The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1875-07-23

too. when capital was demanded and re-
ceivinc large returns, and no interest have
been paid to the depositor But II pald,
where has it gone? The Committee cannot
find that one cent ever reached the Golfers
of the State.
A way to utilize the balance In the treas
ury. to the benefit Of the State, has been
open since the sinking fund was establish
ed These balances were a part of the
sinking fund revenues. The sole purpose
of the creation of that fund was the pay
n,ent of the public debt, and to that pur-
pose all the moneys should be applied us
rapidly as received. Such are the direc-
tiors of all the acts of assembly relating
thereto. That of May 9th, 1874, however,
/ is the most explicit i'll its terms. 1t is there
provided that :
'It shall be the duty of the Commission
ers Of the Sinking Fund, on the first bust
ness day OF each month, to prepare a state
ment Of the total amount of money in said
. fund.- which having been verified by oath or
affirmation, shall be published in two news
papers in Harrisburg, for public inforlna-
ton, The Commissioners of the Sinking
Fund shall also, on the first business day of
the months Of May, August, November and
February, in each and every year hereafter
apply all moneys in the sinking fund to the
redemption OF an equivalent amount of the
public debt"
This seems n very easily understood law.
But it has not been obeyed. At no time
since It's enactment has all money in the
sinking fund, on the first business day of
May, August, November and February
been applied to the redemption of an equiv
alent amount Of the public debt. On the
contrary only small portion of ii has been
thus applied
The official papers prove that on May o,
1874, the day the act was approved, there
was a balance in the sinking fund of ST.
23O, ,759. II, and there was but S4S. 055. 81 of
the debt redeemed during the balance of
the month of May.
On the 31st of July there was balance
in the fund Of $526. .97S 80, and there was
but S66 sol. As Of the debt redeemed dur
ing the month of August.
On the 31st of October, 1874, there was
balance in the fund of $40, 5:92G, and
there was but SOC, 617.50 of the debt re-
deemed during the month of November
On the 3lst of January, 1875, there was
balance in the fund of $. . 153, 155. 50. and
there was but %6, 553. 81 of the debt redeem
ed during the month of February.
On the Both of April, 1875. there was a
balance in the fund of 81, 427, 4O7.1S, and
but $432 $50. 900 Of the public debt redeem
ed during the month of May.
No excuse can be offered for a similar
disregard of the act in the future. The
first business day of August, 1878, is the
next day on which, according to the pro-
visions of the act, all moneys in the sink
ing fund should be applied to the redemp-
ton OF an equivalent amount of the public
debt, and the Commissioners must publish
in two newspapers in Harrisburg a state
ment of the amount in the fund at the be-
ginning OF the month, and another at the
end of the month, exhibiting the amount
OF the debt redeemed. 1t is certainy inn
portant that the act be complied with. -
There is no better guard against the cor
rupt use of public moneys than an empty
treasury. In this instance it is the com
mand of the law that the sinking fund bal
ance be exhausted four times a year. 1t
is for the public good that the law be COM
Piled with, and the peoples money used to
pay their debt, that the grinding weight of
interest be lifted and the temptations of
plethoric purse removed
The Committee would further mention
that the act of directing these payments
also declare il to be a misdemeanOr in of
flee for any Of the commissioners of the
sinking fund to neglect or refuse to per-
form any of the duties enjoined upon them
by this act, and for such neglect or refusal
they may be impeacIIed and removed from
Office. But while the law hitherto has
seemed to be a dead letter, and its penal
ties dcfed, better things arc hoped for in
the future.
Inc committee feel that they have but
Just entered upon the work before them.
\ fun investigation may not be accom-
plished until all impediments interpcsed
by the State Treasurer are removed. The
best efforts of the Committee, however,
Will be given until every transaction has
been exposed to the test of searching ex-
animation.
.. III. RICHARD, Chairman.
A. SMITH,
Mu.ToN \. EMBICK,
NJ. Z. WISE.