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

Amount paid In leI2.-........... 2,fst,s25 20
Total payments........ ........"."Sl0, ,e92 COZ 81
Being little over t~snty .Hine per cent. ON the
debt due December ], 1860, which was thon
$37,foi, 400 H."
Thus in three annual messages TO
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, but presume he
was not himself responsible for them,
that these figures were furnished To
him by officers in the treasury depart
ment or in the auditor generals Office,
aid that he was imposed upon, and
led to believe the statement 10 be true;
at least this is the most charitable
view We can take Of it.
In this last message tho governor
states the total payments during tho
last six years were sl0,992 ,662 81
which, il true, would have reduced the
public debt from s25, ,622, ,052. .l6, which
Il was on the LIST of December, 1856,
to s24,629, ,3S965, on the lst day Of
December, 1872, instead Of leaving IL
on that day 1903, ,49464, as the gov
ernor states IL 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
the debt has been reduced during thut
time. In other words, from Dccem-
Der /, 1865, to December /, 1872, the
public debt was reduced from $685.
622, ,052.l6 to S27 1908, ,494.6i; a total
reduction Of ss,3ls, s,557.52, while dur
ing that same time the different state
trcasurers have been credited with
paying $40, ,992, ,662.54. To cover up
this defalcatioD, the guilty parties had
10 resort to a falsi6cation Of the records
and this was deliberately done by
stating the public debt on the frst Of
Dece ember, 1856, TO have been more
than two million dollars greater than
Il actually was. Now I challenge tho
gentlemen on the other sido to explain
or excuse this falsidcation Of the re-
cords Of our state. The facts I have
already givcn would bo sumcIent to
account for the wonderful unahimity
with which tho people demanded a
change 10 tho manner Of electing tho
head of the treasury department.
Since the beginning Of the session I
have taken the opportunity to study
political arithmetic as exempli6ed in
The annual reports Of the auditor gen.
cral 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 tho 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
ired thousand dollars. This might
airly occur in any one particular year,
Is the coupons falling due the preced-
ng year may not all have been pre-
'cnted for payment during that year
put this excess appearing in ono year
would be balanced by the deficiency
n other years. submit that during
. period as long as six years the aver
lgo would bo reached, and no moro
interest actually paid .han would nc
'ruc upon the entire interest bearing
lebt during that period. lhave made
/ careful calculation Of the interest
lpon tho public debt during each of
he last ak years. This calculation |
ldmit is not strictly accurate, but is
indnly favorable TO tho treasury de-
because have allowed the
interest upon tho entire amount out
at the beginning Of tho year
or full year, although largo amounts
we're redeemed during the year, whilc
lpon that portion of the debt redeemed
Turing the first half Of each year only
Tx months interest could possibly
lavo been paid. With this exception
believe my calculation is strictly ac-
urate, and l submit II to the inspec.
ion os the gentlemen upon the other
lido Of tho hcrss:
INTEREST ON TpBLIc pEBr.
1867.
!, ,;7l ,5se ~ sfx per