The Alleghanian. [volume] (Ebensburg, Pa.) 1859-1865, 1865-01-19
Report of the State treasurer.
IN peace.


Report ef the State Treasurer.
The annual report of the State Treasu-
rer Of Pennsylvania is an ably-written
document, and exhibits in a most tavora-
bic light the financial condition Of the
Commonwealth. We have deemed it un-
necessary to publish it, by reason that the
Governors Message gave in abstract the
essential facts set forth In detail by it.
The Treasurer indulges In variety of
eminently statesmanlike views and sug-
gestions, and felicitates the people upon
the immeasurable wealth, power and re-
sources Of our glorious old Commonwealth.
There is one portion of the report which
is attracting widespread attention. We
allude to the correspondence between Sir
Henry Holland, British holder Of Penn
sylvania securities, and the State Treasu-
rer, touching the question of the payment
of the interest Of the State debt. Dir.
Holland thinks this interest should be
paid in coin or its equivalent, and argues
that contrary course were to "repudiate"
the obligations of the State, whereas the
Legislature, in June, 1864, provided for
the payment thereof in United States legal
tender notes. The reply of the Treasurer
to this representative Of perfde ADion is
so frank, just, and altogether warranted
by the facts of the case, that we subjoin
herewith the correspondence entire -
FROM sIR H. HOLLAND, BART.
LONDON Nov. 16, 1864.
To the Treasurer Of the State Of Pennsylvania:
SIR Il trust [ shall not be considered
as taking an unwarrantable step in respect
fully addressing to you, and through you
to the Governor and Legislature of Penn
sylvania, my earnest protest against the
act of the Pennsylvania Legislature of the
Sd Of May last, repeating the guarantee
given to the holders of Pennsylvania State
stock, by the act of June, 1910, for the
payment of their interest In specie.
My own frequent visits to Pennsylvania
and intimacy with many of the most emf
nent men there, had led ne to make large
investments in the public stocks of the
State, feeling the same confidence in this
security and in the acts of the Pennsylva-
MIA Legislature as | felt in the public
securities of England.
This confidence, moreover, | communi-
Gated to various friends, whu were led by
my suggestion to similar investments, and
who now find cause to reproach me for the
loss they sustain by this recent act of the
Legislature. In their name, and on their
behalf [ speak as earnestly as on my own
in appealing to the wisdom and justice of
the Pennsylvania Legislature for the re-
consideration and revocation of measure
involving, virtually, reputation of the
obligations Of State which has hitherto
held such high place among the commu-
mites of the world.
| remain, sir,
Yours, very respectfully,
(signed) HENRY HOLLAND
TREASURY DEPARTMENT OF PENNA.,
HARRISBURG, Dec. Is, 1864.
To Sir Henry Holland, Bart.-SIR:-I
am in receipt this morning of your protest
of 10th November, against the action of
the Pennsylvania Legislature in repeating
the act of June, 1910, providing for the
payment of our State interest in specie.
In order to show you what has been my
opinion upon this subject, I herewith
transmit to you copy of my report to the
Legislature in January, 1868, in which
you will find my earnest appeal to that
body In favor of a continuance of the pay
ment of our interest In coin.
In taking the position I did at that
time, had in view the claims of our
foreign bond holders as well as domestic
creditors, and the action of the Legislature
that year was in accordance with my rec
ommendation, and the payment of our
interest was continued in coin, notwith-
standing 1t involved large additional
outlay and expense upon our people.
The Legislature last year saw fit to alter
that policy, and our interest is now paid in
United States notes.