Bradford reporter. (Towanda, Pa.) 1844-1884, January 15, 1853, Image 1

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tatnaap fllorninn , lannarp 1.5, 1858.
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,
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
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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
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 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. , .
• .
. . ._. . . .
• '
• , ..• . .
. •
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
When the lotegoingvetentesslialrhe completed,
the 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
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
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
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
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
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
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 •
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
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
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-
• ;