swelling, the whole means of the T.reasu* To the &nh)MandMem- ' f'y for 1853, to the sum of 85,297,537 72. f} tire ritiatffhfrtr ft? 1 ».../<? Jittf.i.-.tJrTtA' lllG ordinary expenditures lor the same V period, including everything except new r 1 •' •*t'?SSt* , X <;;work ’ may bo estimated at 84jg28,070, BVwStP&tUJato friflf!flBnsbd«ft;l- v \vhich will leave a balance in tha/Tr^lsu- aiispicious eircumslon- 1 ry on the D* of £tecembq); v 1853y,0f|51,- Wrurtdei* wWicff’ Tsif^avo ,t s#ii'v9no&‘'at 271isAdcltidrff ■ HffMl! $300,5 W) tlwjsid|fng fijnp tfji|ch^dJ; - j 037 72, the ampunt in the Treasury on 1 61? "f» rn - • the Ist of-December Inst, we shall find ani C^HBpyo^not’?hepp.^VithO -frof 'actual balance of 5(808,630, applicable to mnusj nor Itave thojsii!Myloflu6ffd6B' l t^jtho paypiptit pitd jcamp(ption internal gyjfaft&ftfinqiMUCflßt'fi paralyze iof tl,e North Branch canal and the Portage .tIW BCSSytftWfflte °& ~railroa(t. The result of these estimates trfo^^^iflJsikva'.receivQaadditianal growth, nio?t clenrly to my, mind that and L v i, en the improvements just named shall cd rencwcB / S(Hhg(h!L!rAK»?.tOtolfl»» c P- t »"rWvo-been-, completed,"should" fill'“ new mercc, ofiexpondttu.ro besternly resisted, ftHjrb L a they shall be, so Ja r as-4 .arm cbhcertt'.' bgdh dls!ndiii'slied by sonio fresfi Lj -Treasury -will he in <a ebriditidn to dWdWfervVd'Ta'dilitftte' |lpbnceU pjt: leastMOho<millian.of dotlurS' df| •* n A«B{ner dlecßpn hris.'h'een 'tjte .pqbiic debt 1 annually-;- • ■ • rfefd.” Oh'ch ‘?fibro 'the 1 pfeoptb of this'vast!!' _ n j p .apportldpoa. with" the provisions of an | feiftifryVthroUgfiHhe UgO'ndy of fjimltajlot of-theJLiegiSlatuik:,’ approved tho 2nd I lft^‘lidVe'dcsi^n , ate(t'thh''citi'zen;'vvnoj- lor ;j tt y of-April 1802, I'proceedcd to borrow, I rfftPehStifb]’ lb^r , yßarej*'is to li(l , tl?e‘'liign-' op tbq.ffiith of Itlie (Jomrnoawealth, eight; eg office knbtvm .pie jjpjjdrednand filtv,; thousand idollars (for tjmkMP of the • hiihoijjty, the Completion of tho IJJortJhi Branch canal. rejplF ifhd thojiydgnurtfmjfy.’j The maximum rato ofi interest named in fIP{HS u r?MijBi ( ity''’ Sn'thV efijoyment‘ol ‘then-'j t jjp -is' 6 per■ coni.'li v .The loan was triuqiph, allbr.ded gratifying evidence' at: -to Messrs. Harris; & Co;, for C. vlF*instHutfortdre not, prUtis day, ;jj. pj s her, of Philadelphia,. Duncan, She**' §BBaasmd r - '<?dhti c 'iHti''vi : oludce_ of partVji mnr) & Co,; New York,.ond'George 'Pea affHt. “Tfid'vqite of; the. yhajd/ity isi ’ nq'n’-J bqdy,]Of:Dondp.o,on the 12th of June last, dtW®By°jmpfi : cif; bbedrenco, whilst. j,tho !ns follows;. 820.6,000 at an .interest oft 44 fimfifl’fertlfeiftlnHrity afe'hfdiedMpby they p 0 (. cent. 1 ,.n0d 8850,000.0 tan interest of 6 'h'nd n YawS/'‘_Tlj<^oscbr thjtd I ppr,eonlv,.and. ; lhe bonds of tho Stale issu-; ehode% fl i&We 7 tVjtilhi’ q*j accordingly, in-.-sums.of one thousand *li: i thW-dollars, enph. Ores of.taxntion, with coupons 1 ofiß&'iibhk of patriotism. 'to 08 'jßmi|lbn'd a uachqd r .re,itTibursnble in. thirty years PjEAcr fdsticc td hlf' rrien of W(fat<wbf.perr oilier their date. . (thnsfmis, re tit>!BtfeV'o , r ’pßtjiicd’lv*‘ Each i ...ffhe. lOOlfrt section of an-act to provfde ' sGccesiitW-.tbk 'bfVhe'fclecVivb fedtiire of for- thq. ordinary-expenses of theigovcrD-.l hak beffi 1 Tdllbwfed ! liy) rc- 'meat-find other purposes, approved tliej «^reof , th’^’‘ wllA'l6' 1 sys.tbrti^; 4t|j 1852,’ deplares “that' tho 'iwtrad’it .(d'bßj ’so; Treasurer ..be, and jrfeitfe oftHo’ : rijjli?ot'db’lJVp'ge 1 t j, e y, , are herebyM‘Uthorrzedr and om-1 bV llitelllgOlWc j powered; to boripw;on.iliQ faith.ofthe Gom-1 ‘jitfn'ffpS’fts bf the fcit-Ifii&d .iVorid! nionweallh, durjngitho.year 1852, nt such irrc^iecbmib^ 1 ffinvißqbu, -not 1 timep,,apd!i!7ii sua !h a r n<) unts, a? they may only of.\h G practicability,' deem tho/uUcrest sf theSttue, nov mm®di/ftiffce f bTtf‘gqkeVhment founded | sum not exceeding five millions of dollars, bn‘tnß ffijjfiMßV” 1 IJvbii |the _|firrti ( jvfbjubilces of (or the sume. bearittg.a rate -pf.interestrnot Rtfcmfffi}rfsf^j 1 a 5 fb n hfe^friHin : |>:Tu !3 y , el&' td’ ilie cxceading cent por'annum, paya« &«SVmt'eyld6i?c’e furnSWibd ouk expert- \ 9bmit<>omtaU.y A which; bonds shall: not eff&? ,l . i ¥fle*mfi3fflh , bl*lH§ pro'sen’t geper-1 . 9U bjecl tq,. (psatjen for.i«flX, purpose . ation is the future triumjjljfofi whatever) : and- s -shall be'-re.imbursablo .in mMe t ( | twenly-ftvo ypqrs from their date,und the ouf mod-' a umiso:l)ftrrqw,ed)tshuUibe'applibdrita iilie j eL sYEtem of govorn mc-fit. _ Thitit xhis,,will payment; of the 6;;ppr centv loaOSi-.tbatnro < W , <OTi^A , del /: tfß'iWd' Province, I‘ hbye payable at theoptiqnjqftJieGommoaw.ealtli, . ifSftMraSt^ttef. 1 ' i ."'',!i. . after the years 1846 and 1347 ! to the . |yrlbd ! slnco the aBUh'.iWledgin6'nt cancellation of the cerjiffcates iBSUed to do- j ltHfu¥Ud£pyndbnce as'a Ndtion,liave the | mpstic craditprs, and.the outstanding and ' people of this Udion’'enjoyed' nfh'igFiel- 1 unclnjmed interost certificates,dtl tho man* ! wraw’&f i>t enthrmihed a bright-1 ne r hereinafter provided ; ,Qnd lhe balance Jr'KSjjft'Ttf the,'future., ‘At peace With" ah | Q f sa id five bo applied, to the and frpdd'jfrom internhf Strife estinguishment of any;of« the five, per.ct, WMUyißtl'the shyßhil meYiibe'rk oftlid' bonds of the State, now .outstanding, and mm;' tr pfclPig'YKfi'reebpit'Cpnhrbssibhaf ttdjusf- ; In . compliance with, this and the other . TOenjPm e‘cbfft roversies irfeidetft° to '{jib S ec(iohs of the, law relating to this subject, and the a^- 1 the State .Treasurer, Auditor General, and teFritorV'; wherfhha this m yself, proceeded tOjtnake the.lonn of live WffinTaetftnore-fivrn tfnq pctrlb’ct ? ‘ ."Wo jmillions.ii The d^tajfofppriACtion will be T >fiS'bdrfe;wo'fjbobtjl The 6 per. cent, bonds, the .dbmestic cred !flin|ft',bßrWnhkB: God‘for it Q r .certj.hca'es, nr.(d thq certificates.for lifffbbiinteb9§go l bdhesk , and'|'uHrdl;dricare. outstanding jnjerest, have been -cancelled Two statesmehf fiffiHellk 6fthe'Na l tft f jn’,”bavd , 'b6'eW'called the Treasury to. ; pay off tho. entire bal %d^nih¥¥&Y 3 q.'tHvith'ifi f a'¥VieF'deriod.f— once. On openingitho bids.on the 7th of VyßhkVdr.'wlff'bb September, we discovered that ontyns3,- •MWro except'in hlkYorvb’(|t AlOtftQO had beep bid as •wSrl*Tec’brd‘ \Vilt m'AliTjhelr goo.'d W e thought,- to ,a,slight .ntisunderstoAdiog Hfera^mtliirr ! t4 v^sY¥Ht^; 3 u ! , tfp'fi)tlln’g i bf ,be.tween pur Government, and '.-that-..0f bells—the sable ensign ancP iM sol'dmhob- Great Britain on. tlm,Fishery,,(question, SSM^f'ha^e 1 maijifested the 'Nation’s re- w hiQh i: seempd to disturb tho monetary . •jftpt. v ismentihg' : thofloss of w ,orld for a, sbqrt season, the bids were;Bot ( Ji^ira)iS, |l^c''shduftl- by fl p, fayornblo us wo had anttoipnted:t we nevertheless, felt bound by : tlte. terms of to fill the full merfsiire 'bf 'to our .pnljliP nqtice, to accept;,the amount Ifiteri '■ toth : e of pfferetlxiThe.remaindqr.of the fiveimillions Vftib'if th'eiti,pfesAhtted ffl a ; disddui , id‘ at bps been csodiin thq flangellaffon of. the 5 *NbW‘T<J^i{,klo'fmtiiiy , fii6iitliS'3irit!^—nldas- ce.ntj bondsi-by ,l)io exchange,for them 'WIW| itldiid a'tid events—tTidy'-hn’d .jb^pew;., bonds,,-bflaringie bhe interest,.ifor become modern Methuselh'hs : in I! titefe<bftt' \yhw.h, fijtchauga ~ti b e .Cftpinlpnwealth has YKy‘hh*! ll Se'6H , or.the' 1 Wo'rl'd,' .rcpijiyedgn:eas.h,!premium qf;,s per,cent., WM$ fo^.flii‘eil f d'dUHtkyi' J< iVV h’d cbuTflExpect wJiioh, yifo mqrenqdy.a.ptagepus. jopn fqritbe 4jbr«M affd -Wlro h ’ the -State 3l\an yyoreg|tq;bids openedion ihqff th extent of their labors 1 .b.nq.7 ; 0 f September. . ' e. the . .The,-.premiums, received jj.nn.tliis.'Jonn tlto 'pFqceeds atnoupted.tp.Bl34,s34 ,0a su.tn, ; in feFdss r ilm i i ; .witjyilift tqfm^oijjhnjlnwi.btta 84,561,885 50, which Jimount t(tltle3-ffq JjeeiJ:„pnid .pvpri tq,.thq I C^ijtW. ss i r, ne(f i .iPf pf -Aft §ißHiiPgii?'J9 d t,.tP'-.tea»RßMidOpll}e «ap^!atj<jfld)fahej)uij|ic < fln|>.U , fHPffiiri#wflighpnl ljotv to, tge jW*ft fewi# aily:,^ied^q, }ho ; T^a?nryjJ?y. Iha redtf.c <i^9Hs,b'f I tlib Treasury WjttiS Aioß«p ; .tho ;; iia;P of interest on.tbß.renewed, 104.424 71. The pajlmkhtsi exclusiveof debt, the-sum of 820,436. 62, which for - twenty,*fiv.e..yearsi the period which the Btancti pdbal’ and loan has to run, w(H ..amount, to a saving • W! > diltiy6 : &rfrobd; i SHiitlhted , tlj-. the sutn qf 8510,915 SQ. ...Tfeis result is not quite 1 562”49, 'being 8970,662'-i,2 cqwl to my expectations f,, but; when.it 13 'thq"r l feeeij)t'3.' ' , df'tliis :j excesk, ;r.emembored i; that all this,has bsen accpm-. plied 1:> to t[io l! cbmpletihii of : the Wdstetn I from, the wohaye muph.reaspn to the nirflr ttack ofi be gratified with the issue. C| t^CdliinJbla’rtiffbad'dnd ; to dthbr extra-], in our,efforts ,tp effeqt of f r 6'fffnffl^'¥dpaird' ; on'th6'(jubliow r dtksilettV- .tho.fivpqieripenl. logpin/o new-bonds bear ad!;a6tdt(l ( 'aval!dbl6 ,( -balance ifi'the ipg 4;pqr ce,nt. interest-free of. taxation, 'qwdSllry 'bn''.ilitf’lst dSy-’bf- Decemßb'r, with coupons, attaphed, .ro.imbprsablo.m AtW92,''t)f iSb7T,OO7 ! Bat'it fiiiistbe"ob- 00.-ycars,, unjldr ,the. ;,0.5.th section of tho l&rvitdydh fcdlhprdhen- )aw to,.after qphsqltat,ion sion of tho relative condition or'lh’dTrehk- of the, ’ cxperieripqd •Wyfftfitft IhnTtipaitPbakinfie^'if tlle'ajlpro. cppimer^l^^mv of the Slate, wo depmedjit '^rldtibriSff6fn‘Bsl : i ithibujited ttW2I-838 f oufj dut'y id ojt agent tOjEuftpe, 88b, fi wWildt'tHQSd'bf 1832 i 'bbl^r64cH l per cent.,^ondq,are itt fad6KtoP^Hb 1 ’ 1 ntr‘bl r ddS¥ J BJllo,, desired eiid! ‘ Accordingly, wo assigned to oOOfla ougnsi o.llnl w >.i aJusW j p6\..Joltn l. M’Cahen, of Philadelphia,ithel .i>iuThev-rtltoiptsu'ib?,!th f d ®lfe&Baijntforeihi' , |feVfiit'ti , A)k& Bfi^fe'fljJty.';’Tlij3 yeS'rcWy'bQrsafelyfesliWatodrnt t!c^aire l d4q 7 lpih|oni and slib -84,026,500. Thyfcs'.frqrhi’tjogl-an^'fiarsbh 1 - ld BB^led^i^isolf, »» : ofllts mis sMP^Ply.'^dr<«siV.fsrQvppuein.wJliqhdl>PjW‘d}dn;w l Uh;z&fh 7 nd’u i ntlringo . - IcpDoi4erßb.lfl,!vn|ci n l\mp,fffßmli ;{fV!‘He;that tVfc claW’fot 1 . hts, efforts biWpe»W«qi«itft4hq (Mi Mb k? -servffid; to Yhe i whold ItiiJldry 5l ffiti fm.dnolttfdiffichlties Ul day ®f December, 1852, applied, enabled him to remove many ; unfounded prejudices which wdre cherish- i ed in the money circles of that country, against the integrity and honest purposes of the descendants of Penn. Mr. thiijfs he could havoefi'ected acohyprdi^ti «f P hapn. p 1 dl ! Per <ff*' ’ puf'iho officers qf tiipl rid jpowfcr feW jtp allovwa gs?!°r in* ■ r respectfully reetririmett'd the passago of a law similar to tliitof the 4tb ol Muy 1852, authorizing the otficers of the gov ernment [to cancel tho old fivo per cent. hiobd?',Stlld.'fereaJiOA '.free of taxation, with coupons attached, bear ing a loss rate of interest or bonds bearing 5 per cent, on whic&ifibt' less thnß'6)Jtptir. i cent, of cash premium shall bo paid. Thei State can', in this wayi I believe, confident ly, save a Idrge amount of mdnoyr and fi ritilly caitcel rilldip.r,present bonds. 1 add he ;clear of the djronbJeiand.Qxgensp, of keep ing loan books and transferring her stock. This consideration' alone. js a most dcsira hie'end, und' yyqul'd gp'far towards com- Ipensating for all tire fabor and trouble of i renewing the' bonds for periods of five, teOj und twenty fiyr). , The financial operations of the year, in clud;ng.the North Branch loan ofsSso,ooo, I nni g,ready,' grpiified (p.discpyor, has left but iittioadditioiia|hurtheh upon lhe.Trep.s urv. .The interest on.' this" loan will amount to Sl'UuOO, rinmmllv. Dcducling ifrom' tins the sum of $ ( 2(5,43ft 02, tliy, yearly, saving secured by the cancellation of our six per. cent., debts, and we have a balance of interest on (ho North branch, loan, to provide for , 821,003 38. The receipts' lo thc Sinking Fund from ordina ry’sources, up to tho clbse of tf 10 fiscal! year, hraorinted to 8221,103 74, which when added ;! to the premiums received on | the live bullion 16ai>j and the tax from the Pbrinsyiyania railroad company, tnaho a ! toiat'6rS377,29 8 40, the intcrcst'on which, at s'per cSiri'J will make an annual savihg j of 818,804 02, and thus iogethcr with the I inlerest’snved by the five million loanp as lilbtive stated, will entirety exhaust tho whole amount of tho interest onSlie North'! Brandi loan, less $2,104 40. j ’ It is proper to remark, in this connec tion, that a considerable portion of tho Stale stock, 1 purchased for tho Sinking Fund, was' not delivered at the State Treasury until after the close of the finan cial ‘vetirj arid hence this investment is not stated in ihe report of the Auditor GeneWil. 1 The receipts froiti the pdblic works for the'fisCal yCar 1852, as appears in tho porl'df tho Canal Commissioners, amount ed.to. the srimioflsSl,B96)Bl,l. 42) and the ordinary .expenditures far the samo peri od,do the, sum.of 81,029,341 23,. leaving a net revenue to tho State of $867,470 19. ThU result when compared witli that.of the; last dndipreccding.year presents' a some-j Whatfialloring picture. It must be remem-J bofed, however) that wo have had a most fortunate season.. The general prosperity of the State has tended to .swell the amount of tonnage,w hilst no interruptions of bosinessor injury to the works Lave resultedfrom fire or floods. It might, porhapsjlin view of these things, and tho energetic competition which has.grown up around us, he unsafedo anticipate any in creasQon this net income!dor'any your the North Branch canal and tho Portage railroad shall have been com pleted...l’.- Pressed.'on.nil sides>by rivals,of vast power,- 'the necessity .for an economical, energetic and skill tul management of the public -works is made manifest. nThe ui mbst;vigilance 1 topreverit interruptions by breaks,\the greatest skill to regulate the ratoiof lolls, and.other details, so os to se cure an increased amount of tonnage, and the .prompt abolition of every unnecessary office or other cause of- is.der manded by the exigencies which surround üb.,'t >!.u .. i ' 'iThcvtaw passed at'tho last sossion, for bidding <ithe,crentfon of debts by the offi cers dti' the public works requiring .the payment of ilash focall lubor and materi als, and monthly. returns ofull receiptsiand expenditures ihab already and. will contin ue to,^xercisda salutary,influence. Aka Iconsecjuqnco, tlaa • expenditures will, .be muehidecreased, and. the receipts tranp ,milledloithc Treasury with the greater .promptitude,!. The .administration of this ,la tv,however, I. regrutitosay, luxs.not.been aa il, t phQuld,Jjc hereafter.. Its )vas)oir.ing„iito,.epiTje extent, ,to. .a rjpfipie tooth er :4j flip uUjflSi incident,.tabtlieintrpdugtion j>fitxijpt'fe.'BysWmtofdbui3iness.j i This, and other refiptlms-so wisely commenced with , in a short period, with such additional re trenchments ns experience may have shown to be practicable, will doubtless be rigidly carried out in futbre, by the offi cers controlling that branch ofithe public aflilirs.: •• . : l i::: ■ .1 ii:.• I . The net inerpaso of profits on tho Co lumbia rpnd for this year over the profits of Inst, is, but liltltv sho.rt of one hundred thousand dollars,..whilst the net losses rin the entire bperatioiis on the ■ Portage road liavo exceeded’ that sum. The direct un avoidable and, incidental expenditures ;on this latter, roadjiinust neqeasarily be very heavy. Whether, it be: practicable to ar rest this .monstrous dumand upon the Treasury, by .any .other: means than the avoidance; of’the; planes, isvarquostipn I am not prepared, to.Onswor^fforJi‘have not looked dntO'the: details i of,,the subject.— Certainly Immore honest,and devoted pub- Jidli sor.vant could not bo .found, than the gontlfemnnrwho .superintended i.ihtnopera-, tiojos.of this,wort;,for thodnst vearV , Toth jig,-land thoCnnuL: Confmissioas; coneuf in the opinion, jthat this, growing, expenditure in,owing,. to.tbe increased businpks arid the, dilapidated jcqndition:of!tho';ro?.d r ; n j nh Tl«'t pyoideilice of.th'eaa .rplunesrt-tho' pqmpletien ofithbfNorthißronchicanaljftnd the'irorlaying:qf tbo;porth, track,.of the Co-j lunibia,railroad*, nte.,subjects; which ;«tt}l t claim your, early,attention. .These ineas-; jures. iWerq., till ; , in, progress When ilcamo, into •Oiniftp.'f.jlp'.a.apqpial message■tq. the'l Inst Legislature, I declared the opinion, that they were necessary to the public welfare, and should be speedily consum mated. I still entertain these views. ' Should the general Assembly, adopj; this policy, it be 'fo;r them to provide the means to Su'sjpin ty le Treasury under tliis increasetLdemand tidon its resources; In another part of; this,' .communiptjtion, jl have given you my views pouching'its ft* 4 ture condition. No permanent loans, it seems to me, should hereafter bo made for any purpose whatever; nor should the Sinking Fund be diverted from its legiti matdends)i 'The General Assembly may, however, in view oftho pressing necessity for the immediate completion of these im iprovefniyhtSj'dtiem it wise to authorise the anticipation of the surplus which may ac crue in tliti Treasury for one or two years. 1 When the foregoing schemes shall be completed, the government, in my opinion, should abandon entirely the policy of con structin'* improvements of this character. The circumstances which made it right and wise for the Stale to participate in such work; have passed away. Grand avenues have bden constructed through nearly all ports'of the State, whilst indi vidual capital has increased, and is rapid' ly occupying .every feasible scheme of the kind. With my present impressions, 1 shall under all circumstances, _ resis the commencement of any new project of this character. An unpleasant misunderstanding has existed' for somb time between tho Board of Canal Commissioners and tho Pennsyl vania railroad company. The points in the controversy have been passed upon by the highest judicial tribunal in the State, and the decisiSVbri each made known to the public. The management or the public works is an independent brunch of the public ser vice, and has been confined to the care of agcr.ts selected by the people. It might seem unbecoming, therefore, in an officer ofthis department of the government to discuss the action of the highly competent gentlemen who at present discharge the troublesome duties appertaining to the of fice of Canal Commissioner; nor can any good result from a discussion of the policy which lias heretofore governed the Penn sylvania railroad company. As a citizen, and as a public officer, I 1 have ever felt a deep interest in the suc cess of the great enterprise commenced by this companv, and have inclined, to facili tate its objects so far as they rnay be con sistent with the interests of tho State. This corporation should bo ailowod to enjoy Us legitimate rights without being permitted to infringe those of the State. It is cause of regret that feelings should liavo been excited, calculated to lead to an unnecessary rivalry between the main line of the Suite improvements and the Penn sylvania'rail road. These avenues of com munication between the enst-and tho west should be made to mote in harmony, so far as that may be practicable. They will doubtless be competitors for certain kinds of tonnage, but in tho main, under proper regulations, the conflict conflict could not be very injurious to either. The railroad, with a single track, cannot have the eapaeitv to transport more than one half the tounage,destined from the west to tho east, nor is the State line, adapted to j that branch of business most desired by! the railroad. I can see no reason why j one of these great improvements should be | so conlroled as to destroy the other. In all their elements, their objects and conse quonces, they are both eminently Penn sylvanian, and should, it seems to me, be so qoutroled as to promote the trade, com merce pnd general prospeiity of the State. The interest which the State has in tho receipts from this branch of her improve ments should be guarded with jealous care; in doing this, however, we should not for get that this is not the only interest in volved—that thoseof trade and commorde, 1 are quite as important to the perple. A policy lookingi exclusively to the former) of tlieseconsiderations,- might mensureably j destroy both interests. We have no in come -for,-tho,.coffers of flic government without trade and,tonnage. We.may have the latter without the former. Our efforts should be. to secure both. If the force of competition frpm foreign rivals should de tent us in this, wp should then yield much of ,t ho yevepup.to save tho trade, rather than lose both. lam not inclined to cxcitg alarin in to,, the success of the Stjflp i pelieye.jijatit yyill continue, Under the anticipated, ‘o reppjvp a {s«?. qf ,and Ideal tonnage! Wfiat is most to be.desjred is, that the facilities possessed by those great artificial highways shall bo united, as far os possible, to counteract the influ eiice of their rivals outside of the State A- The exercise of a wise discretion, such as should, and doubtless will, govern'the ac tion of thosb interested with the controfof this subject, may, it is hoped, lead to tlfe attainment of this desirable end. ■ There 1 are still'in circulation about six hundred thousand dollars of the relief is sues, a considerable portion of which have bdcome',Bo defaced and ragged as to ren der their future uso alnidst impracticable. About 8250,000 of tho old notes were cancelled at the Treasury during tho past year, under the provisions of tho act of tho.lCth April, 1849, and a like amount of : new notes issued by certain banks, lor Which, the State paid thosb institutions two per cent. The efficiency of the law of 1800; prohibiting,the. circulation qf the small issues ot jier., §ti>tss, h,asjheqp greatly weakened by the continued uso of the peliefissues under the denpminajiqnnf five dollars. THo presenep of, these notes familiarizes the people to the use pf,small paperj aftd prevbrits 'the.circujatjqno^coin; ty.hllat 'jhe offi&rs 'of 'the Ipjvl in ijjany, in stnthtes; make'this a pretex ’tq. the duty of scrutirtlzihgtneif currency. The law of 'IB60 1 tiever wjll, ; I fear, bp thor oughly vindicated so long os thisi dfeprebl ated paper is permitted to supplythe chan- j nels of circulation. To remedyithisevil.J three mqdeshave suggested themselves to my mind. The first is-to allow all hol ders of these notes to cdlvert them into State bonds, bearing a rate of interest not exceeding four per cent. v , ip less than one thousand dollars. The;sec. Odd apply thS means'or tho:Sioknig Fund to thoir cancellation. These no#9; are afrmu'dli a debt against the State W a re-her bQndS,..and it would be the legiti mate work of this fund ,• to take them out of existence. The third is to apply to this purpose, all the premiums that may be received from a farther conversioni .of too present debt'into hew tOunon bonds, as suggested in another part of this com-i munication. Should the latter idea meet your approbation, the Sinking Fund can be made the instrument of pecforroing.toe practical work of cancellation. ,By the adoption of this policy,, ‘his illegitimate currency would be removed from the channel? df circulation Without entrench ing upon too present means of tho Trees ury, or 'imposing hew burthfens on the people. With the necessary, legislation, I confidently believo that this end can be accomplished; .v. ■, I hope, 1 therefore, most sincerely, that toe General Assembly, in the ekercUe of its wisdom, may devise some mode of bringing about. a speedy cancelation ol these notes. . The currency of tho State generally, seems to bo in a sound condition, and to be sufficient in the aggregate amount, to answer the ends of trade and commerce. An increase of paper circulation at this time, would,’ in my opinion, be unwise policy. Tho legitimate ends of business do not seem to demand such increase.— Indeed ,the fact cannot be disguised, that to a considerable extent the present up- I ward tendency in the prices of goods and | propertv, is the consequenco of the abun -1 dance of mcnev. This advanco in nom ; j linal values is rapidly approaching an .uri-j 'natural elevution and' should excite jeal lousy rather than confidence. The indi !cations tout wo are on the eve of a dan-j gerous inflation of prices and an artificial expansion in commercial and other busi ness a flairs, are too clear, it'seems to me, to be misunderstood. Tins tendency should not be stimulated by an increase of paper money. Ii is the part of wisdom to restrain, rather than'heighten this excite ment. To the influence of the unparallel, ed amount of gold furnished to the world bv the minos of California and Australia, during the'last year, may undoubtedly be attributed, in no inconsiderable degree, the production of this state of nominal values. The careless observer may regard this re sult as a real advance ip the value of goods und property, when in fact, it is only 'u cheapening of the standard by which j these things are measured. ‘ Like all oth ,j er commodities, money will depreciate so ,' soon as an excess of it be placed in the ; S market. A comhnqn effort, it seems to me, might be wisely made, throughout our vast coun try to prepare the channels of circulation for this great increase of coin. Bank' notes of a less denomination than five dol lars, now occupying a large space in these channels, should be forced to give way for the precious metals. Pennsylvania, lam confident, will most cheerfully, now and hereufter, perform her share of this great work; and 1 hope to witness, nt no remote period; a general movement of all the States on this subject—first to remove from circulation all notes under fivo dol lars and next the fives also. • lam fully aware, that in declaring this sentiment 1 dm, encountering a strong ad verse feeling, nor am I insensible to the difficulties which would Burround its prac tical adoption ; but, entertaining the con scious belief, as I do, that it is the true pol icy of out country, as regards her com mercial rivalry with other cations-, I-should be unworthy of your respect, or of the confidence of tbo people, if I did not so de clare. The dissemination ol the precious met als to points remote from our commercial emporium, should be facilitated by every , proper means. Such distribution cannot be fully accomplished, so loDg as the , channels of circulation are supplied with small paper issues. Every merchant should to draw coin into the.interior of the country ; not only because it is the best currency for the use of the people, but because of, tl»9 great protection •it af fords against thq ponsequenc.es of com mercial revulsions. When theso., come, and the hqnjrs atthe seaboard close, and paper, depreciates,'] cap tiipp, fall hack“dti this .cpih fqr relief. i)ut if we desire prepiqps.mqt als amongst us wo must make rppm fpy them. Both will not circulste at tho same time, in the same channel. There is, perhaps, no principle in political oncopo my moro completely settled, than that which demonstrates that two hinds of cur rency, differing in value, cannot circulate lat the same time. The less valuable of the two will be constantly on the surface and obtruding itself upon the use of the public, whilst the more precious article will retire to quiet vaults. The offorts of a single State, however, it must be apparent, can do but ljttle in this great reform. To be complete, it must bo the work of tho wholo country.- Forced vacuums in the channels of paper circulation in one State, are readily, sup plied by the issues.of aqother and thus the effort to introduce coin isdefcated. No other feature in,the policy of opr, country, fsincerply believe, so deeply concerns all our great interests, as-thfe subjectof: the pprreppy. i, jin vain will the.manpfacturer rely, .on the tariff jawsfqrprotectiqtipgaiqst fore)gn cpmpqtition, sp jong ap ; the njopiin al ~vqlups; ana greatly ipflated , ; by .wt e,k peasivq. .wnejr,jiui li'ts thpor.iging about jspepjfip duties yalqatioiis. wil 1 avail; him, nothing, ,lf thp upward tendency, af prices, pat runs ttfe rate of duty. The parnlizing eflqctofan ,inflated currency,. upopLall Stata and | national .cioßeiy prawed foreigncompetition dinnot be fcoricealed. ■ “It virtually opena our 'portß to ipyite sWch .. ■ rivalry against all these pursuits} and no 1 of tariff that the wisdom of Congress I ca,n dovise,, vyith\n pny reasonable limit,, I can counteract its influences. It greatly. 1 enhances the nominalprices ofgoodis and; I commodities in they will bear in other countries,', whilst /at■ tho 1 same time, it retards rather, than facilit tates their production. Itthus gives tha fqr. Oigri producer the opportunity of mahiiFad* 4 taring at the low rates of his own coun try, and .selling at .the inflated price* bf ours ; for he receives his pay, not in 6ur depreciated paper but in gold and ailVOt;" It is this State of- tho currency more thart < any other feature in the policy of this coun*’ ; try, that enables (he foreigamanufacturer ‘ to compete, .with, if not to undersell the Amorican producer in. our own mar* kets.” ' ::^ L Spedial legislation lo 6reaW<cofporatidi» has usually occupied much of the time of the *GenoVal, Assembly. This btiftitiM* " will iloubtless bo pressed upon your consid: eration during[tha coming l| ‘la right .and proper, therefore, that., I fihoutdL declare tq. you fully and. frankly my view£, touching this whole,subject. . . . , - r i,,,| r Thepp, artificial bodies are crealcd.bjj, | extending, tdian. association, of individual*. • [powers and privileges..hot enjoyed by th®; ; mass of the.people upcl.er the,general of the Slate. On,e i important, class of; thpse seems to result from, public nepeqsi. ty and to have no object but thepromotion, of public convenience. Another, jbpwoy*,! er, seems to,lpok solely,to the 'private gajn,.; of the parties interested. Among,thja for.! mer may i)° clasped corporations to faoili.; tate tltc construction of roads, bridges, rai ways, canals, j&c., the direct tepaettcy of, which is to promote the comfortDnd.proSM perity of the people generally. complish these ends, the, association of, 'capital under the corporate powers, imv ! posing only p limited liability on the cor,-,! 1 poratocs, may be wisely encouraged. Ictj reference to such, the policy of the Stata, seems to ho well settled. In the lattpr class may be placed all iilndp of corpor.aj, ‘ tions to promote the ends of individual,; gain, as connected with »ho ordinary, bu-' - * siness enterprise of the country. With, i regard to such, the legislation, ofj tt)« Commonwealth has . been extremely un-. certain. . • • . s I entertain Iho .opinion that, ns a gets*.; eral rule, corporations of, this character, are not essential public weklrrrthat whatever legislation may seetp neepssary to facilitate the business of, mining and manufacturing and the various other pur suits for which corporate powers,iPl® ally sought, should, as far as possible bo general in.its character ppd be.availably. alike to all. There is, it seeim to ,me,no). evidence to be found in the history oIE our Commonwealth, or in that,, of any othpr- State, that these great interests are more successfully managed by spiecinl corpora tions than by individuals or associations, under generaUlaws. Whilst in. thi},expe rience of ollj'rt is mado very apparent that individual efforts and experiment* are much less liable to entail injury upon, society at large. That energy, indepen dence, integrity and purity which usually characterizes, individual operations, are' not, as a general rule, so well prmjntaineji; in the efforts of artificial bodies. . Ambi tion, prido apd responsibility, the.gjcoat in centives to action,, seem, to spine extent, to lose their proper influence over individv uals thus associated. together. Careless ness, inefioiency und: : prodigality are toe oftpn the fruits of a light interest apd lim, ited responsibility on, the part of thoso; entrusted witfi the management of inqon. paroled companies. „ But why .should those special privif l oges be desired ? , Are they intendod>tp shield tlie parties . interested, from tho full, force of the loss whore an enterprise may prove unsuccessful? , If sp,^ow.shall-we grant such great advantages to onp citizen and donv them to another? 1 ; . Equaiity of rights to ail is.an elementary principalof our government. If, therefore, for. ,mU ning, manufacturing ,nnd other .purguita, corporate, powers are to.bo.grpnted, h9J* shall tho Legislature, refuse similar privij. eges to the farmer, the rojllqr, tho hattep, and. the .shoemaker ? If one class .of.cjti zens nre to have the,opportunity ;ofesppr,* I imenting ip their chosen business, op only a limited liability for the losses, all.Cpa j justly plains*a like,advantage. ,Wp should thus be led step by stop :i in file . crqalipo.bf those; artificial. bo (lies,, until, Ilia, field •of personal enterprise would .be .occupied;!))’ -clapgeu7rindivj4n“lyS».|u 7r indivj4n“lyS». | by completely prostrated beneath!fha pool er ~oP t concentratqdi, wealthjap^-§ppoid privileges, and the.relative,position qfj’ Ml? people rendered less equal than before th\« system was commenced. We must no tice, in addition, the, palpable injustice.pT its practical operations as comparoa wifh, those of the individual citizen. , A cofpolr ation is organized on thoi principle of a limited liability of the stockholders-—-,it# business is. unwisely, chosen, or, unskillful ly managed, and it results, in,faijuroaud loss. The stockholders, in such case, lose the amount they , may have, paid,in, and the. remainder of: the losafalls nppft innocent parties,, who, misled l>y , its nominal capital have become the,creditors of the institution. ,-An individual 'in a similar enterprise, meets a > like fats* and the last item!of his personal sacrificed to pay thodebtp ho has thu?*to curred. >/. 11, But jt is, said that eapitalistsiwill nor in vest thor : mean3in .hazardous! enterprises, ifrequirpd to .bean more tbAO.a Jimitedlik,- bility. lam confident that youivil|,ng{9 With me, that jcinj privileges oprr£s principle; and, js jjpti, %^fpm, ( favorable Jo p, pesa point ppsitipp .iftjpot & sound 0np,... If n,givep,,enterpriseibp-fewij ar/dops, it is the, Tesßlipblpj and the mere |pomUVA» if if it bb a dangerous,
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