lJ L " 'W Pi - w " "" : -" (TH (f- fpfi : ASICS' R3S-I373S. PRINTED AND PUBLISHED WEEKLY BY JONATHAN BOW, SOMERSET, SOMERSET COUNTY, PA. Vol. 4.-No. 10. New Series. TUESDAY, JANUARY 20, 1846, i Brown Muslins. (j?e. 1000 TDc!; Brown Muslin; uon 1 am; Cotton Laps, Wadding, and the bm Candla "Wick, fur sle at the twa three niR noons. JOHN CARSON. S. J- MCKNIGHT. CAKSOX 5 McKXIGUT, (successors lo II. Coulter &. Co.) "$7 HOLES AS E Grocers. Commis V V in and ForwarJiirg Merchants, Dealers m Produce and Pittsburg Manu facture?, ixih street, between Wood and l.ihffv, Pittsburgh, Pa. jnl 5 Somerset County, ss. i'iUSr JCS in 3?ijoHrned Orphans' court hel l at Somerset 'a a"J ,3'J county on tie VU 8:h Jar of Decerbber. A, D. 165. Before the IIo:iur-b!e Jeremiah S B ack, sr:d his associate ji J ges i f the sittr.e court. On ir.u'.ion if Danifl Wryar.d, Ea, the ci:rt confirm t!.e inquisition oti ti.e re.l c-sNie of J!.n Garriian, dec!. and grant rule on th i;irs and lecl rerre ffr.!atiesof nid dcccascJ, to appear at an a'j turned Orphans rou.t, lo be ht!J at S -n.ersct on the 2d day of Mire!, next, tn 1 accept or refi:e to take the rcsl es tae of f-iJ J.'!i:i G.rrri.n, e'ee'd, at t!:e .:a fed price. Extract from the recorJs of said court, certified this S;h lv f December. 1S45. WMj U PICKING. dec2fi45 Clerk. Somerset County, ss. IS45,. Before the lUnoralle Judges thereof. Oa motion of F. M. Kimmel, Esq., the court confirm the inquisition on the real eelte of Elizabeth Poorba:gh, de ce .se.l, and grant a rule on the heir? and legal representatives of ssid iieceaed, to appear at an adjourned Orphans Court, l be lit Id at Somerset on Monday the 2d day of Marcli next, and accept or re fuse to take the real estate sf said Eliza beth Poorbaugh, dee'd, at the appraised price. Extract from the record f said court certified this Sth day of December, A. D. 1843. WM l PICKING, dgi?3 M5 Clerk. GHRlSTIftiJ HARP, Containin? s Choice ?e!crlior cf Pa'm nJ HvmTj Tuar. Suited to the Tarjous .Vetrri Dw in use among diSerfnt Keli giou DcnoiniDatious in the Uni ted State: JesijncJ for tie uu of I'uhJic and Fni ilj worship. BY SAMUEL WAKEFIELD, ESQ. Corrected. Enlarged, and macli IMPROVHU. BY LAZ AUUS B. M'LAIN. "fOURTEENTII Stereotype edition. JL: Wholesale price TDK EE DOL LARS PEU DOZ. For sale W hole tale and Re tail bv JOHNSTON & STOCKTON", Dooksellers, Printers & Hinders, Pittsburgh, Pa. J. & S. hare cn hand a large and ex tensile assortment of SCHOOL AND MISCELLANEOUS COOKS, which they will sell low for cash, or exchange fnr rags at ca?h prices. j3n6"4G 3l . F ;R 0 CI. AM AT I OX. VT7HEREAS the honorable Jeremi- T ah S. I'lack, President, and O. Chorppnnii,5 and John M'Cnrty, Esqs , sssocia:e Judjes of the court c.f common pleas, in sr.d for the county of Somerset, nd assistant Justices of the courts of oyer nd terminer and general jail delivery and quarter sessions of the peace, in and for taiJ county of Somerset, have issued their precept to me directed, requiring me amon other tilings to make public proclamation throughout my bailiwick, that a court of oyer and terminer and general jail delivery: eIso, a court of gen eral quarter cessions of the peace and jail dclirery, will commence at the bor ough of Somerset, in and for the county of Somerset, in the commonwealth of Pennsylvania, on the 2d Monday of February next, (9;h day) in pursuance of which precept Public Xoticc is Iierebv jrir- en. in the justices of the peace, the coro ner, i,jvl constables of sVid roup.ty of Si!eret, that 'hev be thru and there, in their own proper persons, with their roSli, records examinations, and inquisi tions, and other remembrances, to do those things which to their offices apper tain in that behalf to be done and also all those who prosecute sgainst the priso ners that are, or then shall be, in the jil of the said county of Somerset, are to be then and there to prosecute against them a sIi all be just. Given under my hand, at Somerset, this Cth day of January, in the year of our I-orl 1846. JACOD PIIILIPPI, Shertf. trj, k T an adjourned Orphans' TrV. j Court held at Somerset "-"WJkIt n andjfor sai." county, on the S i! day of December. A. 0. BRIDAL WISHES. BT BARRY CORNWALL. Sweet be her dreams, the fair, the young! Grace, beauty breathe upon her! Music, haunt thou about her tongue! Life, fill her path with honor I All golden thoughts, all wedih of days. Truth, Friendship, Love, surround her! So may she smile till life be closed. And angd hands have crowned her! .MESSAGE r ROM GOV. F. II SHONE. 7i the Sencfe end IhfM of ReprtsenlcTites; (EXTLEMr.N: I he general health of ; the people, the rich rewards of husband- ry, the quickening spirit that pervades j trade and industry, the enlarged prosperi ty c f our country, and its advuncc in mo ral and intellectuU atainr;ents these, under a just sense of our dependence, swell our grateful acknowledgment, at this time to 1 1 in from whose benificence they ali proceed. Nothing has occurred tn-e the adjournment of the legislature, 10 interrupt the harmony or check the energies of our Commonwealth. On the contrary, intelligent enterprise has been every where crowned with success. The exertions of our people to meet the engagements of the State, have thus fir letn successful. The payment, by a number of counties, of the whole amount of their taxes for 1645, several months before the time at which they have here tofore been collected, added more than $300,000 to the effective revenues of the vc-ir; end the last Legislature having ex cluded certain classes of debts from the thins to be immediately provided for by the Treasury, we have ben cnabicu to pay the interest which fell due on the funded debt within the past fiscal year. On the first day of the present Session, the balance remaining in the 1 reasury was about $025,000, which, with the ac cruing revenues, will be applicable to the demands of the first of next month. We have thus the reasonable and gratifying assurance, that the interest will then also be punctually paid. The Public debt of Pennsylvania, on the 1st of December, 1845, as appears from the report of the Auditor General, was as follows: Funded debt, $30,739,207 13 Relief Xctcs in circulation, 1,258,571 00 Interest Certificates out standing with interest thereon, 2,8SS.S03 30 Due to Domestic Creditors, 90,750 -13 $40,960,393 22 The interest upon which, according to the Auditor General s computation for 184C, is The balance in the Trea sury on the 1st Decem ber 1814, was 2,023,996 09 CG3.S51 88 The receipts into the same during the year ending on the 30th November last, as appears in detail by the reports of Audi tor General and State Treasurer, were 3,010,002 31 Makingan ?gf:rentcsumof3,673,9H 22 The payments from the Treasury, during the same period.were. accor ding to the reports of the same omccrs, 3,289,02S 13 Which being deducted from the above, shows the ba lance in the Treasury, on the 1st December, 1845, 3S4.8S0 09 Being less by $278,905 79. than it was on the 1st December, 184 4. The nett amount of araila ble outstanding taxes on real and personal estate, after making allowances for collections and exon erations, on the 1st Dc- . -cember, 1844, was esti mated by the late State Treasurer at $SS7,30l 71. It appears, howev er, from a subsequent es timate, founded upon more full returns and a more accurate knowl edge of the extent of ex onerations, tliat the a- ' jnount actually outstan ding on that day, was 1,009,778 03 The nett and available a- mount outstanding on the 1st December, 1845, is estimated at 874,544 50 The amount of outstanding taxes on the 1st Decern ber, 1845, is, therefore, less than it was on the 1st December, 1814, by the sum of Adding to this sum the dif ference between the bal ance in the Treasury on the 1st December, 1844, snd the 1st December, 135,233 53 1845, - - - 278,965 79 We have an aggregate n - duction of die balance in the Treasury and of outstanding taxes on the - 1st dav of December, 1845, as compared with the same items on the 1st Dec. 1811, of 414,199 32 From this statement it is apparent, that the receipts into the Treasury, during the year, derived from taxation on real and personal estate, and oilier sources of reve nue properly belonging to the year, were less than the demands upon the Treasury for the same period, by the amount above stated. And it is also apparent, that if the Legislature had not postponed the pavment of the domestic creditors, and the interest on the certificates issued for interest, and if the cancellation of a por tion of the relief notes required under ex isting laws to be cancelled, had not been deferred, the whole balance in the Trea sury would have been exhausted on the 1st of December last. For the purpose of convenient refer ence I hare appended to this communica tion, a summary statement (marked A.) of the receipts and expenditures of the past year, with an estimate, prepared with much care and deliberation, for the cur rent year endinr on the 30th November, 1816'. According to this, the re ceipts of the year from all sources, including 81, 300,000, from Lnxes on real and personal eslats, will be $3,2 17,700 00 Which added to the balance in the Treasury on the 1st December, 1815, S81,8S0 09 Makes an aggregate of $3,002,580 09 Deducting from which, the estimated payments du ring the same period, $3,513,990 09 We arrive at an estimated balance in th Treasury on the 1st day of Dee. 1816, of " 88,590 00 Which is less by $290,290 09, than it was on Lhe 1st of Deeem!er, 1815. The amount of outstanding taxes on real and perso nal estate, considered a railable, on the 1st De cember, 1845. was $874,511 50 To this is to be added the assessment for 1816, which, according to tho best estimates, will yield a nett revenue, after de ducting allowances for expenses of collections and exonerations, of $1,180,000 00 Making an aggregate of $2,051,544 50 If from this aggregate we deduct the estimated col lections from these sour ces, during the year, 18 40, $1,300,000 00 The difference, $751,544 50 Will be the estimated amount of taxes, which, on the 1st December, 1816, will remain outstanding being $120, 000 00 less than was outstanding on the 1st day of December, 1845. When to the reductions, thus to take place, in the outstanding taxes within the current year, $120,000,00 We add the difference be tween the balance in the Treasury, on the 1st day of December, 1845, and . the estimated balance in the Treasury on the 1st of Dec. 1810, $296,290.09 We arrive at an aggregate reduction of these two items, within the fiscal vear, ending 30th Nov. 1646 of C-4 16,296,09 From this view of the subject it is ap parent, that the assessment of the year 1846, on real and personal estates, and the revenues of the year proper, deriva ble from all other sources, taken together, will be insufficient to meet the demands upon the Treasury, during the same pe riod, by the sum of $416,296 09; and that in supplying the deficiency the bal ance in the Treasury, on the 1st of De cember, 1846, will have been reduced to $88,590 00, and the arrears of outstan ding taxes to the sura of $754,544 50. It is plain, therefore, that our present fi nancial system is inadequate to supply the means of meeting all the demands o'ni . .... . 'f the Treasury, except when aided from the balance which had accumulated before the payment of interest was resumed, and by collections from the arrearages of taxes of former years both of which will soon be exhausted. I ara constrained to add, that all these calculations and estimates, pre-suppose diat the demands on the Treasury will not be permitted to transcend their ordi nary limits, and diat no appropriauons will be made by the Legislature to new objects. These are not anticipated, be cause in the present slate of the finances, every new appropriation may well be re garded, not as a grant of money uninccm- 1 bered in the Treasury, but xather a an aulraction-4ir. funds, specifically appro- priated already, and rightfully belonging to the public creditors. The deficit in our means, under exis ting laws, presents for the deliberations of the General Assembly, a topic of para mount importance. It may be remem bered, that, in the month of January last, ? I expressed the opinion, in an Executive message, that our finances had not then reached a condition to enable us, perma nently, ?nd rt once, to resume payment of the full interest on our public debt.- I regret that subsequent examinations and reilttrtions, have not permitted me lo be lieve that I was' then in error. But the legislative action on the question has changed the entire aspect of our duties, and rendered it useless to revert to former views of policy. The payment of in terest on the funded debt of the Common wealth, was, in fact, resumed on die first of February, 1845. By that act, the; State asserted her present ability to meet her engagements; and it must bs our care that the pledge, thus renewed, be not a gain violated. The credit, fidelity and honor of Pennsylvania, all demand, that, henceforward the interest on her public dbt shall be punctually and fully paid. t Heretofore, we might have pleaded the unexpected failure of the Deposilory Bank of the State, a few days before the interest was payable and when the mo- neys appropriated to its discharge were , accumulated in her vaults, the sudden I destruction in value of nearly the entire currency in general use the prostration ; of individual credit, and the deep and uni- ! versal pecuniary embarrassments of the j people. But now, all are prospering, ! the currency is restored to a good degree of soundness our revenue system, though still imperfect, has greatly increased in cflcctivcness and certainty enterprize is renewed, and the people, happy in their institutions, and confident in themselves, look to the appropriate action of the Le gislature to make provisions to satisfy the public wants. The present period is, in truth, the cri sis of our affairs. Prompt and effective measures now. to make a moderate addi tion to our revenue, will restore to Penn sylvania, for all future time, that proud position from which she has temporarily been made to stoop, by a course of poli cy that never met the approval" of her people. But the addition must be made at once. Unless the estimates that have been presented, shall prove essentially er roneous, the balance in the Treasury, on the first of December, 1846, will not ex ceed one huudred thousand dollars. It is, therefore, obvious, that, if the receipts at the Treasury, during the months of December, 1816, and January, 1847, do not greatly exceed die receipts of die corresponding months of any preceding year, when the amount of outstanding taxes was greater than it will be then, a deficit must occur in die means of the Treasury, to pay the interest, which will become due on the 1st of February, 1847. The necessity of the adoption of imme diate and efficient measures, to guard a gainst a result which would be so fatal to die renewed faith and honor of the State, cannot be too strongly enforced upon the attention of the Legislature. Intimately connected with the subject of our finances, is that of the Banking system of the State. The evils that have resulted from the manner in which it has been administered, and some of those more essentially connected with its or Conization and tendencies, have been felt by all. Yet, it may well be doubted, whether die whole of the mischiefs which it has instigated, have been traced back to their fruitful and pernicious cause. Not only has it stimulated individuals to ruin, but States have been led by its seductive and corrupting influences, into a course of wild extravagance, and consequent bank ruptcy. Public debts have been contrac ted, even die interest of which could scarcely be met, by the most onerous tax ation; while, in other caes, die faith of die government, which ought always to be held sacred, has been violated in time of profound peace. The history of Pennsylvania, since the beginning of the year 1836, is a painful illustration of this truth. In December, 1835, when Governor Wolf retired from office, twr months before the incorpora tion of die Bank of die United States, the State debt of Pennsylvania was $24,589, 743 22. It is now, exclusive of the a mouni received as a deposits from the the general government, $40,986,393 23, makin? an increase of the State debt, in of $16,390,649 90,. notwidi- .- 1: ' . , .: r standing die receipt, in the mean time, cf $2,867,514 78 of surplus revenue from the United States, and of $3,446,780 21 as premiums for Bank Charters. In contemplating this startling fact, we naturally look round for die meritorious objects of State policy, for which this vast aggregate of twenty-two and three quarter millions of dollars, has been ex pended. We find none of any magnitude. The main line of Canal and Railway, between Philadelphia and Pittsburg, had been cora- rpleted, and was in successful operation. 1 ne Delaware division, the Susquehanna and North Branch divisions, to the mouth of the Lackawanna, the AVest Branch di- vision to Queens' Run, the Beaver divi- ' cy. An unnatural n? or yrircn n 1.1 sionto New Casde, the Franklin lire. ' consequence. Importation mcn-me in and the French Creek Feeder, were all defiance of any dienpiimung tariff ex substantiallv finisfctl when Governor j travag-mce invades all the d'partinenU of Wolf left the the Executive Chair: and ' society indefinite credit inntrs to a die sum of $31 4.010 09, was all that re- I mained to be raid for completing them. The State had rtached a point in her improvement svstcm, at which the could hav suspended operations without loss. The scheme cf direct taxation, to pay die interest, on the State loans, whic h hid been introduced isailrr Corcrnor Wolfs administration, was admonishing the pro pie of the inconvenience of a public debt. Everr diing indicated tut the further progress of our Sut? improvement was to be deferred, till time had tested the productiveness of the finished works, and the increasing def lopm'-nt of our resour ces had invited and justified their further extension. It was at this time, that the act of 18th February, 1636, was passed, entided, "an act to repeal the State tax on real snd personal property, and to continue and extend the improvements of the State by Rail Roads and Canals, and to charter a State Bank, to be called the United States Bank." The first sec.ion of this act re scinded the system of taxes, which had been devised for the protection of the public credit while, by other sections, .more than two millions of dollars to be received lroin the Bank, were appropria ted at once to the prosecution . of Com pany works, and the commencement of new ones, under the direct charge of die State. To enable the Commonwealth to consumate diis wild extension of im provements, six millions of dollars were promised as a permanent loan to the State, an interest of four per cent, and olhi-r loans at the same rate were to be made, when required, to the amount of one million of dollars annually. Under the impulse of this Act, and of the influ ence which effected its passage, a new series of improvements were begun at once, all of which, after die expenditure of many millions, now forming part of the public debt, and the cause of increas ed taxation, have been abandoned by the State, and have passed, most of them, into the hands of companies, which have paid no consideration for them. It even seems, that the State has not limited its gratuities to the works thus commenced. The Beaver division, and the Wyoming line, on the North Branch, embracing forty-three miles of Canal m actual use, and the French Creek Feeder, costing together $1,222,927 81, and all of them finished in 1S35, have been given away to companies, and leave the State with a less extended system of improve ments now, than it had when die Bank of the United States was chartered. The progress of these works was mark ed by the declining credit of the State, until, after the most desperate resorts, the sale of a further suspension to the banks in 1810, and a loan in 1S41, by the State to herself, by the device of issuing relief notes the proclaimed bankruptcy of the Commonwealth forcibly arrested them. But the evil did not stop here. When the works were abandoned, the State was largely indebted to the contractors, ed. whose claims were regarded as of prima- These recommendations have special ry obligation. To satisfy them, a law j reference to applications from existing wes passed, requiring the sale of die Bank j banks. In my judgment die capital now stock, and other slocks which were own- j invested in these institutions is amply ad ed by the State. These stocks, which : equate to the business wants of the coin- had cost the Treasury nearly $4,200,000 j munity. The times do not indicate tha were, at a most unpropitious moment, j present necessity of any additional stimu sacrificed for a fraction more dian $1,- j ius to the spirit of enterprize. and I can ! 405,000. not allow mvself lo hazard, bv any act However painful these recollections of j of mine.a possible renewal of die excc pecuniarv loss may le there were at- scs, which we have witnessed eo recent- tendant circumstances of graver and more ly. j momentous concern to the patriot. A Pennsylvania combines in an eminent j new element cf power found its way ' degree the diree great elements of indi into our elections. The elecdve fran- 1 vidual and national wealth, agricultuture. chisc was violated and abused the dec- larations of the public will w.ere disre- i garded and defied, and the very existence j of our free institutions was menaced with revolution and destruction. I allude to the memorable crisis of 1838, when a direct attempt was made, by die leaders of a minority, to usurp the government, and to substitute their dictation for the voice of the majority of the people. These scenes had their origin, bevond j doubt, in a spirit cf reckless confidence in the power and corrupting influence of money to control the State. Apart from these political considerations th influence of a vitiated paper system upon die general and ordinary interests of life, is baneful and pernicious. Hith erto, dicrc has virtually been nothing in the organization of Banks to limit the ex tent and define the character of their ac- j tion, but the discretion of the directors. A few individuals, constituting the effi cient portion of the Boards of management are. in fact, the depositories of this discre tion: and as a general rule, subject no eMions, it is exercised with primary, if not exciu stve, reference to the supposed m.c ts of the i?ank. While the business of the country pros pers, and the spirit of speculating enter- j prize is stimulated by success, they ex- tec their accommocaaons itoeraiiy, ana 1 fill die channels of circulation with "a redundant and depraved curren- n of indebtedness, til!. at la-t, the laws of trade, uuo.unging a j " nature, produce re .ot.on. and i.w j "h!e artificial mehmery is crus.'e, (The people of the country are inucjtra ! t the cities; die cu.e arc indebted a- broa-I, where the promises oi the tins are not excepted as inonev; and the bank arc called upon to redeem their notes in coin. This they can or.lv d bv draw ing in their means, refusing new accomo dations, and pressing their debtors for payment. The circulation of the coun try is suddenly contracted, property is sacrificed, in many instances without re lieving the debtor; and his en?rgi'?s art par-Jizcd by hoptless insolvency. Such, within the recent memory o all of u. has been the action of a vitinu-d tanking system on the faith of the Stato, the stability of her institutions, and thu free energies of her people. It has taught us a grievous lesson of suffering; but it will not have been altogether un productive of good, if it Ins impressed on us the solemn and imperative duly of guarding against a recurrence of similar evils. The abuses of the banking system aro found in many forms; but they are asstii tially the same in their origin zvA rest.lt; excessive issues of paper, and its conse quent depreciation. To give the power of manufacturing nvn-.'v. vet ctTictua!U to limit its exercise, by legislation, is practically impossible. It is obvious, diat no enactment can absolutely prevent die unlawful issue of paper by a bank, which has die lawful right to issue any. Returns of bank officers, .however exact ly prescribed, or honestly mad;-: give no security for the periods that elapse be tween them; and inspections of the affairs of the Banks bv commissioners, which have been resorted to in other States, are apt to induce a dangerous reliance on die vigilance of such officers. It may be, diat the principle of indi vidual liability for corporate engagements, which has recendv been inserted in soms of our charters, may, when properly ex tended and made more directly operative, secure not only the'ereditor from loss, but the currency from dangerous H actuations. The experiment should be fairly made in the case of every Bank that may ask "a renewal of its charter. That its progress may be the better tested, I rcsjec'.fully recommend that the banks be required u make monthly returns of their condition, to the Auditor General; and that these be so arranged, a to present a more com plete and exact view of their transactions, than is furnished under the existing law. This will facilitate the future inquiries of the Legislature, and die periodical pub lication of the returns, will secure to su-h of the banks, as are legitimately r.dm?nia tered, die reward of their faithfulness, ia die increased confidence cf the public. I need scarcely add, diat the claims of the banks to general confidence should be thoroughlv investigated, aud fully ascer- ; taineu, belore their charters are extend- ' commerce, and manufactures; and thu j pursuits and industry of her people, are profitably divided among them. Iler hills and mountains arc almost every where filled with inexhaustible supplies of iron ore, and mineral C02I: and her val leys abound with water power for pro pelling machinery, in die miJat of th finest agricultural regions. She has con structed, at great cost, a line of improve ments by canals and railways, ronntcu;;g the waters of die Adantic with those of the great West; which not only affords our ovn citizens a cheap and convenient modo of transporting dieir prouuets Uj market, but also benefits die internal T. and commerce of a large portion of t-ifl other States of die Union. The North and West Branch Canals, and the Delaware Division, in connex ion with various improvements owned by companies, besides opening markets to the productions of die firmer, furnish out-lets for our coal and minerals, by which not only our own citizens are j supplied, but also those of die neighbor- ing and Eastern Stales, to the great au- vantage of both. Manv parts of the State are also found most favorably dapted to die growing of wool, auu'er great sl3pie of nations! independea-f: jl the successful application of mineipo to the smelting of iron, has Weu a nf w impetus, among us. to uits most import- ant of all the branches of msnufjcMr. It ia npt surprising, therefore, th?-cur thriftless extensio
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