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

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Total ..il,iis,sss q

accrued during tie time, S2I5 OIL .cJ.
II will be noticed that the excess 10
the year 1867 was $3.50, ,50G,95. This
may be explained by saying that
whom tho new loan was negotiated
during that year, coupons partially
matured were attached TO tho bonds
and sold with them. This Is proba-
bly, true, us We find the treasurer
charges himself during that year with
items OF ''intcrest received on loans,'
which aggregate s2G7 ,25+.29; still this
leaves slS3, ,25l.06 unexplained. Dur
ing tho year 1879 the excess was $780,
79lS3. II, as / submit would be fair,
VIC assume that the loans redeemed
each year, wcro on an average re-
deemed in the middle of the year, The
above calculation of the interest nc.
cruing should be reduced to the ex-
tent of onc.balf years interest upon
the amount of loans redeemed as
these wore mostly five per cent. loans
it would be two and half per cent.
upon sl0,992, ,662 81 this would make
s274,sl6 SO, which added to the OK.
cess before shown would make total
excces Of interest paid during the six
years over the whole amount accru-
ing during that time of $3.50, ,40S.3s.
desire to Impress upon the minds
of gentlemen the fact that this Ia not
question of the misdpplication of the
money belonging TO the sinking fund,
which should have been used for no
other purpose than paying tho public
debt. My allegation 10, that during
the last six years tho treasury depart.
ment has been credited with paying
more both Of the principal aud inter.
est Of the public debt than have been,
actually paid. During this time, no,
new debt has been created or author
ized, excepting tho twenty-thrce mil.
lion loan, heretofore referred TO, the
proceeds Of which were applicable
solely to the payment of the over due
loans of the state, certificates issucd to
tho citizens of Chambersburg amount
ing to s297, 1911 65, and the bond rep
rescnting the endowment fund Of tho
agricultural college for s500,0O000.
In the first two messages Of govor-
nor Geary, tho people wore furnished
with separate statements of the ad-
ministralion Of the sinking fund.-
During the next two years no such
statements were contained 10 his meas
ago or in the reports Of the auditor
general and state treasurer. BY the
fifth section Of the act Of April Is, 1870,
the state treasurer was compelled to
publish such separate statement, and
we have them given In the last two
reports Of that officer. l found Il
therefore impracticable To give con,
nected exhibit Of the Standardization
Of this fund during tho last ak ycsu.
nation, on the 22d Of January, I had
tho honor Of Offering resolution re-
questing the state treasurer 10 furn-
ish the house with u statement show
ing the receipts and disburseme ents on
account Of the sinking fund from itss
organization TO November 30, lsI2.---
Statement furnished In response to
this resolution will be found In tho
Legislative Journal, page 4SS. BY
comparing this statement with ths
annual reports Of the auditor general
and state treasurer, showing the pay.
ments on the interest and principal OF
the public debt, we find the entire sum
which Governor Gcary claims TO have
been paid upon the public debt during
his administration was paid by tho
com missioners Of the sinking fund ex.
ce!ting three items. In 1860, 1870
and 1871, small sums were paid d.
rcctly by the treasurer, but we're al
forwards carried to and included in
the sinking fund account. The ageri
cies, through which tho public loans
have been redeemed will appear from
the following statement
~ r..J Co.