Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1859-01-14

ception, and would be free from objection on
constitutional grounds.
The new loans thus authorized, redeemable
atlhe expiration Of twenty yeats, with the bank
ing privilege attached to them, would undoabt-
edly sell at high premium The proceeds of
their sale should be applied to the payment of
the present State debt, now overdue, amounting
TO more than seventeen millions of dollats.-
Under this system the State loans would no
longer be held by foreigners, and the scmi-an-
nual shipments of specie, to pay interest, would
therefore cease.
The new loans thus authorized, redeenlable
at the expiration of twenty years, with the
banking privilege attached to them, would un-
doubtedly sell at a bigh premium. The pro-
eeeds of their sale should be applied to the pay
ment of the present State debt, now overdue,
amounting to more than seventeen millions of
dollars. Under this system the State loans
would no longer be held by Foreigners, aud the
semi-annual shipments of specie, to pay inter
est, would therefore cease.
AS tie currency would be limited to the
amount actually secured, the danger from ex-
pansions, which have heretofore stimulated the
incautious to embark in ruinous enterprises, in
overtrading, and in extravaganza in their ex
penditures, would be greatly lessened, if not
entirely overcome. As the securities would be
in the hands of high ard responsible officer of
the State, with authority TO sell them for the
purpose of Iedeeinng the circulation, the pow
er CT the banks TO arrest specie payments at
their own pleasure would be at an end. The
system proposed Is as near an approach to
specie basis as the condition and habits of the
people are at present prepared for. The duty
OF securing the community from losses contiuu-
ally arising from unsafe currency, cannot he
longer delayed without manifest disregard of
the public interests. The subject is therefore
commended TO your early attention.
The report of the commissioners appointed to
contract for and sUperintend the erection of
monument to the memory of citizens of Penn
sylvania, who were slain or lost their lives in
the late with Mexico, will inform the Leg
isuture Of the proceedings had on that sub
jact After receiving proposals for the erec-
ton OF the monument, and the adoption of a
plau, il was determined, iu view of the limited
and inadequate appropriation made for the ac-
complishment of the purpose, by the last Leg
islature, to postpone the commencement of the
work until further legislation could be had
1t is the opinion of the commissioners that
such monument as would do credit to the
State, and honor to the living and the dead,
cannot be built for less sum than thirty thou
sand dollars. Ii the Legislature should con-
cur in that opinion, the appropriation should be
increased accordingly.
The report of the State Librarian will inform
you of the progress made in the catalogue au-
thorized by the last Legislature, aud the gene
raj condition of the Library, which has grown
10 be an institution that deserves your fostering
care. | would commend to Jour attention the
Suggestions of the Librarian
The report of the Attorney General, which
~ L.; hofo - opera
lions Of the Law Department of the Govern
ment for the past year. The Act of the 2lst
of April, 1857, which requires the Attorney
General to keep Office at Harrisburg. and
which provides that all debts due to the Com
monwealth shall be collected by that cficer,
has proved 20 be highly beneficial enactment
Under its provisions large sums arc saved
which were formerly paid for commissions and
counsel fees. Aud the improved state of our
finances is in no inconsiderable degree owing to
the prompt manner in which outstanding claims
are collected and paid into the State Treasury.
The Adjutant Generals report, which will
be laid before you. will show in detail the pres
ent condition of the Military Department L
would respectfully call the attention pf the Le-
gisiature to the recommendations of that Of
hcer.
The Militia Law of 1858 has not beer fully
tested, but it is believed to be, in the lnain an
improvement ON the laws iD force at the time
of its passage. One of its best features, and
one that should be strictly enforced, is that the
system is self-supportiug. la no contingency
should that department bo charge upon the
public Treasury in time of peace.
La referring the attention of the Legislature
to the elaborate reports of the Auditor General
and State Treasurer, relating to the finances of
the State, which will be laid before you, l cam
not restrain from giving expression to my views
ON the Importance of change in the mode of
keeping and discussing the public moneys
The State Treasurer receives and disburses
between four and five millions of dollars annu-
ally; and it not unfrequcntY happens that there
is balance in the Treasury exceeding one
million of dollars. Tue bond of the Treasur-
er is but for eighty thousand dollars. He de-
poslts the money Of the State wherever he
pleases, aud is paid exclusively on his own
check. The monthly settlements with the Au-
ditor General afford some security .llat the
funds of the Commonwealth will not be ,nisap-
piled, but it is entirely inadequate to the coul-
pe:e protection of the public interests.
Until the State shall adopt different
system fer the collection, safe-keeping and dis
bursenIent of Der revenues, the money on hand
must be kept either in the Treasury vault or
deposited with the banking institutions in the
State. For many years the other mode has
been adopted. | respectfully recommend that
provision be made by law that no money shall
be deposited in any bank by the State Treasu-
rer without requiring security to be first given
to the Commonwealth for the repayment of the
sums deposited-that all checks issued by the
State Treasurer shall be countersigned by the
Auditor General before they IRE used-aud
that daily accounts Of the moneys received and