2 THE RIGHT IAN ; FOR GOVERNOR Why a Palmer and Buckuer Leader Supports Mr. Jenks. i Vigorous Communication From Samuel Dickson, a Leader of the Philadelphia Bar—Facts For All Honest Citi zens to Ponder. The strongest men in Pennsylvania, regardless of partisan, factional or financial views, are rapidly getting Into line for Jenks and reform. The Phila delphia Ledger, notwithstanding its arge proportion of Democratic readers, las been hitherto very unfriendly to he Democratic nominee for governor, ocing inspired to this course by certain well known influences which were against the Democratic party two years ago. But the tide of public in dignation against Quayism, and the manifest determination of the people to rise superior to party and to over throw the enemies of honest govern ment, is showing The Ledger the er ror of its ways, and that journal is now devoting every day a large amount of space to the Jenks meetings, and edi torially is pursuing a much more com mendable course with regard to the state contest. Our contemporary gives a solid column, on its editorial page, to Samuel Dickson, Esq., one of the leading lawyers of the country, who shows in the strongest language not only why all Democrats of his way of thinking should support Mr. Jenks — and he was one of the Palmer and Buckner leaders in 1896—hut all other good citizens as well. Mr. Dickson thus writes: "As many independent voters are apparently in doubt as to whether to vote for Dr. Swallow or Mr. Jenks, a Statement of some of the reasons which will lead many of the sound money Democrats to vote for the latter may be of Interest. The first is. that the powers conferred and the duties im posed upon the governor of the state are of such transcendent Importance that the question of personal fitness should be given predominant weight in the choice. In point of fact, the office of governor is of singularly little eon sequence relative to party politics. He has but little patronage, and. In re cent years, at least, he has not been a party leader. On the other hand, he has a controlling Influence in the mak ing and amending of laws of the state, which really come home to the people. Every one, who knows anything, knows that the laws which govern the tenure of property, by which every man holds his house and his goods, which relate to the effect and enforcement of con tracts. taxation, to schools, to roads and all the interests which really enter into our daily life, are state laws. Now, when it Is remembered that at the ses sion of 1897 over 400 new statutes were enacted, making up a volume of over 600 pages, it is apparent that the In cessant tampering with our laws is an imminent danger to every property owner and to every taxpayer. "It must be conceded by every one who pauses to reflect that the first and fundamental questions as to the can didate for the high office of governor of the commonwealth of Pennsylvania are those of Jefferson: Is he capable? Is he honest? Tried by this test, there is one candidate and one only who sat isfies the requirements of the office. For half a lifetime Mr. Jenks has been known as a leader of the bar of Penn sylvania. His life has been led in th s open practice of his profession, and is known to his neighbors and the bench and bar of the state as an open hook. It is the common and concurrent tes timony of ail that he had en riched a vigorous and capaci ous intellect by unremitting and discriminating study. and the effect of his powerful and logical argu ments Is reinforced by a character so genuine and open and sincere that the listener gives absolute confidence to every word he utters. He has not only had the leading practice in his own county, but he has been sent for to ap pear in every court in thnt section of the state, and his arguments before our own supreme court and the su preme court of the United States and the electoral commission have given him eminence among lawyers in the en tire country. In addition to his foren sic ability he Is an exceptionally calm, wise, judicially minded man—a safe and good counsellor as well as effective ad vocate. It is impossible that one of such intelligence and character could he deceived by bad advisers or coerced or cajoled into doing what his own con science condemned. No single voter, if required to select a lawyer to advise or act for him in that part of the state, would fail to consider himself fortunate if he should secure the services of such a man. Now that we are all compelled to choose one as our adviser and rep resentative at Harrisburg. why should we not do collectively what any one of us would do if acting alone? "Without making any invidious com parison, it may be said with entire con fidence that no one would engage the services of Dr. Swallow to represent him in any private matter calling for knowledge of the law, or sobriety of Judgment, or prudence In action. On which ever side the account between him and Governor Hastings the bal ance should be struck, the fact is that he was convicted of libel before Judge Simonton, as accomplished a Judge as sits in any court of the state; and when called before the committee of investi gation. composed of men of all parties, he offered no Justification or excuse for his charge of incendiarism in the fire which destroyed the capltol build ing. It is Inconceivable how any busi ness man would be willing to trust one so reckless and Incautious to pass upon the revision of our laws, or to use the National Guard to enforce order. He is simply impossible. As to Mr. Stone, it is enough to say that his political life has always displayed the qualities be coming a follower—none of the quali fications of a leader. "The sentimental influence upon na tional politics, by the election of a suit able person for governor, It likely to be beneficfa! rather than otherwise, but even If temporarily prejudicial, it Is al ways wise to bear In mind that as true reform can only bs worked out through f.no or the other of the two preat par ties, It Is essential to the safety and welfare of the people that they should he kept as nearly as possible In even balance. Nothing could be more sal utary for the Republican party itself than to have its old adversary restored to equal strength, so that each may Know that the only hope for preference In the popular vote is in greater dili gence for well dolngf. There Is no dis cipline for oflleial misconduct like de feat, and there Is no safeguard for the party in force like a powerful opponent; but no permanent party organization can he effected ami maintained in this state or In this country upon only one of the Ten Commandments. When the machine shook the "plum tree," for the benefit of Its friends, in the People's hank, it startled the state, although the public was not unprepared for the cropping out of that sore on the body politic, liut nearly ten years ago the Democratic minority in the state legislature, led by Mr. S. M. Wherry, of Cumberland county, not only pointed out a whole orchard of golden fruit, dropped into the laps >f the favored banks of the state, and shaken for other purposes, but attempted to pre vent treasury plum tree shaking in the future. On the 22d of March. 1889, Mr. Wherry introduced the following res olutions: Resolved, l,y the senate and house of representatives in general assembly met, that the sinking fund commission ers shall invest, on or before June 1, 18.89. all of the cash surplus in the sinking fund In the United States I per cent bonds, except six months in terest on the state debt, and enough to meet any actually pending negotia tions for rho purchase of state loans, and $'450,000 additional, provided such tunds can lie purchased at no higher premium than 25 cents on the dollar, and that after June 1, ISS9, ail the cash surplus in the sinking fund on the first day of September, the first day of De cember, the first day of March, the first day of June in each year shall be in vested in United Stales 4 per cent bonds, except six months interest on the state debt, and enough to meet any actually pending negotiations for the purchase of state loans, and $250,000 in addition, providing that the state can thus realize by purchasing and holding such bonds until maturity not less than 2 per cent per annum. But after Aug. 1, 1894, the sinking fund commissioners shall not purchase any state loans at so high a premium that the purchase of such state bonds would not realize within one-half of 1 per cent as large an Interest as with the purchase of United States 4 per cent bonds at a market rate at the time the state bonds are offered to the commissioners for purchase to the state; and that if the state bonds cannot be purchased at a rate showing to within at least one half of 1 per cent as large a rate of interest as would the purchase of Uni ted States bonds at the market rate, the commissioners shall proceed to pur chase United States bonds at the said market rate, and to keep them as a re serve in the fund until maturity, or until such time as their sale would en able the state to purchase Its own bonds at a rate which would real ize to the state an equal interest, or in terest which shall not be more than one-half of 1 per cent less than the interest which would he realized from the United States bonds if held to ma turity. Also he it resolved by the house of representatives (if the senate concur), that the sinking fund commissioners be directed to report to the legislature within ten days the amount of cash bal ance in the Finking fund on the Ist of March, 1889, together with a statement of where such surplus is deposited, and a list of hanks and hanking institutions where such funds are deposited, with the amount deposited in each hank. This was, however, merely a prepara tion for a further resolution introduced on March 25, 1889, as follows: Whereas, the sinking fund commis sioners have, during the fiscal years 18S6 and 1887, and 18S7 and 1838, pur chased a bond at a higher rate than the market tate. thus violating the act of February, 1870, as amended by the act of June, 18S3. making such purchases at rates from U to 2% per cent higher than the market rate at the time fixed by the act as limit to the purchase of such bonds, and that the amount of such ex cess has been In the aggregate at least $7,000; and Whereas, the said sinking fund com missioners sold in December, 1887, and January, ISSS, $1,000,000 of United States bonds, which were invested In the funds, which sale was in violation of the art of 1883, which declares that such bonds shall only be sold when the money shall be required for the ex tinguishment of the public debt: and Whereas, th" proceeds of these bonds were not necessary for the extinguish ment of the public debt, for the reason that when sueh bonds were sold there was already in the state treasury a cash balance of over $1,490,000, and that after the said bonds had been sold, although $300,000 worth of state bonds had been purchased, there still remained in the fund, not reckoning the sale of United States bonds, a caslt balance of more than $1,000,000, and that at the close of the fiscal year af ter the state had met all the obligations of the fund and had purchased nearly $1,000,000 of the state bonds in addition, there still remained in the treasury, not reckoning the proceeds of the sale of such bonds, a cash surplus of over $1,100,000, thus demonstrating that said sale of United States bonds was not necessary for the extinguishment of the public debt up to the present time; and Whereas, the bondsmen of the said commissioner are liable to the state for at least the amount of Interest lost to the state up to dale by the sale of said $1,000,000 of United States bonds which now lies a useless surplus In the rash in the state treasury, amountlns to $60,000, and at least for the excess of premiums paid on the purchase of Mate bonds above a legal limit, then their market rate, amountlns to at least $7,000: therefore, be It Itesolved (If the senate concur), that a committee of Ave members of the house, and three members of the sen ate, be appointed to investigate said transatlon of the sinking fund com missioners, and other transactions of the commissioners for the past two years, and report to this or to the next legislature by hill or otherwise. Upon this resolution Mr. Wherry ■aid: I desire to say a few words In ex- THE COLUMBIAN, BLOOMSBURG, PA. planatlon of what Is proposed under this resolution. The state's fiscal year begins Dec. 1. The last two fiscal years are designated 1886 and 1887 and 1887 and 188.3. In those years the state lost nearly a quarter of a million dollars by the mismanagement of the sinking fund under the then commissioners. I propose to show how this was done. In 1883 the legislature enacted a law giving, In terms, to the sinking fund commissioners the power to invest the surplus cash in United States bonds; ami this act was passed, as is shown n Its face, for the purpose of allowing the commissioners to purchase these bonds when the best interest of the state could be served in this way, rath er than in the purchase at a high pre mium of the state's own loans, so that when the commissioners find that the state's own loans are held at an exorbi tant premium the commissioners could buy United States bonds, if they could realize a larger rate of interest on the state's money. This is a promise on which this whole argument is based. How the commissioners have lost money amounting to nearly one-fourth of a million in the two fiscal years spoken of has been in three ways: First. By the sale of United States bonds already bold by the state to pur chase state bonds at an enormous pre mium. Second. By the purchase of state bonds at an enormous premium when a large profit could have been realized by the purchase of United States bonds instead of state bonds. Third. By failure to invest surplus funds In United States bonds, which would have borne interest for the state, when It could have been done, and left large cash balances still in the fund for all necessary future transactions. I invite your attention now to the following publication, which you have received, entitled "Mismanaged state bonds.' MISMANAGED STATE FUNDS. An Examination of the Sinking Fund for the Past Two Years. How th? Commonwealth Has Lost a Quarter of a Million Dollars. Stop the Flow Into the Sinking Fund Treasury and Invest Its Enormous Cash Surplus. Harrisburg, Pa.. March 21. 1889. The reports of the state sinking fund commissioner's operations for the fiscal vears 1886 and 1887 and 1887 and 1888, including transactions from Dec. 1, 1886, to Dec. 1, 1888, have been made to the legis lature. Let the public look at the re sults. The operations for these two years have entailed a loss of about a quarter of a million dollars, and the accumulation in the fund of a cash bal ance of two million three hun dred and sixty-eight thousand, three hundred and forty-three dollars and seventy-three cents, which the commis sioners are at a loss to know what to do with. The most curious and inde fensible operation of the sinking fund commission for those two years was the sale in the early part of the fiscal years 1887 and 1888 of $1,000,000 of United States 4 per cent government bonds at one hundred and twenty-four and seven-tenths. This was done with an already cash balance of nearly $1,500,000 in the sink ing fund treasury. What could have been the motive for this transaction, which is astonishing in whatever light it is viewed? It is inconceivable that the sinking fund commissioners imag ine that I'nited States 4 per cents would fall to one hundred and eighteen in 1882, when these bonds would have been needed to redeem the outstanding 5 per cent loan. Yet, if these bonds were sold to meet a declining market, the fall must have been so great as to reach one hundred and sixteen in 1592 before the state could possibly have suffered any loss, for the very simple reason that these bonds would have drawn 17 cents on the dollar (par value) in In terest between the time of their sale and February, 1892, when they would have been needed to meet the outstand ing 5 per cent loan. That they were not sold for the purpose of purchasing outstanding state bonds is shown from the fact that without the proceeds of these bonds and after having purchased $802,000, par, our state s's, and having met all obligations of the sinking fund for the year, there would have been left at the end of the fiscal year in the treasury over a million dollars in cash. Even if it had been necessary to have disposed of these bonds to purchase state bonds at the price paid by the state in that year. It will be shown later on that this would have been a losing transaction, unless the TTnlted States 4 per cents had declined to be low one hundred and sixteen in 1892, a result which is almost an utter finan :ial impossibility. In considering the operations of the sinking fund commissioners it may be assumed upon the authority of one of the best financial officers in Pennsylva nia that not even a financial panic, such as occurred after the failure pf J, Cooke in 1873, would put 4 per cent government bonds below one hundred and twenty at any time between now and Fetiruary, 1892. The estimate of losses sustained by the state in the sinking fund operations for the last two years has therefore been based safely upon a hypothesis that 4 per cent bonds will be at one hundred and twenty or over in February, 1892; but along with this calculation is carried another cal culation showing a total loss of over SIOO,OOO, even should the United States 4 per cent go to one hundred and sixteen in 1892, a result so utterly im possible that it would be difficult to find any financier in this state or in any other state who would contemplate it for a single second in any transac tion, either for himself or for any trust in his hands. The sinking fund commissioners, by deliberate act of the legislature, pass ed in 1883, have been given in specific terms the option of Investing their sur plus either in United States bonds or In state bonds, thus showing that the state very wisely and properly consid ered, all other things being equal, that an investment of the sinking fund sur plus In United States bonds was as safe as any Investment In the state bonds themselves. In this act the com missioners were directed to purchase United States bonds, unless It was found to berfo the best Interest of the state to buy its own bonds at a discount be fore maturity. The only question, there fore, which the commissioners had to consider was as to whether the trans action would show a profit by the In vestment of United States bonds or by Tlio Kind You Have Always Bought, aiul which has been in use for over 30 years, has borne tlio signature of , ' a,1, l ' las been made under his pcr ( 7*"^.. sonal supervision since its infancy. ' *" Allow no one to deceive you in this. Ail Counterfeits, Imitations and Substitutes arc but Ex periments that trillo with ami endanger the health of luiauts and Children—Experience against Experiment. What is CASTORIA Castoria is a substitute for Castor Oil, Paregoric, Drops and Soothing Syrups. It is Harmless and Pleasant. It contains neither Opium, Morphine nor other Narcotic substance. Its age is its guarantee. It destroys Worms and allays Fcvcrishncss. It cures Diarrhoea and Wind Colic. It relieves Teething Troubles, cures Constipation and Flatulency. It assimilates the Food, regulates the Stomach and Dowels, giving healthy and natural sleep. The Children's Panacea—The Mother's Friend. GENUINE CASTORIA ALWAYS The Kind You Have Always Bought In Use For Over 30 Years. STOVE NAPTHA, the Cheapest and Best Fuel on the market. With it you can run a Vapor Stove for one-hall cent per hour. Give us a call and be convinced. W. O. Holmes, Bloomsburg, Pa. Eshleman & Wolf, " L. E. Wharey, " W. F. Hartman, " ihe purchase of state bonds. Of course the commissioners would be perfectly justified In buying in their own bonds at a slight loss as campared with an investment in the government secur ities; but when the choice shows by a simple arithmetical calculation that the transaction of buying state bonds at an enormous premium and refusing to purchase United States bonds must re sult in a loss of many thousands of dollars to the state such an operation is manifestly a gross wrong upon the state, and worse than a mistake cn the part of the fund. In considering a transaction of this sort the commis sioners, if they can hold the govern ment bonds until maturity, have only to consider the question of percentage realized in Interest of the two transac tions, and they can then measure to a penny the loss or gain of the state. But if tile government bonds must be sold before maturity, in order to meet at maturity the state loans which are offered to them at a certain premium, the only question for the commissioners to consider would be as to the lowest possible point to which the United States bonds could in any reasonable possi bility fall from the time of their pur chase to the time the state loan falls due. to meet which they must be sold. If. having fixed such a point of pos sible decline, the transaction of pre ferring to purchase state bonds at an enormous premium to investing the surplus in United States bonds shows a very considerable loss, and an enor mous loss at what would be considered a reasonable decline in United States bonds under all circumstances, the commissioners would certainly be guilty, either of inexcusable careless ness or deliberate purpose to sacrifice hundreds of thousands of dollars of the state's money. This is exactly the di lemma in which the operations of the sinking fund have placed the commis sioners, and perch upon which horn they please, they cannot fail to find It an uncomfortable resting place. It cannot he fairly said that the facts and figures herein shown are drawn from a retrospective view, for at the time of each transaction the commis sioners could have made the calcula tions showing to the state by the adop tion of the course pursued In each par ticular transaction, as well as It can be figured out. That such calculation was not entered into and did not cover the action of the commissioners shows either gross ignorance or gross disre gard of the state's best Interests, or something worse. It is because, therefore, of this state of facts, which has been admitted to be true by at least one of the present ac counting officers of the state, and de nied by no one. not even by the gov ernor of the commonwealth, in a re ported interview in the public press, that I offer this resolution. If the showing made by this publication reached no further conclusions than those I have stated this resolution to raise an Investigating committee would possibly be unnecessary. But, after a careful examination of the statutes governing the fiscal and accounting of ficers of this state, I am clearly of the opinion that the purchases of the state bonds and the sales of the United States bonds were all made in violation of law, and that the bondsmen of those OA.TOHIA. Bears the Tin Kind Yu Haw Always Bought SsT state officials who constitute the sink ing fund commissioners are liable with them, and can be held for every dol lar of interest lost on the United States bonds sold, and for the excess, at least, at which the state bonds were bought above the then market rate. In the aggregate the losses in these two ways alone exceed $60,000 in one year. Let the house clearly understand that I am not now speaking of the actual losses sustained by the state through more Intellectual mismanage ment, which would be a sum of nearly a quarter of a million, but I am speak ing of the actual loss incurred by an open, palpable, defiant violation of the letter of the law. Under that law I believe the sinking fund commission ers and their respective bondsmen can be held to accountability. There is one other point In this dis cussion that has not yet been brought out to which I wish to refer. At the very time the sinking fund commis sioners were selling United States bonds at a loss of interest and buying 5 per cent of state loans, payable In 1802, at from 115 to 118%, the state's 4 per cent loan, payable t'n 1912—25 years to run—were selling on the mar ket at 121. Had the state bought the latter loans, even at 130, it would have made a large profit as compared with the state ss, payable in 1892, at the pre mium actually paid by the sinking fund commissioners. It Is almost unnecessary to add that after an attempt at discussion and further attempts to press the resolu tions to an issue the matter was side tracked and the resolutions were care fully buried before the end of the ses sion. If everyone knew The superior quality Of Hood's Pills. Their gentle, easy Action, their prompt eflect upon The torpid liver and inactive bowels. It would be only a short time when They would be used to the exclusion Of every oilier kind Hood's Pills Are the only pills to take With Hood's Sarsaparilla. The One True Blood Purifier. What do the Children Drink ? Don't give ihem tea or coffee Have you tried the new food drink called drain O ? It is delicious and nourish ing and takes the place of coffee. Tne more Grain O you give the children the more health you distribute through their systems. Grain O is made of pure grains, and when properly pre pared tastes like the choice grades of coffee but costs about the price. All grocers sell it. 15c and 25c. 10 1 a-4td CASTOR IA For Infants and Children. The Kind You Have Always Bought sJaaTure of ; Fine PHOTO GRAPHS and CRAYONS at R. B. GROTZ, sßloomsburg. | The best are the cheapest. 111,1,1 COPYMG*Sr ib a " TID-BITS FOR MA' HONEY! ami tender little juicelets lor the chil dren, ate all right, hut papa and ''the boys" want a good, big, juicy steak, roast or chop when business or school duties are over, and we can cater to them all. Our stock of prime meats is unexcelled for quality, and we send them home in fine shape. J. K. KEIFFR. THE MARKETS. BLOOMSBUKG MARKETS. CORRRCTRD WBIII.Y. BBTAIL TRIORS. Butter per lb $ ,aa Eggs per dozen .30 Lard per lb .08 Ham per pound .10 Pork, whole, per pound ,06 Beef, quarter, per pound.... .07 Wheat per bushel .80 Oats " " 35 Rye " " .50 Wheat flour per bbl 4.40 Hay per ton 9 to $lO Potatoes per bu5he1,......... .70 Turnips " " .5 Onions " " .80 Sweet potatoes per peck .20 Tallow per lb .05 Shoulder " " .09 Side meat " " .c 8 Vinegar, perqt .05 Dried apples per lb .05 Dried cherries, pitted .12 Raspberries . 13 Cow Hides per lb .3$ Steer " " " .05 CalfSkin .80 Sheep pelts .75 Shelled corn per bus .60 Corn meal, cwt 1.25 Bran, " .95 Chon " .93 Middlings " .95 Chickens per lb new .10 " "old 10 Turkeys " " , Geese " " .14 Ducks " " .01 COAL. No. 6, delivered 2.60 " 4 and s " 3.55 " 6 at yard 2.35 " 4 and s at yard 3 60 Tha Leading Conssrratory of America CARL FAULTBN, Director. Founded i n 1863 by * full information. FRANK W. HAW, Oneral Manager. | A Visnto the SICK ROOM ; 2 TOUCHING 'FC,\ RA ;; X THE i|V VA I SPOT with ''y v :: | jtolui&cmV | Belladonna Plaster y PATKXTS Caveats ami Trade Marks obtained, and at Patent business conducted for MoiiKkATE PEES. OUK OFFICE IS OPPOSITE TIIK D. 8. PAT ENT OFFICE. We have no sub-agencies, at business direct, hence can transact patent busl ness In less time and at Less Cost than tbose re mote from Washington. Send model, drawing or photo, with descrlp tlon. We advise If patentable or not, fret of charge. Our fee not due till patent Is sccund A book, "How to Obtain Patents," with refer antes to actual clients In your State.Counly, o town sent tree. Address c. A. SNOW & C 0„ Washington, I>. C (Opposite U. S Paient ottlce." HAIR'*BALSAM J| Olinjei bvmititie* tho^holr. If over Falls to 11 en to re Gray Hitlr to Its Youthful Color. Caret A^hair^ tolling. 10-.f-U 15. Iry the COL UMB]AN a year.
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