Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1875-07-28

erh cOnLrOl, anu ny MN utpOAltcu
with various banks and bankers
throughout the State. For these
twelve years the monthly balance in
the hands of the Treasurer, in round
numbers averaged 81, 100, 100000, vary
ing from the highest monthly balance
OF SG,S53, 134.99. August 3lst, 1867,
TO the lowest, s025, ,729.63, January
3lst 1869. At five per cent. these
balcnccs would have ncttcd tho rcceiv-
or over 81 ,2O0,000.00.
Or had the money been spromptly
used 10 purchase the State nix per
cent bonds, the State would hnvc saw
cd interest on the public debt to the
amount Of over e1,40O,OO0.00, md the
debt would in consequence be that
much less at this date.
Of course, the State Treasurer can.
not lawfully appropriate any interest
on the public moneys to his own use.
10 do so, would bc to render himself
liable to fine, imprisonmentan and rcmov.
al from Office, (act of March 81, 1860 }
or to impeachment and removal from
office, (act of May Q, 1s74.) Yet, eve
~ one must realize that il is not in ac-
cordance with the conduct of human
affairs that this large balance should
have been deposited with various
banks and monetary institutions at q
time, too, when capital was demand.
ing and receiving large returns, and
no interest have been paid to the de-
positor But if paid, where has it
gone? The committee cannot find that
one cent ever reached the Golfers of
the State. 49, ,oi ~..y tsotg !,
A way to utilize the balance in the
treasury, to the benefit of the State,
has been open since the sinking fund
was established. These balances were
part of the sinking fund revenues
The sole purpose of the creation OF
that fund was the payment of the pub
lie debt, and to that purpose all the
moneys should be applied as received
Such are the directions of all the acts
of assembly relating thereto. That
of May 0, 1874, however, is the most
explicit in its terms. 1t is provided
there, that
at shall be the duty of the commits.
sioners of the sinking fund, on the first
business day of each month, TO pre-.
pare a statement OF the total amount
of money in said fund. which having
been verified by oath or affirmation
shall be published in two newspapers
in Harrisburg, for public information.
The commissioners of the sinking
fund shall also. ON the first business
day of the month of Nav. August
November and February. IN each and
every wear hereafter aDpiy all monevs
IN ne sinking fund to the redemption
of an equivalent amount OF the pub.
lie debit
This seems n very easily understood
law But Il has not been obeyed. Az
no time since its enactment has all
monsv in the sinking fund ON the first
business tiav Of Nav Angust Noyem.
ber and February. been applied TO the
REDEMPTION of an eouiyaient amount
Of the public debt, On the contrary
only a small portion of il has been
thus applied
The official papers prove that on
Nav 9th. 1874 the day the act was
approved. there was n balance in the
sinking fund of s1.13O,759.i1. and
there was but s4s. 1855. .s4 of the debt
redeemed during the balance of the
month of Nav.
On the 3lst of July there was n bal.
ance in the fund of 26,G7s.35. and
there was but s66,sOl.ls of the debt
redeemed during the month of Aug.
ust
On the 3lst of October 1874. there
was q balance in the fund of s470,-
SIS. .26. and there was but s96.G77 so
of the debt redeemed during the month
of November.
On the 31st of January, 1875, there
was balance in the fund of sl,l53,-
155.S5, and there was Tut sc, 553.91 OF
the debt redeemed during the month
of February.
On tbc 3otb oc A,r;l 1917 thero
was a balance in tho fnnd of a. I27
4o7 ie and but sia9 a5o oo of tho nub.
lie debt redeemed during the month OF
May.
lar d;sregarJ n no ect IN The fnture
Tho f;rst business d.v of ang,st VIZ
Il ,ha noxt a. -, nI;oh accerd;no ~
the provisions of the act an moHevs