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

Oiu loans redeemed with new-..... 2J,OOO.OOu %
Interest received ON new loan....... 267,255 2s
Premium received on new loan...... s6,0O2 SO
Discrepancy in $. Il. account...... ?07,7Te IL
rHH. ...
Totallpayments s3l, ,55S,690 rs
Debt Dec. !, 1872, If the payments
had been made-..."..,"..- -...S2i, ,S66,739 o3
Actual debt....... ..-.".....,"...2 27,3O3,494 81
Actual dofaloation. ..-.....-.."."S 2,A37,755 6l
III to this wo add the discrepancy
in the interest account rs heretofore
shown of S550,40S.39 II will make
s2,9Ss, ,l6i.00, as the total discrepancy,
deialcation, or to use plain old En-
glish world stealing which has occur.
red in the last six years, or nearly
half million q year.
| desire that tho members of this
house, and the people will not con-
found this statement with the misap-
piication of the sinking fund TO which
l will now call their attentions With
out taking up your time by comment.
ing upon the amendments to the con-
stitution of 1857, or BY attempting TO
show the wisdom of inserting in the
fundamental law of the state, pro
visioa creating special fund which
must be sscredly guarded and sacredly
applied to the payment of the public
debt, l will call your attention to the
fact that the financial officers of the
commonwealth have utterly disregard.
ed the plain provisions Of the consti.
tntion, and the imperative require
ments Of the law in this respect.
By turninglo the last official report
of the state treasurer, we find on page
q that the balance in the sinking
fund November 80, 1871, was s3,47S,.
9SS.40; and on page 3S that the bal
ance in tho fund November 80, 1872,
was 81, 496,6l403. Why should this
large amount Of money remain in the
sinking fund instead of being applied
as the constitution and laws require
to the payment OF the public debt p
Why should tho people of the state be
swindled out of the interest on this
large amountY For If this money bad
been applied as II should have been,
the interest bearing debt OF the state
would have been reduced that much
more, and The tax paye Of the state
relieved from the ANIMAL payment Of
s20s, 1850. What explanation can
the.commissioncrs ofthe sinking fund,
or the state treasurer give why this
money hns not been appliedas required
by the constitution They may say
that it Is unwise and impoltic to pay
qhe public debt more rapidly than they
have been doing. They are not, how
ever, the proper judges of the wisdom
or propriety Of the rapid payment of
the psblic debt. Tho people settled
that q~eation Of policy when they rati-
fed the amendments to the constitu-
tion Of 1857. Why, then, is this mon.
ey not applied as the constitution ro.
quires 7 Is it used by the "Trcasury
Ring"-for we hear there is such an
institation, among numerous other
Nrings" here--is the interest on this
large amount of money used to ena-
bic this ring to perpetuate its rule and
power at the state capital? If it is,
at is time the people Of the state should
understand it, Bad as this would be,
official delinquency great as it would
be, the truth is still worse. No such
an amount of money is actually in the
sinking fund, although shown to be
by the sinking fund accounts. If you
will turn to pago eight of the last
treasurer's report You will ind the
whole balance in the treasury Novem.
Der 30, 1871, including the sinking
fund and all other funds Of tho com.
monwealtb, was only sl,476,S0S so,
and on page ten that the balance 10
tho treasury November 80, 1872, was
only 81 ,4S2, 1851. The difference be.
tween these amounts, and the amounts
reported as being in tho sinking fund,
has been applied to the payment OF
the current expenses Of the govern.
ment in palpable disregard of the con-
stitution, in open contempt of tho re-
quirements Of the law, and in plain
violation of tho official oaths Of the
financial agents of the state. In ad.
dition to this, thero is tho undeniable
fact that for the last several years
there has been an average balance OF
one and half millions of dollars lying
idly in the treasury, earning nothing,
drawing no interest for the benefit OF
the taxpayers. The interest on this
sum, at six per cent, would be s90,.
900 year.
Tho facts and figures which | have
given have been obtained by a careful
study and comparison Of the PUB.
LIsnED SUMMARIES Of the financial op
erations Of the state from year to year
These summaries have been prepared
by skillful accountants, interested to
covcrupall discrepancies and evidences
of defalcation. Could wc penetrate
the secrets of the treasury departm ent
and subject the itemized accounts and
vouchers TO thoroughly competent and
honest accountants, have no doubt
Developments would be made which
would sink my exhibits into compare
two insigniicancc. No wonder the
people themselves desire to elect The
state treasurer, and little less wonder
is IL that under the provisions OF THU
bill, drawn in the interest Of the treas
,ury ring, the people arc 10 be balket
in their wishes for another whole year
Mr.. Speaker, you will probably
agree with me that il is not the duty
nor the province Of gentlemen on thi
side Of the house 10 fix the individua