( j. Hfm waaxaauT,, ' ' j
CUARFlF.Lt), FA
UtTAatiiaCD it tttr.
IB Bartk Ceertml reaavtlvaala.
Tarmi of Bubtoription.
waif I aarraaoa, or wKkla aealks...M OO
If weld after 1 sad asoatb. SO
If paid sftar Ike esplcatloB af Boalkl.. OO
" ' R&tei ot AdvertitinCi
faMMlaat ae1ortleeaBti,par.QB.aroof llllaeser
Wea, I tlaee or Im.. ....... .11 10
For wb eebeeqooBt lnaartioa.....MMt II
A4mlnltreur' sad IliUn'KllM.... I W
AaAllott' aet teee. ..... . t M
Cutaiul u;i.te..,,.,, 1 II
Dleeolallea aotle..... ....., t SO
PiefeeeieBal Oarde, I haea or Uu,l jw.... t
lead a.Uoeo, pr IIm . .. ..... to
. .TEA1LT ADVSnilflEMENTfl.
I square...
I aaaerea.
I eaearei.
.. tt
0.luBIB........$M ft
I column.......... 41
I oolamn . tt tO
.It
.It
Job Work." '
. BLANKS. . '
' HmtW aira..-..la I qalrM,pr.qlre,tl Tt
I ajarai, prfe.a.re, i r par quire, l
. . HANDBILLS.
I ii.rt.JI Br kn, to J .beet, IS or lea.,16 to
IM, U or Wl, I 00) 1 aheot,l3or lea.,10 00
Over 15 of cmb of above at proportionate rate..
OKORflR B. OOOULANDEK,
tlROllUR IIAOKHTY,
..kj .., : ..... ... Pabllabet.
Cards.
Mlfl . M'MALLT.-
VlKtlL W. M'CDIDT.
1 MoENALLY 4 MoCUBDY,
1 ATTOUNEYS-AT-LAW,
Cloaraeld, ri.
eTLera1 knelnee. atteadod to pro
l.lily. OBee oa Beeon .treat, ebo
sllr with
Ideli
TO l"e Flr.t
Rational Book.
1:11:71
wiuiam t. waixaoa. mini mum.
WALLACE .V FIELDING,
ATTORNEYS AT LAW,
Clearaeld, Pa.
otrLMml kaalneaa of all klnaa attended la
wtik preaptaeaa aod adeltty.
vmoe la reeiaeaoe
jeol:71
al William A. Welleea.
O. R. BARRETT, ,
ATTORMRT AND CoDNBILOE AT LAW,
i CLRARFIBI.D, FA.
' realised ki J.dge.blp, kaa raeamed
aa preotleo of the lav la kia old oBoe at Cleer
eld. Pa. Will altaad iheeonrleof JeCeraoa aad
tmk eonnUes a nee apeoiall lotaiaad a eonneotlon
itk roaideal oeaaael. 1:14:71
WM. M. McCULLOUGH,
ATTORSIY AT LAW,
, . ClnrttM, Pa.
. . mar-OBae no alalia in Weatara Hotel betklinf.
WelbaalaeeaareBPtliattoadedto. Real aetata
koebt aad Mid. Jell'fl
T. H. MURRAY,
IT ATToaMBT AH D CODlfSILOR AT LAW.
" Treapt MUitloa ftrtn to til lfl fcmlvMS
tmtriMUd to hii ear Id ClMrfitU nU ftd)oinittg
Mwmj iter, vim-mm, rs.
A. W. WALTER8,
- " ATTORN BY AT LAW, ;
CloarfloU, Pa.
;" aa Al ti la Ike Overt Iloaaa. " deal 1 J
H. W. SMITH,
ATTOEKY-AT-IiAW,
otliLfl ' CloarAald. Pa.
WALTER BARRETTf
ATTURKBY AT LAW.
aVe m l.aeat tik, CleariWd. Pa. amll.M
ton, ACL TCOT,
ATT0EN Y AT LAW,
Cloarseld. Pa.
' p&OKH la tka Cearl Hoaaa. - Jj-ll.tt
JOHN H. FULFORD,
. ATTORNEY AT LAW, '
CloarOold. Pa. '
OekM aa Market It, aaer Joaapk Shawart'
Oroaero ateto, ' JaoJ,lt7.
.V.JOHN L. CUTTLE,
ATTUBNEY AT LAW.
Aad Heal Rettte Annt, ClenrlAtd, f.
Oflee oi Th.rd etreet, be. Cherry A Wtlnat,
tSeV-Heapoetftlly offeri bit etrrtoei la ellinf
ltd bujiag leadi ta Clerlold and e-yoioirj
teeitiei and with aa tiperfei.ee ot oTtr tweatr
7eri ei a nrreyor, flatten bimieir tbat he i
ruder lattefaetloB I Feb. I8:f 3:tf,
J. BLAKE -WALTER8,
EEAL ESTATE BfiOKER,
H Al. MALIK ta
Saw IdOgn and Iauiuber,
, ' ' CLBAIIFIKLD, PA.
VSoa ia MaMlla Balldlni, Room No. t. 1:15:71
J. J, LINGLE,
ATTORNBY-At-LAW,
liM Oareola, CloarH.ld Co Pa. j pi
ROBERT WALLACE,
" ATT0I!EY-AT-LAW,
Watlaratoa, Cl.arflrlal Cooaly, Peoa'a.
BBvAU lial kulaaoa proaiptlr attudad ta.
O. L. KREB8,
' ' ' BaMelaarto V. B. Swoapo,
, Law and Collection Om,
Ntl.rtl. 0LBARFIKLD, PA.
JekaH. Orrla. . 0. T. iwzaader.
,0RVI8 4 ALEXANDER,
, ATTORNEYS AT LA",
. , Bollafeata, Pa. eeplt,'tt-7
4. 8. BARNHART,
ATTORN RV . AT IAW,
BallafiwU. Pa.
m araoUM la Cleartold aad all of tka Carta of
Be IMa4adtaiol at.trlet. Baal oMelo oaalaMa
daoUoaUoaafolataulaUaapaalaltkia. al'fl
CYRUS GORDON, '
-ATTOJtNBK AT LAW,
r Karkrt itnal,(MJl old.) Cleert.W, Pa.
"jay Alt total baaeai proaipUj atu.dad to
aa. It, IA. . . .
DR. T. J. BOYER,
VKYIICUir AN D SD BO ION,
. Obm e Ifuket Street, OloulalA Pa.
B0aai kaant I w II a. a.., aad 1 U I p.
JJB. B. X. SCHKCKER,
BOMdOPATdlO PUTSICIAN,
Me. la Muoele Ballalaf, '
AprR M, lift Clearlald, Fa.
fOftTw. A, MEANS,
ariciA speqEox,
'" ' LrrrniRUBPBB, fa.
Maatead prafoiilaaol aaJU pfoatpMr- af,?
J. H. KLINE, M. D.,
f HT8ICIAN A 8UBOKON,
HATTNB loMUd al Peaaleld, Pa., olan kla
refeeeieuel aerrieea to tka paottlo of that
, aad aanoaaalaf eoaatra. Alloal). proatpUr
fJO; aet. UJf
h P.PURCHFIELD,
'lwa af tka Ud Raflalell, Peaaa;lTaala
'ataeri, kaeiaf rotaraod frea tka Are...
f'r. kia areaaalaaal aerriea. to tkaaltl.aaa
""aldaaoatp.
("P'refeale.l aallf praaiptlT alloal.d la.
ST1 ' Mroai, lotaorlraaoaplool hp
SU Hri.'M-tf
JOHN D.THOMP80N,
; dHUnef tka Paaaa aad Beriraaar,
Cinroaarllta, Pa.
-follaaUoM auda ud Boarr
Paid
areajipllp
reo;
UJ 7111
,T? rBlNTIJln of JTFRT aiMCIMP
i '' !t7 M.!r4t tl.ll Mt.
i
'UJJjJDj
(H)ODIJJn)ni HAQIBTI, bllshen. ;l - PRINCIPLES! NOT MEN. ' - ' TEBMS-12 pr Mnnm In Adrance.
'' : . . ; , .... - ' - . .
VOL 47-WHOLE NO 2326. - CLEARFIELD, PA, WEDNESDAY, JUNE 25, 1873. , NEW SERIES7YOL 14, NO. 26.
Card.
JOHN A. GREGORY,
COUNTY SUPERINTENDENT,
Offloa la Ike Coart lloaao, Clearlald, Pa.
Will alWETB ha tnnnrf mt kM..uik.l IB.
(U1IAV aad 8ATUU1IAY of aaak Booth. I t
.niunm ..... .aiTiacuiT
HOLLOWBnSH & CAREY,
BOOKSELLERS,
Blank Book Manufacturers.
' AND STATIONERS,
31S JRarktt at., Philadelphia.
fA-Wper Floar Siuika and Bag., Foot.onp,
Lalti
Papera.
jsote, nrappiag.
Curl. in and Wall
rhK4.7IM71d
GEORGE C. KIRK, "" '
JaitlMof tb Pot, Burveyor nd ConYtyuiMr,
Lalberiiburff. Pa.
AH baolnem Int ratted to bin will b itromptly
ftttooded to. Fwwnt withioK to cnipln oar
rvor will do well to civo him nil, u bn flftltcri
bintMlf thftt bo mb render MtlirneHoa. Dcedo of
oonTcjftn, ftrttolot of KRrcenjetit, uad nil lptl
pten, promptly taa n4tlr oxeoutod. lzunov7
DAVID REAMS,
SCRIVENER & SURVEYOR,
laHthr.barg Ptu r
P11BB abMribor offer bit rrieeite the publle
X l the eopM.tjr or Horivener end Burreyor.
All 011 1 for lorvfiTloir promptly attended to. and
the mftkinf of drtofts, deedi end other legel iDitm-
meou of wtittng, execatea wltbuat deley, end
werraoled to bo oorreot or bo ehvr(. 19J&7S
J. A. -BLATTENBEBQEB,
Claim and Collection Ofllce,
O8CS0LA, Cleerteld Co, Pe.
JrCoBTeTftBelnfl ftad M leffej popen drew
ttb eeevreoy tvod diipeteh. DrefU on end pu-
ire ticket to end from u; point U Europe
prooarad. o i-oai
E. A. & W. D. IRVIN,
aiauai ta
Seal Estate, Square Timber, Logs
AMD LUMBER.
OBao la sow Career Store kolldiof.
aoeltTI Carwanatllla, Pa.
aao. albirt aaaar tumww.r. AtaaaT
W. ALBERT & BROS.,
Ifaaafaatarara A oitoaoire Dealer, ia
Sawed Lumber, Square Timber, &o.,
. WOOIILAXD, PKNM'A.
BB-Ordera MlleMed. Bill, tiled aa ahort aotloo
and reaaonablo loroja.
Addraaa Wood lead P. 0., Cleartrld Co., Pa.
J.J5-1, W ALHKRT BROS,
FRANCI3 COUTRIET,
MERCHANT,
PnackTlllo, Claartcld Ceaotj, Pa.
Koopa oeaataatlv oa bead a lall aaaortataal of
urj uoodf, lleraware, urooenee, aao eTerruiinK
aaaallr kept la a retail .tore, arklok will be eold,
for aaak, aa aaaap aa eieawaero ta taa ooaatj.
rroaakrlllo, Jaao 17, 1M7-1;.
THOMA8 H. FORCE E,
pBaiLBR I
GENERAL MKRCHANDISK,
URAHAHTtm, Pa,
Alto. eile&s!?e ms&afbts rer aad dealer In "qnare
Timber and flawed Umber of el) hind.
70rderi tolloltod and all billi promptly
Iliad. jyll'fS
CHARLES SCHAFER,
LAGER BEER BREWER,
Claariold. Pa.
HAVIKO rented Mr. Kntm' Brewery be
bepee by itriot atteatloa to bailee, and
the muin fee tare of a anperior artiel of BftKH
to rooeife the patronage of all the old end many
an tnitemere. lJ6ug7J
J. K. BOTTORF'8
PIOTOtiB.'PH GALLEHY,
Mortal Blreot, ClodHWd, Pit.
cromos madk a ej-::c.'i.Ty.-
HATE0ATIVK8 Bade la oloody aa .'! Mia
a..orlm.ot of FHAKK8, BTKBEOSCOl'ES anoi,tlu-ea 18 one Hundred and seventy.
STKHKOetCOI'IC VlhWS. Pramea, from enjI:l,, :' .-'ow rero. The hsrdost thintf
tyl of moelding, tnau to order. pr28 u
jtEVV. BCHULER,
BAEBEE AND HAIE DRESSER,
Scoood itreet, Best door to Flr.t Notiooal Bank,
Tf. Clearsrld, Pa.
JAMES CLEARY,
BARBER & HAIR DRESSER,
SICOND STBKF.T,
jtij ciEtariEi.il, Ft. u
REUBEN HACKMAN,
Heuse tnd Sign Painter and Paper
Hangr,
. Cloarfleld, Pcoo'a.
BS,Will oxoootajoba la ki. liaaproBpllr and
la a workmanlike Meaner. arr4,S7
Q . H . HALL
PRACTICAL TUMP MAKER,
NEAR CLIARFIBLD, PBNN'A.
Btp-Panp. alaraea oa bead and Bade to order
oa abort aotieo, Plpeo bored oa reaeoneble teraa.
All work warranted to render aatlafaotloo, and
dolleored If doairad. mjlVI jp4
e! a. biqler a CO.,
SQUARE TIMBER,
aad Banefsotarer. af
ALL BMNTM OP SAW ED Ll'tf BUPJ,
t-7Tl CLEARFIBLD, PEMB'A,
H. F. NAUGLE,
WATCH KAEEK A JEWELER,
- - aad dealer la
Watchen, Clockn, Jewelry, Silver
and Plated Ware, ic,
Jalf7l ' CLIARFIBLD, PA,
M
taitifiRm a cu't
RESTAURANT,
Beooad Street,
CLIARFIILD, PINX'A
Alweee oa kaad. freak Orataoe. Io. OraaB,
Oaadloa, Rata, Oraekare, Cokoe, Cifere, Tebooao,
Caoaed Fralta, Oranp. tai.BOi aad all alad.
af frail ia aaaeoa.
nwBllLlAriV Ituuai aw aeeooa aaer.
flitt D. MoOAUUHKT A CO.
J-O Af FJ TIUUTN A ,
Dealer la all kind, of
FURNITURE,
Markot Itroot,
On. door mat Foot OBea,
aMl'-TI
CLIAKFIILD, FA.
14 LI MA II MAN,
n . v int. wnimt'n
AltAUHUAAJ BlLunntuui,
LITIIEIKPI'RI), FA.
Aaeat for tka Awerteao Doahla Torkin. Water
k-i ..J t..Ma,A Kelbaob Wka. Caa fur-
Blok PrtallaSrlllillaoaabarl aotloo. jTlt'll
HOUSE AND LOT FOB BALK!
Tbo llo.a. aod Lot oa Ike aoraeref Mar
koi aad Fiftk alreola, ClaorSald, Fa., la for aolo.
Tko lot eeaulao aaartr an Bore of frowd. The
booN la a large doable frame, ooolelal Bine
raoaa. For larBO and otker lalarBaUea apply
to tka aabarrlber. ot tka Pool OBfO.
ar-tt r a. 10,1.1...--
i
RF00I) fi:J liEPUBL
THE REPUBLICAN.
. CLBARF1ELD, Pa.
WEDNKSDAY MORNING. JUNE 16, UTf.
Oratory Superseded by the PreBB.
lion, Daniel Dougherty, In a ror-ent
leoture on "Orators and Oratory," at
Washington, 1). C, is reported to
have said : .
"llodols of American eloqqonco aro
arawn irotn spoeclies made in Con
gross, and though the ropublia is yot
uuriK, aim on proauceu as iieinlil
piriiarnenurjr-apeeoboa na b.
found in the archives of any Govern
ment. But the grand days of oratory
aro gone forevor. It Is not imniobn-
hlo that tli o tocoiiiig futuro may give
birth to ihone whose reoiilendent iron-
ins will deservedly rank them among
mo immoriuis oi tno past, liut In
tuese lattvr days there has arisen a
power mightier thon an army of ora
tors a power that has destroyed their
influence, a waned tbotr gonius, and
towerea titoin to tne lovol ol ordinary
mortals ; a power that can banian
kings, destroy dynasties, revolutionize
governments, embroil nations in tri
umphant or disastrous wars, and. for
good or ill, change the aspect of the
uiviti&eu wunu.
"The glory of the orator sank when
the printing press arose. The orator
at best can apeak to thousands; the
press, to hundreds of thousands. Tho
orator speaks rarely the press, every
day. 1 he speech dies with the sounds
tbat gave it birth the press lives for
ever on tbe Imperishable page. Let
us hope tbat the press may be faith
ful and pure, devoted to truth, right,
justice, freedom, and virtao, as the
orators have been. If tbe press gloat
in licentiousness, If It stoop to strike
tbe private man, if it exnoso to tbe
public gaze the sacred privacy of
ivivD, ii ia tilinto ail ueueiiuy in
thrusting gentle woman to the gossip
of tho town, if it vatcheiiat idle rumor
or entious tongue to ntnlign tho inno
cent, if it can oe bribed to suppress
the truth or circolalo the faUe, if it
shield the publio wrong doer or de
nounce tbe faithful public servant, if
it pandor to the base prejudicos and
passions of the populace, thon we may
grieve tbat this great engine should
work such mischief in society.
"If, on the other band, Its mission
be to disseminate intelligence and
truth ; to educate the massos to be
faithful to their country and just to
their fellow-man ; to expose with an
unsparing band to publio execration
the corrupt legislature or tbe unjust
judgo; if it be honestly independent,
instead of timidly neutral, io all that
concerns the city and Slate; if it lift
up modest and true worth, and hurl
down brazen Infamy; if all its aims
be the publio good, the honor of the
nation, and the glory of God, then we
may well be re oo nailed that the days
of oratory are over."
. Tbermometrical Facts.
The ase of the thermometer has
added greatly to our knowlodgo, and
is doubtless destined to play a still
more important part in the future.
Tbo following facts the reader may
find interesting. Tho lowcat degree
of artinuial com that nnsyot been pro
jucii pro-
t . -
eiirht t,J.'w xero. Tbo hardest thing
to li'oezo is t.. vull,u ncm, which re
quires a lompsraiiir? of on hundred
and forty-eight bolow Rc'.'O. At forty
below xero mercury freeze; tn'
isulso theavorngo winter tempor;'."r9
nt IVova Zembla. lbe avorugo tem
perature of tho your round at the
North Pole is thirteen below aero.
Halt water freezes at fourteen abovo ;
wine, al twenty above; blood, at
twenty-five; vinegar, at twenty-seven;
milk, at thirty ; water at thirty
two. Alcohol boils at u hundred and
seventy-three. On the sumniitof Mt.
Ulnnc, water boils at ono hundred and
eighty two; on the summit of jUlna,
at one hundrod and ninety-two j at tho
Catskill Mountain Honse, at two hun
dred and six; on ths surface of tho
earth, at two hundred and twelve.
At two hundred ar.d thirty-two sul
phur melts, snd at three hundred and
twenty-two petroleum boils. Tbo
temperature of ths ocoan, at a fow
hundred feet below the surface, never
changes, bat stands at about forty
five Uie year round. The interior of
the earth, however, grows warm as
we descend. Ths tsmperatnrs at tbe
bottom of an artesian well, one thous
and three hundred feel deep, is seventy-three;
but there ate some mines,
not more than one thousand feetdeop,
where the temperature begins to bo
oppressive, and the thermometer
marks seventy-five. Tbe animal beat
of various creatures yartes remarka
bly. Tbe maximum hoat of man's
blood Is one hundred and two : bat of
duake and guinea-fowls, one hundred
and nine ; and if you wish to haloh
hens' eggs in sn oven, the proper tem
eralure is one hundred and five. The
highest point which ths moregry
reaches in an ordicary situation, In the
hottest part of the tiaat Indies, it ons
hundred and fifty-four 1 at which point
also the mercury occasionally stands
in the engine room ot a steamship.
Bach are a few of the facts which
ths thermometer reveals. It hat be
come ons of tbe most indispensable
and universal of all Instruments.
There are even pocket thermometers,
as well as a Ihousand curious rarleties
of mantsl ornaments, for which a ther
mometer furnishes the exouss.
A Jfin liLirti Job When Ben
Butler purchased soms months ago
three hundred aoree of land noar
Washington City at one thousand dol
lars an acrs people regarded the act
aa a Lad sacculation. But Butlsr
knew what he was about all the time
It now aPDesra that tho commission
ers appointed to select a sito for a new
Presidential pnlaoa nave aeiorminou kj
HMamand lha Durchaso nf this tract
Of course Butler will havs to share, call tho attention of lha houoa to some!
lbs profits of the job Willi others, but 'figures, and 1 will on II upon those
it will, no doubt, be made a reapac la
bia steal, and profitable to all con
THE 8TATE FINANCE8.
A DEFALCATION OF $2,988,1641
Speech of HON. JOHN H. OEVIS,
Of Coatra Ceeaty, Dellrarad la Ike Heaee of R.are
eeatatree aa Tooada,, April t, IV).
Mr.. Si'Eakxe. I would have pre
ferred, if time had permitted, going
intocommitleo of the wholo where
amendments could liavo been oflered
and discussed in tho ordinary way.
But thn ifint.lmn l,evi, nk... ir!
this bill has slated that tbo snmo Istl-
tdrlei avnetM ka lleeea la. tho ht.tt.sto aa
in the committee, and I propose to
say now whut I have to say in opposi
tion to this measure. Had the gentle
men on this sido of the bouo seen fit
to interpose tho ordinary purluimon
lory obstacles in tho way, they could
have prevented its consideration dur
ing this session, for it stood so low
upon the calendar it could not have
boon reached in order, and I assert
they would have been perfectly just I
nea in so doing, ana that the re
sponsibility for not complying with tho
requirements of tho constitutional
amendment ratified at tho liiBt gener
al election would have rested upon the
majority in thik houso. The minority,
however, have determined not to pre
vent the passage of someact to provide
tor tne election ot a state treasurer,
but to hold the maioritv resDonsihle
before the people for the propriety of
ne pruTisiuiis, i wo years ago a joint
resolution to amond tho constitution
of the state, changing tbe method of
electing tne eta to treasurer was passed
by both bonses io response to tne un
doubted opinion of the people that a
radical change was required for the
public good. That resolution was
again passed at tbe last session of tbe
legislature, submitted to a vote of tbe
people, and ratified by the unprece
dented vote of 01,620 for snd 4,393
against it. We 'may say it was the
unanimous voice of the people tbat the
chango should be made. No change
in tbe fundamental law of tbe ststo
waa ever made by so nearly a unani
mous vote as wss this.
In obedience to Ibis mandate of tbe
sovereign people of Pennsylvania a
goniiouian oa this side of tho chamber,
the gontleraan from Westmoreland
(Mr. Lstta), early in the session, on
mo iia oi January, read In place a
bill to provide for tbs sleotion of a
state treasurer by th people, and it
was referred to the general judiciary
committee. This bill providod for the
election to Lake place on tho third
Friday of March, 1873, and tbaaaaoljr
elected treasurer to enter upnn the
duties of bis office on the first Monday
of May next, when tbo term of the
present treasurer expires. The bill
contained other provisions mads ne
cessary by the change in ths constitu
tion, a ne committee, composed ot a
large majority of republicans, instead
of promptly acting upon tbe bill which
waa oi ine nrsi importance to tho peo
ple, and amending it to suit their ideas
of right and propriety, if any amend
ments were noeded, hold it without
action for four full weeks, and then
reported it back to the house with a
negative recommendation, which put
it in such a position as not to be reach
ed during tho sossion, ns will appear
. ' '
v, iviui.ijta iu no uruMiMii .tinea nnnn
,." rnn,i,,. n hi ,:, ,,. , V
1 "', " . V19 nlaJor."y J ho
committco offered no substitute for it,
made no amendments to it, but simply
negalivod it, and from that time until
the present bill wat recently introduc
ed nouction has been taken by the ma
jority party of this houso to comply
w,''u tho munuate ot the poople as ex
prc.cu In tho recent amendment to
the com!'tt,',n. There can be no
question "in tt'. ntii of any sensible
man but that It ta? '' Intention of
the people lo eloct a ,."e-,nrr who
should assumo tho ofllod at lb XP'"
ration of the present lorm. Tbe "-
lion of the majority in tliis house and
in the senate in thwarting the wishes
of the people in this regard by failing
to provide fur the election of a treas
urer before tho expiration of Iho pres
ent term was in open contempt of tbo
unanimous desirt and demand of the
people of the state. Thore were no
reasonable objections to the provisions
of tbe bill introduced by the gentle
man from Westmorolsod. It provid
ed for a special election upon tbe day
when four filths of the counties of lite
slate bold their spring elections. The
extra expense entailed upon these
counties which had no election upon
that day would have amounted to HO,
000. Tbs only excuse 1 havo heard
for not passing that bill in the early
pari of the tosaion is tbat the cost to
the publio would be so great aa not to
justify it, and yet in four-fifths of the
counties ot the stats no additional ex
pense would have been entailed. I do
not know the answer tho majority of
this house will make when they return
lo their constiluents and are asked,
why did you not comply with the spir
it of the amendment to the constitu
tion so unanimously ratified f I do
not know what apology tbey caa make
for violating this amendmont to the
nonstitulion in ths first year ol its ex
istent, in refusing to permit the peo
ple to eloct a stale treasurer. The
provision of this bill continuing the
present Incumbent io office tors full
year after ths expiration ef his pres
ent term, ie a plain, open and palpable
violation of tne requirements of tbe
amended constitution.
It may be well enough, Mr. Speak
er, to look into the manner of conduct
ing the treasury department for tbe
last few years and see what brought
thn people to the temper which induo
ed them so unsnitnoosly to reqire
change in ths mode of electing the
head of that department. Possibly
an inquiry in this direction will also
explain why tho party iq power so ev
idontly wished to post pop aoliou upon
this subject until thjs late day, and
thus prevent inquiry intt the oondi
tion of tho treasury. I propose to
members who are recognized as load
ers of ths mvjorily hers to explain
ome ol tbc-fs fgura sr.ol account for
the discrepancies and inconsistencies
which appear in them. I especially
Invite the gentleman from Tioga, (Mr.
Mitcboll) tbs chairman of the ways
and means committee, which has spa
tial charge of the financial interest of
the oomtnonwoalth, the gentleman
from Franklin, (Mr. llahon,) chair
man of the Judiciary general commit
tee, to which this bill waa referred,
and the gentleman from Allegheny,
(.Mr. Newmeyer,) who now occupies
thochair and has special charge of tho
bill boro, and any otlior inombor who
chooses to represent the mujority on
tins question. tatKincmiu exuiain
here the Birures to which 1 shall call
intention, taken from tho olficiul
records of tie Blllte, unci not wail
until the legislature has adjourned and
then allege through the newspapers
ot tne coinmonweulth that it Is inero
politicul talk, lbero will appear
some singular ngurcs ol which, the poo
plo will require an explanation, I de
sire first to oall tho attention of tho
house to tbe oondition of tho finances
of the state on tbe first day of Uccom-
uor, inuo. in the last annual nieanugo
of Governor Curl in to the legislature
in 1807 thik statement is mado con
cerning the publio debt of tbe com
monwealth :
Pobllo debt Deo. 1, 1Sj $37,476,211
Aueaoi pain anting toe jreac aad-
iuf Nov. 30, IbtlU t
i par oool. Iaaa.....l,l28,ii it
Ii per oaot. loan 11,000 00
Itallef aotaa tit SO
DoBoallo ered. oartlf. It U
1,5.M M
Publio debt Deo. 1, lSoo-....,..,t3S,2?,0M IS
I wish particularly to call the at
tention of the members of tbe other
side of the houso to Ibis statement of
what tho public dobt was on the first
of December, 1880, 135,822,052 16, aa
tne accuracy oi these figures becomes
most material as we proceed in our In
vestigation. An itemized statement
of this dobt is also givon as follow :
Hlip.ro.oL loao... ......I .01,1.1000
nre per oaot. loao S2,07S,I91 v
roar and a ka ir par ant. leao X 13.100 00
till per eooL loea Bllttarr, aet act
ei mar ia, iooi J,ZU,1i9 00
Relief notae la oiraulotloo , 9l,62i OS
Intereet eartiflnatea oataUodinx... le.Ortd 01
Intereet eertlBeetee aae!a!ed...... 4,443 18
voBtcouotretiiioraeertiBoetea....... 119 47
Making the sum of ths Dublio debt.
funded and unfunded, interest bearintr
and non-lntoresl bearing, at that day,
35,622,0o2 16. These ogurca will be
found in tbe governor's mesas so. ex
ecutive document, vol. 1, I860, pages
8 and 4. Now, to verify theacouracy
of this statement, 1 wish to call the
attention of the bouse to tbs report of
uie wuuitur general lor toe sams yosr,
so that It may not be alleged thai
thess statements in tbe massage of
uurernor iuruo wsre untruo. This
bwbbs aaalamant of lha amount and
character of (he publio debt on ths 1st
oi uecemuer, Mho, will bo found in
executive documents, vol. 1, pago 234,
in the report of the auditor senerat.
John F. Uartranft, the present chief
executive ot the conimonweallb.
This statamonl is also verified by the
annualroportofWm.il. Kcmble, the
then etate treasurer. There csn be
no doubt, therefore, of tbo correctness
of this slstcment, unless the heads of
all the departments of ths state gov
ernment deliberately falsified the reo
ords in slating the amount and char
acter of the public debt at that time.
1 wish the bouse not to forgot this,
t ecu u so I will call tho attention of the
members to a subsequent deliberate
falsification of the records and ac
counts. In the January following the form
of office of Governor Curtin expired
and his successor was Inaugurated, on
the 2d day of February, 1B7. Gov
ernor Gcury approved an act passed
by tho legislature providing for the
negotiation of a now six percent, loan
of twenty-three millions, in order to
tako up twenty-three millions of the
fivo per cent, loan then overdue.
This act was passed by the dominant
parly, and for its wisdom or folly that
party is alone responsible. It is truo
that 123,000,000 of the nubliff loan
Wja cvordue, and if the creditors of
the lUli rJnuircd paymont it wus not
only the rigit. i"1 .dty of th
commonwealth to iK.vBJain its credit
by redeeming this overdue" Jo?, which
could thon only be done by negotiat
ing a new one. But tbe creditors oi"
tho commonwealth did not dosiro the
five per cent, loan to be taken up, and
as evidence of this, It is only necessa
ry to refer to the famous correspond
ence between the then stale treasurer
and August Belmont, the agent of the
ltothschilds, who represented a large
portion of this loan, and to the protest
entered by the oopitslists all through
the oountry against having tbelr live
per cent, bonds redeemed against
their will. We have never beard from
any member of the majority party
any justification of that Item of their
financial policy lbs negotiation of a
loan of twenty-three millions at six
per cant, to redeom a loan of twenty,
ihreo million bearing five per cent,
interest, against the wishes of the
holders of Hint loan, thus annually in
creasing the interest of tbs public debt
$230,000, by whic-b the taxpayers of
the state havo already lost 11,380,000.
The act before referred to, approv
ed February 2, 1807, provides, among
other things, "that ills governor, au
ditor general and stale treasurer be
and ant heraliy authorised and em
powered to borrow on the faitb of tbe
commonwealth" 128,000,000. It waa
a special commission erealed, consist
ing of thess three principal officers of
the state, to borrow this amount of
money on tbe faith of the common
wealth, and apply It to ths payment
of the bonds and ocrli Scales of indebt
edness of the state and for no other
purpose, for the act further provides
that "tho proceeds of the whole of
which loan including premiums, etc,,
received on the same, shall be applied
to the pnymonl of the bonds and cer
tificates of indebtedness of this com
monwealth." In fact the legislators
could not bave authorised them to ap
ply the proceeds of Ibis loan to any
other purpose, under ths provisions
ol tne amendments to Iho constitution
of 1857, whioh limit ths powor of tbo ( '
state to contract dsbta in times of;",;.
peace to that purpose, except tho smnU I
amount of I7&0,M00 to cover casual I
dil"its (n tho tiosjtjry
During tfcst
tuar ths whole tweolv-turee million
loan was negotiated, and we ought lo
firesume it was nonesuy ana lutiniui
y applied to the payment of Iho pub
lio debt, as It could not constitutional
ly or legally be applied othorwiso.
Tbo only change made in the condi
tion of the finances of the state was
ths substitution of one loan drawing
six per cent, interest for a loan of the
same amount drawing five per cent,
interest, and of course did not increaso
the principal of th,o publio debt. In
order that every ono may underslnnd
fully tho financial transactions of 1807,
I will hero givo llto particulars of ihe
stiles of tho now loan, tho redemptions,
oi tno old snd me amounts ol premi
urns and Interest rccoivod on the new
H i i ! i ! M i
S S
. . . ra a.
aV 4
m
Of the amount of loans rodeemed
during this year the sum of II, 794,644
50 waa redeemed by tbe commission
ers of ths sinking fund, and was not
therefore paid for by any portion of
tbs proceeds of the sale ol the new
loan. This left only 119,121,183 89
of the old loan redeemed during the
year, wilb the proceeds of the new,
thus leaving 13,870,814 Ul in the hands
of the commission created by the aot
of February 2, to be subsequently ap
plied to the redemption of the old loan,
wmcn we have a right to assumo was
bonostly done.
In ths first annual message of Gov
ernor Geary mads to ths legislature
In January, 1868, be oomncnoes bis
nnanciai statement ny giving; ths dud-
lio debt on the 1st of December, 1866
at 135,622,052 16. This statement
will bs found in executive document
for 1867, pages four and five. In this
meeasge, mark you. Governor Geary
adopts the statement oi his predeowe-
sor, aa to the amount of the publio
debt outstanding at the end of the
one, and ths begining of ths other ad
ministration, ilut without one word
of explanation, he immediately fol-
iuwa it witu me following ueuiizea
statement :
Funded dabt, III
Spar aenl. lean.... 115,311, HO 0 " -tpereeel.
loona.. II,'.B4,0! tt
4, per oanL looaa.M 17,004 00
B37,0,10S 10
Unfunded dekl. al. : -
Relief Bote... tM.tli OS
lolareat etrtifioal.
outstanding 13,086 &3
Intereet aanidcatea j
unclaimed - 4.141 38
Domaalio aradil Mt-
tllicolel. it 67
114,204 tr
Tula! aaoool oataadiu Sot, 104,401 77
In the next annual messago of the
govornor we have the financial st.no
tnoiit ending with this declaration:
"My tho report of tho commissioners
of the sinking fund for the year end
ing September 8, 1807, the loans ro
deemed amounted lo $ 1,794,569 60,
and by their report from September
8, 1807, to November 80, 1808, the
Inane redeemed amounted lo 12,414.-
810 64, making a total reduction of
tne stale dent in two years and three
montnsot M, ZUV.BMJ 14." Tbe finan
cial atalemenl ending with this quota
lion will be found on pages fmir and
five, executive documents, 1808. In
order lo prevent any confusion at we
proceed 1 will state that a discrepancy
exista in the above statement of loans
redeemed in 1867 of 176, ss compared
with ths statement of the auditor gen
eral for tbe same period. This con
sisted of a domestio creditor's certifi
cste rciiceired O'n favor of Thomas
Kieher) for 75, cMch was no doubt
accidentally omitted Governor
Gearr. By Including; thia l!flm the
real amount rodeemed during 1807 by j
ine commissioners of the sinking fund
would appear to be 11,794, fill 50, in
stead of 1, 794,660 50. Ths true
amount it shown by the auditor gon
ers I 's report for 1867 In executive
documents, 1867, psge 206.
We now come to the third annual
mocEage of Governor Geary, In which
lha financial statement concludes with
this remarkable statement: At lbs
romsnencement of tits pre sent admin
istration in January, 1867, tbs total
outstanding indebtedness of the ststo
was thirty itvtn million, itvtn hundred
and four thotuand four hundred and
nine dollari and uventy tr.ee eenti.
Since then and up lo November 30,
1809, the sum ol four million, eight
hundred and ninety-nine thousand, eight
hundred and tixty elght dollari and
eighty tm cents, bave been paid, and
at five per cent, iho sum offtro A
dred and forty-four thouiani,four hun
dred and ninriu-three dollar! and forty-
four craft in interest it annually saved
lo the commonwealth, consequently
tho total amount of lbs indebtedness
or tbs commonwealth on November
80, 1809, was thirty tico militant, tight
hundred and fourteen thousand, five
hundred and forty dollari and ninety-
Jive cents. Ths reduotioa during ths
year ending November 80, I860,
amounts lo our hundred and seventy
tiro thousand four hundred and fix dol
lars and eiyhteen ccaft."This slat ement
will be found on pago 6, executive doo
onionts 1800.
Tbe financial statement it tbs fourth
annual message of Governor Qoarjr
cnnolualos aa follows :
'a the lltb do of Jaaoerr, t'CT.lkelelalla
dtbledo.a. of Ike .tola wee S.t7,7W.OB.TT. Stoee
it an. op to aoeoBkarto, l7. taa earn of
41,747.1, kaa kon paid. Ike rrdeeiloa da-
r? o ." ' '
This statement, will bs found, on.
...... -..-.,..... v i . ia, a - -, .. .
ps 6, cxtniUre dyamonn IfT'i
( j S j ji 2 C " S i S
1 a " s
N ii i i
j j j i i 2 S 3 2
i hi u i i e 8
it Mitt!,
i i l ! i is
U M i ' I -1 i I
4 i ! i i 3 !
! I ! I h i
StSJSSRSSSS
H 8 ' ! S 1 5" S
KM.
In tbe last annual message ol Qov
ernorGesry to the present legislature.
a summary of lbs financial policy of
nts administration is thus given ; :
Durinx tbe but ail eoara pajaaata aa tbo
debt bare been aa!e oa follow, i
Amount paid In lKCf tl,7U,S4l to
Amount paid ia IMS .. 1.4I4.SIS S4
Aaonnt paid la I ...... .. 07I.4OS 18
Amount paid la 1S7S... ... l',701.K7 ti
Amount paid in IS7I .. Z.IM.SOO 17
Amount paid la 1871 1,7M1 00
Total parmentl S10,W1,S41 S4
iiciof a little over teMMfy-eiae aereea.. OB tke
'IrU due Deermbtr 1. 11b0. wbiob wa. tbuo
f37.7i'4,IO 77."
ibusin three annual messages to
tho legislature did Governor Geary
nnnounco to tho people of this com
monwealth that tbo publio debt ut tbo
beginning of Ins administration was
837,704,400 77, when in truth and in
facet as shown by tho public records
ot the lime, it was only wJo.uz.uoz
10. Tho author of tbeso messages is
no longeron earth, and wo should not
charge tho fulsohood containod in
them to his account, but presume be
was not himself responsible for thorn,
that these figures were furnished to
bim by officers in the treasury depart
ment or in the auditor gonersl's office,
and that he was Imposed upon, and
led to Leliove tbeatntemenl lo be true;
at least ibis is ths most charitable
view wo can take of it.
In this last message tho governor
slates the total paymonts during the
last six years were 04
which, if true, would have reduced the
publio debt from oU5,622,052.10,whicb
it was on the 1st of December, 1800,
to $24,629,389.65, 00 ths 1st day of
UecomUor, 1872, instcsd ol loaving it
00 thai day 27;80j,4'J4 64, at the gov
ornor states it was. Here we find a
discrepancy unacoou nttd for of 12,674,-
105.02 ; that is, during these six years
tbe officers in obarge ol tbo treasury
of tbe state, who bave all been ol tbe
dominant party, bave asked for and
received oredit with paying 12,074,
105.02 of tbe publio debt mors than
ths debt has been reduced during that
lime. In other words, from Decem
ber 1, 1866, to December 1, 1872, the
publio debt was reduced from 135,
622,052.10 to $J7 .303 404.64 ; a total
reduction of 8,818,567-52, while dur
ing tbat same time tbe different stste
treasurers havs been credited with
paving tl0,9O2,602. 54. To cover up
this defalcation, the guilty parlies bad
to resort to a falsification of the records
and this was deliberately dona by
stating the publio debt on ths first oi
December, 1860, to bave been mors
than two million dollars greater than
it actually was. Mow I challenge ths
gentlemen on tbe other aids to explain
or excuse this falalflcailon of the re
cords of our stats. Tho facta I have
already (Iron would be sufficient lo
account lor the wonderful unanimity
with which the pcopls demanded a
change In tho manner of electing the
head 01 tbe treasury department.
Since the beginuing of the tcssion I
have taken tbo opportunily 10 study
political arithmetic aa exemplified in
tne annual reports 01 the auditor gen
eral and slato treasurer, and I find
other facta and figures as cnrlons ss
those already givon. I desire to call
tho attention of the house, and through
it Iho attontion of the people of tbe
state, to these figures. I find tho
amount paid as Interest upon tbe pub
lic dobt tho last six years exceeds Ihe
amount of interest accruing upon the
entire debt for that time several hun
dred thousand dollars. Tbit might
fairly occur in any one particular year,
as the coupons falling due the preced
ing year may not all have been pre
sented for payment during thai year ;
but this excess appearing in ono year
would be balanced by the deficienct-
in other years. I submit that during
a period as long as six years the aver
ago would bo reached, and no moro
interest actually pitid than would uc-
orue npon the entire interest bearing
debt during tnat period. 1 nave made
a careful calculation of tho interest
upon tho publio dobt during each of
tno last six years, this calculation 1
admit is not strictly accurate, but is
unduly favorablo to the treasury de
partment, because I have allowed the
interest upon tno entiro amount out
standing at the beginning of tbe year
tor a tun year, aimougu largo amounts
were rodeemed during Ihe year, wbilo
npon mat portion ot the debt redeemed
during the first half of oach year,only
tlx months' intorest could possibly
havo been paid. With this exception
I believe my calculation ia strictly ac
curate, and I submit It to the inspec
tion of the gentlemen upon ths other
aide of ths bcc; :
IXURXtT OR aPRLIC Dm.
issr. .
!,nl,ltt ft sta par
oaot ..- l3,m M
31,t?.,ll it al Iro
per eeal 1,401,4!! tt
1113,100 tt Sear aad
eaelf par eeat ...... t,MI a
O i,ave,ee ma
1S4S.
131411,1m Moll per
,..ljil,t:t N
li,lt4,0M Mlropoc
eat
l7t,SOt SS fear aod
B kalf per oast....
tti.ltl N
t,l7 I
- I.U1.747 M
ISM,
tlt.lll.lM Moll per
ee....... .....tllt,47t St
7,749,771 M t'O per
eeet-. tU7,4tl 11
tlll.OOt 00 foar end a
keif per M.. . t.4.0 ee
4) 1,I1I,1H IT
1170.
tlt,lll,lM Stat. per
eaal-. l,18,8;4 St
7,i::tt it I'o pot
eeol. ttt.ttt II
I11,M ogroaraada
kalf pel ..at i,t SS
4 MIT.ttl tl
1171.
Ili.SM.rtl SO .Is par
tl, 441,1
ti.810,919 II ixe per
191,644 tl
Mil St
tlll.tKO 00 her end a
kaJt per eeet........
-4 I.JH.tTI U
1171.
113,315,1.11 tO its par
ooot l,dSS,tlT IS
tS.4e8.6le JI Ira pot
oral . IJt,4ll t
tt 11,001 01 foar and
a kail for oral ..... ,oio
4) 1 ,174.101 M
UMll.tis 11
Dufinr each of ths foretroinir rears
ther wa. an interest bsaring unfunded j
acoi ss follows, via :
BI1.08S It Interert eertlleetes oajlatandla.
4,443 3S Interest oartiOiete. aoelaiaed.
44 If doaMalta arediler. entttsoaua. ,
:vf"? h . i:j yt t'
Ai thess crtifioaW 4sv nV foe.'
Cot auaotaad the tatsrest woold obI
paid whaJB thai principal ft, eef
as bo part 0 th principal has be a,
rsdsesawB, It is but lair to assume Uaf
no Interest baa been paid1 ow aooount
of this portion of tbs debt. Tbe flls.
crspancMs between the interest soors'j
Ing snd tbs amounts reported as paiof -will
appear by tbs following rscapiVft
latioat .;
roar.
ml aVe aepiaawap
0 Ike year,
ll,BS8,t:t 41
...... 1,111,711 SO
...... 1,011, 1119 IT .
...... 1,8117, Sk. It
l,7M,rt tl
...... 1,474,101 tt
HIT...,
I !....
lse..
IS7t..
1871....
1871....
tl,f,M A
. 1,171,001 Be
i.8i,iu ri
1.M4.81I tr
i,7.s: ti
' l,7U,S9t IS
Tola) Il,!ll,tt9 11 11,411,1111.
Excess sf interest paid ovor amount
accrued daring tl.e time, (275,601.83.
It will be noticed that the excess o)
the year 1867 was $150,500 95. This
may be explained by saying that
whon ths new loan waa negotiated
during tbat year, coupons partially
matured were attached to tho Bonds
and sold with them. This is proba
bly truo, as wo find tbo treasurer
charges himself during tbut year with
items 01 "intorest received on loans, '
which aggregate 1 207,254.29; stiil this
leaves tls3,25l.6U unexplained. Dur- '
ing Hit year 1 872 t lis excess was (29,
791 83. If, as I submit would bo fair,
we assume tbut the loans redeemed
each year, wcro on an avorago re
deemed in tho middle of Ihe year, lbs
abovo calculation of tho interest sc.
cruing should be reduced to the ex
tent ol ono hall a year s Interest upon
the amount of loans redeemed ; as
tbeso wore mostly five per cent, loans,
it would bi two and a half per cent,
upon CI0,992,0t2 54 ; ibis would make
(274,810 56, which added to the ox.
cess before shown would make a total
excess of interest puid during the six
years over tbe whole amount accru
ing during that time of (550,08.H8.
I desire to impress upon ths minds
of gentlemon tbe fact that this is not
a question of the misapplication of lbs
money belonging to Iho sinking fund,
which should bave been used for no
other purpose than paying ths publio
debt. My si legation is, that during
tbs last six years the treasury depart-'
ment uat oeen creatloo with paying
more both of the prinoipal ana inter.
est of, the public dobt than bars been,
actually paid. During this time, buy
new debt has boon created or author
ised, excepting tho twenty-three mil
lion loan, heretofore referred to, tha
proceeds of which were applicable
solely to ths payment of the over due '
losns of tbs Slate, certificates issuod tn
tbe oitiaons of ChambenburirJunouBt-
ing to (297,877 65, and ths bond rep
resenting tho endowment fund of tho
sgricultural college for (500,000.00.
In the first two messages of govor
nor Geary, tbe people wore furnished,
with separata staturoonta of tbo ad
minialratigu of the ainking fund.
During tbs next two years no such
statements were conluinod in bis mess
ago or in tho reports of the auditor'
gensral and stale treaanrer. By tbs 1
fifth section of tbs aot of April 18, 1870 -'
ths state treasurer was compelled to '
puDiiso sucn separate aiaioment, ana
ws bays them given In tbe last two-'
reports of that officer. " I found It 1
therefore Impracticable to give a oov '
uected exhibit of lhs -administration'
of thia fund during the last six years.
In order to obtain tbe desired infor
malion, on the 22d of January, I had
iho honor of offering a resolution re--
questing tbs state I re adorer to lurew
ish ths house with a statement show
in if the receints and disbursements on
aocountof the sinking fund from lis.
organisation to November 30, 1872."
Statement furnished in response to'
tuts resolution win ns lound IB low
Legislative Journal, pago 438. 13
comparing thia statement wild tho
snnuitl reports of the auditor genera,'
and state treasurer, showing the pay-
meoie on tne intorest ana principal u
Ihe publio olebt, we Bud Iho entire sun
which Governor Goary claims to have
been puid upon the publio dobt during
his administration was paid by tho
commissioners of tbs sinking fund ox-
carting three items. In 1809, 187U
and I oil, small aums were paid di
rectly by tbo trea-uiei- but wore af-
torwards carried to snd imiludod in r
the linking fund account. The anttfi
tics, through which the publio loan's ,
nave oeen redeemed will appear from1
the following slutemonl 1
Totel
I7...1.7t14l.l0 I9,1?4,IS..S9 0,OI8,81l ta
ISM... 1,411.81141 1,001,1)7.80 4,417,483.04.
181.. 101,701.81 IW.tll.OO 471,401.11
1 "I.... 1,101,311.11 aion.ii7.74 l,ttll,170li
1871... 1,111,118.83 aiu),e4 ,l,.9l.ir
1871... 1,470,110.01 1,471,111.11
Theee luma an eon led lata tbo .laktSf fund
aeconat.
If we take the annnal statement of
'loans redeemed," "interest paid oa
loans" and "other payments" ob ao
countof tbo sinking fund, and com-'
para them wiib tbe report mads by
Treasurer Mackoy, published oa pago
438 of the Legislative Journal, wo wt'
find other discrepancies, vis. 1
E
-i
I X t S 5 t
!im
Total pa.aeau 1 l...tSl,li,8Tf SO
Illet paa.;....,.,,.,,,..,,.,,.-... Ut,778 II
Theas "other payments," amount
ing to 23l,4u4 2t, ooneikl of th sal-'
srios of tke sinking fund commission
era, salary or clerks, eothpensalioa to'
batiks n Philadelphia; aot ing aa tbo
flsral agents of tbs common wealth ta
paying its Interest and rsdsemina; th
loans, and premium paid apon guloY
with wbiob lo par ths interest.
What tben olwolJ havo boon tbo;'
condition of tbo publio debt oa tho
first day of Decemba;, 1872, the end
of the last fiscal year, bad all the pay),
menls beea hooesliy mads as claimed
and credited t 1 bave prepared two
calculations, tbe first exi hdlng tha
twenty three million loan with ths
premiums and Interest received upon
it, arid the second Including it.
' V.-C'rUff 1 fourth ' J
s-1 H s-1
e e wf n
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