The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1851-08-21

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of relief notes paid off and cancelled
amounted to $3.50, 800, which was, of course
payment OF precisely that amount upon
TIE Indebtedness Of the state.
But in ls49, upon the 10th day Of April,
the Legislature finally passed the Bigler bill
Of 1916, and it has since remained Law of
the state, and is now claimed by Johnston as
the c.owning glory of his administration. Is
ihore not good deal of assurance required
III playing off such all iTposture upon the
peoplea Here, the Sinking Fund projected by
Col. Bigler is coolly assumed BY his oppo-
nent 10 himself, together with the credit, if
there be such, resulting from it! and the
people are called on to endorse the impu-
dsnce of this assumption, against the very
person who should receive credit if credit is
given at all !
The sinking Fund plan Of ls49, as COLI
tanned in the first three sections of The act Of
that year, can be stated in few words, and
we will recolleci, in the meantime, that in
so stating it we have placed before us the
Biger bill of 1916, and The Pitt system Of
17s6, in every essential particular. The
plan ia, that certain taxes when received at
the State Treasury shall be set apart and
paid over TO the State Treasurer, Auditor
General and Secretary of the Commonwealth,
who shall act as Commissioners OF the fund
SO created, and herewith purchase the debts
of the state, al the market price, not exceed :
ing their par value, and hold the certificates
representing the same. So far the plan does
not differ materially from what has been
previously done under acts of assembly
But, by tie third section, it is provided that
after tie Commissioners have bought up GER
tiicates of the state debt, with the taxes
paid them out of the treasury, interest shall
continue 10 DO pdil upon the debt so redee-
med TO the Commissioners, GU, of the treas
ury. This interest, so paid, is to be used by
the Commissioners in the purchase of more
s,ocks or debt in the same manner as they
use the other funds paid them out of the
treasury and the process, so arranged, is to
go on until arrested every third year, in a
manner TO be presently mentioned. That is
the whole plan with nothing added or omit
ted, and it presents no feature either original
or wonderful in Legislation.
But, the act of tsi9, contains some sec
tions additional 10 those already mentioned,
which are, without any doubt, both original
and extraordinary; although they constitute
ne necessary part of the sl lstend contenipta-
ted by the act. II is 10 these additions TO TIE
sinking fund, that desire 10 call your atten-
ton particularly, as there is good reason for
yielding 10 Johnston the claim Of their pa
lerniiy, as nothing like them exists in the le-
gisla,ion of any country on the globe.
The 4th section. is in these words -
''Section A. That it shall be the duty of
the said Commissioners (of the sinking
fund.- on the first Monday Of September in the
year one thousand eigh. hundred and fifty
one, and on the same day in every third
year thereafter, 10 certify the am out of the
debt Of the commonwealth, held by th he m
10 the governor, who shall direct the ceitifi-
Gates representing The same 10 be cancelled,
and on such cancellation issue his proclama-
tion, stating the fact and the extinguishmenl
and final discharge of SO much of the prn-
cipal of said debt" .. u.
Now what is the true significance of this
seciion for il has an occult as well as an
apparent meaning. Let it be kept in mind
that the fiscal or business year of the Com
monweallh begins on the first day Of De-
cember and ends on the last day of Novem-
Der, This division of time is found conve-
nient and is consequently recognized in our
legislation. Tie closing up OF the annual
transactions of the state at that date permits
all the various public officers TO have their
reports made Up 10 lay before the Legisla-
ture at its meeting in January; and such is
accordingly the practice. The Governor,
Secretary of the Commonwealth, Auditor
General, Canal Comm Sc lonors, and Stale
Treasurer each communicate 10 The Legis-
laturs at that lime under provisions of the
constitution and laws; the first by message
and tho others by reports. And the Treasu-
rer and Auditor General in particular, (the
operation of whose departments are very
much connected) report fully upon the sub
jec, of the finances of the Commonwealth
including the operation of the Sinking Fund
Why then does the 4h section of the act
of isls, which have just read provide that
report shall b, made by the Commissioners
of the Sinxing Fuad at an unusual time in.
stead of the usual lime in January? Why
on the first of September, during the fiscal
year of the State, and not at its close? Why
is this report 10 be made every third year
and the first report exactly on the Isl ol
September 1852 The purpose acds 10 re.elecl
Wm. f. Johnstonl Recollect, the act was
passed 10Th of April 1919 and that these re-
ports spoken of in the 4th section, were to
be made at the end Of every third year. BuI
three years from the passage of the act
would extend 10 the 10th Of April 1852, Fix
months after the Governors election this
fall in consideration of which circumstance
doubtless, the limo of making the report
was pulled backward and fixed on the frs
of September.
How beautifully the matter was arranged
to effect the purpose intended; and how
clearly may this fourth section enlighien US
| as 10 the intention and purpose entertained d