The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1870-01-14

Amount of loans.... 80, $40, ,0I7 80
To the liquidation of these loans the
surplus funds in the Treasury could,
with great propriety be applied. This
Indebtedness is held in bonds bearing
interest; and it will readily be perceiv-
ed 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.
A few illustrations will show the ben
eficial workings of this plan. At the
termination of the fiscal year ending
November 80, 1868, there was an uneX-
pended balance in the Treasury of ST.
l02,9l5.37. If the suggestions hereto
fore made had been carried out by the
investment of one million of dollars,
at that time, in the five per cent. bonds
that will fall due July l, 1870, and
which, l am credibly informed, could
then have been purchased at something
less than their par value, the interest
on the same, from November 80, 1868,
TO July /, 1869, would be $40, 1877. .65,
which has been lost to the State. Again
on the 30th of November, 1869, there
was in the Treasury an uneXpended bal
ance of 81 400, ,SG2 40. II one million,
four hundred Thousand dollars OF this
sum had been invested in the same
kind of bonds, al par, on the 1st day OF
December, 1863, the interest for the
seven remaining months, ending July
|, 1870, would be $40, 1888 81, but which
in consequence of non. conformity to
this plan, will be lost to the Common
wealth. | cannot reitera.e too strongly
my recommendations on this subject,
and would, therefore, recommend that
law be passed making it the duty OF
the Commission, RS Of the Sinking Fund
to invest all surplus funds as rapidly
as they accrue in the Treasury, in the
purchase of the bonds Of the Common
wealth next falling due.
| beg once more, to remind the Legis-
ture that the salary of the State Treas
urer should at least be equal to that OF
the Governor. 1t is only seventeen hun
dred dollars, u sum entirely insufficient
TO command the services of any respon-
sible man, who is required to furnish a
bond with good and approved securities
| for eighty thousand dollars, and to run
the risk of handling ut least five or six
million of dollars per annum, without
| the unlawful use of the State funds, anC
subsidies from sources that dare not bt
revealed to the public, because they are
positively prohibited by law, under pen
alties of no ordinary magnitude. Ye
there are but few men who have hell
this Office, however poor they may have
been when they took charge of il, wh'
have not become rich. There is certain
ly some advantage to be gained by th'
holding of the position of State Treas
urer, unknown to the public, but whicl
readily accounts for the disgracefu
scramble, and for the political and NOR
al debauchery which the people of thi
State seem To be doomed annually I
witness, in the election of that officer
and because of the disgrace ii bring
upon their representatives, the peopl
hang their heads in Indignation an
shame, Then, in the name of the goo
people of Pennsylvania, l call upon tn
members of the Legislature, withou
distinction of party, to rise above tn
murk mess of the polluted atmOsphei
) OF the past, to the true dignity of InaI
, hood and exalted patriotism, and purif
the election of Treasurer, as well as thi
of every other officer within this Con
monwealth, and punish every one " h
tampers with the purity of election
whatever may be his position or prefer