Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1868-01-08

OF them being dead, by whom tney Snoulu
made, render their settlement difficult, and
in many instances doubtful, the accomplish
ment of which will, however, be vigorously
pursued aud the results laid before the Leg
isature.
Passing from this general review OF the
finances of the State, [ cannot permit some
of the most prominent ideas connected with
them to pass unnoticed, because they clear
ly indicate the.path OF duty In the discharge
OF the Executive trust. 1t is deemed proper
to call your attention to the fact that during
the entire year a very large sum OF money
is in the keeping of the State Treasurer.
This sum has not at any time for years been
less than million of dollars, and at present
amounts to considerably over four millions
of dollars. That it is unnecessary that the
greater portion of this money should be
kept in the Treasury to meet the ordinary
demands upon it is obvious; and that 1t
should be withdrawn from circulation Is GER
tainly detriment to the business OF the
community. A contraction to the amount OF
several millions, as at present, cannot fall
to make its impression upon those engaged
in mercantile, manufacturing, agricultural,
mining and all other kinds of employments.
This money | am informed upon good au
thority, can be loaned, with ample security
for its re- payment when needed, for certain
specified periods, at a reasonable rate OF ln-
terest, and the proceeds placed in the Irea-
sury for the benefit of the State, which would
not only be beneficial to the tax payers, by
increasing the public revenue, but also en-
large the accommodations for business pur-
poses. If this plan We're adopted. the with
drawal of the circulating medium, by the
payment of taxes, would be SO brief that it
would not materially affect the public wei
fare. The fund thus acquired could be ad-
ded to the sinking fund, and would materi-
| ally aid in the reduction OF the State debt.
A glance at the condition OF the Treasu-
ry will show that at least four millions OF
dollars might now be loaned, and at four
per cent would realize the handsome sum
| of $l60, 600 per annum. Or nearly the whole
amount of the balance now in the Treasury
might be rendered productive by being IN
vested in the bonds of the State, bearing SIX
| per cent. interest, even though purchased at
| a premium. Or, it might be invested in
| United States interest bearing bonds which
would be available at any moment u necessl-
| ty might arise for the use of the funds Ii
that amount We're exchanged at par for Uni
| ted States ten forty bonds, bearing FIVE per
cent interest in gold, the product would be
at the rate of 5000, 900 per annun, IN gold,
or, at the present value of gold, $3.50, 900
in currency. Besides, the funds would not
become deprecated and unavailable" by
| long continuance in the Treasury. A law
| for this purpose could be passed, specifying
the me; hod hy which the unneeded money
Of the Treasury may be loaned, authorizing
and empowering the State Treasurer. and
such others as you may designate, to exc
cute, or carry OUT, Its provisions.
Your attention Is also invited to the fact
] that the salary of the State Treasurer, now
| only seventeen hundred dollars, is entirely
| disproportioned to the duties and respensI-
| bilities of that officer, and that the amount
of the bond, eighty thousand dollars given
| by him to the State, is equivalent TO no Sc
curity at all, under the present system OF
| placing, Internationally, the entire funds OF
the State in his hands. The only security
is the incorruptible honesty and integrity OF
| the Treasurer. Suppose that when there is
in his keeping millions of dollars the incum-
bent of that office should be tempted TO be-
come defauterl How easily could he
secure to his bondsmen the amount for
which they would legally be liable to the
State and appropriate the balance to him
self. For years, 1t seems to me, the Urea
sury of the State has stood, as it were,
upon a volcano Examples all around Us
show the tallibiity of man, and how fre,
quently and easily he Is swerved from the
path of rectitude and honor Even many
of those in the most elevated positions anc
enjoying the highest confidence of the pub
lie, are often found to yield to the tempta
tions that surround them. The desire fol
the rapid accumulation Of wealth; the thou
sands of schemes presented to excite the Gu,
pidity of human nature, and the looseness Of
public morals, engendered by the escape Of
the guilty from punishment, have so demor
| 81; YnhlIo hot ~ la
sldered wonder-almost a miracle-that
Pennsylvania has so long escaped from the
calamity that might at any time have hap
pened, or that may hereafter happen, by
the robbery OF her Treasury, and render the
suspension of the payment OF the interest
upon the State debt, for a time, inevitable.
In the performance of my duty, | have
forewarned the Legislature of danger as
respects her finances, of no common mag
nitude 1t remains for it to determine
whether this danger shall be averted by
prompt and efficient legislation and the
Treasury guarded against the occurrence Of
so great a calamity.
GENERAL RAILROAD LAW.
The subject of general railroad law has
long been agltated, and although it has
found opponents, but few objections have
been urged against it, whilst arguments ac-
cumulate in its favor 1t seems impossible
that any person can receive injury from its
adoption, whilst its benefits may be felt by
all classes of citizens Even the chartered
companies have no reasonable grounds for
opposition. The intention of the propose
law is not to deprive them of any vested
rights or franchises but to secure to others
the same privileges and opportunities for
competition. 1t will open new avenues to
distant markets improve the value of prop
erty give new impulse to emigration; put