The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1868-01-17
7DFORD, PA, FRIDAY MORNING, JANUARY II, 1868.

Treasury.
The promptitude with which citi-
zens of Pennsylvania came forward last
April and took the whole amount of
the twenty-three million loan, the
bids being for upwards of thirty-three
millions), may be considered a most
auspicious circumstance in the fnan-
cial history of the State, and indicates
unb0unded confidence in the good
faith and substantial credit of the Com
monwealth. The fof@goilg statement
of the finances is set fbrtfP with plea
sure, in consequence of their flourish
ing condition.
In addition thereto, the balance in
favor of the General Government for
Pennsylvania quota Of the direct tax
levied in the several States for war
purposes and for cash from the United
States, amounting, in all, to nearly
two millions of dollars, has been set
tied in full by the allowance of claims
for extraordinary expenses incurred by
the State during the war.
In consequence of the lapse of time
since the remaining claims were con-
tracted, the want of sufficient vOuch-
ers and explanations, ara the difficulty
Of finding the parties, some of them
being dead by whom they should be
made, render their settlement diff
cult, and in many instances, doubtful,
the accomplishment of which will,
however, be vigorously pursued and
the results laid before the Legisla-
ture.
Passing from this general review of
the finances of the State, / cannot
permit some of the most prominent
ideas connected with them to pass un-
noticed, because they clearly indicate
the path of duty in the discharge
of the Executive trust. It is deemed
proper to call your attention to the
fact that during the entire year a very
large sum of money is in the keep
ing of the State Treasurer. This sum
has not at any time for years been
less than a 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 de-
mandS upon it is obvious; and that
it should be withdrawn from circula-
ton is certainly a detriment to the
business of the community. A con-
traction to the amount of several
millions, as at present, cannot fail to
make its impression upon those en-
gagged in mercantile, manufacturing, ag-
ricultural, mining and all other kinds
Of empl0yments. This money, / am
informed upon good authority, can be
loaned, with ample security for its re-
payment when needed, for certain
specified periods, at reasonable rate of
interest, and the proceeds placed in
the Treasury for the benefit of the
State, which would not only be bene-
fetal to the taxpayers, by increas-
ing the public revenue, but also en-
large the accommodations for business
purposes. If this plan were adopted,
the withdrawal Of the circulating
medium, by the payment of taxes,
would be SO brief that it would not ma
terially affect the public welfare.
The fund thus acquired could hn added
to the sinking fund, and would materi-
ally aid in the reduction of the State
debt.
A glance at the condition of the
Treasury will show that at least four
millions Of dollars might now be
loaned, and at four per cent. would re-
aliZe the handsome sum of $l60,00
per annum. Or nearly the whole a
ury might be rendered productive by
State, bearing six per cent. interest,
even though purchased at premium.
Or, it might be invested in United
States interest bearing bonds which
would be available at any moment a
necessity might arise for the use of the
funds. If that amount were eXchang-
ed at par for United States ten-forty
bonds, bearing five per cent. interest,
in gold, the product would be at the
rate of 100000 per annum, in gold, or,
at the present value of gold, $266,G00
in currency. Besides, the funds
would not become ''depreciated and
unavailable" by long continuance in
the Treasury. A law for this pur-
pose could be passed, specifying the
method by which the unneeded mon
ey of the Treasury may be loaned,
authorizing and empowering the
State Treasurer, and such others as you
may designate, to execute, or carry
out, its provisions.
Your attention is also invited to the
fact that the salary of the State
Treasurer, now only seventeen hun
dred dollars, is entirely diSprOpOr-
toned to the duties and responsible
ties of that officer, and that the amount
of the bond, eighty thousand dollars,
given by him to the State, is equiva-
lent to no security at all, under the
present system Of placing, uncondi-
tionally, the entire funds of the State
in his hands. The only security is
the incorruptible honesty and integri-
ty of the Treasurer. Suppose that
when there is in his keeping millions
of dollar the incumbent of that
Office should be tempted to become a
defaulter How easily could he Sc
cure to his bondsmen the amount for
! which they would legally be liable to
the State and appropriate the balance
to himself! For years, it seems to me,
! the Treasury of the State has stood, as
/ it were, upon a volcano. Examples
! all around us show the fallibility of
man, and how frequently and easily
/ he is sWerved from the path of recti-
/ tude and honor. Even many of those
in the most elevated positions and en-
| jOying the highest confidence of the
! public, are often found to yield to the
! temptations that surround them. The
desire for the rapid accumulation of
wealth the thousands of schemes pre-
/ sentcd to excite the cupidity of human
nature; and the looseness of public NOR
ais, engendered by the escape of the
guilty from punishment, have so de-
moraiiZed public sentiment that it may
be considered WOnder-almOSt a mir
acle-that Pennsylvania has so long
escaped from the calamity that might
at any time have happened, or that