Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1869-04-21
REcAPITULATIoN

1868. 1867. 1896 Total |
State Dep't....... 1873 $3ls75 S22,425 s9l,l75
Audiior's.......... 2O400 2l,300 y 400 63 100
snrveyor's....... % 500 2i70O 25.l0O 1900
Attorney General 800 s452 6.40O 20,552 |
Adjutant General 10000 25,5OO posse 79,29g
Grand Totals 1858, 1859 and 1850. .sl2s.370 /
1860, 1867 and ls6s... 326.726
Increased cost to the people............ i9S'32I
now come TO the subject Of the
specific amendment offered to this
section.
The State Treasurer, instead of
needing an increase Of salary, should |
be required to account for his ill-got-
ten gains. He has held the best office
in the State. The use of the funds Of
the Treasury has grown TO be an
abuse, and common fame tells us that
large sums change hands in securing
the place and the perquisites Of this
poorly salaried office.
In the light Of that common fame
as to the use of the moneys of the
State, let US look at the facts shown
by the report for the past two years
By the report OF the State Treasur-
err for the year ending December lst,
1867, it Is demonstrated that the
worthy gentleman who occupied the
place had in his hands, during all Of
that year, an Average monthly balance
Of s3,es2.2l4. With the natural ca
pacity of smart fnancier it is rea-
sonable to suppose that at least one
half Of this could be made 70 pay, and
if it was, at the moderate rate Of six
per cent, the net profits for that year
would be about l07,000. But six
per cent. would net satisfy one who
could as readily command ten, and it
is fair to presume that that year net
ted to the incumbent of the Treasury
at least $4,000. This, too, upon
one.half Of the actual average balance,
whilst the remaining halt could be
conveniently left on deposit with ia
voritc banks, or banks controlled by
men who helped to elect the Treas
urer
Last year was not so lucrative in
its pickings, for by the report laid
upon our desks for the year ending
/. December lst ls6S,it is found that the
average monthly balance in the hands
of the State Treasurer was only 50,
!. 3O7, 200. Applying the same rate Of
calculation TO this, we find that one
half thereof, at six per cent, yields a
nett revenue of about $4,000, whilst
at ten per cent. it will only yield
sll5,3j0.
These things and their financial de-
tails are well understood by the poll
ticians who seek and enjoy this office,
and it is time u remedy was applied
to stop the two evils consequent upon
the present system the one--the loss
to the State ard gain TO her officers
from contraband source the other
the inevitable corruption conse-
quent upon a scramble for 50 Lucrative
a place
/ now propose to examine subject
directly connected with the pickings
of the Treasury and affecting the
public debt and the yearly expendi-
lures of the government. lmean, sir,
the subject Of the.oa Of 1867 to fund
the debt of the Commonwealth. That
loan originated in the Treasury. II
was proposed under the specions pre-
tcxtof lifting our overdue debt and OF
fixing il so ms to meet it at maturity.
The act for that purpose was approved
February 2, 1867, and II increased the
rate cf interest upon the whole Of our
debt from fDe 10 sir per cent Let us
look us look at IL in its practical re.
suits and as bearing upon the finances
ofthe Commonwealth and the interest
she must pay and the loss she has
already sustained
On the frst Of December 1866 our
whole debt b2Z ,uoa
Upon this an annual interest was pay
able lieublot
} On the first OF Docen Der, 1865, our
whole debt Sa,1oos4'
} Upon this on annual interest was pay
able OF liFulilH'
Thus showing that under this ar
!. rangenent, after we have paid 81
335,lO of the State debt, the State il
compelled to pay s94, ,06S more inter
! est than she did the year before its
passage, which is equal to an increase
In the debt OF nearly two millions.
In the year ending December lst
1866. being the year preceding the
change Of the law, the amount Of in.
tcrest actually paid upon the debt was
sI.S92, ,lO5. In 1867, the year after
the change, the whole amount OF in
ierest paid was s2,257,0S5. In 1868
the whole amount Of interest paid wa'
/ 81. 979.690, making total of interest
paid in 1861 and 1868 Of S452, ,5lS
] more than zoe w0uld hare had 10 pdS
iffhe i6lc had not been changed, dssum
E inc that ire paid no debt IN eithcr year
We have already seen that we paid il
those years s., 1856, LOG Of public debt
\ If one.half of this was paid in 1867
. and the remainder in 1868, the inter
o est thereon is equal to SlT5,050, whicl
4 is to be added TO the former sum.
b 10 these items is TO be added th,
cost Of placing the now loan, viz'
sundrv cxpensrs Of State Trcasuror....... s., 20
o Engraving and printing bonds ds.....-..-..,.. 2,Hl
Q Paid Farmers and Mechanics' Bank for
services ......f ........... l.Nu
Advertising paid. ...,. ~ IVY
d
Total cost Of placing new oan,.,,........ssa'1 ~
Inlercs, paid IN lso7 and 1855 more than
IN lsNh........ t'+i'i
Interest on debt paid IN those years lost
c to the State at hve per cent..........''' lIeVo
Total oash paid by State BY reason q
the new ''..'.s-.s 10
4 To this sum total Of cash pad is Il
be added the annual increase Of inter
ost of one per cent? and the amour
II thereof may be estimated by romem
o bering that for thisyear willamoun
to more Man three hundred and mirt
5 thousand dollars.
% IL will be seen from these figure
y that the State has been made to pa.
pretty largely, in order to have in ih
% h.nds Of hor Ireasurcr for 1861 q