Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1878-11-27
THE MISSING STATE BONDS.
MORE OF THEM CONE TO LIGHT.

MORE OF THEM CONE TO LIGHT.
Within the past three months, or
since the excitemen. sttendan, upon the
discovery that there bad been an over
issue OF the State loan coupon bonds of
April l9, 1858, there have been pres.
euted at the State Treasury IN this city
between fifteen and twenty of these
bonds for redemption. The Sinking
Fund Commissioners had already re-
deemed the full amount of the loan,
S22S, 900, and had no authority given
them to redeem the over issue, although
the latter are ell right on the face and
appear genuine. The fact that these
bonds have been presented for redemp-
tion and uniform refusal to redeem
been made reopens the case. Under
the &C, Of April 10, 1858, the Legisla.
ture authorized loan to take up the
bonds of the State falling due 1858 and
1854. Bonds to the amount of $780,
600 we're prepared, numbered and sign
ed, but only 100000 of the amount
appesrs on the books as having been le-
gally issued. What became of the
whole of the remaining 100000 has
never eeen satisfactorily explained;
s2S 900 Of them we're subsequently, in
1858, sent to the Treasury Department
With the information that they had
been left in charge of the Girard
Bank by 9 former State Treasurer.
The commissioners consented to re-
ceive this $2S, 900 and place it with
the Si0O 600, making in all $l29, 900
as legally issued by the Sinking Fund
Commissioners. The other bonds,
amounting to S72, GOO, were still out,
never legally issued, it is true, bu,
nevertheless in the market, as subse-
quent Developments showed. During
the past summer . number of bonds of
this overissue were presented to tne
cashier Of the State Treasury for re-
demrtion but they we're refused pay
men. for the reasons given above
that S42S, 900 the authorised loan, bad
been redeemed and the redemption of
one OF the over-issue would be q vir-
tual acknowledgment Of their validity,
and this responsibility the Sinking Fund
Commissioners did not wish to assume.
Holders we're also Informed that the
question of the redemption of the over
issued bonds will be submitted to the
Legislature and the Commissioners will
be guided in their course by whatever
action the Assembly may see wise to
order And that brings the matter
down to the present. As stated above
since the excitement of August 9Th,
when the transactions of the over issue
first came to light, there have bsen
between fifteen and twenty Of these
bonds sent to the Treasury for redemp-
ton. All of them are Of the denonin-
alton of 81 900. The greater portion
Of these bonds came from New York
and Philadelphia, and proves very con
clusively that they were negotiated in
those cities by some person familiar
with bond operation. On the 9TH of
November one of these bonds was pres
ented from Philadelphia and reiemp-
ton refused. Yesterday the same
bond was sent from the Central Nation
al Bank, of Philadelphia, and through |
its Harrisburg agen. again presented |
and again refused payment. The Cen !
trail National had given notice that If
the State Treasury refused pay ment Of
the bond, the same course should be
taken as is pursued in the case of
protested note, and accordingly the
bond was protested before Harrisburg
notary. The protesting of a State
bond is a rather novel transaction in
and what course can be
,aken to obtain the value therof Is not
quite clear. But it is probably made
As a test case by holders of other S12,-
100 bonds, although the final issue can
lot be satisfactory to either party un-
il the Legislature passes judgment.
1t has been said that these bonds
rere never overissued. That they
sere a myth. but tie fact that almost
$40 900 worth have beeu presented at
he State Treasury effectually eSplodes
his story.
State Treasurer Noyes intenGs to
nake report of the whole to the Leg I
stature, and to make matters clear,
Till publish the voluninous correspond.
nee be has held With prominent bank
rs and financiers throughout the State {
n regard to the matter. Acting under !
from the Sinking Fund :
the State Treasure, will
ot pay any of the over issued bonds, G
nd brokers and others will have snffi-
lent warning in this to refrain from .
ouching them. L: is said that Legls- ,
alive inquiry will be made as to who :
'sued these bonds, and the matter
raced back and the guilt fastened on
be proper party.