Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1875-10-06

VVV ior tne ono per cent. OF intercs
: they added upon the s23, 900, 900 Of 81,
per cent. loan, unnecessarily placed
during the years 1868, 1869, 1870, 1871
1872, 1879 and 1874, and the cost o
placing the same, we find that tn
State debt should have been reduce,
BY at least eight millions more thai
il Is, If the plain policy of the amend
ment of 1857 had been carried out.
4 sci out TO prove violation Of officia
duty and misapplication OF trust assets
and these facts and figures arc th'
evidence.
The expenses of your State govern
ment have increased from e446, 900 il
1860 to S1,096, 1853 in 1874. The con
troll of patronage, power and place Il
vested in u cabal Of men who dictate
nominations, prescribe legislation and
farm the revenues of your great State
A system of taxation devised in thcil
interest fills your treasury at tho ex,
pence Of your industrial corporations
or is so imposed as TO be wrung ulti
mately from the people Taxes upon
real estate have been repealed to give
the excuse for the change of your loans
from u five TO n six per cent, TO the
end that n full treasury might be at
hand to make earnings for personal
gain and political purposes, and the
people were made to pay thereby, since
1867, more than two millions of dollars
by this act alone. ..4,
This subject is one that is worthy
the consideration Of the gentleman
who opened the campaign at Reading,
and as its results are upon us yet and
daily affect the finances of the State, it
is pertinent 10 inquire how it was done,
what has been done and why it was
done. The act of February Cd, 1867,
originated in the treasury. Its specious
pretext was the lifting Of our overdue
debt and funding it so MS to meet II at
maturity. 1t increased the interest
upon twenty-three millions Of the State
debt from fvc to six per cent. See its
first effect upon the taxpayers as
On December l, 1866, the whole debt I'd
was .....
On this we paid an annual interest off,. 1907 1880
On December ], 1861 the whole debt ll-l
was st,I6d,4Sl
On this we paid an annual interest Of. 2,2sIoss
SO that after paying SS55, ,62l of the
public debt, we were required to pay
S449,89 more interest than we did the
year before. For the seven years that
have passed from December, 1867, to
December, 1874, one per cent. upon
the whole twenty-thrcc millions has
been annually paid by the people /;
100000 per year for seven years
makes an aggregate of sl,610,000 add
to this the cost of placing the loan
sS9, ,606 interest paid in 1867 more
than in 1866, s449,S97 total cost of
new loan TO the people to December l,
1874, so, 149,503.
What was the Interior purpose Of
this change Of loan 1t was to increase
the balance in the treasury; it was TO
fill up the vaults tor use by those who
controlled the finances.
See its result. by the report Of the
State Treasurer for 1867 we find that
he had in his hands an average monthly
balance of s3,5s2,214. BY the same
report for 1868 the average monthly
balance is shown to be s2,309, 900.
III 49, ---@ s-apd totals GLORIOUS. pick
ings for skillful fnanciers, rich placers
for political use.
The glorificaiion over the reduction
in the total of the debt prompts mo to
give it a glance in passing. 1t is to be
remembered that the sinking fund
policy and its results belong to the
Democracy, for they originated il, and
without their active aid its effects
would have been utterly destroyed.
Official records fully prove this fact.
From 1890 to 1874. inclusive, the treasury has re-
ceived from the people the sum of$sc, SOS
The public debt December, 'NNi
1860, ,gd7,si7 iIaa
The public debt December, .f..'Il.
1873, is-..".................. zs,5ts.osb
Whole cash paid on debt. .sis. s.s99.sls hla ct
Interest paid on public debt 2s,s6o,ssS
- HkfoSuftvt
Money to bs accounted for. ,7ss
Thirteen millions OF debt have been
paid and forty-four and half millions
Of money have still to bo accounted for.
Where are they 4f sa.4
They can only be accounted for by
reckless expenditure, extravaganza in
administration and misappropriation
of assets. A full treasury TO produce
interest for those who rule at Harris
burg has been the policy for years, and
in the attempt to expose il you and
your representatives have been turned
from its doors and denied the right to
know how and where their money is
kept. These illegal earnings have
again and again been used in political
contests to determine results against
your will. Infdelity TO public trusts
has been tho rule, personal gain the
controlling thought. The calm and
intelligent scrutiny Of a capable execu
tive who will WELD his veto power and
his control over the Commissioners Of
The sinking lunu WIN uee's'on ano
force IN the interests .., sa, oi 'nJ people, a. y
the State treasury, through which its
exact condiuon WIN oe sn'ol'eu as
scroii ior thv inspec',on VI ,no poop''
are now ,nu'spensaoie ~ 'pe 'h'escs :
oil all Iho poncy Oh ,ne Pass ana .
the present must DC reversed, oa'nrie'
must DC reouceo' ECONOMY ahu ~
trenchinmen' must : oecome 'ne RUIZ @
AN empty treasury WIN ease ~ a saAa !.
tion Is lnhnl'eiy petter 'nsh ovcrnow
ing coliers ior tnc prom. OF .nVse, wh'
ruio' fromp. appnch''on o. INC mon
eys OIL tne state 70 .ne paymen' o. .n a
aep.' NO pcrqu'S,'cS a ~. ,or o%va's T,a ss, sas
inc salaries nAeo " "w. no ,,. poDm
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