Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1883-10-04
The Treasury Ring Must Go.

The constitution of Pennsylvania,
which every state officer swears to sup
port, defend and obey, declares in Sec.
l3, Art ix., that "the moneys of the
state, over and above the necessary re-
serve, shall be used in the payment of
the debt OF the state either directly or
through the sinking fund, and the
moneys Of the sinking fund shall never
be invested or loaned upon the security
of anything except the bonds of the
United States or OF this state In Sec.
L., OF tho same article, it is prescribed
that "the moneys held as necessary
reserve shall be limited by law to tire
amount required for current expenses
and shall be secured and kept as may be
provided by law. Monthly statements
shall be published, showing the amount
of such moneys. where the same are de.
posted and how secured Another
article OF the same section makes it a
misdemeanor for any state officer to
make profit out Of the public moneys,
or to use them for any purpose not au
thorized by the law. The principal Of
OF the public debt must be reduced
$2jOOOO year and except in case Of
war, invasion or insurrcciion, no part Of
the sinking fund shall be used or ap
piled otherwise than in the eItinQuish
ment of the public debt At present
and for some years to come no portion
Of the state debt falls due, while the
money which is directed into the sink.
ing fund is very much in excess Of the
amount required to meet all the inter
est on the state debt and the $4,000
reduction OF the principal called for 10y
the constitution. Besides, the Law di.
rects that when the quarterly balance
n the general funds exceeds 5000
the surplus shall be carried into the
sinking fund for the exclusive uses to
which that fund is to be applied.
Notwithstanding these plain and un
mistakabe directions Of the statute and
fundamental laws for long time the
state treasury has been run in violation
of them. There nave been carried along
an average balance of two million and
a half in the sinking fund and amilIion
and half in the general fund and
while the latter has not been reduced
to 100000, as the Law directs, the for
mer has not been applied to the exiting
uishment OF the state debt nor invested
in government securities. On The con
tTary, both have been steadily maintain.
ed in defiance and violation OF the laws
letter and its spirit for the single pur
pose Of keeping tho money in the banks
which have it. These four million dol
lars-the interest of which in bonds of
the lowest value would be $4,000 per
annum-have been at the service of
the banks. They have neither been
applied to "the payment Of the debt of
the state, as the constitution directs,
nor "held as necessary reserve nor
invested in the bonds of the United
States or this state" They have been
loaned to state and national banks,most
of them friends Of the treasury ring. Sc.
cured BY no means. The state has no
security for them. The treasurer gives
100000 bail the banks give none to
him or the state. When the money is
called for they cannot furnish il. II is
not deposited with them, it is loaned to
them. The Republicans propose to con
tinue this regime by electing Livesy,
now cashier-of the treasury. The Demo.
Gratis propose to put a stop to It by elect
lug Powell Turn the rascals out. The
treasury ring must GO.