BIM r • '" • '... 1,1101: 4 2 3 TOWA ; I M== = ;1 tatnaap fllorninn , lannarp 1.5, 1858. GOVERNOR'S MESSAGE ro the Honorable, the Senators and Members of gee Reiwemitatives of the General Assembly I congratulate yni, my fellow citizens, - on the noptrious circumstances under which you have roomed at the seat of Government. An all wise -ard beneficed Providence has greatly blessed our country during the year that has just closed. The dere!ations of war—the ravages of pestilence—the wasting , of famine have not been witnessed with. In her limits; nor have the sickly influence of l omat strife been permitted to paralyze her pros perity. •All the great interests of the Nation have m eted additional growth, and her institutions of government &Nutted renewed strength Agncul. tare, commerce, trade, manufacturers, the arts and tciences, have been . eminently prosperous, and each been distinguished by some liesta discovery to facilitate its progress. Another Presidential election has been held.- o.aie more the people of this vast coottly, through toe agency of the ballot box, have designated the who, for tue ensuing lour years, is to fill the highet office known to the Constitution. The ilieeitul submission of the minority, in the result .A the coolest, anal the magnanimCy of the majority 3:1 the enjoyment of the,. triumph, aliordt grittily mg er4,leoce ticu cur cowl Ift.ifiliViol,6 are not, at Our , endattgered from the violence of party !petit. The voce -01 the niaj rrl y in honored by un whihit the rights of the minority ace profre:ed by the constitution and laws The officer dius chosen is the representative of rho while people. and is bound by his with and the °Wigwam, of pair imism, to do Li equal and exact ponce to all men of whatever persuasion, religious or poloical." Each successive test of the elective feature of our government has teen followed by renewed confidence in the whole system, and KO II will doubtless continue m be, so long as the ex ercise of the right of suffrage be characterised by t.ciliuerce and patriotism.. In all pails of the civilized world the people are becoming convinced not only of the practicability, but of the wisdom uul jitince of a government founded on the princi pies of a representative Democracy. Even the firm prtjutli7es of monarchists, are beginning to pod to the powerful evidence furnished by our experience. The mission of the present generation Is to secure the future triumph of these princi ples in other cochrries, by transmitting to posteiity, unimpaired, our model system of government That clue will be done, under a kind Providence, I Lave a steadfast oclief. Ai no period since the acknowledgment of our fisiependence as a Nation, have the people of date Umon enj•fyed a higher state of prosperi'y, or en• 'eratned a brighter hope of the future. At peace m.n all the'woll.l, laud freed fidrtf infernal strafe benreen the several Members of the confederacy, la' the ready acqniesence of each in the recent Cmgressiorial adjustment of the controversies inci 4ent to ihe insi s itthiun of domestic slavery and the iccutstiron of new territory ; when has this Union been more firm and perfect! We may well richange congratulations ou this auspicious picture, I/ I am rime we should mingle oar•thaiiks to Al. God for His bOunteous goofiness and guar dial cafe. Two statesmen, long eminent in the councils of the Nation, have been called from" amongst us 'ilk a het period. 1-Ictiair CLAY and DANIEL WEIMER will be known no more except in history hut that immortal record will make their 'good rtorka familiar to posterity. The tolling of bells— ?be sable ensign and the solemn obsequies - have manifested the Nation's regret.. Whilst thus la meatin,r; the loss of those patriots we should be ea:Acted by the recollection, that they had been spared to fill the lull measures of the time allotted M man. Accdiding to the beautiful figure of one of !tem, presented in a discourse at New Yolk, not many nionhs since—mearut Mg the time by ideas snd events—they' had become modem Methuselatis in the extent of what they had Seen in the world, Ind done for their country. Who could expect pore and Who it not swisfied with the ex tent of taeit labors The receipts to .the Treasury during the late fiscal Jeer, exclusive of the prOiceeds of loans, amounted In the gyms sum of 84 561.885 50, which. amount added to the helance in the Treasury on the let, of December, 4851, leaving out the unavailable means which only serve to confbise the account,) make the total ordinary means of the Treasury for the year, 35 ,101,424 71. Tits payments, exclusive of the cancellation of State stock—the appropriations to the North Branch canal and tha Portage railroad, amounted to the sum of 84,129.262 49, being 897,- 602 12 less than the receipts. Of this excess, how ever, the 51110 01- 5301 024 98 was applied to the completion of the NVesiem reservoir—to re-laying the north track .of the. Columbia railroad, and tc other extraordinary repairs on the public works, leaving an actual availtrble balance in the Treastr rd on the Ist day of December; 1852, of 8671,037 72 . 41 0 1 melt be observed, in order to a correct com prehension of the relative condition of the Treasury that the unpaid balances of appropriations for 1851, a mounted to 6621 ; 338 95, whilst , those of 1852 only reach the sum of ttie latter year of near 91100, 080 The receipts to the Treasury for the coming year sty be_ lately estimated at 64,626.500 Taxes Ism real and personal estate and toils .j the pub , works, are the only 'nieces of revernne iii Tebieh there can be any consid'erablb veiialitut fiom this iiin ntie. The former of these I have estimated at 0 , 40 0,000, and the latter at 6050,000: ' To die It*Te euimals must be added the slim of 6671;- 437 72, the balance remaining in the Treasury on the I/1 day of December:lBs2,. and thus- smelling , . ' -..". . • , ~ .f .', . 4 1'1, :•• v ' Ai il',A,' ::'1 1-1:.1 I V.. , • .1. ' ' .. ..:,',,77 . 1,7,7.% • -- ,; , ..V0"'" , t.... - . 4 .i... s ... •,f, , ~0i...."- ' ..,IV'''N'' , 1i.e4.4 4 . :1.• ',' el f, , - . 1. ', •, , I , e -• ~I! IZ,i ~............ . . ... ' ,1" . . i -.• .1. ' ,-;.1. ;-,ZI ~ 1,.; ‘ ...u.C.,i, ''. j,.1.,,,5; ;,.,, ~...... , ~,,,1 :,,.„;, n ~,4 i . 4 . .. , ::,11 - .4c — ... !') 1 i '''. . : , . '' ~.,...... :: .: ... .. . : ~. ... r'" II .. •, •... . .$ ~ ~ , ~•, .. .. .$ .*:. 1••.. r. ". ' V' t . t: . , .•, . . . . • .f.• 11 . . .. . ' ••••-i , i' ..- .. A I . ....... ~ ..„....., ...:,„ • ... ... _ , ..• ~ . .. .... :.. . ... • • • • . . _ . • ... .. the whole means of the Treasury fcir 1853,:te the sem of $5,297,537 72.: risoulinary eipenditure for the same petiod, including everything except new work, may be estimated at $4,028,670, which will leave a balance in the Treaeury on the Ist day of December, 1853, of 31,271,208, In this expen diture is included 5.300 003 ler the sinking fund, which, added to the foregoing balance, makes the sum of 161,571i2013; and - deducting Rim this, $471- 037 72, the amount in the'Treasury on the tat of Decembitr, last, we shall find an:actual balance cf $898,630, applicable to the payment of Mils and the completiOn of the North Branch•canal and the Portage railroad. The result of these estimates lteMo ' ll6l(alee roost clearly to ,4,mind that when . the improvements just named shall havebeen com pleted, should fill new schemes of expenditure be sternly resisted, as they shall be,eo far as am' concerned,, the Treasury will< be in eectoditiott, to cancel at least one militia' of dollars of the public debt annually. • In accordance with the provisions of an act of the Lecislatore, approved the 2nd day pf April, 1852, I proceeded to borrow, on the faith of the Common wealth, eight bandied and fray thousand dollars for the completion of the North Branch canal. The maximum rate of interest 'named in the law is 6 per cent. The loan was, awarded to Messrs. Har ris & Co , for C. Fisher, of Philadelphia, Dunean, Sherman & Co , New York, and,Oorge Peabody, of London, on the 1214 of -Jane last, as follows : S 200,000" at an intereet or- 4} per cent., and 2.650,- 000 at art interest of 5 per cent., and the bonds of the State issued acCortlittgly, in sums of one thou• sand dollanyeach, free ol taxation, with coupons attached, re imbursable to thirty years alter their date. The 100th section of an act to provide for the ordinary expense of the government and other Qur. poses, " that the Governor and State Treasurer be, and they are hereby authorized and empowered to borrow, on the faith of the COmmonwealth. during the year 1852, at such times, and in such amounts as they may deem best for the State, any sum not exceeding flee millions of dollars, and is-ue the bonds of the Commonwealth for the same, bearing a rate of interest not exceeding five per centum per annum, payable semi.annually, which bonds are and shall be re•imbursable in twei.ty-five years from their date; and the sum so borrowed shall be applied to the payment of the 6 per cent . loans. that ace payable at the option of the Com monwealtti, after the years 1846 and 1847; to the cancellation of the certificates issned to domestic creditors; and the outstanding and unclaimed inter eat certificates in the manner hereinalier provided ; and the balance of said five million shall be ap. plied to the extinguishment of any of the five per cen'. bonds of the State now outstanding, and for no other purpose." In compliance with this an] the other sections the law relating, to this subject, the State Treasurer Auditor General, and myself, proceeded to make the loan of five urillione. The detail- of our an• lion will be f ittail in the State Treasarer's report The 6 per cent bonds, the domestic creditors cer titivates, arid the certificates for outstanding interest 'haillt been cancelled as last presented, and the money now in the Treasury to pay off the entire balance. On opening the bids on the 7th of Sept we discovered that only 23 410;000 had been bid for, and owing, a. 4 we though!, to a slight misun derstanding between our government and that of Great Britain on the Fishery question, which seem ed to disturb the monetary world for a shot Cseason, the bids were not so favorable as we hail anticipa• ted ; we. nevertheless, felt bound by the terms of our public notice, to accept the amount offered.— Tne remainder of the five million has been used in the cancellation of the 5 per cent. bonds, by the exchange for them of new bonds, bearing a like in -ere'', for which exchange the Commonwealth has received a cash' premium of five per cent.; which is a more advantageous loan for the S ate than were the bids opened on the 7th of September. • The premiums fro ived on this loan amounted to $134 ; 534 00, which sum, in accordance with the terms of the law, has been paid over to the Corn missioners of the Sinking Ford, to be applied to the cancellation of the public debt. In addition to the premiums, there will be annually saved to the Treasury, by the'teluction itt the tale of interest on the renewed debt, the ,strmiCtf $20,436 62, which for t wetity.fi ve years, the period which the loan has to run. will amount to a saving to the Treasury of $510;915 50 Tflis reran is not quite equal to my expectations; but when it is remembered; that 011 this has brow accomplished without the exaction of a dollar from the people; we have Much reason to be gratified with the isms. ° in , ourefforts to, effect a conve:sation of the five per cent loan into new bonds bearing 4 per cent interest free of taxation, wish coupons attached, re. imbnrsable in 30 years, order the 105th section of the law already referred to, alter consultation with a number of the most experienced commercial men of the Stale, we deem it our duty to send an agent to Europe, where most of the five per cent_ bonds are held, to promote, as far as po-sible, the de/tiled end. Accordingly, we assigned to Cul John J. M 'Cohen, of Philadelphisolte perforniance of this duty. This gentleman immediately repair ed to Gordon ; subsequently to Nino, and devoted himself, fur some weeks, to of his mis- Flinn with untitingleal and eriergy. - rVhilst it is true that ice can claim for tti6 ethic's the credit of no definite result, we are - nevertheless decidedly Of opinion, that his mlstlton has been of great seiviee to the Stiller. His.minute knowledge of the whole history el the financial difficulties 411 Pennsylvania, their cause and the seruedres applied enable him to remove many unfounded prejudices which were cherished in the money cinder; of that country, iquinsi the integiirr and honest purposes of the •descendints of Am n. Mr.• WCahen thinl; he could have effected a conversion of a large portion of the 10ap,a1,41 per cent. izat i the officers of the government had no power. under the , latv to allow a greater interest than I per cent. , . PUBLISHED EVERY SATURDAY AT TOWANDA, BRADFORD COUNTY, PA., BY E. °VARA dOobßiel WERE • . . . ._. . . . • ' " B.F I S.LEDLESS_ OF. I/ANUNCIATION FROM ANT QVAILTER. of . • , ..• . . . • I respectftilli:recoMmentlifiepassige of .a law similar to chat of the 4th of May, 1852 ) amhorizing the of:Hemel the gOvettiment la canOtihrtobtaoe per cent. bonds by the creation of new ones, free of fruition, with. coupons attached, bearing a less rare of interest or bonds bearing 5 per cent, on which riot less than 5i percent. of a cash premium 'hail be paid. The State can, in the way, I be lieve, confidently, save a large amount of mone3, and finally cancel all her present bonds, and be clear of die trouble . and expense, at. keeping Open books and transferring her storks. This consider. alms alone is a most desirable end, ilider r otifit go far towardi compensating for all thenabor'and trouble of renewing the' bonds, for petiods' of five, ten, and twenty live years. :The financial operations of theyeari including the North Branch loan of 5851;t003r,.1 ern greatly gratified to discover, has: left but little additional beriberi upon the Treasury. The interest on this loan will amount 6841 600 ; annually Deducting from this the sum of $20.436,52, the yearly saving secured by the cancellation of our six per cent. debts, and we have a balance of interest on the Nardi Branch loan to provide for of $21,063 38. The receipts to the Sinking Fetid hum . ordinary sources, up to the close of the fiscal year, amounted to $221.493,74, which when added to the prerni urns received on the five million loan, aril the lax from the Pennsylvania railroad company, make a total of $377,298 40, the interest on which, at 5 per cent. will make an annual saving of 818, 864 92, and illus. together with the interest saved by the 5 'million loan, as above elated, will entirely exhaust the whole amount of the interest on the North Branch loan, less $2.191 46 It is proper to remark in this connection, that a considerable portion of the State stock purchased for the Sinking nand, was not delivered at the State Treasury until after the close of the financial year, and hence this investment is not stated in the report of the Anditer General. The receipts from the public works for the fiscal year 01 1852, as appears in the report of the Canal Commissi •tiers, amounted to the sum ol $1,896 . 811 .42 and the ordinary expenditures for the same pe riod, to the sum ol $1.029.341 28, leaving a net revenue to the Stale of ti 867.470 19. This result, when compared With that of the last and preced big year, presents a somewhat flattering picture— It must be remembered, however, that we have had a most fortunate season. Tito general prosper ity of the State has tended to swell the amount of tannage, nhilst no interruption of busitiess or inju ry to the works have resulted from fire or floods.— It might, perhaps, in view of these things, and the energetic competion which has grown up around us, be unsafe to anticipate any increase on ihisnet i..corne •for any year hereafter, until the North Bram:he:ma; and the Portagh railroad shall bare been completed. Pt essed on all Andes by riva's of vast pax er, the nece;si.y an economical, etieigetic and skillful management of the public n oiks is made manifest The utmost vigilance to prevent interruptions breaks, the greatest skill to regulate the rate (ileitis and other details, so as to secure an ir.creased amount of tonnage, and the prompt abolition of ev ery unnecessary office or other ranee of expendi ture, is demanded by the exigencies which sur round us. The law passed at the last sett-ion, forbidding the crea'ion of debts kly the officers on the public works requiring the payment or carli for all labor and ma terials, and monthly realms of all receipts and ex. penilitures, has already and will coteinne to rixar• cise a palutary ittfluence. As a consequence, the expenditures will be much decreased, and the re l i - ceipts train-meted to the Treasury with the greater promptitude. The administration of Mir law, how • ever. f re_ret to say, hat not been as efficieet as it should be liereeer. los failure was owing, to some extent, to a defieteney iu the appropriations and to other difficulties incident to the introduction of a n-w system of besiness. This and other reforms so wisely commenced within a short paint!, With such additional retrenchments us experience may Lace shown to be pracacible, will thittl•Cesti be ca:tied out in future, by the officers control log that brunch of the pale; affairs. The net increase of profits on the Columbia road for this year'over theprofi s of last, k but lit. tie short of one thousand dollars, whilst the net los ses on the entire operations • ott the Portage mad have exceeleil that !MM. The direct unavoidable and incidental expenditures oe this latter road, nuirtmecessarily be very heavy. Whether it be practicable to attest this min:woes demand upon Ore Treasury, by any other means than the avoid ance of the planer, i« a question 1 yin not prepared to answer, for I have not looked into the details 01 the subject. Certainly a more honest and devoted pabhc servant could be found, than the gentleman who supaiiiiteraleil the operations of this work for the last year, Both lie ar,d the Canal Commis«ion• erg Concur in die opinion, that this growing expen diture is owing to the increased bus:tiers and the dilapidated condition of she wail. The avoillances of these planes—the completion of the North Branch canal, and the relaying of the north track of the Cottoribia radioed, are rub : jects which will claim your early attention These measeries were all in progress when 1 came into office. I'll a special message to the last tegirla ture, l declared the opinion, that they were neces sary to the public welfare, and should be speedily couttninmated. I still entertain there views. Should the General Assembly adopt this policy, it will be for them .to psovide the means to stsiain the Tieasury mairr this increased demand upon its resources, In another part of this communication, I have given you my viewsfetching its future con dition. No permanent loans, it seems to me, should hereafter be- made for any purpose whatever ; nor should the Sinking Fund be divested from its legiti mate ends. The General Amiably may, bower er, in view of the pressing necessity for the imnie diatecompletion of these improvements, deem it wit trio atrhorize the anticipation of - the surplus which may accunrin tha-Thnumfy for ono or two =I When the lotegoingvetentesslialrhe completed, the government.in my opinioo t <rhoukl abandon en tirely the policy of cvmsnuiting improvements of this character. The eircirmslances which' made it right and wise.for ihe State 'participate in such work, have passed away.. Grand avenues have been contracted through nearly all parts of the Site whilst in4ividual capital has inereasett, - and is rap. idly occupying every feasible schema of the kind With my present hope/talons:l shall, , under all circumstances, resist the commencement ol any sew projects 'of this character. An unpleasant mistinderstirodirig has existed for some time between the Board of Canal Commis sinners and the Pennsylvania railroad company — The points in the controversy- have been passed upo'n by the highest judicial 'tribunal in - the State, and the decisions on each made known to the pub lic. The management of the public works is an inde pendent branch of the public service and has been confided to the care of agents selected by the pen ple. It might seem unbecoming, therefore, in an officer of this department albs government to dis cuss the action of the highly competent gentlemen who at present discharge the troublesome duties appertaining to the Office of Canal Commissioner ; nor can any g , ,ml result from a dismission of the policy which has heretofore governed the Pennsyb vania lailroad company. As a citizen, and as a public officer, I base - beer felt a deep interest in the success of the great enter. prise commenced by this:company, and base in clined to facilitate its objects so far as they may bet consistent with the interest of the State. This cor poration should be allowed to enjoy its legitimate rights wi.hout being permitted to infringe those of the State. It is cause of regret that feelings should have been excited, calculated to lead to an unnecessary rival ry between the main line of the State improvements and the Pennsylvania railroad.—These avenues of communication between the east and west bilOtliti CM male to move in harmony, so far as that may be practicable. They will doubtless be competiors for certain kinds of tonnage, but in the main, under proper regulations, the conflict could riot be verrin jerious to either. The railroad, with a single track, cannot have the capacity to transport more than one-half the tonnage destined from the west to the east, nor is the State line adapted to that branch of business moat desired by the railroad I cao see no reason why one of these great improvements should be so connoted as to destroy the other. In all Iheir elements, their oljects and consequences, they are both eatinently Pennsylvanian, and should it seems to me, be so connoted as to promote the tra.le, commerce and general prosperity of the State. The interest which the Stale has in the receipt from this branch of her improvements should be guarded with jealous t 214; in doing this however, we should not target that this is net the only inter• est involved—that those of trade and commerce, are (pile important for the people. A policy look. ing exclusively to the former of these considers lions, might measurably destroy both interests— We can fidve no income lor the coffers of the goy eminent without trade and tonnage We mr4 have the latter without former. Our efforts should be to secure both. II the forced competition from foreign rivals should defeat us in this we should then yieid mach oldie revenue to save the trade, rather than lose both. lam not inclined to excite alarm iu re lerenca to the success of the State line. I believe that it will continue, under the worst circumstances anticipated, tp receive a lair share of the through and local tonnage. What is most to be desired is, that the facilities possessed by these great artificial high ways shall be united as far as possible, to can. teract the influence of their rivals outside of the State. The exercise el a Wise discretion, such as should, and doubtless will, govern the action of those intrusted with the control of this subject, ma) it is hoped, lead to that attainment of this desirable end. There are still in circulation about six hundred thousand dollars of the relief issues, a considerable portion of vrlitei have become so defaced and rag ged as to render their future user - almost impractica ble About F. 250,000 of the. old notes wets can. celled at the Treasury during the past year, under the provisions of the net of the Mill of April, 1849, and a like amount of new notes issued by certain banks. for which the State paid these institutions two per cent. The efficiency ol the law of 1850, prohibiting the circulation of the small :issues of other states, has been greatly weakened by the con• tinned use of the relief issues under the denomina tion of five dollars. The pretence of these notes famili.trizes the people to the use of small paper, and prevents the circulation of coin ; whilst the of fleets of the law, in many instances, make this a pretext to evade the duty of scrutinizing this cur rency.. The law of 1850 never will, 1 fear, be iho. roughly vindicated, so lorig as this depreciated pa. per is permitted to supply the channels of circula tion. _To reined) this evil, three modes have sug gested themselves to my mind. The first is—to al. low all holders of these notes to convert them into :Siam bonds, bearing a rate of interest not exceeding four per cent., in stuns ofnot leg Ilan one !fib& sand dollars. The second is—to apply the means of the Sinking Fund to their cancellation. These notes are as much a debt against the State as are her bonds, and it would be the legitimate were of this fund, to take them out of existence. The third te—to apply le this purpose, all the premiums that may be received from a farther conversion of the present debt into new coupon bonds, as suggested in another part of this commanication Should the latter idea meet your approbation, the Sinking Lund can be made the instrument of performing the prat lical work of cancellation. By the adoption of this policy, this illegitimate currency would be realer-- ed from the channels ol circulation without 'en trenching upon the present meant of the Tteasur of imposing new bur hens on the people. With the necessary legislation, 1 confidently trelievw that this end can be accomplished. I hope, therefore, most sincerely, that the time rs! Assembly, ht the exercise of its vrisdottv, may devise some mode at bringing shout a speedy can• cellation of these notes. The currency of she State generally, seems to be in a sound condition, and to answer the ends ol trade and commerce. An increase of paper circu lation, at this titise, , would, in my opinion, be un wise policy. The legitimate, ends of business do not seem to demand such increase. Indeed the Fact eannot,be disguised, that to a cottaiddrable ex tent the Meseta upward tendency in the prices o r goods antl property, is the consequence of the abun. deuce of manes. This advance in nominal value is rapidly approaching on unnatural elevation, and should excite jealousy rather than confidence. The indication's that we are on, the eve of a dangerous inflation of prices and an art;fioial expansion in commercial and other business aff.tirs, are too clear it seems to me, to be misunderstood. This ten tleocy should not be stimulated by an increase of paper money, It ie the part of wisdom to restrain, rather than heighten this excitement.. To the in fluence of the unparalleled atnoind of gold furnish ed to the world by the Mines of Calikintia and An strati*, during the last tear, may undoubtedly be attributed, in no inconsiderable degree, the produc tion of this state of nominal values. The careless observer may regard this result as a real advance in the value of goods and property, when • in fact, :t is only a cheapening of the statalarrl by which these things are measured. Like al! other commn, 'dines, money will depreciate so soon as an excess of it be placed in the market. A common effort, it seems to me, might he made throughout our vast country, to prepare the chan nels of circulation for this great increase of coin -- Bank notes of a less denomination than fire dollars now occupying a large space in these channels, should be forced to give way for the pled:ins me tals. Pennsylvania, I am confident, will most cheerfully, now and herealter, perform her share of this great work; and I hope to witness it no re mote period, a general movement of all the States . on this subject—first to remove from eirculatton all the notes under five dollars and next the fives also. am fully aware that in declaring this sentiment am encountering a strong adverse feeling, nor am I insensible to the diflicultiei which surround its practical anaphor' ; but, entertaining the conscious belief, as I do, that it is the true policy of the court try, as regards her commercial rivalry with other nations, I should be unworthy of your respect, or of the confidence of the people, it I did not so de elate. The dissemination of the precious metals to points remote horn our commercial fitr'poriums, should be facili atmd by every proper means. Such distribution cannot be luily accomplished, so long as the channels of circulation are supplied with small paper issu rs. Every merchant should en• deavur to draw coin into the imerior of the won• tire, in addition, the palpable toijustica of its parte oy ; not only because n is the best currency for the cal operations as compared with those of the intti use of the people, but because of the great protec tion it affords against the consequences of commit- virtual eiti2eri A corpora ion is organ izgil l on the principle rit a limited liability of the wockhohlens-- cial revulsion*. When these come, and the banks Rs business is unwisely chosen, or unskillfully at the seaboard close, sod country paper depts.. ciates, the merchant can then tall baCk oh !fits Coin managed, and it results in failure and loss. Ile s ockholders, in such case, lose the amount that for relief. But it we desire to have tie precious metals amongst us, we must make room for them may have paid in, and the remainder of the lois Both will not ciretflate at the ante time, in the same fa' is upon innocent parties, who, misled by its great nominal capital have become the creditors of the channels. There ii, perhaps, no principle in prdit teal economy more comp:etely settled, than that institution. An iiiiliviiluin , engaged in a similar which demonstrates that two kinds of currency, enterprise, meets a like fate, and the last item of differing in value, cannot Circulate at the same time his personal estate is sacrificed to pay' the debts he The less valuable of the two will be constaitly oo has thus incurred. the surface, and obtruding itself on the use of the Bat'it is said (hat capitafi.ts will not invest their public, whilst the more predious article will retire means in hatatilons enterprises, if required to Caw to quiet vaults: more than a limited liability. I am confident-that The efforts of a single Sta'e, however, it must b e roe will agvee with me, that this reasoning in fa'vcit of special privileges has no. foimilalion in (tomtit apparent, can do but little in this great reform. To be complete, it must be the t;orli at the whole principle. and is not, therefore, entitled to a fauna. country. Forced vacoms in the channels of payer hie consideration. Ina mere business point of t Pro citeutation in one State, are readily supplied by the the position Is no a soo n ore. If a given ei_ ter • issues of another, and thus the eflor' lii i ntroduce prise be hazardous, it is the leis liable to enmpeii a coin is deleatfd. No other feitare in the policy of and the more lucrative, it successful But if it be our country, r sincerely believe, so deeply concerns a dangerous business, and, therefore, likely to ma, allour great interests as this subject of the currercy stilt usprotitalti, upon whom should the luist falft not be contended that it s C Vr i ll should be vain will the manofacttper rely on the tariff laws ertainly it par protection againic foreign competition, no long thrown upon innocent parties who have nrsagency in the business. his surely more ' J ost and reason as the nominal values are greatly inflated by an e.x cessi re issue of paper money. All his iiiiorizing able that those who are to receive the profitS slioulif bear the To-sec-Ether those it ho enjoy die -privileges about specific duties and home valuations will avail should incur the respnnsibili lea. The Coustitupon him nothing, if the upward tendency 01 prices out never intended to sustain any other policy. - It nes runs the rate of duty. The paralyzing effect of an inflated currency upon all oar State and national in- er contemplated acts of le r Waion to advance Inns ‘ man's interest at the etpense'of another's NUr Ai( !siesta whetsclosely pressed by foreign Competition i at all Convinced that capitalist. woujd nrit ..lipiest cannot be concealed. o lt virtually opens our pore their means under the individual liability prirciple: to invite such rivalry against all these pursuits, and It was hut a short period since it was ettensivelv no rate of tarifl that the wisdom of Congress can believed that banking ca Pal could not tie c os Cep- devise, with any reasonable limit, can counteract tratell. if the stockholders were ma t te liat4:ii, their, its influences. It greatly enhanceti th e nO'otiool pi individual estates for the debts of the bank . • A cent of goods and commodities in this, above wha t Ann expetience has dispelled this dotibt hint sersi they will bear in other conntries, whilst at the same eil to demonstrate the wisitorii and JusiPri 'Or llitit" lime, it retards rather than facilitates their produc tion. It thus gives die foreign producer the oppor Hier So it would be, I apt confident, :ir,a 4 , _principle were extended to all corporations desigu tur.ity, of mantsfaeturing et the low rates of his own ed to facilitate the ends of private gams : 'Carta country, and telling at the inflated prices of opts; for he receives his pay, not in our depreciated pa_ Res olio might be apprehensive that their praratil per but in gold and silver. It is this, sale t.f th e `estates would become involved for the Current debts currency more than all other feature in the policy lit the corporatitit, can employ tho simple and easy of this country, that enables the foreign manufae- remedy of making no each- debts Let the 8 6.3 . tures to compete with, if not to undersell the Amer traction of a debt be thibidden by the laws of the lean producer in our own markets." institution. Let their business be traitsaCted en v ois flpecial, legislation to create corporations has UPU- cash system. By this policy they will give the ally occupie' moult of the time of the General As- :water efficiency to their operations and escape•the . dembly. This business will doubtless be pressed dreaded liability. besides, it does net • leech' Mi. upon your ccinsiderat on during the coming tampion. sonable that special legista inn for the . ostebaNiis II is right and proper, thereford;ltal I should de- purpose of concentrating capital, should nt than al Ail, Ceri'liir. clam to you fully and frankly my views touching time toot totha creation of large debts. I? .the i: , , .• this wholesubjebt. • -1 corporation of this, principle should .do n'" - m i' O These anificial bodies are created by extending lead tri . the ailiapaiun of the, Ctis}:. "ii o . f e t i n " . 'it 'would to an association of individuals-, poWers and privi. b'; the means of profit trcihecolioo t and I'd ort Item, lips not enjoyed by the mastelol . prop! e,uoder the 'good tortte-publio. - ; , - .. . . general laws of ithe State. tins important clam .01 -• if theta tiii:•Otterpttleafriiimmar e c o d ; tit' . ' = . these sestunirro result from public'necessity and' to complicated hi thiii, operations as pot . to.,,,qqyne— •'i ~ . ' -- •a • TIB 111111 h tire no oliect but the promotion of public.ronven. ironer. Al:rnhey, however, seerrriftiltelk !t6feltui the privi•e,gain of the pet ties juieser44.. the (ismer may be clionwil corpotaiOns to:faritleane the construction of roads, bridges, imiars. reit wiry*, Ste , the direct temlenll of which is to - R . rortiitii ,sperity of the ifehPle generally. " It; accosi pliah these ,einle, the assuciationt , ul capitai-ender corporate powers; imposingly a limited liabilify an the corporators, may be wisely. :entatrayttsl4.' reference to such, tire policy ef die limes seerps,, t ise be well settled. to the latter saris may be.Plag4l4l all- kinds of cotpunitions to promote the evii.sol.in dividual gain, use ecnriretted y u it the onliiirry ness enter v i,,ed ul rile country. "IVltirrio,44 such, the legialation of the Commotaikealath:.4. l l been extremely uncertain waterer° the opinion that, as a gleneiarrufir, corporations of this character are not eterafirittqdril publiz weal—that whatever le:pi - dation, anal sleeps necessary to facilitate the business of rniung sod manufacturing and the various oihrr introffrar fug which corporate powers are usually eought,'slir9R, as fir as possible, be general in its elterectai:4 l El be arailable alike to all. There is, ii 'earns to me, no evidence to' he found in the ltiWertelLeifr Commonwealth, or in that of "fifty other Sl.ate - at these great interests ate Tarp iuccedAlly nianageil by special corporations than lay iirdrvichiala may sociations under general laws: AVhilst lit 'ffni•tl perience of alt, it is made very apparent victual ants and experiments are rrincli less 64143 r to eetail Hilary upon society at large. That energy independence, irireg, , iiv and rinnry w!tich• usually characterizes- hid tvidual operi it,ns , era' riot; sa general rule,,so well ,martriatned hi the:eirtrts.,4l artificial be.ties. Ambition, pride and reapousibili my. the great incentives to action, !WPM tb 60111.11 , 11• tear, to lose their proper influence over iudiv,Thlila thus associated togei her Cafelesan esa, int:14044 and prodigality are too ()Len the ht.its of a light in terest and balite.' responsibil4ori die lart of those erbrusteri with the mana;ement of incoriscirated companies. Rut why should these special pis lieges lie de- sired Ara they intended to shield the parties hi: wrested troni the f.,fi force of th 3 loss where in en terprise may prove uusuccer•sful? If sta, hair stud( we grant such great advantages to one citizen, mad deny them In another! Equalifyoif rights to elf Is an eternetcary principle of our government. 11, theretore, for iniiiing,:matinfacturiog and othevpu; suits, corporate powers are to be granted, tiowslisft the Lisgiplature retose siMilar privileges to the far mer, the miller, the hatter and the shoemaker?— If one class of the citizens are to hare the oppor loftily of expetintenting in their chosen batsmen, on only a limi . ed liability for die losses,-all esti justly claim a like advantage. We should this be l e d step bit step in the creation of these eibfi cial bodies, until the field ill personal enterprise be completely prostrated beneath.the power of Coneen trated wealth and special I rivileges, and the refit live position of the people rendered less eiltial',Seni before thissysterti was commenced. We must no- • ; El FMNES EMI =MEE =TIECI SIMIEUME , TEO I',MEI3I
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