UgH-'-JJ UAJJ 1111 1 1 PI Jpcpotcb tcr jpolitics, fiteratuve, Agriculture, Sricncc, iiloraliiij, anir ntcval intelligence. VOL 18. STROUDSBUKG.MONEOE COUNTY, PA. JANUARY IS, 2859. NO. 3. UL. IJJ , , ; " " ' : Theodore ScilOCh. T. Two dollars per annum in advance Two Uollars and a quarter, half yearly and if not paid be fore the end of the year, Two dollars and a half. No papers di.-eoniiimed until all arrearages ate paid, fcxeept at the option of the 1-Milor. IOAiIvei lib-omen!. of one square (ten line) or less, tine or three insertions. $1 OO. Each additional inser tion. 25 cents. Longer ones in proportion. JOli i3ia$ TffKG. Having agenend assortment of large, plain and or hnmcitt.nl Type, wo are picjwrcd to execute every de scription of Cards, Circulars, Hill Hoods. Notes. Blank Receipts, Justices, Legal and tiier lilanks, Pamphlets, fee, prin ted with neatness and despatch, on loasoit.iblc tciins nt this oflice. IT B.A C TT.7 55 ?! T.T J? ,? a y m To Uic Honorable the Senators and Mem Published by has of the House of Representatives of during the current year, at least one mil thc Commonwealth of Pennsylvania.' lion of dollars Gentlemen Although the year just ' Tho present would seem to be the ap closcd lias been one of great depression propriate time when our nation is at. in the burine.-s and mouetary affairs of peace, and when health and reasonable the country, I am happy to be able to an- prosperity prevail within our own borders nouuee to the Representatives of the peo- to greatly reduce the public debt. We pic, that the finances of Pennsylvania are have but to carefully husband our legiti in a most satisfactory conditiou. mate resource-!, avoiding extravagant and The receipts at the Treasury, from nll unnecessary appropriations, and practi ."ourccs, for the Gscal year, ending on ihe sing a proper economy in all the depart 30th day of November, 1S5S, were 4,- ments of Government, to render tbe en 139,773 35; and the expenditures, for ail tire extinguishment of our debt a fixed purposes, during the same time, were S3.. ; f'ct within a very brief period. To care- 77.V57 00. Leaving an execs.-, of ro- ccipts over expenditures of 803,021 29. j teresting epoch in our Gnancial history, This exhibit shows that there was ae- ; is so manifestly the duty of tbe public au tuall' in the Treasury on the Grst day . thorities, that I cannot for one moment of December, 1853, the sum of 303,92 L j believo that any other policy will be pro 29, more than there was on tin- first day ' poacd. If there be any, who, reiying on of December, 1&57. In additiou to this, among the expenditures for tbe year, were, Loans redeemed. Relief Nolds redeemed, Interest Certificate., 350.300 85 4i,071 00 110 70 Making' of the public debt fun ded and unfunded, paid du ring the year, ihe sum of If we add lo this theexcesss of money on hand, at the end of the fiscal year, over what remained in the Treasury, at the same time last year, viz: 421.494 55 303,921 29 We have the sum of $755,415 84 But this is not all. The amount paid on Ihe public improvements, including damages and old claims, during the fiscal year, was 311,030 5S While the amount of revenue, (rum the same source, for the same period was only 95,070 0G Making an excess of expendi tures over receipts, which happily wo will Le relieved from in the future, of 245,9uG 52 This t-um should also be credited to the operations of the Treasury during the year, for it was au .extraordinary expen- j:. ...i-i . dituro, which caunot again occur: and was, in Jact, a icductiou of the liabilities of the Commonwealth, to that extent. If we add this turn to the auiouut of debt paid, and tbe excess of cash on baud, we have for the year, a balance iu fa vor of the receipts, over the ordinarv expenditures, amounting in the a'grc'ate to 31, 031, 3d2 30. But from this, however, should be de ducted tbe extraordinary receipts, which were: 1st, The amount paid by ihe Pennsylvania Railroad Company on the principal of the debt duo by the said company, to the Com monwealth, for the purchase of the Main Line, 100,000 2d. The amount received from the Girard Rank, for loans of the Commonwealth sold by that Rank, 'UUU I In all 128,000 Which deducted from the foregoing ag gregate of "1,031.362 30, leaves tbe true balauce of tbe ordinary receipts over the ordinary expenditures for the fiscal year, at -903.32 30. The funded and uufuuded debt of the Commonwealth, on the ltt day of Decem ber, 1B57, was as follows : TUNDED DEBT, 6 per cent, loan, S 445,180 00 5 per cent loan, 33,773,212 52 4 per cent loan, 368,200 00 4 per cent, loan, To -this should be added 5 per cent. Coupon Roods sold by 100,000 00 ! Girard Rank, not before re ported, 28,000 00 Total funded debt, CjJ t. j. Al VSPVSDKO DECT. Relief Notes outstanding, Interest certificates do Do do unclaimed, Domestic creditors. i 14G,41 00 .'M Alii r 4,448 38 " b02 50 Total unfunded debt, 175,145 70 Making tho entire debt of the Common wealth, at the period named, 39,909,738 22 The funded and unfunded debt of the State. at the close of the last fiscal year, December ; 1st, lcob, stood as follows : FUXDED VVliT. 6 ner cent, loans, S ,i ir. l on nn 5 per cent, loans, 4 per cent, loans. 4 per cent, loans, 38,420,905 07 338,200 00 100,000 00 Total funded debt, 39,354,-285 07 UNFUNDED DEBT. Relief Notes outstanding, 105.350 00 Interest Certificates, 23,357 12 Do do unclaimed, 4,448 38 Domestic Creditors, 802 50 Total unfunded debt, 133,958 00 Making the -public debt on. the first of December last, S39,488,243 67. Since tho close, of the fiscal year, the Com mis- sioncrs of the Sinkiug Fund have redeem- cd of the five per cent, loan, tbo utn of i S22(),132 ol, leaving tbe real debt of the Commonwealth at this time, funded; awl unfunded, S39,20S,I 1 1 16. To tucct this, besides the ordinary sour ces of public revenue, the State owns bonds received from the sale of the pub he work?, and which I have every reason to believe, are well secured, amounting to eloven millions one hundred and eighty one dollars. Deducting this from the outstanding debt, it leaves to be otherwise provided for, the sum of twenty-eight million eighty-seven thousand one bun- drcd and eleven dollars and hixtecn cents, It is believed that with the existing source? of revenue, and the observance of etrict economy, this sum may be reduced ; fully guard ihe public treasury at this in- the imyroved condition of the Gnances of the State would encourage the adoption of new schemes for depleting the Treasu ry, or would cut off the sources of our present revenue, and thus reduce it, let all such efforts, coming from whatever quarter they may, be sternly resisted. Let Pennsylvania be just before sbo is generous Let our good examples be a light in the pathway of our sister States, as well as an admonition to our own lo cal governments. This is due alike to the lavors which Provideuce has so boun tifully bestowed upon us, and to that high character for houe.-ty aud integrity which has ever distinguished the people of this oood old Commonwealth. In pursuance of the act entitled "An Act for the sale of the State Cauals," ap proved on the 21 st day of April last, I did, as the Governor of the Common wealth, on the 19th day of May, 1858, convey to tbe Sunbury and Erie Rail road Compauy, all the Public Works be longing to tbe Commonwealth, then re maining unsold, consisting of tbe Dela ware Division the upper and Lower North Branch Divisions the WestBrauch Division and the Susqnehanna Division of tbe Pennsylvania Canal, with all tbe property thereunto belonging, or in any wise appertaining,and all the estate,right, title and interest of this Commonwealth .i r .i . .. .... increin, ior tne sum 01 tnreo million live 1 Z r--j --rr f-- j you me present conauton 01 tue uommon hundred thousand dollars. To recurc ' P0.! earl comPlotlon f that great School System, and of if. operations dur the payment of all this sum, the Sunbury Pu?llc b,Sbway ar; vury encouraging. ing ,.he pa,t yoar Your close and scru- mid Krio Railroad f-nmnnnt, r,A m .u.. State Treaeurer its bonds, secured by a ' 00 tlie lln? of th.c road dur,nS tbe Past mortgage, as directed by the Act, for tbe "fSOn' ?ml atf tl!IS t,me' very cnsidera au.ount of the purchase money. The ble Porl,oni5 of tho road arc ad Cotr.pany, also, complied with the pro- . r?Pld,7 aPPrJacblng completion It is visions of the Act which required it, as the 0P'Tn f- 1 reildeut of tbe Com additional security, to execute and deliv- tbat'. th,n fwo ears- tbe vrork er to the State Treasurer a "mortgage on ! bc cntirey finished, so that cars will the Delaware Division for one million-a b: n8 rectly from the city of Phil- mortgage on the Suspueh.anna aud West Branch Diusions fc.r half a million and a mortgage on the Upper and Lower North Branch Divisions or half a million of dollars. The deeds aud mortgages were all executed under the immediate hupervision of the Attorney General, and were in strict conformity with the require ments ol the law. After tbe conveyances were duly exe cuted and delivered, posespion of tho ca- uals was given to the railroad company Tbe act further provided that she Sun bury and Erie Railroad Company should not, re-sen tue canals, or any partot them, '. vclop and bring into use the rich rcsour without the consent of the Governor; and " ccs of a country which have hitherto re that if a re-salc were -made for a greater ; mained as they were laviahly strewn by sum, in tbe aggregate, than three and a ' hand of nature. I have an abiding eon. half tnillious of dollars, seventy-five per centum of tbe excess houid be paid to tbe omujuin.eaun, iU toe oonus oi toe pur- j while it guaranteed the completion of one chasers. It was also provided that upon of the greatest improvements ever projec a re-sale, tbe mortgages piven' bv tbe ! fnd in tlm Cr.mronnwpolfli 'if tl,.. rq9 Sunbury and Erio Railroad Company to time divorced the State from tho unprof ' ' the Commonwealth, the Canals, -should Stable and demoralizing management of he cancelled by the State Ireasurcr, and j surrendered to the Company by the Gov- - .1 1 .1 r't ! ei nor. on uenostt m.inn iv i in snso i nm. I l " J t pany in tue ouice ol tho State Treasurer, of au equal amount of the bonds of their grantees, secured by mortgage of tho ca nal or canals sold as aforesaid" with a provision that no transfer of securities should be made uutil tbe Governor should bc satisfied that the new securities to bc J given were sufficient to protect the inter- ests of the State; and that his written np- proval ot tue otiange siioulu be tiled in tue office of the Secretary of tho Common wealth. Sales were made by the Sunbury and Erie Railroad Company and reported to me, udder oath of the President of tbe different lines, as follows: Tbe Upper and Lower orth Branch Canal, tbe North Branch Canal Compa ny, for $1,000,000 'J he West Branch and Sus quebanna Divisions, lo tbe West Branch and Susquchan- Ua Canal Company, for . The Delaware Divigion, to tho Delaware Division Canal 500,000 1,775 ,000 In all the sum of $3,875,000 Upon. investigation and inquiry, having become satisfied that these sales were I 4 - j made for fair prices, and upon such terms ! ana to such persons composing tnevanous 1 purchasing associations, as to insure the i payment of tho purchase monoy, they ' were severally approved, J After the contract for the sale of tbe Delaware Division had been entered into, i and my consent had been verbally given, and sevcnty-Gve thousand dollars of the ! purchase money had been actually paid i by tbe purchasers, upon the faith of the contract, and my assent thereto, I wasin- j formed that a liighcr . price haubeen otier- ed, by responsible persons, for the canar. But, under the circumstances, my opinion was that tho offer came too late; and as the Railroad Company considered itself bound to consummate the agreement by a delivery of the deed and possession of the property to tbe first purchasers, I could not, in good faith, withhold my as sent. The North Branch Canal Compa ny, subsequent lo the purchase of that di vision, sold that portion of the canal lying between Wilkosbarre and Northumber land to tbe Wyoming Canal Company for I tbe sum of nine hundred and eighty-Gvo thousand dollars, On tho 13th of September, ISoS, bonds of the various companies owning the dif ferent canals, secured by mortgages,were in pursuant of the act, and by my appro- val deposited with the State Treasurer to the amount of two millions of dollars; and the mortgages on the canals given by tho Sunbury and Eric Railroad Company, were cancelled by the State Treasurer, and surrendered by me to tho company in accordance with tbe'directions of tbe law. At tbe same time a settlement was made between tbe Commonwealth and Company of Pcnnsjvania, for the Railroad Company, by which the lat- ; jcots and enterprises which are coutinual tcr paid to the State seventy-five per cent y seeking its alliance, be simplified and of tbe proceeds of tbe re-sale over and a- economized, purified and strengthened. oove me contract price ot tnrec and a half millions. This amounted to two hun- area ana eigtity-one thousand two nun- tbe following inanrcr, viz : Bonds of Wyoming Canal Com pany, secured by mortgages on the Canal from Wilkcsbar re to Northumberland, paya ble in twenty years, with in terest at six per cent, payable semi-annually, Cash, 8281,000 250 Total, . S2S1.250 These bonds are well secured, and tbe l accruing interest and principal, when due will doubtless be promptly paid. From information of a reliablo charac ter recently communicated to me by the President of the Sunbury and Erie Rail- ' road flnmnanv. if. annonrn that flm m-na- ' tv iarSc amount oi worK nas Dcen done l r ti f , . ' When this oreat cnterorise shall bo . i consummated, and the desire of its friends finally accomplished, tbe payment of tho three millions and a half of mortgage bond", which tho State bas received in exchange for the canals, will unquostion- ', ably be well secured, whilst the railroad : itself will prove of incalculable advantage : io our great commercial emporium, as i well as to the important but long neolec i ted region through which it passes. Its 'construction will, undoubtedly, add to tho value of the real estate of the Com ' monwealth many times its cost, and de- ! Gdcnco that the result will abundantly ; prove the wisdom of tbe measure, which her railroads and canals. Wliatever differences of opinion may, . . J ' " " "J uuiu uavu UUIU L-UH.-1 ItllUUU Ul.-IU- t ,r..n i gard to tho propriety of the details of the legislation authorizing the sale of the Main line, or the branches, it can scarce ly bc doubted that the public welfare will, in every respect, be vastly promoted by the transfer of the management of the public works from the State to individual owners. The short experience that wc have had already, proves conclusively that tbo Com monwealth is greatly the gainer, in a fi nancial point of view, and it has been equally demonstrated that the peoplc at large have been as well, if not better, ac commodated by the change. It would, in my judgment, bc a public calamity, if, by the happening of any con tingency, the Commonwealth should bo constrained to again become the owner, and resume the management of any por tion of tho public improvements. The power of the General Assembly to pass tlfe Act of the 2i'st of ' April, 1858, relative to the sale "of the State Canals, was questioned before the Supreme Court of tbe-Stato, Finco the transfer of the Ca- nals;.and, after full argument, the copsti - tutionality of the act was sustained by the unanimous judgment ot tlie Uourt. cincc the sale of tbe Publio v orks, equally clear that certain improvements and the settlement of the principal out-j in it3 working machiuery, are equally in standing claims against tbe State, it is; dispcnsible. obvious that there is no further necessity It is needless to attempt to prove the iui a uu.it u oi uuiiiu vjommiMhtoners, oi a Canal Department. I, therefore, re commend tho abolition of tho Board, and that provision bo made for the transfer of the records to tbe ofiioo of the Auditor General. In view of tbe foregoing exhibit of our resources and financial condition it is ap parent that a most interesting era has been reached in tbe history of the Com monwealth. Relieved from the entang ling embarrassments of an extensive sys tem of internal improvements, the means of tbe State are now ample for all legiti mate purposes, and her public debt is gradually but certainly disappearing. From these and other causes, governmen tal action has become greatly simplified, and tho nature of tbe subjects of its oper ation has changed in a degree no less re markable. The almost entire disposal of tbe lands which belonged to the State, has already dispensed with one of tbe Dapartments created lor their care, and will ultimate ly render tho othor unnecessary, except for preserving the evidences of their transfer. The sale of tbe Public Works bas re licved the Executive branch of tho Gov ornmcnt of many of its most responsible and perplexing duties,snd in effect, dispen sed with one of its most formidable and difficult departments. In tbe samo proportion, tho action of the Legislature will, if the representa tives of tho people be true to the inter ests reposed, and sternly refuse to entan gle the public with those numerous rrn. And it is as remarkable as it is propi j tious, that an era which has thus reliev- Ofl the Sf'lto fl Ilf VinrJjJoa nf Vinrllinno f Vi n t cj tuc State authorities of burthens tbat ests or tho care of .local administration, committing the one to tbe local sovereign ty of tbe people, and the other to private or associated enterprise, should also pro- sent lor consideration and promotion, in tellectual and moral olaims of peculiar importance. It is at this period in oar history tbat j the system of public education challen- I ges the attention of the most unobservant. And I shall be much mistaken in the cautious but steadfast character of the ' peoplc 0f Pennsylvania, if their Rcpre sentatives do not make it the first object of their solicitude. The annual report of tho Superintend ent of Common Schools .will lay before ,i. . . . t.- r.t t tinizmg attention is invited to the details of that document. Including the city of Philadelphia, it v?ill be observed that there were in the j public schools of the State, during the J year which terminated on the first Mon ; day of last June, 028, 201 pupils; these were instructed during an average term of a little over five mouths, in 11,281 schools, by 13,950 teacbors, at a total cost of 2,427,032 41. Hero id a publio intcrost, which whetbor wo regard its ramifications into every portion of our social fab ric, its largo cost, the important powers over tho present which it wields, or its incalculable influence upon the futuro undoubtedly transcends all others com mitted to the care of the secular authori ties. This being the T j Hesitation in asserting tnac tne time lias i arrived when its full importance should tin lnnAim,iif1 1 n1 ll n rti.n ni) mi.ii.i tration should be made tbe duty of a ful ly organized and effective, as well as a separate department in tho government. But tho care and promotion of our sys tem of Common Schools important and extensive as it obviously is should not be tbe solo object of such a Dcpartmont. if it is true that tho power to punish crime includes also tho right to prevent it, by"providing for the proper intellectu al and moral training Of the people, it would seem to follow tbat the department 1 measure of usefulness iu their appropri cbarged with the latter momcntuous duty'ato sphere of influence, it mut bc couce should also bo in possession of all tbe ded that the training they impart is bad sources aud subjects of information, cal-jly adapted to tho art of practical agricul cula'ted to shed light upon tho object of 'turc. In Pennsylvania that interest is so its aotion. Hence the collection, arrange-! iumortaiit as to demand at all times our ment, and practical deductions from pop-'anxious attention and active support. ;ing, I deem it a duty to inform tho Gen- ulation and industrial statistics; from nat- "Tbe Farmers' High School of Pennsyl-'eral Assembly that I cannot give the ural defect-, such as deafuss and dumb- vania," lately projected and planned by -Executive approval to any bills cbartcr ncss, blindness and lunacy; from crime ' a few public spirited individuals, and ing additional banks without a radical in it's various forms and developments, which has received, to some extent, tho;obange in the entire system. It U bat together with suoh cotitrol over the liter-' patronage of the State, and the contribu- jut to state that in my opinion a largo ary and scientific institutions in the State tuions of a number of our patriotic citi-' majority of the banks of tbe Comraon os shall bring their full condition into ! reus, is defined to aiford a place where wealth aro well and safely managed, and view' should also belong to the samc T)pnftihifnf, Therefore, I most respectfully, butndtoa condition qualifying them for earnestly, urge upon your favorable con- the pursuit of the farm. Here, whilst to the cmciency oi tne taws, unuer too sidoratiou, at the present propitious mo- 'daily occupation will train tbe body to, management of incapable or dishonest ment, tho organization of such a Depart- t;e Ibility to labor, and give to the stu- men. experience h shown, that there is ment, in tbo room of those for the care dont' ,,0 viable feeling that be contrib-, really but little, if any, security to tho of mere matter whose agency has been or utes to bis own support and education, it Pblo m the regulations and restrictions Boon will bo discontinued by the onward wij instruct and enlarge his miud, that' now to be found in our banking code. and upward progress of the Common-'it may give force and effect to all bis fu- True wisdom dictates a reformation, wealth. ture effort;?.. The design of tho iuMitu-; The ruinous losses Vfhich have fall- " A suitablo Department' of public In- tion is to afford a school where bo)s may cn upon the people faring tbo finan struction will not however, of itself, effect bo thoroughly educated in ail the branch- cial pressure of the pas. cigbtceq months, all that ia.nc'eded.m this direction! The esf natural science, ami, at, tho same suggest the necessity of prcvcuung,teir general results of tho Common School-time, bo innurod to tbo performance of recurrence Although many.caumay Sy-tcm already cited, show the i'mpor- labor; so tbat at their graduation tbey have combined to produce the-c disaster-, , tance of its nature and tbe magnitude of its operations. If wo look, also, into its j special statistics, tue conclusion will jL,u,i3UI ""'i me n upeny quuuucu teacnur - is the life and success of the school. Butjtothe practical purposes of life, is but I the facts are startling, that of the 12,928 ! teachers of our publio schools, exclusive f those in Philadelphia, only 5,057 are reported as "qualified" for their impor tant trust; whilo n,da aro returned as "medium," or such as are only tolerated till better can be obtaiued; and that 2,313 are stated to be "unfit." In other words -of tho 569.SS0 children attending the school out of Philadelphia only about 230,000 (less than one half) arc under proper instruction and training; while a bout 240,000 are receiving insufficient in struction from inferior teachers, 100,000 are actually in charge of persons wholly unfit for the task. This present. the sub ject in a light tbat caunot be shut out; and, though tbe great and commendable efforts reccutly made by the teachers of Pennsylvania, for their own improvement are fully recognized, it cannot bc conceal ed that there is a work yet to bc doue in this relation, which would seem to be be yond their unaided power to accomplish. When, however, we look further into the special statistics of this branob of the system, the material for improvement is found to be of the most promising kiud. One of tho 12,828 teachers of our com mon schools, 10,889 are under thirty years of ago, and 10,940 are natives of Pennsylvania: and a larger proportion than in most of the other States, are per manently devoted to the profession of teaching. To render these fit for tho po sition to which they aspire undoubtedly one of tho most useful and honorable in tho world and to raise up a constant supply of well qualified successors, is the work to bc done. Various modes of effecting this object have been suggested or tried; but, after mature reflection, I am led to prefer that devised by the act of May 20, 1857, en titled "An act to provide for the training of teachers for the common schools of the State." It places, in relation to tbe Slato, the teacher on tho same footing with tbe members of such of the other learned professions as have been recog nized by public authority; and it is to be regretted tbat the prostration of business and scarcity of money, that so soon fol lowed the passage of tbe act, had tbe ef fect of checking many laudable efforts to put its provisions into operation. Under theso circumstances, does it not bcoomc the duty of tbe State to afford such aid, or at leabt hold out such inducements as shall enable this measure to be fairly tested? The passage of a law guaranteeing the payment of a moderate sum to one teach er's school iu each of the districts created by the act of 1857, would no doubt cause a sufficient number to establish tbe effi ciency and practicability of the plan, to be completed in a few years; the money not to be paid till tbe schools were in full and approved operation. It is not prob able tbat this grant would cause any con siderable draft on the Treasury; but, o ven if tho whole twelve schools should ul timately be established, tho boon would neither be out of proportion to that which has been conceded to other literary in- stutions, nor the number ot graduates bo- yond the wants of tbe community. Up to the present time, Pennsylvania bas appropriated about 000,000 in aid of her colleges and academics, and this mainly in the hope of obtaining from them teachers for the common schools. Though the benefit of this muniGcence have been, in other respects, quite equal to the amount given, it will bo asserted by no one that the avowed object has been to any considerable extent effected. It would, therefore, appear to be time that that the aid of the Stato should bc bro't directly to bear in favor of tbe object so long contemplated. In this country, tho want of a school whiob shall combine tho elemonts of learning aud agricultural labor, and thus adapt ftsclf to the education of the far- mer, nas oeen most seriously ieii; ior, whilst our many colleges well fill tbe young meu may uav be educated at an ex- penso commensurate with their means, may return to their parents abundantly prepared to join the domestic circle to bcgi7e a right direction to tbe business of o o- agricnlture, and act well their part in ev ery depaitment of life. An object ao fraught with usefulness is entitled to tho highest coJtat. ndation. The application of .scientific principles realiziug tbe full benefit of those laws of nature, to discover and lo profit by whiob is undoubtedly one of tho great ends of human reason. The more this impor tant object ij held in view and effected by our bibber institutions of learning, tho more valuable and useful will tbey be come. Tbe Polytechnic college of Penn sylvauia at Philadelphia, is founded on this ba-jis; and its attempt to popularize science, and connect high acquirement with practical ability, is prcsentod to your favorable consideration. Under a resolution of tbe last Houso of Representatives a committee was ap pointed by tbe Speaker of the House, to examine the utate and condition of sever al banks ohartered at tbe session of 1857. The resolution directed tbe committee to report to tbe Governor the result of it3 examination within ninety days after tbe adjournment of the Legislature. On the 20th of July lait, the report of tho com mittee, together with tho accompanying evidence, was filed in the office of tho Secretary of tbe Commonwealth, a copy of which will bc laid before tho House of Representatives. In view of the facts reported by tho committee, in reference to tbe organiza tion and subsequent management of tbe Tioga County Bank, the Crawford Coun ty Bank, and the Bank of Sbamoktn, I would recommend a careful inquiry into the present condition of these institutions nijd if it shall be asccrteined tbat tho public is likely to suffer injury from the further existence of cither, a speedy and certain remedy may be found in a legis lative repeal of the rights and privileges granted by the acts of incorporation. The power to alter, rovoke or annul the charter of a bank whenever its continu ance may, in the opinion of the Legisla ture, be injurious to the citizens of the Commonwealth, is exprosslv given by the Constitution to tbe General Assembly, to bc exercised, however, in such manner as that no injustice shall be done to tho corporators. Obedience to this constitutional injunc tion would require that iu the event of a repeal of the charter of a bank, caro should bo taken that the rights of the stockholders to the surplus assets of the bank, after payment of its debts, were protected; and that suitablo provision should be made for settling its affairs. The injunction contained in the Con stitution, that the repeal or revocation of a bank charter shall bc in such manner as to work no injustice to the corporators is not a qualification of the power to re voke, or annul tho charter; but it i3 sim ply a requirement that, in taking away tho charter, the rights of the stockholders shall be protected, so far as is consistent with the act of repeal itself. I do not doubt that the Legislature-may alter, re voke, or annul, any existing bauk char ter, whenever in ita opinion the continu ance of the charter cay be injurious to tbe citizons of tbe Commonwealth. Any other construction of tbe constitutional reservation, would make the interests and safety of tbe public subservient to the gain of the private stockholder. Belicv- ling, therefore, that there is no want of power, I cannot retrain irom expressing my decided opinion that whenever it 13 clear tbat a bank is insolvent, or in great danger of becoming so, or whenever its privileges aro so used or abused as to se riously prejudice the iuterests of the pub lie, it is tbe duty of tbe law-making pow er to protect the people, by destroying its corporate existence. In this connection I deem it ray duty to rciterato tho views expressed in my in augural address. I then stated, as my do cided opinion, tbat thero should bo no fur ther increase of banks or banking capital under the prcsept system expressed a decided hostility to tho issuo of notes of a small denomination and recom mended suoh a relative to bauk, change in our laws their organization and . management, as would at lcat secure bcyoud all question, the prompt redemp tion of all bills or notes put in circulation by tbe several banking institutions of the Oomtoonwcalth. Well satisfied of the imperfection of existing laws relative to banks and bank- a pe"uy u;iu due to the honesty aud intelligence of those having charge of hem, rather than
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