Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1870-01-12

! Commissioners delivered all the obligation:
of the SuBbury and Erie Railroad Company
being third mortgage bonds, to the Alleghe-
ny Valley Railroad Company, ard received
therefor thirty five second mortgage bonds
of one hundred thousand dollars each, MA
| king in all three million, FIVE hundred thou
sand dollars. executed by the said Allegheny
/ Valley Railroad Company, and guaranteed
| by the Pennsylvania r. R. Co, the Nor
thern Central K. r. Co., ,and the Phil a and
Erie K. X. Co., payable to the Common
said bonds $500, ,000) shall be payable each
aud every year, beginning January l, 1875,
and so continuing annually thereafter until
the said sum of three million, five hundred
thousand dollars shall lie paid, with inte. est
thereon FROM January /, 1872.
The citizens of Pennsylvania have always
borne taxation not only patiently but cheer
fully, and they are still as willing as ever to
contribute to the payment of all the obliga-
tions resting upon the State: but they ex-
pect their public servants who are intrusted
with the management of their affairs, to bet
upon the most prudent and economical basis
In a word, they demand reform in the man
agement of the financial affairs Of the State
and as far as possible, the retrenchment of
all unnecessary expenditures.
On the Both of January last, replying to
a resolution Of the Senate, said [ have
the honor to acknowledge the receipt, thro
the clerk of your honorable body, a copy of
the following resolution, passed on the 18th
inst, 10 wit:
''Resolced, That the Governor be request
ed 10 submit some plan to the Senate to Sc
cure the State from los, by the accumulation
OF large amounts of surplus funds in the
Treasury.
I'm reply, beg leave to direct your at
iention TO my message of January s, 1868, in
which say, the balance now in the Treasu-
ry might be rendered productive by being
invested in the bonds of the State, bearing
six per cent. interest; and to the message
of January 6, 1869, where | remark. when
ever there may be surplus funds in the
Treasury, they can with safety and benefit
to the State, be employed in the purchase of
its outstanding bonds, and in saving the in
terest on them which would accumulate pri-
or to their maturity.
Since making these suggestions, and ma
turely deliberatlng upon the subject, haye
seen no reason to change my mind in rela-
ton thereto: and now submit the same plan,
more specifically set forth, based upon the
following statement of the loans of the Com
monwealth, viz: Amount of over due loans,
including bank charter loans and relief notes
unredeemed, 1863. 4s2 25 smount payable
In 1879, interest 5 per cent. 81 ,4S3.Sl5 65;
payable III 1871 interest 6 per cent. 81 $780,
I5U 90; payable In 1872, interest per cent.
st.907, $50 %; payable in 1872, interest
er cent. $92, $50 90, payable 1877, inter
est 6 per cent. $1,000, 600 90; payable in
1877, interest 5 per cent. $3,934, 400 90;
payable in 1878, interest per cent. S32l,-
600 90; payable in 1879, interest per cent.
$4O0, 900 90; payable in 1882, interest
per cent $9,273, $50 90; payable in 1882,
interest 5 per cent. 81, ,lS5, $50 90; payable
in 1882, interest ~ per cent, $ll2,0 900 90;
amount of loans, S32, $40, ,04T 80.
TO the liquidation of these loans the eur
plus funds in the Treasury could, with great
propriety be applied This Indebtedness is
held in bonds bearing interest: and it will
readily be perceived that this ini e.est will be
saved to the State up, n whatever amount of
these bonds may be redeemed and the State
be saved from ail risks Of loss by the accu
mutation of large amounts of Surplus funds
in the Treasury.
A few illustrations viii show the benef-
clal workings of this plan. At the termi-
nation OF the fiscal year ending Nov. 80,
1868, there WIS an uneXpended balance In
the Treasury of 81 l,0l2,9l5 81. If the sug
gestions heretofore made had been carried
lars at that time in the five per cent
bonds that will fall due July /, 1870, and
which l ain crediby informed could then
have been purchased at something less than
their PAR value, The interest on the same,
from Nov. 80, 1868, TO July /, 1860, would
be seventy nine thou sand, one hundred and
sixty seven dollars and sixty seven cents,
which has been lost to the State. Again, on
the Both of November, 1869, there was In
the Treasury an unexpended balance of
81 400, So 40. If one million, four hun
dred thousand dollars of this sum had been
invested in some kind of bonds, at par, on
the Ist day of December. 1869, the interest
for the seven remaining months, ending Ju
ly |, 1870, would be $40, ,S33 34s but which.
in consequence of nom on-conformity to this
plan, will be lost to the Commonwealth. |
cannot reiterate too strongly my recommend
ations on this subject, and would, therefore,
recommend that law be passed making 1t
the duty of the commissioners OF the Sink
ing Fund to invest ali surplus funds as rap
idly as they acrue in the Treasury, In the
bonds OF the Commonwealth next falling
due.
| beg, once more, t o remind the Legisla-
ture that the salary of the State Treasurer
should at least be equal to that OF the Gov
ernor. IT is only seventeen hundred dol
lals, sum entirely Insufficient TO command
the services of any responsible man, who Is
required to furnish bond with good and
sureties. for eighty thousand dol
lars, and to run the risk OF handling at least
five or six millions of dollars per aDnum,
without the unlawful use OF State funds, and
subsidies from sources that dare not be re-
vealed to the public, because they are posi-
lively prohibited by law, under penalties 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 certainly some advantage TO be
gained by the holding of the position of
State Treasurer, unknown to the pubic, but
which readily accounts for the disgracetul
bic, and for the political and moral de-
bauchery which the people of this State
seem to be doomed annually to witness, IN
the election of that officer; and because OF
the disgrace il brings upon their represent
atives, the people hang their heads in lndig-.
nation and shame. Then, in the name OF
the good people of Pennsylvania, call up.
on the membe of the Legislature, without
distinction of party to rise above the murky-
ness of the polluted atmosphere of the
post, to the true dignity OF manhood and
exalted patriotism and purify the election