Vol XXXVII.—WhoIe No. 1976.
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Communications recommending persons for
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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