The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1875-10-06

Cash eorTUEed from banks IN June
ISIS, aud unpaid az the end Of the
Total al -lsey 70
Less cash IN Treasury. Dee lssS.... TzA4s! ;
/ Actual debt &c. .4.l So /
! Ii viii be observed that this TEN
porary loan Of $4,000 was made il
the month of June as a temporary
loan, and was not paid during th'
year, aod yet We find that the follow
ing balances were in the State Treas
ury al the end of each month durins
the last SIX months of that year:
I June So-.-.--..-------.-.--..-- slossss.
July 81 .--------..----.-.-..-.-. so&-see
august 81 .-.--------------..-------- l-l.sss 2
September So..--.............-. L3o.se )
t5ctot'er 81 secll0
N1seinneE ~ S----..----..-.--..---...-. Iss-&A4 :
For part Of the time The balanct
on hand was more than double ID,
amount of the temporary loan, yet i
was unpaid, interest accrued upon il
and the Commonwealth derived nC
( benefit from the balances. Is it IN
generous to suggest that some one
else did, or this amazing folly could
rot have occurred? 1t appears to bt
curious coincidence that the presid
ing genioas Of this system of fnance;
should have been the head and front
Of the Erie Convention.
/ SINKING FUND AND PUBLIC DEBT
/ | am glad to know that the Dem
oerats believe in the sinking fund
and that they intend % help support
IT, | congratulate them upon this
remember when the sinking fund
was established under the Wing ad
ministrajion Of Governor William T
Johnson, which upon its accession tC
power, unshrinkingly addressed it
self TO the devising of plan for the
maintenance Of the credit ofthe Com.
monwealth' and which boldly evieJ
new taxes for that purpose. This
was done amid the opposition and
the derision of the Democratic lead.
ers of the day, who, faithless them.
selves 10 their duty, were jealous Oi
the effort OF others to perform It
Through the operation of the Sink
/ ing Fund, and by wise management
Of the State finances, the public debt
has been reduced from forty ODD
millions Of dollars, which the Bigler-
Hughes dynasty bequeathed to Us IL
1855. 10 the nominal sum Of twenty
three millions of dollars. and TO ID,
actual sum of fifteen millions of dol
lars net in ls15-all within period o
twenty years. During all this tim,
the great measures which built uI
the Sinking Fund were enacted With
ouJ the votes of the Democracy; snC
10 this | include the first great ef
fort Of this people 20 rid themselve:
Of paralyzing incubus by the sale
of the main line of the public works
IL is pleasant to know that If ID,
Democracy never helped us to puI
ANYTHING into the Sinking Fund they
now propose to help Us to keep any
thing from getting out. Let me add
for the benefit of those who wish tC
know the Legislative record of their
candidate, that when the bill wa
passed wiping out the tax on real es-
tate and transferring to corporations
the burdens thereby taken from the
people, Mr.. Pershing, though mem.
Der Of the Legislature, failed to re-
cord his vote upon that bill, as il
thereby to show his fidelity to the
corporations father than TO the peo.
pie. Of which be is said to have given
many proofs, besides the two | have
named elsewhere
NATIONAL IssUEs-LEGAL-TEyDER
MOTIFS AND The CONTRACTION
THEME
The burden Of the complaints in
rhe Democratic platform however, is
Of national politics, and at 81 elec-
ton. too. when only State officers are
to be chosen Ii charges ,eontrac-
ton of the currency as the cause Of
the panic and Of the present depres-
sion in business, and holds the Re-
publican party responsible for these
results. Let rs see BY the record
what the contraction has been, and
who made il. In 1862 the the Gov-
ernment Of the United States conn.,
menced the issue oflegal tender notes.
The first issue was of one hundred
AID fifty millions Of dollars (l50, ,000,-
001) This was in February, / Ss2
Four months thereafter Congress
authorized one hundred and fifty
millions (sl50,O00, ,000) mare. Eight
months thereafter il authorized one
hundred and ffty millions Q50, ,000.-
000) more, making four hundred and
ifry miIlious (450. 000. 00o } in all, Of
which fifty millions 80. .0o9. .00o) were
10 be used As temporarily required
for temporary loans. Tie issue was
proposed, advocated, and defended
solely as war measure" in both
houses of Congress, aad was justified
by il, friends by the overwhelming
necessity then upon the country,
which is the ground upon which the
Supreme Court Of the United States,
in their last decision, sustained their
use as legal tender in payment of
all private debts To quiet anxiety
as to the extent of this issue, which
had already trebled the amount fixed
for it in the beginning. and to aid in
placing the large volume Of bonds
created, Congress, during the war.
on the 30th day Of June, 1874, de-
clsred, in the act for the issue Of four
hundred millions (400, 900, ,000l Of six
per cent boDds and of fifty millions
$50, 900, ,000) of fractional currency,
that "the total amount of the United
States notes issued shall Rever ex-
eeed four hundred millions Of dollars,
and such additional sum not exceed
ing Efty millions $50. .000. .00o) of dol
lars as may be temporarily required
for the redemption of the temporary
loans This pledge remains aase-
pesled and inviolste.
WHO voTEa FOB CONTRACTION
N 1855.
One of the first financial steps
taken after the war MAS for the con-
traction Of the currency. the Secrets
~ of the Treasury. ~ the 6rst session
of Congress, having strongly urged