Evening journal., 1908-06-06

Of the provisions OF this act; but. after
the said declaration OF war, IL does
appear that the State, on the 25th day
of July. 1912, sold TO McEuen. Haze
and Davidson. of Philadelphia, pei
cent funded stock OF the United States
Of the total par value Of $22, ,9S355, al
96 cents on the dollar, and realized
from said sale the sum of $22,064.21
which was paid into the State Treas
ury on the goth day OF the last men,
toned month (For evidence Of which
see page of the Accounts of the State
Auditor as they appear in House Jour
nal, Vol. 6, 1S12-1s14. for the year 1912;
and also see Old Ledger B Of the State
rreasurer's once. Fage 25).
On the 18th dav of April. 1913, another
act of the General Assembly was pass
ed authorizing the State treasurer 70
borrow from one or more of the banks
Of the State. at the usual rate of bank
discount. the sum of $4,000. or any part
thereof as exigenices might in the
opinion of the Governor require, for
the purpose of the public defense; and
the said State treasurer was further
authorized to sell the stock which the
State then owned in the Philadelphia
bank for the best price he could obtain,
for the purpose of using the money
thereby derived also Cor the public de-
fense. This act also appointed three
commissioners on the pant of the State
to liduidate and settle accounts against
the State made by persons rendering
service. or furnishing supplies for the
defense of the State Under the pro-
visions of this act. the State, on the
4th day of May. 1913, borrowed from
the Farmers Bank Of the State of Del
aware. 100000, at the rate of per cent.
interest. Also under the provisions Of
this act the State on the 18th of June,
1873 sold to McEuen Hale and David
son, "a shares Of stock in the Philade-
phia bank. which at that time was
paying the State interest at the rate Of
six per centum per annum upon a cost
value to the State of So,eS414, for the
sum of $9.5O45O: which said sale after
deducting brokerage Of S23.76, netted
to the State the sum OF S94SO.T4. Cor
evidence of the borrowing of the said
sum from the Farmers Bank and the
sale of the said stock see accounts Of
the State auditor for the year 1913,
page s. as found in House Journal, Vol.
s. 1S12-1S14: and Old Ledger B Of the
State treasurer's Office, page 142).
The act above referred TO as passed
on the 23rd day of May. 1912, lastly
provides that the next General Assem-
bly, shall establish the compensation
for the treasurers services under said
act. which services under said act We're
of course the obtaining Of the loan, If
possible upon the terms indicated. or
the disposal of the securities of the
State. for the purpose of raising tie
money necessary for the public defense
in the exigency of war between the
United States and any European coun>
trv. The next session of the Gfneral
Assembly. convened carly in the year
1913. and It established the said COM
pensation of the said state treasurer
for his said services at one-quarter of
one per cent. OF the money obtained
by him under said act: and the ac-
counts of the state auditor show that
the sAsd State treasurer was paid a
compensation Of one-quarter of one per
cent on the sum of s22,o64.21, being
the amount realized from the sale OF
the said per cent funded stock Of the
United States.
The act Of April Is, 1913. by section
nine thereof provided that the stat te
treasurer should receive as compeusa-
tion for his services under
said act one-ousr.er Of one
per cent. on all the money received
by him under the act. The accounts
of the State auditor Tor 1913. page Il
of such accounts. as found in Vol. 6
of the House Journal. 1s12-1sl4, show
that on Decembey ?. 1913. the State
treasurer received commissions
amounting to s722O. at the rate Of one
quarter Of one per cent. On the SUM Of
S2S. .ss0.74. being The net amount realized
bv the state from the $4,000 loan Oh
tained from the Farmers Bank and the
sale of the Philadelphia Bank stock,
the State being required to pay the
discount on the said ,oan for the frst
six months at tho time of obtaining the
loan. which discount, at the rate OF
six per centum per annum, amounted
to $500 for said first six months; and
this entry in the said State auditor
accounts specifically states that this
was a commission charged upon the
the act providing for The general de-
fense Of the State.
What The State Did.
It. therefore. appears, that during
the war of 1872 the state. for the pur-
pose of the public defense. obtained by
loan upon which it paid & per cent. in
terest and by the sale Of securities,
which paid per cent. interest to the
State prior to their sale. the following
amounts. aggregating s5,54495. TO wit
July 25. 1912. amount obrained
from sale of funded stock of
the United States ............S22, ,O64.2l
Nav 4. 1913. amount borrowed
from Farmers Bank......,.. 2O,OOe.OO
June -. 1913. amount obtained
from sale of Philadelphia
Bank stock .... ..,,.......... s'4so.OO
s51, ,54d.S5 |
The records show that, after the obtain
ing of the said sum Of S22,O64.2, under The
Of the Act of May %, 1912, the
state, during the remainder Of the year
1912. expended out of SAID money, so OBJ