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

o. May 10, ls0l-....,-.p.,,-... 2,S20,750 90
Relief notes In circulation........... 96,625 90
Interest certificates outstanding. I3,0s6 81
Interest certificates unclaimed...... 4,lis 3s
Domestic creditors certihcaca-.... llp OF
Making the sum Of the public debt,
funded and unfunded, interest bearing
and non-intcrest bearing, at that day,
s35,622,O52 l6. These figures will be
found in tho governors messa go, ex-
ecutive document, vol. 1, 1866, pages
8 and 4. Now, to verify the accuracy
OF this statement, ! wish to call the
attention Of tho house to the report Of
the auditor general for the same year,
SO that II may not be alleged that
these statements In the message OF
Governor Curtin were untrue. This
sauas ststsment of tho amount and
character Of the public debt on the lat
Of December, 1866, will bo found in
executive documents, vol. l, page 234,
in the report Of the auditor general,
John F. Hartranft, the present chief
executive of the common wealth.
This statement is also verified by the
annual report Of VIM. II. Kcmble, the
then state treasurer. There can be
no doubt, therefore, ofthc correctness
Of this statement, unless the heads of
all the departments of the state gov
ernment deliberately ialsi6ed the rec
ords in stating the amount and char.
acter of the public debt at that tinc.
| wish the house not to forget this,
because will call the attention ofthe
members to subsequent deliberate
Justification of the records and &C.
counts
In the January following the term
of office of Governor Curtin expired
and his successor was inaugurated, on
the I'd day OF February, 1867. Gov.
ernor Geary approved an act passed
by the legislature providing for the
negotiation ofa now six per cent. loan
of twenty-three millions. in order to
take up twenty-threc millions of the
five per cent loan then overdue.
This act was passed by the dominant
party, and for its wisdom or folly that
party is alone responsible. 1t is true
that s23, 100000 Of the public loan
vas overdue, and If the creditors of
the sta;c REQUIRED payment it wus not
only the rign: tut the duty of tho
com monwcaitb TO naisiain its credit
BY rcdeeminy this oyetdus loan. which
could then only be dono bv nev,n lat
ine a new one But The creditors a,
the commonwealth did not desire The |
Ave per cent. loan TO be taken nm and
as evidence Of tbis Il IL onlv necessa.
nv 10 refer 10 the famous corrcsnond-
ence between The them state ,reasurer
and August Belmont. the agent of,be
Rotbsc6iIds. who representsd a large
portion of this loan. and 70 the nroiest
entered br the cupitslists ali throucb
the country against having their Ave
per cent. bonds redeemed against
their will. We have never heard from
any member of the majority party
any Justification of that item Of their
financial poIicy-tbe negotiation of a
loan Of twenty-three millions at six
per cont. to redeem q loan of twenty
threc millions bearing five pcr cent.
interest. aeajnst the wjshcs of the
holders of that loan, thus annually in |
creasing the interest of the public debt
$3.50 900, by which :hc taxpayers ofl
the state have already lost si $50. 900.
The act before referred 10. approy.
ed February .. 1897 nr,v;des amono