Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1881-05-11
Our STATE DEBT.

Everybody that pays taxes Of coursC
wants the debt funded ut as low rat,
as possible, The Harrisburg Pdtrio
claborates on the subject in this way
In the debate in the State Senate on
u recent Wednesday afternoon on tn,
bill to refund ten millions Of the public
debt in four per cents arose q some
what lively scene Of which Mr.. Cooper
of Delaware, was ineiler. Mr.. Cooper
according 10 the report, made one oi
his violent speeches against the Dem,
oerats. Veal know what Mr.. Cooper'e
violent speeches consist OF. They have
a considerable resemblance to Groel,
fire making great deal of noise, but
possessing neither warmth nor force
In the course OF this speech Mr. Cooper
gave expression to bis profound sorrow
that some of the Republican Sena.
tors were "weak enough and foolish
enough to aid the Democrats in en-.
barrasslng the State authorities and
stopping the wheels of government.
To this pathetic allusion Senators Nor.
iis and Newmyer furnished the chorus
of responses $50 they are; that's inst
what they are doing
This course Of the "fooish" Repub-
licans and "wicked" Democrats which
aroused so much virtuous Indignation
in the breasts Of Cooper, Norris and
Newmyer, and the machine Republi.
cans generally, was their support OF
an amendment OF Senator Craig fixing
the maximum rate of the loan at three
and half instead of four per cent.
Why not refund the debt at the lower
Iate2 No one will pretend to say that
Pennsylvania cannot refund its debt
at this rate of interest in the present
condition OF the money market. An
investment in tho United States per-
cents at their present premium realizes
less than thro and half per cent. in.
terest The holders of the United
States six per cents are eagerly ac.
oepting the three and half rate offer.
ed by the Treasury, instead of de-
manding payment, because they can
make no better interest. What better
could the holders Of the Pennsylvania
loan do than accept three and q half
per cent. when the State can borrow
all the money it wants at that rate
But the State administration wants to
give them n bonus of one.half of one
per cent. above the rate that the loan
is worth in the money market. When
the independent Republicans and Dem
oorats Of the Senate insist that Penn
sylvania shall have the benefit of her
high credit by borrowing on the best
terms, Senator Cooper charges that
they are stopping the wheels of gov
crnment," and Senators Newmyer and
Norris, his echoes, shout in response (:
"just So that's just what they are do.
ing"
Before charging the independent Re
publican and Democratic Senators with
seeking to embarrass the State gov
ernment hr. Cooper and his fellow.
laborers at the machine should have
reflected that the boot is on t'other
leg. The State administration have
done their bes, to embarrass the Legis-
lature. The proceeding of the Attor.
ney General was the act of the admin.
istration, done with their counsel and
approval. Its object was to disperse
the Legislature upon the insulting pre-
sumption that the representatives OF
the people would precipitately aban.
don their duties in sordid dread of
losing a portion of their salary. That
they did not obey the opinion of the
Attorney General and adjourn was
only misealculation of the admins
tration. In view OF all this it was
rather maladrOit in Senatorial sup.
porters Of the State administration to
charge the independent Republicans
and the Democrats with seeking to
embarass them. Still more so, when
there is no other foundation for this
charge than an honest effort to refund
the State debt at rate consistent with
the condition Of the money market
and the credit OF the Commonwealth.