Vol XXXVII.—WhoIe No. 1976. Terms of Subscription. ONE DOLLAR PER ANNUM, IN ADVANCE. For six months, 75 cents, jd" All NEW subscriptions must be paid in advance. If the paper is continued, and not paid within the first month, §1,25 will be char ged ; if not paid in three months, (1.50; if not paid in six months, $1,75; and if not paid in nine months, $2,00. Rates of Advertising. One square, 1G lines 2 squares, 6 mos. $5,00 1 time 50 " 1 year 10,00 " 2 times 75 A column, 3 mos. 8,00 3 " 1,00 " 6 " 10,00 " 1 mo. 1,25 " 1 year 15,00 " 3 " 2,50 1 column, 3 mos. 10,00 € " 4,0(J " 6 " 15,00 " 1 year 6,00 " 1 year 25,00 2 squares, 3 times 2,00 Notices before MAR " 3 mos. 3,50 RIAGKS, &C, sl2. The above rates are calculated on burgeois type. In smaller type, 15 lines of brevier, or 12 lines of nonpariei ininion constitute a square. For stereotype plates, a liberal deduction will be made. The above are cash terms for all advertisements inserted for three months or less. Yearly ad vertisements are meld payable, one half at the end of three, and the balance, at the end of six months. Communications recommending persons for office, must be paid in advance at the rate of 25 cents per square. J. \V. PAREiER, Attorney at Law, Lewistown, Jlifllin ro. Pa. DK. E. W. DALE OFFERS his professional services to the citizens of Lewistown. He C3n be con sulted at all times at the Bee Hive Drugstore. Lewistown, August 30, 1850-tf " DR. JAS, S. WILSON. OFFERS his professional services to the citizens of Newton Hamilton and vicin i}y: _ DR. A . W. 11l 0S S OFFERS his professional services to the citizens of Lewistown and vicinity. Of fice with Dr. HOOVER, one door East of F. Schwartz's store. may 9, 1851-tf MAGISTRATE S OFFICE €II Bil*Tl A \ HDD VER, Justice of the Peace, CAN be found at his office, in the room re cently occupied by D. \V. Ilultng, Esq. where lie will attend to all business entrusted to him with the greatest care and despatch. * WILLIAM LIND, East Market street, lewistown, IN" returning thanks to his friends and the puWic generally for the iiberai support heretofore extended id him, would respectfully inform them Ihnt lie has just received a epienriid assortment of Fashionable CASSIMERES & TESTINGS, selected in the city with special reference to being made up for customer work, which he is enabled to furnish at lower prices than simitar articles could be procured in the stores. Gentlemen desirous of having a superior article of clothing, are requested to call and examine his stock. With long experience and the aid of first rate workmen, he flatters himself thai he can furnish his customers and friends with superior garments, at rea sonable price*. Lewistown, Nov. 23,15 M. DR. JOHN LOCKE, D E N T I S T, I)r. L. is a regular graduate of the Balti more College of Dental Surgery, and devoted his entire attention to the business for seven years, which warrants him in offering entire satisfaction to all who may favor him with their patronage. Lewistown, Oct. 24, lt:31 —tf. DIMM, jt|[ rpllE undersigned continues to manufacture A celebrated Quilted and French calf Boots, together with all articles connected with his business. MOSES MONTGOMERY. Lewistown, August 8, 1851-tf REMOVAL. Opt ra lions on the Teefli. SATYIUEI* BEDFORD. DENTIST. OFFERS his services to the citizens of Lewistown, and the adjoining counties, in DENTAL SURGERY. Hav ing taken lessons in this branch -QXLi_L7 0 f business from the late Dr. J. N. Sumner, and recently frem Dr. J. 11. Brcssler, of Bellefonte, he is satisfied that he will be able to give general satisfaction. Ca rious teeth Plugged with Gold, and Incor ruptible Mineral Teeth Inserted, from a single t'Hjth to a full set, on Gold and Silver Plate, also on Pivot, in the most durable manner. All work undertaken by him he wTU guar antee to be satisfactory, arid if it is not, the money will be refunded. He may be found at his residence in West Market street, opposite the Red Lion Hotel, &t all times. Lewistown, Aug. 29, 185L —tf t f\& It SACKS Liverpool Ground Alum J vJU Salt, l'cr sale by ap2';>2 JOHN KENNEDY. //\ TONS Solt Plaster. For sale by OO ap'2's2 JOHN KENNEDY.^ CIHKESE— 5(10 lbs. Ohio Western Reserve J Che-se. For sale by ap2's2 JOHN KENNEDY. 171 RESET LEAF LABI).—10 cwt. fresh Lard, of the subscriber's own rendering, at 10 els. per pound. For sale by P 2'52 JOHN KENNEDY. (11DER VINEGAR —A new supply—first J rate—just received at dec 32 BANKS' Variety Store. IPSRHSSTCPSIXS) iissi© WE (&I§®IB<&II! aswiisiPciDwsja sciEFiHLiasy iPiio REGIMENTAL ORDERS. ATTK\IIO;\ the IVHOLE! Forward March, by Sections of Eight, to the McClure stand! WM P. MILLIKEN ha? just received from the city a large and well selected stock SPRING & SUMMER GOODS, which he is disposed to offer to customers at GREAT BARGAINS, the proof of which he respectfully invites the public to call and test for themselves. Among his stock will be found an elegant supply of LADIES' DRESS ROODS, embracing Silks, Cashmeres, De Laines, &c.; a fine stock of CALICOES of every shade and color, among them a number ot new styles; and a large supply of all the articles in genera! use, which he is enabled to sell at prices that cannot faii to be satisfactory. Also, a large assortment of goods suitable for Summer wear, as well as blue, 11■ •U, green and brown CLOTHS; Cassimeres, V eatings. Cassinetts, Jeans, &c.; Muslins, brown and bleached; Ribbons, Laces,and t ringes; Shawls; Carpets, Carpet Chains, and a choice lot ot bags. lii the Grocery Line, he has the best of Coffee, Tea, Sugar, Rice, Cheese, Molasses, &c. Boots and Shoes, Looking Glasses, Cedar Ware, Hardware, Nails, Fish and Salt, Tobacco and Cigars. OO~AII kinds of PRODUCE taken in store and forwarded to Philadelphia, or bought, at cash prices. Indies and gentlemen who desire to pur chase Spring and Summer goods, are requested to call early,as they will unquestionably find a choice stock to select from. WM. P. MILLIKEN. Lewistown, April 9, 1852. VALUABLE HISTORICAL DISCOVER!! Tlie Problem Mohfd. ROME had her Cesar, England her Crom well, France lierNapoleon Bonaparte,and Lewistown at last has a store where goods may be purchased at the most reasonable pri ces, as any one can be satisfied who will call or. MWM & who have just received a splendid lot of New Goods which are the admiration of all who have viewed thrm. They are cheap, too, and no mistake—not cheap just on one yard of the counter and dear over all the other, but from side to side, from front to rpar. and from top to bottom, whether COTTON, LINEN, SILK, or anything else, you*!! find our motto is "SMALL PROFITS and QUICK SALES," with the ready John Davis down— the only way vie desire to do business ! Now we don't intend to enumerate what we have; we shall not say a word about our sleek CLOTHS and CASSIMERES; nor the ELEGANT SUP PLY we purchased for DRESSES f. r our " A Tn s , = 95 a a i vti Tir L V <JL £ nor about the SILKS, and SATINS, and RIBBONS, and ten thousand other matters thai go to make up a tip-top assortment, because we not only anticipate, but are sure, that ail who expect to appear in unparalleled apparel, will come and see for themselves —judge for themselves, and buy flir themselves (just as we do when we go to the city.) Anu now lake our advice— " Buy cheap while sluggards sleep, Arid you will have goods to wear and keep." An Display M G1 EORGE BLYMYER, in tendering his T thanks to numerous friends and the pub lic in general for the liberal patronage bestowed on Ins establishment, would take occasion to say that he has just returned from the city with an extensive stock of Dry Goods, Groceries, Hard, ware, Queensware, &c., that may well challenge comparison, compris ing, as it does, a variety in all those branches probably not to be met with in any other town on the Junivta. It would bean endless task to enumerate even all the leading articles—lie will therefore only mention that his shelves and racks contain an unequalled assortment ot French, English, and American Blue, Black and funcv colors CLOTHS AND CASSIMERES; a great variety of SATTINKTS; black and fancy Silk and Satin Vesting, with all the mi nor descriptions in piles; FLANNELS, nil colors, in abundance; MUSLINS in cartloads; CALICOES in stacks; and Bonnets, Ribbons, Laces, Edgings, Insertings, Gloves, Mitts, Crapes, Veils, Handkerchiefs, &c., by the bushel— in fact the Ladies, in anything they may want, whether in parlor or kitchen, from thefinest Silk and Satins to low-priced domes tic goods—from the elegant Cashmere, Broche, Bay State, or India to the common Cotton Shawl—from the rich and costly Bonnet to one costing next to nothing—from Cloth for Clonk or Riding Dress to a Neck Ribbon, CANNOT OO ASTRAY ! the goods are-all there, and the prices right ! His stock of GROCERIES consists of a large supply selected with great care, and com prises all kinds of the various articles in gen eral use. His QUEENSWARE embraces a beautiful assortment, from which a. choice can not fail to be made. There isaleoan excellent stock of KEADY-HADE f LOTHIYC, BOOTS & SHOES, CEDAR WARE, &.C., with Roll upon Roll of CAE, PET 113 Gf. and i great many other matters, ali of which go to show that the question is not " What has Blymycr got!" but " WHAT HAS HE NOT ?" Lewistown, April 9, 1852—tf. riT fBACCO, Suuft' and Segars at JL april If A. A. BANKS'. FRIDAY EVENING, MAY 7, 1852. iloetrj). Tliou Wilt Never Meet .Me More. Thou art gone! Dut I am keeping In my heart thv treasured name ; If I' m smiling—if I'm weeping, Thou art with me all the same. Yes, the link at last is riven ! All our pleasant dreams are o'er! And, unless we meet in Heaven, Thou wilt never meet me more ! Once the summer sun alighted On the petals of a rose, And although her leaves be blighted, Still he lingered till life's close. ! Thus the heart can sometimes cherish Thoughts that wear away the soul, Giving pleasure while we perish, 'Neath this strange yet sweet control. Thou art gone ! yet love hath bound then; Thou may'st struggle to forget, In the heartless crowd around thee; All in vain ! thou'rt captive yet. Ah, forgive the pain I've given, And thine own deep wrongs of yore, For, unless we meet in Heaven, Thou wilt never meet me more ! From tin? Sunday Times. Tlie Angel's Whisper. IIY EASTQK COTTAM. Mother, heard you those soft whispers, Breath'd so sweetly in mine ear, At the close of jester's morn ? Surely, mother, thou didst hear! Did you note angelic creatures Watching by me all the nights? Surely thou didst see those features Bathed in a brilliant light! Hew they smoothed my ruffled pillow Wreathed my parched lips in smiles How they sung to thy Murillo Of far distant sunny isles? No more was I sick, and panting For the sleep I could not find, Their sweet voices were so charming, And their voices were so kind. Wings of a most dazzling whiteness They did spread above my head— Beams of light—of heavenly radiance— Did they shower around mv bed. * See!—they come ! Why did ye tarry ? Mother, press me to thy breast. See ' —they point the road to glory, To an everlasting rest. Mother, kis me ere I follow You must lose your fading boy. \\ ilt thou meet him on the morrow, In his home of bli-s and joy? Stay not long, my weeping mother; T will wait to lead thee in To our long-expecting father. Near the shadowing cherubim. He was dead ! —and she sat weeping; In the world she was alone : j Yet not alone—her son vas hov'ring Round his spirit's earthly home. 9 * # # • j And he whispered to his mother Of a happy home above ; 1 'Twas to her an angel's whisper Breathed in tones of purest love. t&t cll nuc ous Grow th in Sin. There is a tree on the ilnnds of the river Ganges, a single shoot of which, if set out, soon becomes a tree, with branches drooping down to the ground. Each branch on touching the earth takes root, | and becomes a new tree ; this also sends : forih branches, which enter the ground ! and give birth to other trees, until at length that little Banvan shoot, first plant ed has become a thick, shaded forest. So it is with every sinful practice and with . every sinful habit. The first sin is tlie little shoot just planted and springing up with life. Each successive sin is a new ' branch taking root. Would it not have been an easv task to have pulled up that first Banyan tree, and thrown it in the ' Ganges ? But is it an easy task, when in the course of years that tree has become a forest! Kxamination of the Alphabet. Which arc the most industrious letters T The Bees. Which arc the most extensive letters ? The Seas. Which are the most fond of comfort? The Ease. Which arc the most egotistical letters ? The I's. Which are the longest letters ? The Ells. Which are the noisy letters ? The Ohs. Which are the leguminous letters ? The Pens. Which are the greatest bores ? The Tease. Which are the sensible letters ? The ! Wise. A cotemporary wants a tifer and drum mer to beat time for the " march of in tellecta pair of snuffers to trim the i " light of other days a stone-cutter that ( can drill a hole deep enough to blast the " rock of ages a ring tiiat will fit the i " finger of scorn a # new pulley to run | on the " shaft of envy ;" a new cushion lor the "seat of government." ' Doctor,' said a man to a physician, 4 my daughter had a fit this morning, and con tinued for half an hour, without knowl edge or understanding.' 'Oh,' replied the doctor, ' never mind that, many people i continue so all their lives!' Why is an old toper's nose like the j safety valve of an engine ? Because tliey are both sure indicators of when steam is Up! Veto Message. 10 the Senate and House of Representatives 1 of the Commonwealth of Pennsylvania: ; GENTLEMEN*: —BiII No. 590, on "tlie tiles of I | the Senate, entitled "An act to incorporate j tlie Meadville Bank," with a capital of .SIOO,- I 000, has been presented for iny consideration, j i together with others, providing for the estab- ' j lishinent of sundry new banks, to be located | as follows, to wit: one at Pittsburg, with a j capital of 8300,000, another at AUentown, i I Lehigh connty, with a capital of 8150,000, ; another at Erie, with a capital of 8150,900, i another at Carlisle, with a capital of §IOO,- j | 000, another at New Castle; Lawrence coun- i ty ; with a capital of 8100,000, another at ! ; Tamaqua, Schuylkill county, with a capital I ; of 8100,000, another at Mauch Chunk, Car- j lon county, with a capital of SIOO,OOO, i another at Phoenixville, Chester county, with ! . a capital of 8200,000, another at Monongahe- J la city, Washington county, with aeapilalof SIOO,OOO, also, another, to add $150,000, to 1 j the capital stock of tlie Southwark Bank, in the county of Philadelphia. Since the General Assembly has thus indi cated to mo their views on the subject of in : creasing the banking capital of tlie State, I ; have given the question, in all its bearings, i my most anxious consideration—have con | templated tlie probable effects of this pro posed measure upon the interests of the whole j people of the State—upon the laborer, me • ehauic, farmer, merchant, and manufacturer, | and bringing to the aid of my judgment, the lights furnished by the past experience of the | country, I have arrived at the conclusion that j it is my solemn duty, however unpleasant, to differ with you on this subject. To dissent front the wishes of the Representatives of the | people, on a question of public policy, is pain ful to me in the extreme, but to shrink from ; the responsibility of performing a conscious I duty, would be cowardly and criminal. 1 n returning so large a number of the bank bills, without my sanction, for the re-consid eration of the General Assembly, 1 deem it ' right that 1 should present my reasons for so doing so at length, in one message, and have i reference to this as applicable to these meas ures severally. On assuming the duties of the Executive j office, 1 distinctly announced "that, in my j opinion, no pretext can justify the creation ! oi a superabundant amount of paper money. ( and that it was with painful alarm 1 have j witnessed a growing disposition in the entire i country to increase the use of this medium on a small specie basis, regardless of tlie inovi -1 table effects of the large accessions of coin ! which California is furnishing to this country i and to the world. Every people should have j a circulating medium as a matter of convcni ' cnee, and should have whatever amount the transaction of wholesome business affairs may ■ demand ; but unfortunately we are two un willing to stop at the proper point in tlie cre ation of this medium. That as coin becomes j abundant it should supplant and render un -1 necessary tlie use of paper, is to my mind, the plainest teaching of common sense. Such practical effect is demanded by the true inte rests of the people." The sentiments thus announced, I have i long entertained, and their correctness is the move confirmed by every day's experience and reflection. 1 should, by assenting to these bills, agree practically to reverse this i doctrine and maintain that as coin becomes | abundant, the paper medium should be in creased. This position would be so manifest ly unsound that argument is not necessary to refute it. The proposed new banks would add to the present banking capital 81,550,000, or over ten per cent, on the active capital now in use, and thus swell the present amount of our pa per circulation to the extent ol four or five millions. Whilst I am not prepared to say, that at the proper time, a bank might not be useful, 11 properly managed, at some of the points named, I have hau no difficulty whatever in 1 satisfying my mind that there is at this time, no real necessity for such an extensive in crease of paper money, nor that if such in crease were permitted, the effect would be prejudicial to the true interests of tlie mass of tlie people, and that it would exercise a de moralizing inlluenee upon the business affairs of the State. The immediate effect would be, I have no doubt, to cnehance the nominal prices of ali kinds of goods and property, by the depreciation of bank paper, stimulating • thereby a spirit of wild and fanciful specula tion, begetting prodigality and idleness, the legitimate fruits of an inflated currency. All violent movements on this subject are. unwise and especially injurious to the unwary citi i zen. Experience has demonstrated that all sudden expansions and contractions of a pa per currency, exercise a prejudicial inlluenee on the real prosperity of the country. Such sudden convulsions, it is true, are sometimes | turned to the advantage of the shrewd capi talist, but the unsuspecting farmer or me chanic, enticed from his safe pursuit by the fair promises of the expansion, is crushed in his new experiment, by the violence of tlie contraction. If it be true that "experience teaches wis- 1 ilom"—and none will doubt this —the people of Fenusj'lvanitt should be wise on this sub j ject, and a mere reference to that experiment, i it seems to me, should be sufficient to awaken them to the danger of the measure in ques ! tion. The consequences of a similar policy, adopt ed in 181-1, regardless of tlie admonitions of ! the sagacious and patriotic Snyder, are still remembered by some who participated in the scenes of those days, and are known to all of us as a dark page in the history of the State. Lot no man Hatter himself with the belief i that the . ante cause will not produce the same j effect in die future that it has done in the ! past. The country, it is true, is now inhabi ted by a new generation, but the nature of man has undergone no change since the days of Snyder —bis impulses and objects are the same, and the laws of trade remain unaltered; J and, assuredly, if we rush into the errors of that day, we may justly anticipate a similar ; retribution. Nor is this the only practical ! demonstration of the danger of the proposed policy, to be found in our history, who does not remember something of the condition of , affairs that existed through the whole extent • of our vast country during the vcars ieJL '3s—'3G. fi ho has forgotten the warning ! voice of the patriotic Jackson, admonishing i the people against the consequences of an in j Hated currency and an unrestrained system of credit, which then pervaded our business j j circles, and affected deeply domestic arrange- j i nients. But his warning was not heeded un- 1 ] til it was too late to arrest the evil. The j ; great bank expansion of that period engen- I j dered a spirit of desperate speculation and ; l habits of prodigality which distinguished i : alike the career of States, corporations and ; j individuals. And who can contemplate with ; out regret and shame, the disgrace and mis- I ery which followed as the legitimate conse | quence. The imaginary fortunes of individ j uals were dispelled as fog before the rising i sun, and the meshes of the speculator wore ; rent assunder as cobwebs before the torrent i jof revulsion that ensued. States, corpora- I i tions and individuals were prostrated beneath | ! its weight—their plighted faith became a by- j i word and scoff, and their credit was hawked ! ' about in tlie market and offered for a mere j j fraction of its nominal value. Whilst the un- ' j wary citizen who had been mislead by this 1 ; artificial state of affairs, including widows j ; and orphans, whose means, under the force I of the delusion, had been invested in schemes purely speculative, found themselves thrown houseless and penniless upon the charity of the public. Nor is this all. The effect of ex tending the banking capital of this State, in 1 1830, by the charter of the United States and other banks, from a little over fourteen to ex- i | eeediiig fifty-eight millions, and its sudden ' I reduction, in a few years afterwards, to an j active capital of not less than nineteen mil j lions, was scarce less disastrous. Theconse i quenees of our State credit, to the trade and commerce of our metropolis, to the interests of all classes of our people, and to tlie honor of the Commonwealth abroad, are topics too unpleasant to be discussed at this day, and 1 only alude to them as so many admonitions against the tendency of the effort now making j to increase the amount of banking capital, : ; c\ idently calculated to produce a somewhat! ! similar state of affairs. These expansions are delusive and unprof j itable, and as shown by their past history, I clearly inimical to the rights and interests of labor. From an able report made to Congress • on this subject, in 1840, I have gathered sonic ' ! very interesting facts which speak a language j that cannot be misunderstood. They are to the effect that, from 1834 to 1836, the in ; crease of paper currency in the United States j was near 48 per cent.,- —that the advance in ' I the price of that kind of real estate, which j was constantly in the market, was over one ; hundred percent., —in stocks, real and fancy, ! about one hundred and twenty per cent., —in flour, pork, corn, about sixty per cent., - and in the price of labor, the source of all 1 real wealth, but a little over sixteen percent. 1 j But not so when the contraction comes, for 1 then labor bears the first shock, and depreci- ; ates most severely, lu every view, therefore, is a fluctuating currency prejudiced to the in terests of tlie laborer. Labor is the last thing ! | to rise in price, and does so least, with an | j inflation of the currency, but suffers first and ! most severely under the contraction. Besides, during the times of such inflation, the laborer is forced to receive his wages at the standard ! | price of a sound currency, in that which is i j depreciated, and purchare his necessaries at i the high prices consequent upon such de pression. Such expansions, in addition, are j , adverse to the real prosperity of the country ; : —and retard rather than advance it. The ' artificial growth produced by the expansion j ! is more than counteracted by tlie paralyzing influence of the contraction, and the aggregate prosperity is less than it would be were the j country left to its steady natural advance. But how clearly impoverishing is the effect ; of an inflatcd.currency upon all our State and ! Xati< nal interests, now closely pressed by j foreign competition. It virtually opens our j ; ports to invite such rivalry against all these i pursuits, and no rate of tariff that the wis- ' doni of Congress can devise, within any rea- ; sonable limit, can counteract its influence.— ■ It greatly enhances the nominal prices of j | goods and commodities in this, above what j ! they will bear in other countries, whilst at \ { the same time it retards rather than faeili- j I tates their production. It thus gives the for- j | eign producer tlie opportunity of manufac- j j turing at the low rates of his own country. I • and selling at the inflated prices of ours : for j he receives his pay not in our depreciated ; paper but in gold and silver. It is this state ! of the currency, ntoro than any other feature j in the policy of this country, that enables the ! foreign manufacturer to compote, if not to un- • dcrscll, the American producer in our own | ; markets. But where is the evidence that so large an . increase of the banking capital is required? : J and why authorize such an increase all at j | one During the official services of ray ; | two last predecessors, covering a period of j | nine years, but four new banks were created; and when has Pennsylvania been more pros- j j porous than during that time? When, Guee i first burthencd by her heavy debt, did her 1 j credit stand higher? And when did the la- I j bor of her citizens reap a better reward? She j j lias, during the whole time, stood erect, main | taiiied her faith, aud by the proper exercise i of her own inherent elements of wealth, has : been steadily extricating herself from the i : embarrassments brought upon her bv a spirit [ of prodigality, transfused throughout the i whole country as the consequence ol the cx- ; pansions of paper money, to wiiiclt I hate al- | ■ ready referred. There i* now near nineteen millions of] banking capital in tlie Hate, of which about j ' four and a half millions of dollars are invest ; ! ed in stocks, bonds, be., a business not ne- j I cessarily connected with banking, nor con- j i tem plated in the creation of banks. This fact furnishes some evidence that at times there had been more banking capital than the let ! git.imate business of these institutions seemed j i to require, and certainly there is nothing in j the present condition of the country to .justi fy so large an accession to our paper medium. Tlie present period is one distinguished for ! the great abundance of coin. The mines of i California and Australia have recently been ! contributing to swell inordinately the usual ] supply which other parts of the world still I continue unabatedly to iurni. h. Money is i unusually plenty in this country ai-d bus not ] New Series—Vol. G—No. 29. been so much so, nor so cheap in Europe, for many years. The Bank ol England now contains the enormous sum of near ninety millions of gold and silver, whilst in France and Holland there is an evident excess above the demands of business. In the United ►States we have a full supply, which is now being rapidly augmented by new receipts.— These, receipts, as I learn from reliable though unofficial sources, by importation and coinage, for the months of January, February and March, amounted to over thirteen mil lions and a half, leaving in this country, alter deducting all exports of specie, for the same period, a balance of near seven millions of dollars. This ratio of increase would soon double and treble the whole capital of the country. And it is worthy of remark that this great increase of gold coinage is begin ning to awaken the inquiry as to what is to he the effect upon this great standard of val ue, as compared with other coins or circula ting mediums. The effect of this superalwidance of money 011 the business affairs of the country is al ready being made manifest. The signs of the times, it seenis to me, indicate very clear ly that we arc approaching a period of more than natural prosperity resulting from this excess of money. The mania which prevails for all kinds of business and projects of im provement, which require the investment of large sums of money, is the evidence of such tendency in our monetary affairs. If then, we are to take counsel from the past, and the indications of the present, we must believe that this abundance of currency will, of itself, produce an inflation of prices and lead to speculation and prodigality. But such arti ficial prosperity will be of'Thort duration.— The re-action will as certainly come as that the sun will continue to rise in the east and set in the west ; and, unfortunately, when it does come, the innocent and unwary who have made least in this garno, are forced to suffer most. Is it wise then, in full view of such unmistakable indications, to hasten this suite of affairs, and aggravate the evil by an improvident increase of paper money? .Shall wo so far forget the severe lessons which have been heretofore inflicted upon this noble State? I trust not. Ido not say that it may not be proper at some future time to charter new banks at some of the points in the State, where it is now proposed to locate them ; but I most sincerely believe, and I express this belief with the utmost defferencc to the views of the General Assembly, that the present is not a propituous period for an increase of banking capital. Let us first see what is to be the effect of the increase of gold coinage and the abundance of money to which I have already alluded. It is prudent, at least, to remain on the safe side of this question.— There is no danger of the real prosperity of the State being retarded for the want of pa per money, and I have never known the peo ple to suffer from such cause. Our currency is now as sound as at any other period in tho history of the Commonwealth, and her pros perit}- and growth resulting from the energy, industry and enterprise of her people, equal to that of any of her sister States. Artificial means to improve this condition, might read ily produce the reverse result. I think the aggregate banking capital of the state largo enough, and that of the whole country too large—much too large for the welfare of those pursuits closel}' pressed by foreign competition. But the great moneta ry movement which, at this time, would seem wise and necessary, is not within the central of a single state. If it were so, and Penn sylvania were that state, I have no hesitation in saying, that J should not, during my offi cial career, sanction the charter or re-charter of any hank. It should be my purpose to re duce, rather than increase, tho paper circula tion. But a single member of this confeder acy can do but little more than show a good example and invite imitation on the part of sister states. Situated as we are, therefore, we can only make the best of the circumstan ces which surround us—restrain the evil and promote the good, so far as the influence of the state can do this. I have not been insensible to the force of the reasoning in favor of establishing banks in particular localities, as a medium through which to conduct heavy business transactions, and I should not object to institutions for this purpose with all the attributes of a bank, except the right to create paper money. It is urged, also, that certain localities need what are called banking facilities, that are now without such accommodations, and that some, or all of those bills, are only intended to afford to such places that which has been already extended to others. lam free to ad mit that there are localities thus situated, and that it is intended, by the bills in question, to supply some of these, and were it practica ble to afford to them these facilities wiihout increasing the present amount of paper mo ney. or in other words, if this end could be accomplished by taking from localities that now manifestly have too much, the evils of an increase of banking capital, which I havo suggested, could not apply. But it cannot, to my mind, be justified, that any inconveni ence suffered by certain localities, should be regarded as paramount to the important con siderations that seems clearly, at this time, to weigh against any increase of the paper medium of the state. This complaint**may be gradually set at rest hereafter, should the considerations against an increase of capital continue by refusing to re-charter banks in localities where there is an excess of such facilities and distributing them in other quar ters. But in this the utmost care will be ne cessary, for we have learned by sad experi ence that it is a dangerous policy to locate these institutions in a region of country greatly deficient in capital. I need not call to mind the numerous instances in wdiich banks, thus located, have misled the business community, bv their promises to pay. without a dollar in their vaults, and then exploded to the va-t injury of the people. They are so many arguments to sustain the truthfulness of this position, and nothing but my unwil lingness to excite unpleasant recollections, restrains me from pointing out the particu lars of s"in" of these occurrences. But I trust they may not, on that account, escape v.air reflection. A bank Created for the use only of those who desire to beceme borrowers, can- II u .tiiSWv i The mere com; rate u chice can
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