The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1870-01-13
Amount of Ioans...............-.. s2,8la.e47

To the liquidation Of these l0aus the
surplus funds in the Treasury could,
with great pr0pTiety, be applied. This
Indebtedness is held in bonds bearing
interest: and il will readily be per-
ceiVed that this interest will be saved
to the State upon whatever amount OF
these bonds may be redeemed, and the
State be saved from all risks OF loss by
the accumulation of large amounts Of
surplus funds in the Treasury.
4 few Illustrations viii show the
beneficial workings of this plan. AT
the termination Of the fiscal year end
ing November 30, 1858, there was an
uuexpended balance IN the Treasury OF
SI,OI2. .9I5.3S. If the suggestions here
tofore made had been carried out, by
the investment Of one million OF dol
lars. at that time. in the five per cent.
bonds that will fall due July !, 1870,
and which l am credibly informed
could then have been purchased at
something less than their par value,
tine interest on the same, from NoYem- =
her 30, 1865, TO July /, 1869, would be
seventy-nine thousand, one hundred
and sixty seven dollars and Sixty-seven
cents. which has been lost TO the
State. Again, on the 30-h Of No
vember, 1869, there was in the Treas
ury an unexpended balance OF 81 400
So 40. If one million, -four hundred
thousand dollars of this sum had been
invested In the same kind Of bonds at
par, on the 1st day of December, 1869,
the interest for the seven remaining
months, ending July 1, 1870, would be
$40, ,833.35, but which, in consequence
of nOn-confOrmity to this plan, viii be
lost 10 the Commonwealth. l cannot
reiterate too strongly my recommend
ations on this subject, and would,
therefore, recommend that a law be
passed making it the duty of the Com
Inissioners of the Sinking Fund to in-
vest all surplus funds as rapidly as they
accrue in the Treasury, in the pur-
chase of the bonds Of the Common
wealth next falling due.
| Deg, once more, tOremind the Leg
islature that the salary Of the State
Treasurer should at least be equal to
that of the Governor. tits only seven
teen hundred dollars, a sum entirely
insufficient to command the services of
any responsible man, who is required
to furnish a bond with good and ap-
proved sureties, for eighty thousand
dollars, and 10 run the risk of hand
ling at least five or six million Of dol
lars per anuum, without the unlawful
use of the State funds, and subsidies
from sources that dare not be revealed
to the public because they are posi-
lively prohibited by law, under penal
ties of no ordinary magnitude. Yet
there are but few men who have held
this office, however poor they may have
been when they took charge of it, who
have not become rich. There Is GER
tainlv some advantages TO be gained
by the holding of the position of State
Treasurer. unknown to the public, but
which readily accounts for the disgrac-
ful scramble, and for the political and
moral debauehery which the people OF
this State seem 10 be doomed annually
80 witness. in the election OF that officer;
and because of the disgrace it brings
upon their representatives, the people
hang their heads in indignation and
shame. Then. in the name OF the good
people Of Pennsylvania, ! call upon
the members Of the Legislature, with
out distinction Of party, TO rise above
the murkyness Of the polluted atmns-
phere OF the past, to the true dignity
uf manhood and exalted patriotism,
and purify the election OF Treasurer as
Hcll a. that Of every other officer with
in this Commonwealth, and punish ey-
cry one who hampers with the purity