American citizen. [volume] (Butler, Butler County, Pa.) 1863-1872, 1864-01-13


ing 1855 f3
Interest ofcert ates unclaimed 4,4lS 3s
Domestic creditors certificates. 72t % Sl177SO 50
s364o6,5es IS
Military loan peract Of May l5 lsGl.... S3OOOOOo 90
Total indebtedness l96596 IS
BY the act of 18th May, 1861, authori-
zing the military loan of S3,OOO,OOO,
tax of one half mill was laid on real and
personal property, to furnish fund for
redeeming the same recommend that
the commissioners of the sinking fund be
directed to invest the proceeds of the tax
in State loan, so that it may be drawing
interest, to be in like manner invested, or
that they should apply such proceeds di-
rectly to the purchase of certificates of the
military loan, and cancel such certificates
as shall be purchased.
PAYING OUR INTEREST IN SPECIE.
Although our finances are stillin heal
thy condition, it is necessary to invite the
serious attention of the Legislature to the
consideration Of the means Of maintain
ing them unimpaired in future.
BY the act Of 18th June, 1910, it was
provided that the interest on State loans
should always be paid in specie or its
equivalent, and that whenever the funds
in the Treasury should be of less value
than specie, the difference in value should
be ascertained and certified to the Gov
ernor, who should thereupon issue his war;
rant to the agents or banks authorized to
pay such interest on behalf of the Com
monwealth, to allow such difference to
parties receiving the interest or at the
option of the parties to pay the same in
specie.
BY the act of A pril 11th, 1862, it was
provided that for the purpose Of paying
in specie or its equivalent, all interest that
should thereafter be due by the Common
wealth, as required by the act of june
18th, 1910, the several banks who should
avail themselves of the provisions of that
act, (of April 1lth, 1S62,) and WHO
should refuse to redeem their notes in spc-
Gle, on demand at any time within ten
days upon or after the time which such
interest should become due, should there
after, when required by the State Treasur-
er, by notice in writing, pay into the State
Treasury, in proportion to the capital
stock paid in of each bank their ratable
proportion Of such premium for gold or
its equivalent, as should have been actu-
ally paid by the State.
By the act of January Both, 1868, it
swas provided that the State Treasurer
should exchange with the banks an amount
of currency sufficient to pay the interest
on the State debt falling due on the first
days of February and August, 1868, for
the same amount Of COIN, and should give
to the banks specie certificates of ex-
change, not transferable, pledging the
faith of the State to return said coin in
exchange for notes current at the time, on
or before the first Monday of March, 1864
such certificates to bear interest at the rate
of p per cent. per annum.
Under the provisions of the act of 1862
certain. banks have paid into the State
Treasury S140,76S 80 as an equivalent fol
coin for the payment of interest on the
public debt.
Under the act of 1868, specie certif
Gates have been given to the banks amount
ing in the whole to 81 1888 ,904 81, which
with the accruing interest, will fall due OIL
the first Monday of March next.
As the provisions of this act were of q
temporary character, the only act now in
force on the subject are those of 1910 and
1862. above mentioned, under which il
will be the duty of the State authoritie;
to nav the interest On the 1st of February
1864, and thereafter, in coin or its equiYa
lent, and look to the banks that may be
liable under the act of 1862 for reimburse.
ment of the premium paid by the Com
menwealth.
In the face of all difficulties, this Com
monwealth, actuated by a sentiment which
does its people honor, has hitherto paid its
interest in coin or its equivalent.
Existing circumstances make it neces
sary to consider now the fair extent of hel
just obligations.
The exigencies of the times have com
peHed the Government of the United
States toissue large amounts OF Treasury
notes for circulation, which are not redeem
able in coin, and which form the great
mass of our circulating medium.
1t is our duty as loyal State-it is oul
interest as State whose welfare, and ever
safety depend emphatieally upon the main
tenance of the credit and the success Of
the military operations of the general gov.
ernment-<o do nothing to impair its cred
it or embarrass its measures On the con.
trary. we owe it to ourselves and our pos
terity to give an active support to its eff
forts to quell the monstrous rebellion which
is still raging, and thus restore peace tt
our distracted country.
1t is our own Government, and we could
not, without gross indeceney, attempt tC
refuse Its currency in payment of take:
and other debts due to the Commonwealth
In 1910 the case was very different