Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1873-06-25


Total payments....... ,9g2, ,602 81
Being little over tpenfy mine per cent. on the
debt due December ], 1860, which was then
s37,70i, 400 a."
Thus in three annual messages 10
tho legislature did Governor Geary
announce to tho people OF this com.
monwcalth that tho public debt ut the
beginning Of his administration was
S37 ,704, ,40977, when in truth and in
facet as shown by tho public records
OF the time, it was only s35,G22, ,052-
l6. Tho author Of these messages is
no longer on earth, and wc should not
charge the falsehood contained in
them to his account, bnt presume he
was not himself responsible for them,
that these figures were furnished Ia
him by officers in the treasury depart
ment or in the auditor generals Office,
aid that he was imposed upon, and
lcd to believe the statement 10 be true;
at least this is the most charitable
view we can take of it.
In this last message the governor
states the total payments during the
last six years were sl0,992 ,662 81
which, If true, would have reduced the
public debt from s25, ,622, ,052 .l6, which
il was on the lst of December, 1866,
to s24, ,629, ,3S9.65, on the lst day OF
December, 1872, instead of leaving il
on that day s27, 1903 ,49464, as the gov
ernor states it was. Here we find a
discrepancy unaccounted for of 81, ,674,-
l05.02; that is, during these six years
the officers in charge Of tho treasury
of the state, who have all been OF the
dominant party, have asked for and
received credit with paying s2,674,-
105.02 Of the public debt more than
tho debt has been reduced during that
time. In other words, from Dccem-
Der i, 1865, to December /, 1872, the
public debt was reduced from $685.
622, ,052.lG to S27 1903, ,494 .64; a total
reduction Of ss,Sls, ,55752, while dur
ing that same time the different state
trcasurers have been credited with
paying sl0,992, ,66254. To cover up
this defalcatioD, the guilty parties had
to resort to a falsi6cation Of the records
and this was deliberately done by
stating the public debt on the frst OF
December, 1866, to have been more
than two million dollars greater than
II actually was. Now I challenge tho
gentlemen on the other sido to explain
or excuse this falsi6cation Of the re-
corda9 81 gpvcu sWta.u Tie taqae.I.heye
account for the wonderful unanimity
with which the people demanded a
change in tho manner Of electing the
head Of the treasury department.
Since the beginning Of the session l
have taken tho opportunity to study
political arithmetic as exemplifed in
the annual reports Of the auditor gen.
eral and state treasurer, and l find
other facts and figures as curious as
those already given. / desire TO call
the attention of the house, and through
it the attention Of the people Of the
state, TO these figures, I find tho
amount paid as interest upon the pub
lie debt the last six years exceeds the
amount of interest accruing upon the
entire debt for that time several hun
dred thousand dollars. This might
fairly occur in any one particular year,
as the coupons falling due the preced-
ing year may not all have been pro-
sehted for payment during that year !;
but this excess appearing in ono year
would be balanced by the deficiency
In other years. submit that during
a period as long as six years the aver
ago would DO reached, and no moro
interest actually paid .han would nc
pruc upon the entire interest bearing
debt during that period. lhave made
A careful calculation Of the interest
upon tho public debt during each of
the last ak years. This calculation |
admit is not strictly accurate, but is
unduly favorable to tho treasury de-
because l have allowed The
interest upon the entire amount out
standing at the beginning Of tho year
for full year, although largo amounts
were redeemed during the year, whilc
upon that portion of the debt redeemed
turing the first half Of cach year only
six months interest could possibly
have been paid. With this exception
believe my calculation is strictly ac-
,uratc, and submit 1t to the inspec.
ion os the gentlemen upon the other
tide of tho heEss:
INTEREST ON TvBLIc DEBT.
1867.
!, ,,7i $50 oo six per
cent nt................. lVJ,zIs ~
37,o73,ls2 50 at Eve
per cent........... ,693,65p 81
~ 200 90 four and
half por cent -... e,'St 90
- i,eoo,52e ~
1865.
'2s,sii,iso ocsIx psr
ccut.............. .....si,5is,e7o 50
~, ,l0g,o7S 2efvcper
cent ................... sos,,oi 70
il75,0o0 90 four and
half por ceut...... 1875 90
..... -----$ a,i3i.'E %
1869.
2s,3ll $50 90 six per
cent. 80
f,7is,77l SO ave per
cent tAf,fio oI
$4,000 90 four anda
half per cent........ 5,o4o 90
----------s i,oii,lss ;,