Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1853-09-16
From .ls H4ssserr El.ga.
The finances and the Sinking Euad.

The Finances and the Sinking fund.
The following paragraph is taken from the
last number Of the g. Hhig State yya5aaE' Of this
place:
Z. GOV. BigIer came into power. and found the
finances Of tLe State IN healthy condition. The
sinking fund worked admirably. and paving oil
thc State debt at the rate Of seven hundred
thousand dollars per year. How Is it now
The debt has been increased over million. and
the Sinking Fund olcOurse abandoned. Yet The
Treasury Is constantly empty in consequence of
the immense sums drawn by these men,
1t was saying Of the ancients ..that whom,
the Gods wish to destroy, they first make mad .''
The editor Of the Joarll it seems 10 us TosI.r
be ambitious TO furnish la his own career. an e-
emplhcacon Of this wise saying. He certainly
could rot adopt g more efficient mode Of destroy
ing ms reputation for truth and honor than I,-
the publication OF such reckless statements as
the above. The most hardened Ofthe NVhg mar
ty VIII hang their heads IN shame on per7lsina-
this production. I'm our whole editorial e,-1,rri-
ellce, which covers many violent partisan CON
test, we do not remember to have seen so much
senseess talSehood, III few words as is contain
ed in the above extract from the J7urual.
These misrepresentation are the more repre-
henslJle, as the truth, on every point, was with
Ia convenient reach Of this editor He couId have
learned from the proclamation issued Iv Gov
J0lustUu himself, in the fan Of 1851 and which
Ike H0Densack $ handbills, were stuck on the
corners aud board fences IN all parts of the State
that lhc whole amount Of the State bonds paid
by the sinking fund, during his services as Gov
ernor, amounted to but S659 l22 GS. How alb
surd 1t is then, to attempt to make the people be-
heye that the debt was being paid off at the rate
oi 100000 per aRuum. If our young friend viii
examine the records in the Auditor Generals Of
flee, he VIII perceive that, during the time the
sinking fund was pay Ing off this s659 900 Of five
per cent. bonds new sIE per cent. loan was
created, for 100000, reimbursable at the end oil
twenty-five years, and that this brings the ACTIN
al reduction Of the State debt down to S259I22
GS. In addition to this, he can learn that ON tbe
very day thaJ Gov. Johnston retired, It had be-
come absolutely necessary TO borrow 100000
more, at six per cent, to pay the interest then
due, and there was over $685. 600 Of unpaid ap-
preparations 50 much for the healthy condition
Of the finances.
This editor can also learn from the official doc
uneuts, that, during The year 1852. Gov. Bieier
paid of the SIX per cent. bonds of the State that
were then due, by creating new ones at five pcr
cent. and brought into the sinking fund SI54. 600
IN the shape Of premiums, besides saving over
$50 600 annually, by the reduction in the rate of
interest. He viii thus learn that whilst tbe late
administration paid of FIVE per cent. bonds by
creating new ones at six per cent. the present
administration has paid off six per cent. bonds
by creating new ones at five per cent, aud re-
celved heavy premium beside.
As for this unblushing assertion that thesink-
ing fund has been abandoned, every man in the
community of ordinary intelligence, old or young
Wing or Democrat, knows the statement to be