Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1870-03-30

does not create il; it did not itself
create the sinking fund, but ordered
the Legislature TO create it, and then
described part of the securities, the
revenues from which should 90 into
the sinking fund
The proceeds of the sale of the pub
lie works were named as a part Of
these securities, the revenues from
which were to go to the payment of the
public debt This was the ultimate
destination of the assets, and it IS our
duty TO send them thither We seek
TO do nothing less.
But, say Senators, these proceeds
Of the sale of the public works were
put into the sinking fund.- so, too,
werc the proceeds Of bank charters
and dividends; they were put in pre-
cisely as were the proceeds of the
sale of lic public works, but until The
money Is redlised upon the securities,
they are not in the sinking fund, and
cannot be applied to the payment of
the debt The words sinking fund in
their very terms mean, not n security,
but sum of money. The plain in
depreciation is an aggregated sum OF
money ready for application, and until
this money is in the sinking fund we
have control over the evidences OF
debt for its protection and direction.
We cannot divert the funds from their
ultimate purposes, but we have the
control Of the securities from which
the moneys come. We dare not
destroy the security or detract from
the amount of them we cannot take
them out; but we can make the secu-
rity of the Commonwealth better.
THIS was done in 1861, and the Su-
preme Court passed upon it, and in
their opinion they say the fund con
SistS of the money realized, and not of
the evidences OF debt therein.
If the sinking fund be the money
realized from the securities, until they
are realized, ] can find no prohibition
upon the Legislature to exercise its
discretion for the benefit Of the people
in the management and control oi
these evidences Of debt, provided the
proceeds be sent to pay tho indebted
ness Of the Commonwealth.
Mr.. Billingfelt. / would like to
know who has charge of those bonds
are they not lodged in the hands Of
the commissioners as a part Of that
fund 7
Mr.. Wallace. Undoubtedly, but
until the money is realized they arc
not a part Of that fund within The
meaning Of the law; q security is not
money; fund consists of money
Whenever tho money is realized, the
proceeds of the securities become O
part of the sinking fund, and must &C
to the payment of the debt.
Mr.. Billingfelt. | differ in that ro,
spect from the Senator.
Mr.. Wallace. Any other argument
than / make necessarily prevents u'
touching the securities, although they
may become in danger Although il
may bo the plainest necessity tc
change them, il the argument OF the
Senator DO correct, then we cannot
touch them ia case of danger, for i
we have no discretion in one case We
have none in any. Concede the pow
er for any purpose and it is plcnary
for all. The securities are the mer,
evidences of the indebtedness and are
not the fund within the meaning o
the Constitution.
But, sir, beyond all this lies higher
question. Are we to construe tn,
amendment of 1857 in narrow
and iliberal spiritY No, sir; in con
STRUNG that enactment broad anC
statesmanlike policy is TO be inculea
ted. When the greatest interests of |
great Commonwealth are at stake
how narrow and illiberal is that view
of her organic law which inevitSbl,
tends toprevent her development !
Upon q question of this magnitude /
is TO be construed broadly and in
statesmanlike manner, and not mar
rowly and technically. We are no
: denied the right to exercise this power
We must determine between a marrow
5 and illiberal and broad and comprt
I hensivc view Of our duty as legislG
tors. Shall We be controlled b,
r our prcndices against individuals o
r against corporationl ! am for th
c broadeI aud most enlarged polio
] upon this subject that we can affair
| labored earnestly last year in advC
cacy OF this policy, and | do but n
5 peat nv convictions now. j take thi
o responsibility, knowing precisely whG
G ii is. understand all tho narro'
!. preiudioes that surround this question
i but, sir am willing TO take tho T,
}. sponsibility that may come TO me ic
Q my share in meeting frankly a que
q tion that looks to the development {
r my native State, that looks To brini
/. ing towns and villages and cities, an
$ teeming population, and full trea
G ury N its wake.
e The mode OF development indicate
in this bill is the best and most ec
# nomieal that we can adopt or ever ha'
Il attempted to adopt. There is !
Il money taken from the Commonwealth
IF the people arc not taxed to make III
Ie Development il enriches all, yet tax
a none; il returns TO the State Treasul
&c with but n triaing change, all OF the
ID securities, and by their use We secu
the development of three sections
ID the State which have yet been u
D.; touched; there is no mode that cI
RI be devised so wise and fair as this on
IS If we possess the power, which | ha
m already argued we do possess. A 81
tenn Of public works by tho State
n. cvitably brings in It's train crowd
n. hungry contractors, who, like I
ce horse leech, continually cry give gi'
In In this mode we have no crowd OF CO
rupt and dishonest officials; no ncv'
ho ending claims for damages always pa
et ing never paid, but We have in th'
nd room the simple transmutation Of Q
on securities, the Commonwealth prot,
ted, and all these great interests
IN. the people subservcd.
no. n,f -. haze NJ dpptf "a will