Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1883-11-03
lancaster FntrIliu9nrrl.
SATURDAY EVENING, NOV sss.
Sfnfe Snrnlns.

NINte SuIViuss
The Republican managers feel 1t nee.
essary TO say something in excuse OF the
refusal of the two Republican members
ofthe sinking fund board to vote for Sec
retary Stenger's resolution that the sur
plus be invested in stateo or United states
securities as commanded by law. They
have put forward Mr.. Lyman Gilbert
OF Harrisburg, as their spokesman, de-
scribing him as their ex-attorney general
and counsel for the auditor general and
state treasurer. Mr.. Gilbert often turns
up when work of a dubious character is
done or to be done. He got into the
way of it when he was deputy attorney
general. 1t was under his preparation
of the case stated of the state agans' the
Standard oil company that the state was
done for. Mr.. Gilbert, in the present
emergency, however, can say nothing Of
any consequence in defense Of his clients
and his party. lie cannot deny that the
law requires the surplus in the sinking
fund shall be invested in state or United
State bonds but he declares that ii was
not advisable to obey the law, as the
premium on the bonds would be unduly
raised 10y the immediate investment Vt
the whole balance in them. His clients,
therefore, substituted the following res
olution for Secretary Stenger's
Resolred That the Farmers and Me.
chanics' National bank of Philadelphia,
fiscal agents, be instructed as soon rs pos
sible to invest 81, 04j, 7G3 43 IN state loan,
as a premium not exceeding the premium
upon United States loans, ard II the same
cannot he secured on or before The lst O
September. to purchase 100000 Uui'cc
States bonds, and like amount m0u'h hll
thereafter, on further failure to purcass
said state loans, until the dispOsahle sur.
plus in the sinking fund is exhausted.
They knew at the time that the none,
could not he invested in state bonds " q
a premium not exceeding the premium
upon United States loans" and c0nsp
quently their resolution provided reall
for an investment Of $500, 900 per month
after September first and they hav
now bought 100000 Of United State
bonds at premium Of Sl24,1s7.5O: an
Si2 GOO of state bonds at a premium O
S7,S05.5O. Meanwhile the value Of u
bonds is not decreasing in the market
nor does the modest purchase oi s-VV'VG
per month by the 5, ate appear 10 great
appreciate them. Il is altogether pr0ba
be that the whole amount Of the sILF
ing fund surplus could be invested il
United States bonds in single month
without increasing Their raINet price
ana II Is reaSon"oiy certain tha' any
such probaoLe increase wouIl no'
amount 10 'he Two per cent OF lh'ere>'
whleh the state loses by the P"stpoi E.
meht o1 the investment IN -FOUR per cent
ooha' Ior an average ot SIX lnohths'
MI IiDert' 10 maze "n'. g''i case
lor MS cLents' should show Low t1e
Two m'IllohS OF SlnhinI fn"a surplus
cal pr"u,ahIy lie Idle. His point that
the maThrt pTIce VIII b. raised 10y 'helr
lnVes 'ment seems to be knocked into a
cooked ha' by The iacE that Il {
present interest on them IS lust. No
mil, intending 20 invest ms private
funds III The United states bonds would
'.' - ''s ''''.' ''''-'N '.. wa ..
year III the operation, even Trough h'
had TWO millions 10 invest. Nah45Tou
a few years ago S"!i out a rrea
block OF some twenty millions o.
more OF MS New \ orh CrH'a
STOCK and luyes,rd IL at once !,
unite states four Ier cents, lie did
not take year or month t"T the oper'
atloh' nor dId lie Sen'.hIY raise the price
on hitnstii Uy his purchase. Mr.. Gilbert
ana DIS iriehuS o'eFrate the stupidity OF
Tue people "hen they S'ek {" persuade
Them tuat the s'a'e could not advantage
ousiy invest Two III mons I'D United stat
ponds within few weeks time.
But even though the "a" should work
dlsadVantagroWSIy being the law it IL t0
the state and this poipt .hor,l ho or.,.,
Gus to Mr.. Gilbert. who ia aY ov.a,,or