Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1873-06-25
Isssrsw on sAsls lmsvsss sQrw(D5 =
dsIs osfSasdisy kssiss - I'D
al he ksginning dxvjno ~ Usar.
Total i-....ll,2is,s29 u
1i,lss,s7i o;

Excess u interest," phiu over nmouut
accrued during tie time, S275, ,59l.83.
II will be noticed that the excess in
the year 1867 was si50, ,50G95. This
may be explained by saying that
when tho new loan was negotiated
during that year, coupons partially
matured were attached 10 the bonds
and sold with them. This is proba-
bly, true, us VIC find tho treasurer
charges himself during that year with
items Of "intcrest received on loans,"
which aggregate s267 ,254.29; still this
leaves slS3, ,25l.G6 unexplained. Dur
ing tho year 1872 the excess was $780,
79lS3. II, as submit would be fair,
we assume that the loans redeemed
each year, wero on an average re.
deemed in the middle of the year, The
above calculation Of the interest &C,
cruing should be reduced to the cx.
tent of one. balf years interest upon
the amount of loans redeemed as
these wore mostly Eve per cent. loans
it would be two and half per cent.
upon sl0,992, ,662 al; this would make
s274,sl656, which added to the OK,
cess before shown would make total
excess Of interest paid during the six
years over tho whole amount accru.
ing during that time of $3.50, ,40S.3S.
1 desire to impress upon the minds
of gentlemen the fact that this is not
question of the misdpplication of the
money belonging TO the sinking fund,
which should have been used for no
other purpose than paying the public
debt. Ny allegation is, that during
the last six years the treasury depart
ment has been credited with paying
more both of the principal and inter.
est of the public debt than have been,
actually paid During this time, no.
new debt has been created or author
lied, excepting the twenty three 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 ,377 65, and the bond rep
resenting the endowment fund of tho
agricultural college for $500, 10000.
In the first two messages Of govor-
nor Geary, tho people were furnished
with separate statements Of the ad.
minstralion Of the sinking fund.-
During the next two years no such
statements were contained in his mess
ago or in the reports Of the auditor
general and state treasurer. BY the
fifth section of the act of April l3, 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 it
therefore impracticable TO give con,
nected exhibit of the -admi nistratioa
Ii order to obtain tho desircd Infor-
nation, on the 22d Of January, had
tho honor of Offering resolution re-
questing the state treasurer TO furH-
ish the house with u statement show
ing the receipts and disbursements on
account Of the sinking fund from its'
organization to November 30, l872.---
Statement furnished in response to
this resolution will be found In tho
Legislative Journal, page 4SS. BY
comparing this statement with this
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 Geary claims to have
been paid upon the public debt during
his administration was paid by tho
com missioncrs of the sinking fund ex.
ceIting three items. In 1860, 1870
and 1871, small sums were paid d.
rcctly by the treasurer, but were az
forwards carried to and included in
the sinking ipnd account. The ageIl
cies, through which the public loans
have been redeemed will appear from
the following statement:
Siak'y Faad State H.,
's" Conanis'ns Treosnrer f"'"'