Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1883-10-09
lancaster fnteIligenrer.
TUESDAY SvENINa, OCT, o. 1888.
state Treasury MIsmanagement.

State treasury mBnanaScmeh''
According to the last monthly state
ment Of the state treasurer there was at
that time, October 1, in the general fund
s1,7s0, ,so3 IA. The balances in this fund
have not been much less than that for
some time. Since December |. lSS2,
they have run as follows December l.
1882, s1,45O, ,72415; January l., 1888,
$l,333, 400 AZ; February l, 1888, 81 73S,
3s1.25; March l, 1888. 81, 436 ,O67. 81 ;
April I, 1883. 81, ,735, 1893. 40; May l, 1888,
$2.e74 200. .O2; June 1, 1888, 81 ,5s7 ,OO3 9s;
July 1. 1888, $l,9S6 ,2s0l1; /; August l,
1888, 81, sos, ,4086 The monthly bal
ances In the sinking fund during the
same time have been as follows Decem
Der |, 1882, S2,0i7 ,073.9l ; January l.,
1888, SCOT ,S93 50; February, |, lsS2,
$3.50, 0i3.3i March |, 1883, 81 600, i5s.-
81; April l, 1888, 81 63s 06l 81; May l.,
1888, 81 762, ,s2977; June |, 1883, 81
796,Oil. 80 July 1, 1888, S2,7si,6il.39 {;
August /, 1888, 81, 253, ,2Ol.S9, Thus 1t
appears that almost continually the
state treasury management has had four
million dollars within its manipulation 4;
and this too. despite the plain directions
of the constitution and the statute.
The constitution of the commonwealth
says 1.-The moneys of the state, over
and above the necessary reserve, 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 nerer be inrcstcd il, or
loaned upon The security Of dny'hjng,
ercept bonds Of The United States or OF this
state And yet there are to-day over
two millions of the sinking fund moneys
loaned out to the banks of the state
upon no security whatever. The
state treasurer and auditor gen.
eral refuse to inform even senators
where these moneys are deposited, aud
1t is absolutely certain that no security
is given for them nor any profit to the
state earned by them.
Further, the act of 1874 provides that
" whenever it shall appear on the first
business day OF January, April, july
the balance in the hands Of the state
treasurer, from sources of general reve'
nue., apart from the amounts payable to
the sinking fund shall exceed 100000
such sum in excess thereof shall be car
ried to account of the sinking fund.
Now, from the figures above given it is
plain that since Dec. /, lSS2, there has
never zen less than 100000 and some
times as much as $1,000, 900, which
should be carried to the sinking fund
account, though it has never been 50
transferred for reasons which, whatever
they were, are contrary to the law.
All in all, about four million dollars
sometimes as much as five aud half
million dollays-which the law directed
to BE- invested in government securities,
80 that the state is protected from risk
and its funds earn interest, have been
clrried along as loans tO the bank
favored by the state treasurer.
The Republicans propose to continue
this system by electing Ljv5ey. H9 i
now cashier of the treasury aud is largel.
responsible for its management. lie |
to be continued for the same purpose
Mr.. Wolfe, who IN ale the plucky singl,
handed fight against the treasury ring c
his party in 1851, says that Livsey
simply the creature Of Chris. Mlgee, an
il elected, Magee will virtually bs trea!
urer of the commonwealth" For tha
reason Mr.. Wolfe thinks he ought to
beaten. In view of the stupeDdous figure
we have quoted to show how shameful
the state treasury is miSmanaged, we in
cline to think majority Of the peOpl
will agree with him.