represented bythis result. we do
not hesitate 10 say, ought, II true, to hur the
federal party forever TO political distinction
oblivioa would he loo mercttul covering for
such sbominsble injquity and outrageous mis