SUNBURY AMERICAN AND SHAHOKIN JOTJBNAL. The following tabnhir statement, will ex hibit with more clearness, the 'whole subject in relation to the issoe end cancellation of these notes.. l ' Original am'nt of relief notes issued, . 4 0. 1 f,S,MO,68,00 Amount funded. '' f 1. .139, J 14,00 Cancelled in M by virtue of the resolution of Feb. 6, end Act of April Sth H4J. 682,087,00 Canceirarlrn 1844, under the t ' ; " Act of May II, 1844. 1 - 100,000,00 Cancelled in 1845,, under Aot, . . of 184, 85,000,00 tancefleJin 1846, under do "M?,00 Cancelled in 1847, under do "$.00 CajrceUcd in 1848, under do 189,000,00 ni .! '. leaving apparently in circula. tion on the 8 1st of Decem ber 1848, - ' The first failure to comply with the Act of Assembly re quiring the cancellation of these notes, was prior to, or, on the 81st Deo., 1844. The amount direct ed to be cancelled in 1844 and 1845, and which was not done, was, S165,00O The amount of fail ure to cancel in 1846 was 23,700 The amount of fail ure to cancel in 1817 was 50,000 The amount of fail ure to cancel in 1848 was 11)000 91,517,601,00 702,664,00 of this nature be deemed .too expensive for practical utility, a triennial return might an swer the purposes intended. Returns of a nature so general, of the resources and active industry of the State, while it would afford valuable information te the public officer, would place before him, such facts as would enable him to deteot gross errors in the uni formity of the assessments, and would leave in the hands of the officer elected by the people, the duty of valuing and taxing their property, instead of casting a labor so Impor tant into the care of Irresponsible Board. ' The importance of legislstive action on the subject is enhanced by the fact, that an ex amination of the ordinary revenues and ex penditures for the last few years, furnishes evidence that the necessities or the treasury require increased resources. A statement tram the auditing department is as iouws. -1249,700,00 ffl ffl 1 fl I In I'i Fi I1 I M l M l r is t s s i i ou -uf h is il m. n u fts as 1452,964,00 Ti U worthv of remark, that had the can- ..ii. nf ih notes been made, as requir- ..i k i.ur less than half a million of tho .;'. l ;,,.. would now be in existence, large portion of which has doubtless, been mislaid and lost. It will be perceived also, k.t iha nt rpnnirM the destruction of the most depreciated. In using this term, the legislature must have intended those most defaced. The laws on the subject of these nlilsred the faith of the state for their redemption, it is not readily seen !,. tho nnnlH become depreciated in value . . i r .1 w while on ine otner nana, many i mem , become defaced, torn and unfit for use. At the passage of the act of May 31st, 1844, about fourteen hundred thousaud dollars of this issue, were in circulation, and as it re quired the cancellation and destruction of 500,000 dols., per annum only, it prolonged the period of their circulation to seven years, when by the original act of May 4th, 1841, but two years remained of the period of their duration. To the act of May 31st, 1844, is attributable, therefore, the continuance in circulation of these notes, after they had be come torn, defaced and unfit for use. The original act, had it not been counteracted by subsequent legislation, provided the necessary means for the redemption of these notes, through the banks, on or before the 4th day of May, 1846, and the failure to destroy them, a a rAflmi red he the. act of 31st of May 1844, clearly demonstrates that the treasury has not been, since then, in a condition to repay iha limn, or redoem the notes. Hence they have continued in circulation, have been paid inrn vnnr nuhlie offices, and Strain paid out of the treasury, until they are wholly unfit as a currency tor tne citizens, i ne amuum im in simulation, m Presumed to be about 600,' 000 dols. It is respectfully suggested, that the worst of these notes, as they are paid into the treasury, should be retained, and in their stead, an equal amount of new notes, of the same denominations, under nn arrangement with any of the banks of this Commonwealth, hj nut into eiir.ulntion for a period of time, n Inn nnlv n m:iv be reauired by the quarterly destruction of od,000 dols , to ab sorb the whole amount of the issue. A mea sure of this character would relieve the enr renev of those unfit for use, and have the nfWt in a. short time, of natlinff the whole issue out of circulation. I would earnestly iress npon the legislature the passage o.f such aws, as would prohibit in their mutilated and defaced condition, their payment from t'te treasury. Should it be deemed a more de sirable course, to rid the currency of the en tire issue by a loan, it might be a lair con dition of the renewal of the charter of any bank, at the present session, that it make a !lp( 8 H is. n 8 a, 7) 3 3 lenses of the public works considered as ordinary, notwithstanding much of the a mount is really extraordinary ; but as an off set to this, the tax on real and personal estate, received during each year, is more than the assessment of a year, the excess being from outstanding taxes of previous years." ine Daimice in tne treasury on Deo. 1st. 1844, was Balance in the treasury, Dec. articla must seek a market in those districts of country, where manufacturing Industry a' abounds, and the demand for itlnoreasee or diminishes in proportion, to lb active opera- tion of the m estsoiisnrnams. ") '"r7 fire that is extinguished, ana every wnsei that is stopped, lessens the demand for coal, decreases its value in the market, and re duces the prices of labor, by lessening its va lue to the owner ei in annua, n inn iv mo is added the fact of competition from abroad, underselling in the home market the domes tie article, the occupaiion of Iha laborer is destroyed, and the rain is complete.. . Ths revenue system invites such a result, wnue the system of discrimination for protection forbids it. . Other classes of society are also injurious ly or beneficially affected, as the laws. on this subject favor the one, or the other policy. The agriculturalist, inclined to measure the general welfare by the prices of his pro duce, and to remain ooiiteiueu wnne mean are satisfactory, is reauired. only, the exer cise of hia practical knowledge, to be in for. mcd, that he suffers also, by a policy which strikes down the mauuiacturer. i ue nume market is his only sure reliance. The condi tion of things abroad may afford increased prices for the produce of his farm ; the mice lles of unhappy Ireland, and the unsettled state of public affairs in other parts of the world, may create a temporary demand for grain, and thereby augment the value of bis productions ; out it would be unsate to aepenu on contingencies of this nature, over which his government can have no control. The entire produce of his lands, whe'hef distant or near the foreign market, must depend for an uniform and fair price on the home de mand. Any other reliance is dependent on the poliy of foreign governments, the convul sions of unsettled power, and the unfruitful narvests ot otner producers. It is not, however, in enhanced prices alone, that he finds his reward. In the home mar ket he is his own factor, avoids the risk of agencies : the dancers of transportation, and can select his own time for the disposal of his produce. The manufacturer carries to the market, in the fabrics he proposes to sell, the produce of the farmer, who is there. loan at a low rate of interest to the govern ment, to be used in redeeming and cancelling the whole, or such part as might be deemed advisable. Any anangement on the subject yon may devise, to relieve the people of this currency, shall receive my cordial approba tion. The payment of the interest on the publio debt in a sound convertible currency, is of great moment to the credit of the State. This demand on the treasury has heretofore, to a large extent, been met by payments in de preciated paper, by which the holders of State bonds have suffered pecuniary loss. An evil of this natnre, demands a speedy and effectual remedy. The relief notes ori ginally intended to be temporary in their ex istence, and local in their circulation, should not be forced from their legitimate purpose or paid from the treasury in discharge of the interesl of the publio debt. No great inconvenience could be felt in withholding an amount so small as their pre sent circulation, from such application. To secure an object so desirable, the revenues of the State should b collected in such funds only as admitted of ready convertibility into specie without loss to the treasury. The re lief notes, as well as the notes of all specie navins Banks of this Commonwealth, should be received in payment of publio dues while other paper money, undor par, at the place designated for the payment of interest on the publio debt, should be refused, unless, upon notice to that effect of the Slate Treasurer, arrangemenis by the Banks issuing the same were made to redeem it at such a point as he might designate. I at stats 1 reasnrer should be authorized to require of those specie pay ing Banks, whose notes might be under par at the place of paying the interest, to make arrnTBmetils to redeem their notes at par. 'at the point designated, and on their failure takcomply, to demand specie funds at their OTUrore. It la Deuevea inai an arrangement of the kind surtofced. would materially aid in rendering the notes of all the solvent Banks in ths Commonwealth of equal value in all parts of the Siato : would increase their gen eral circulation among the citizens and tend to exclude the depreciated paper of foreign institutions. A measure vu (liable for these purposes, which would give increased worth to our stocks and enable the State moro faith fully to comply with her coiitruoK is worthy ths kerious consideration of the Legislature. Intimately connected with the subject of our publio debt, are the assessment and col lection of the taxes. The laws on this irapor tant branch of the revenue, require to be re modelled and arranged in such form as to insure equality and uuiformit&in the several counties of the Slate. The manner of ad justing nd equalizing the valuation of pro. perty for taxation is a concern of deen in. . terest to the people, and should at far as pos sible, bo left in the hands of their immediate representative. Assessors, it is suggested ehsukl be required in Iha exercise of theii . 4uliw, to make return in a full and accurate statement of tho varioue product of Farms and MaAHftKiorict of the kind, nature and amount of the supposed annual value of the productive industry of each district; of the amount and nature of the local ana geneial Jrade and business, with the manner and cost f reachiiur the lies rest market, and the value of tha article in rnajket, . at Ili9 nearest point is district, .-iieuu uu n?iu:j sTatciucm $663,751 88 1st. 1848, was 577,590 39 Deficit in balances in treasury in 4 years, S86,561 49 Had the law ol May 31st, 1844 been complied with by the cancellation of the relief is sues, the additional charge would have been made on the treasury of ii-19.700 00 . . n men auued to tne a Dove de ficit makes 336,261 49 ueduct excess oi apparent re venue, 87,349 30 Real deficit under existing laws, $248,912 19 in lour years, exclusive of extraordinary ex nenditures. 1 he operation ot laws on tne part ol tne national government, framed wiih a view to the assessment of duties and collection of re venue, is a subject seriously affecting the fi nances ol the Commonwealth. INo state in the Union depends in a greater degree for the advantages of wholesome enterprise, and the sate employment ot capital, on the stability and Rgencv ot laws nllording reasonable pic tection to domestic industry. Our mountains filled with rich deposites of iron and coal, in vite the manufacturer to employ his skill and capital in these commodities, and when they are in demand, the whole productive business of the state prospers. No interest feels the pressure of foreign competition more keenly, none requires more certainly the fostering care of government, none spreads to a larger extent the active industry of all classes of citizens, than the peculiar manutaoturing es. tablishments of our own state. The system established by the act of Congress of 1846 is tramed lor tne purpose oi revenve, ana ais- eriminntes against rather than for protection ti tr . ( I, (.... . ..M -k. iik 1 1 1: . . i 1 1 l Biii.il ana nuuiu 1 1 1 l i nrxii 1 1 tit . if continued, to strike down the manufactu rer, and to depress every interest which di rectly or incidentally leans on him for sup port. Of the interests favorably affected by the establishment of manufactories, none deserve niore especial notice, than the laboring and producing classes. These compose the great rr.aj-s of our population, and in all respects diiJer radically, from the same classes in other couritris. Here, they are a part of the gov. ernmf nt itself, and as such, are frequently ouireJ. in the exercise ot the Elective Iran chise. to decide questions the most momen tons. attecluUT. cen, mc biuumiiv nuu uuro tion of our free institutions. In the forma tion of the governments under which they duties, in driving from the home market the live, they wert a componem oi me oove- i fabno of the capitalist, his investment is com reignty which ha,d wrested from a foreign paratively valueless, and the revenues theie power tne independence m vumury, mm rom are greatly reduced, ine proms irom look with others an equa! part in the dsfficuH our internal improvements are si ill more se- questions involved. o enable them to dis- riously affected. The raw material in its charge in a proper manner the duties they transjt to the manufactory, and the fabrio on owt to the Country, to otf.ers ind themselves ,. nv tn niarket. are nrinr.inallv conveved a portion of their time should b given to the aionr 0nr canals and rail roads, thereby yield- . . 1 ' 1 . : ni.KliA I i i . t examination ana consideration f""11" mg a nanasome revenue 10 ine lommon- fiues! ions. Bvthe reward of the.'r ;abor, they weulth. When, therefore, the manufacturer, itinuid r enao ea to eievaie ineir (hiiuiuuu unmolested dv tne uovernmem. is comneueu n snpietv. to command for thems.'lvs and I n ilincnntinnn his business, not onlv the la- families, not tneiely the necessaries, bi't the ber, the artizan and the agriculturalist, but comforts nnd even the luxuriesof life, to.p"ve e g,ae j getiougiy injured in the gen to their children the benefits of reasoiab.'e eral depression of business, the diminished by relieved of tho hazard and expense of conveyance. in another lorm he is still more largely benefitted. One of the elements of well reg ulated society, is unity of interest. What ever may be said to the contrary, no natural antipathies exist between capital and labor 1 hey are dependent on, are supported Dy, and receive vitality from each other. The manufacturer who invests under the fostering care of government his capital in profitable industry, opens a new source ol weaun to the farmer, the artizan and the laborer. An industrious population whose reward affords comfort and competence, gathers around him : other classes are attracted, and the store house, the workshop, the school and the church are erected : villages spring up ; the din of active industry and the sound of eninvment minule tocethcr. roads aje open ed, bridges are built, lands rise in vaiue ; anu thn farmer finds a maiket at his door, not only for his ordinary surplus produce, but also lor numberless articles wmcn were aeemeu unworthy of transportation. From that over .. . . . , , . Mowing lountain, Dy an nunareu rivuieis, wealth is poured into his treasury These are a few of the many advantages of the agriculturalist and the laborer, arising from a fair and reasonable protection ot tne domestic industry of the country, tne e.v istiug revenue laws of the national govern' ment, by opening our ports to foreign manu factures, invite tne labor ot tne wreicnea starving operatives.of Europe, to a competi tion wiih this beautiful aud prosperous condi tion of things. The consequences are ruin ous to the interests of the laboring and pro ducing classes, and dry the streams of pros perity in every branch ot industry. It should not be forgotten, that the reliable wealth of a State consists in the profitable industry and capital of the citizens. What ever tends, therefore, to prostrate individual prosperity, to diminish tne value oi proauce, to injure productive labor, or to derive from wholesome investment the money capital of the country, strikes with alarming force the best interests ot tne Plate, i ne revenues oi the Commonwealth are derived piincipally from real and personal estate, and from our rail roads and canals. In relation to the for mer, it may be said, that every dollar shipped lor the purchase ot foreign laDricsdimuusncs their value, depresses the home market, re duce the profits ot the producer, and nence lessens the amount of revenue paid into the treasury. Capital invested in the various branches of manufactures, sinks in value, iti proportion to the depression of the business in which it is employ ed, and when foreign competition is successful by reason ot low anA attained en nnparalled maturity through-' our tho United State during tho period of ma jburopema ware, iui nurva ui ruuiii independence anu wealth. 1 anxiously re commend, therefore, to tho prompt and con stant guardianship of Congress." in Hi seventn annual message, no again racura to tho subject, aa follow: "In adjusting too duties on import to the object ofrevn:", the influence of tho tariff on manufactures, will necessarily present it self for consideration. However wise the theory may be, which leave to the sagacity and interest of individuals, the application of their industry and resources, there arc in this, as in other ease, exception to the general rule. Besides, the condition which the the ory itself implies, of a reciprocal adoption by other nations, experience teaches, that so many circumstances must occur in jntroda cing and maturing manufacturing establish. merits, especially of tho more complicated kinds, that a country may remain long with- .... lhi.Ht .1(k...n1. ..tfllMinKlltl .laM&J ..J in some 'respect even, peculiarly fitted for carrying them on wnn success, under cir cumstances giving a powerful impulse to manufacturing industry, it has made among us a progress, and exhibited an efficiency which lustity the belief, that with a protec tion, not more than is due to the enterprising citizens whose interests are now at stake, it will become at an early day not only sate against occasional competitions Irom abroad . . .f ,.L out a source oi aomesug weaua ana even oi external commerce." And strain : "I will be an additional recommendation of particular manufactures, where the materials ar them are extensively drawn Irom our agriculture, and consequently impart and en sure to that great fund ot national prosperity and independence an encouragement which iannnl fa, tn VtA rAt&'ArHeil " President Monroe in his first inaugural ad dress says: "Our manufactures will likewise require the systematic nnd fostering care of the bo vernment. Possessing, as we do, all the raw materials, the fruit of our own soil and indus try, we ought not to depend in the degree we have done, on supplies irom otner coun tries. While we are thus dependant, the sudden event of War, unsought and unex pected, cannot fail to plunge us into the most serious difficulties. It is important too, that the capital which nourishes our manufactures should be domestic, as its influence in that case, instead of exhausting, as it may do, in foreign hands, would be felt advantageously on agriculture, and every other branch of in dustry. Equally important is it, to provide at home, a market for our raw materials, as by extending the competition it win ennanre the price, and protect the cultivator against the rasualities incident to foreign markets." His Excellency, Simon Snyder, Governor of this Commonwealth, in his message of De cember 8ih, 1815, says: "The subject of manufactures, from full experience during the restrictive system and the war, is now so well understood, as res pects the practicability of advantageously carrying them on, as to the kind of poods which may be made and the quality and du- Belief Note in circulation. Interest Certifl- oat outstand Do. dd. un claimed, a Interest on an claimed k out standing oeiti ficates to bo added to them when funded Domestic Cre ditors, i f 702,664 00 j, 930,719 if 4,441 U - 1 ,i 14,165 10 19,318 95 ft .7; 0.1 ; l il,0l,l86 74 third to bo appointed, authorized to take an oxamtnatfop of said aoooot: as also to ascer tain precis f the OndiVin of the treasury and ft disbursing agents, what monies are due to the Itate f rom berprations. individuals and c6untij and if balanoe arc found to ex ist, tho reason why collection arO delayed ; might not by a careful report, suggest altera tions beneficial in in the manner of conduc ting our finaiicial affair. In this eounexion it it also proper td mention, that a change in tho manner of drawing money from tho Trea ury should be adopted W afford moro ample checks; tho present system being deemed defective. i Tho attention of the legislatnro will bo cul led tu Iha auhiect of thn enrrenev in connex ion with the Banking Institutions of the State. These institution nave become so intimate' ly identified with the business and interests of the citizens, and furnish such a portion of Total amount of publio debt, vbq. aisi. loss . .. : HO,4,73S 08 Of the above there is duo a demandabla at ihft Tlwaanrtt mm fnMnxmm . nouoi iiuies ... a iuz.oes UU ins circu atinir medium, that a necessity is uomestio Creditor - 89.318 95 created for their proper management and Interest certificate of all kind 839,403 79 control. The standard of tho value of things ( 1 among civilized nation is conceded to be the 11,031,386 74 precious metals. The constitutional currency It is presumed the gradual process of can- govornment is gold and silver. When- cellation of the relief notes, or their reHemn. ever the conveniences of trade and business. tion as heretofore indicated, will remove to ,ne encouragement of industry and enterprise that amount, tho pressing necessities of tho Treasury. The residue of said sum of 11,031,386 74, (to wit :) 6328,722 74 is due k demandable $328,722 74 Also due and demandable of funded debt as follows: ' Y June 1st, 1841, 626,951 80 Augt. 1st, 1846, 1,998,509 35 Augt. 1st, 1847, 22,335 06 $2,047,796 21 Present liability of Treasury $2,376,518 95 Residue of public debt falling due : March 1st, 1849, $59,551 46 Dec. 1st, 1850, 999,311 15 April Uth, 1853, 135,214 00 Dec. 1st, 1854, 1,908,407 09 Jan'y 1st, 2654, 798,474 64 . Uec. 1st, 1854, 2,197,849 55 Augt. 1st, 1855, 4,489,463 79 July 1st, 1856, 2,780,808 26 , Marcti 4tn,isoB, 3,a i,aya 47 July 1st, 1858, 2,540,010 56 July 1st, 1858, 529,922 74 July 1st, 1859, 1,195,928 93 , AUgt. 1st, 18SH, 4,8 Z3 July 1st, I860, 2,643,777 64 AlCh. 28th 1861, ZO,UUUUV July 1st, 1862, 2,265,059 75 April 10th 1863, zuu.ouu ou July 1st 1864, 1,378,374 99 June 27th 1864, 1,134,332 7U Augt. 1st, 1864, 860.680 89 July 1st, 1865, 959,540 79 Jan'y 1st, 1865, 868.873 1J July 1st, 1868, 2,523,617 64 July 1st, 1870, 1,939.583 65 B'k charter loans, 678,375 6 dustry, and vitally affecting free lebor,-it it retard the natural growth of populatittn and improAtmentby tho apprbmatldn of largo tract of land,! for tM benefit of, tho few, to tho injory of tho many. if it' be in open de. fiance of tho spirit of, tho ago, tho march of rational iruin,, ana ine oniigntenea policy oi mankind, it 1 time to arrest iu further prey gres. These, it is believed, ar tho settled oonvictions of our citizens, and their deter- rd.mation to maintain them i unalterable. .FcuowCmstira. My duty is now per formed I have endeavored to present to tho iHBMuiiauTes oi ine people, such mailer. are deemed important to tho interests of our' mutual constituents. To the wisdom, virtuo and intelligence of the assembly ; with a firm reliance opon the assistance of the Omnipo tent Being from "whom eometh every Boed and perfect gift," may be safely confided; tho performance of ovary duty calculated 40'-' cure the happiness, the honor and the wel late 01 iho counjry. w m. r. juhnstdn, ; , . Execntive Chamber, Jan. 9, 1849. '. , Total amount of funded debt not demandable at the Trea sury, . $37,34S,554 03 Interest on the public debt, Vi,887,549,oe at e per cent per annum 37.305.801.18 5 " 200,000,00 $39,722,072 98 rabilityof the articles which have had a fair experiment amongst us, mai n is ueoniru un necessary to urge arguments, in their sup port. The general government, fully aware of the importance of the subject, will, it con fidently hoped, follow the dictates of political wisdom, and protect our manufactures against Regular annual interest on injurious ioreign compeinnn or i--uniuinuiiui, i .who h n contrary course would protract the long aud I 1st 1848. ... anxiously sought real independence of our On a portion of the above education, and to ensure a competence when age had disqualified them for active employ ment, ine price oi i.toor isreguiaieu oy iu demand, and the value of the article it pro duces. When the demand for labor is small nd the produce of that labor low in price. the reward of industry is comparatively re- duced; when the demand for Jnnpris increa sed, it rises in value, and receives an ade quate reward. Hence, whatever increases profitable labor, is substantially beneficial to the working classes, and affords them the means or comfort ; the delhhts of rational enjoyment, and the opportunity of exalting their condition and performing with satety to ine country ine amies oi citizens. 1 be manufacturer, it he be sustained in his enterprise, produces this result, by opening to the laborer a new source of employment. it is frequently urged, mat the system ot pro tection to domestic industry is of more inte rest to the manufacturer than to the laborer, as it enables him to dispose of his fabrics for a higher price, and to realize a better profit on his capital : but is not the capital of the laborer also involved in the fabric, and does he not receive a reward in proportion to the value of the article ? Let it be remembered, also,- that his daily bread, the wants of his family, the educa tion of his children, all depend upon the sue- cet of the establishment at which he is em ployed, and the objection ran have but little weight. It is also urged, that a reduction of nominal values to a specie standard, would proauce a result, requiring lur domestic luuor no protection on the part of government. A doctrine of this nature is radically wrong, and at variance with the principle on which our free government is lounded. Bring down the standard of prices tor labor to a specie standard : allow no greater reward for indus try in this country than in England, and the wonting Classes are necesaruy inroou iiuo mo condition of foreign operatives, compelled to labor constantly and diligently to earn for themselves a miserable subsistence. All the luxuries, many of eoinforl and even tho ne cessaries of life, meet be denied to them, whue the education of theii' offspring must bo wholly neglected. Thoio observations pply to the laborers engaged in Iha business of mining, and tranuportatis t our coal to market, us well as to the ope stives moro di' rectly employed st maimfacl wiea. After fe 1iaart4 for household ss It snr-pUod, this country and again impose on us a dependence almost colonial." His Excellency William Findlay, referring briefly to the subject says: "As agriculture and manufactures are the great sources of wealth, and the only solid Inundation ot our comtons ana inaepenuence they are particularly entitled to tho foster ing care ot governnienr." In the first message ol Uovemor wolt ne snenks as follows: "The protecting policy nitneno suytainea by the general Government cannot, under ex isiinrr circumstances, be abandoned or relin- tushed with the approbation or consent ot ha nennle of Pennsylvania. Their interests. their prosperity, and, I may add, their corn- tons, are at mis nine essentially luuuiuiou with that nulicv. The diversified branches of industry in which our citizens are engaged tne character oi ine pronucuons peculiar iu sur soil : the state of the foreign market to which we had heretofore been accustomed to resort for the sale and exchange of our sta pie commodities, and the interdicting duties by which the produce ot our agriculturalists is excluded from those markets, leave us no alternative as to the course to be pursued. We must either suffer our surplus produce to perish upon our hands, or we must establish a niartei lur us uunauiiiuuim ni iiuiiic w must either submit to the humiliating condi tion of becoming tributary to foreign industry or by affording encourrgement to our own, render ourselves independent of forcigu im position and exaction. Under the encourage ment and protection now aiiorueu, our mauu facturing establishments are assuming a vigo. rous and healthful appearance, and give rea- loans, there will be to pay 34 years interest on rebrua- ry 1st 1849, which it isestu mated will increase the a tnount, '.' In whatever amount of inter est certificates may be fun ded befween the 1st of Feb ruary and the 1st of August next, there will be due at the latter period 4 years interest, estimated at - . - Probable amount of interest for 1849 To which add guarantied in terest on Danville si folts vilie RailTtoad, and Bald Ea gle and Tioga Navigation Companies ... $ 113,252 94 1,865.290 05 9,000 00 1,987,542 99 7,000 00 12,000 00 $2,006,542 96 32,500 00 $2,039,042 99 The estimated revenue for the current year is $3,851,900 00 Estimated expenditures for the current year 3,716,600 00 (Estimated revenue over ex penditures) 135,3UU uu To form a fund for the liquidation of the residue of the publio debt, is an object not less important than the one just suggested. Pennsylvania should no longer bear the bur thens which now oppress her citizens, with out, at least, a vigorious and manly effort, to relieve hersell Irom her liabilities. 10 the legislature belongs the duty of devising such means, and enacting such laws, as will best promote the interest ot the people, and efforts ' i-i-i Mi-, -ii .L or the natural growth and developements of ....... ... . III! , . I inn tuuiiu, iciunu Buuiuunai commercial facilities, it is the duty of the public function ary to be watchful, that the representative of the precious metals should maintain the standard value. The citizen having in his possession a note issued by a Bank of the Commonwealth, should be secure that he holds the equivalent of gold and silver. In order to obtain this result, care should be ta ken by the legislature in the grants of au thority to these corporations, to prevent them ii pussiuin irom lurntsntng a less rename cur rency. Banking institutions have long exist. ed among us, and have been, when properly restricted, and judiciousmanaged, highly con ductive to ine best interests of the people. The notes, when kept at par value, form e more convenient currency than the precious meiaisj are equally valuable in financial con cerns, and promote the active industry of the conntry. Hence, solvent banks, whose notes are readily convertible into specie, should be sustained by the legislature, while those fail ing to keep their notes at par, or to redeem them on demand, by inflicting injury and in justice on the community, destroy confidence und forfeit our favorable consideration. In judging of the amount of banking capi tal necessary for thn wants of the community, a sound ami healthful state of business aud trade afford the best and safest criterion. These institntious are better able to meet their liabilities and redeem their nntes, in a state of things such as is here alluded to, than during extraordinary depression, or unnatural excitement. That the -increase of banking facilities is instrumental in relieving the country in times of commercial distress, is a belief as prevalent, as it is unsound. It may postpone tho crisis, but cannot afford relief. The active henlthful industry, nnd not the wants of individuals, should govern the issues of the banks. In periods of great commercial and manufacturing prosperity, an inflation of the currency beyond the want of sound, wholesome trade, 'leads to unwise, ard often ruinous speculation. In short, the amount of the circulating medium, should depend on the actual and not the imaginary wants of the country. From these observations, the Legislature will readily perceive, that any extraordinary increase of .banking capital, in the present depressed condition of trade, is not consistent with my views of the genera! wenare. The location of a bank, as near ns practica ble to the centre of its business operations, is a matter of some moment to the community, and should the legislature in its examination of the applications for the recharter of any institution now existing, be satisfied that the location of the existing bank isunsuited to the convenience of the business portion of the citizens for whose benefit it was established, a wise policy would dictate a refusal to re charter, and the establishment of a new in stitution with the same amount of capital, at a place more advantageous to the citizen. The old and well established banking institu tutions. whose credit and solvency are un doubted, and where the wants of the com munity in which thev are located rennire it. should receive a renewal of their charters ; but in no instance ought a charters to be re newed, until a complete thorough examina tion of the affairs of the institution, and a full statement of its business, with satisfactory evidence of the bona fide value of its assets, shall have convinced a committee appointed for that purpose, of its entire solvency and a bility to redeem all it liabilities. Such state ment duly authenticated, should be filed of record in the state department for the inspec tion of all persons interested. SUNBURY. SATURDAY, J AMU ART IS, 184. H. B. MASSER, EdltaraaJ FraBrirtor. E. W, CARR, F.vana' Bnildinc, Tain) Ureal, oapnaiM the Philadelphia Kirinuiica, regularly authorised to rrraiva Mtvertiaementa and eubempuona lot this paper, and receipt fur the same. VJT Persons indebted to the elTiceofthe Ameri can op to April 1848, are notified to msk final settlement with H. B. Maaaer, in whose lianas the books of the 1st firm ar left for collection. An active boy about 14 or 15 years old, would be taken as an apprentices tiis office. i ..., O"" The. Governor' Message has pre vented us giving the usual variety of edito- , rial and other matter, this week. E7 We are indebted to Geo. A. Trick Esq., of the House of Representatives for various favors, for which he has our thank. OCT" The Hon. Simon Cameron and tho Hon. Jas. Pollock will except our thanks for valuable document received. A WARNING TO BOTS. Several boys, or rather young men, from Northumberland were brought before our Court last week, for disturbing a religious meeting at that place. The meeting was nt night. The boy were on the outrid and annoyed the congregation by loud talk ing and boisterous behaviour. Judge An thony in his sentence, gave them a lecture and stated that he. was determined to punish severely all such case brought before him. but in consideration of their having already. ben in prison, he would let them off with a fine of five dollars and the costs of prose cution. ' ' , i- . K?" Speaker or tub House. Wm. F. Packer Esq., was elected on the 22d ballot, and the House was organised on Friday last.' after a contest of three days. The result was effected by thres of the Natives going in for Mr. Packer ort the last ballot. ' KF" Clerk oe ths House. vTm. Jack. the old Clerk, has been re-elected. He ap pointed Wm. S. Picking his assistant and Alexander S. Brewster, J. C. Mallory and Francis Humes, Transcribing Clesk. - persons ' The several laws in force to prevent the use and circulation of notes of a less denomi nation than five dollars, do not appear to have produced the result intended. A large por tion of the currency of the State, consists of notes ot a lower denomination, matiyol them spurious and delaced, issued bv foreign in stitutions, ITT' Tire Governor's Messack. We present our reader this week with Gov. Johnston's message. It is a document which is calculated, generally speaking, to give satisfaction to all, steering a kind of about whose solvency no know-1 medium course between the extreme of ledge can oe possessed oy tne citizens. 1 his 1,,.. His r k . reKard to the war nriMilntinn u-h 1 1 f it lnHinta ininrv nn t ha I b sonable promise of promoting the general m laudable willat all times receive the ap- community, is in direct contravention of the & tariff will meet with general approbation. prosperity of the country, and of accomplish- probation of, and be aided by such sugges- ing iuo n(e4U "" "u liuiiiciiipioicu nons as may present inemseives 10 tne r.xe- by the friends and advocates of the protecting cutive. A more favorable opportunity may wealth of the country, and the reduced value erf capital. The policy of giving fair and reasonable protection to the domestio industry of the ei nnl TV, has heretofore received a support so mi dial, from wise and patriotic statesmen whn have conducted the affairs of the ua. tionai government, as well as those who have nrecerieit me iu the administration of thi Cnmmnnn.'ealth. that I cannot refrain from th inserting of a few extracts from their woral moa.u.'ireS. In his eighth message, Washington deemed it proper to brin' the subject to the attention nl I j,iifyr0C ? . " . ... ll :.. 4f Viiiirwaa n.irn rkWaimnj, " uui Willi- ... ... nnt annnna- ri rented ineir BIMJiiuuii 10 ilia encouragement of manufacture. The ob ject is of too much conseqn eoce not td insure A continuance oi mcir ruurw v -- u'hinli ahull nnpnr fiiiTihia." President Jefferson, contains the following inference to the subject : . . ' 1 be suspension of our foreign comtTierce, produced by the injustice of the belligerent powers, anu the consequent losses and sacri fices of our citizens, are subjects of just con cern. The situation into which we have thus been forced, has impelled us to apply a por tion ot our industry ana capital to internal manufactures and improvements. The ex tent of this conversion is daily increasing, aud little doubt remains that the establish ments formed and forming willunder the auspices of cheaper materials and subsistence, the freedom of labor from taxation with us, and of protecting duties and prohibitions become permanent." President Madison ea'ls the attention of Congress to the subject, in the following terms'. "Although other subjects will' press more immediately on your deliberations,, a portion of them cannot but be well bestowed on. the just and sound polioy of securing to our man-' ufactures the success they hsve attained and' ars still attaining in some degree, under, the impulse of causes not permanent." - And again, in the speoial message of Feb ruary 20, ISIS, bs says: r ft "" : But there is no subirct that can enter with greater force and merit into the deliberations of Congress, than a consideration tl tne means to preserve and promote tb manu facture which have rprurj into esisteur.s, system. Happily for us 111 Pennsylvania, we have no constitutional difficulties to embar rass us iu reference to this system. Our statesmen, who have hitherto represented us in the National Legislature, as well as in that of the State, have uniformly expressed their opinions affirmatively, and in terras by no present itself at the present session, than will soon again be offered. ' Many of the banks of this stare have given the requisite notice, that they proposo to apply for a renewal of their characters, and N would suggest, should it coincide with your views, the policy of ex acting irom each 01 these institutions that express terms of the law. As it is manifest the existing law will not remedy the evil, it is suggested, mat an act preventing under severe penalties, the banks and brokers deal S thT'rne tT ould be withdrawn from circulation, b, . counters, would have a beneficial effect in I0311 ' possible, but if not, by a re-issue, as The subject of the relief issues forms aa im portant topic in the message. We think the whole batch ot thi filthy currency. driving these notes from circulation. Should the circulation of notes of a less denomina tion than five dollars, be desiiable, it is infi- ujniuuiia .. ....... u. j , ...... ... ailing Hum colii ui mm iiidiiiuiivii9 iu 1 nun iiwii U,D nullum, m ucroii a UIT7, 11 is till- means equivocal, that this nation possess the m8y come before the legislature, the payment nitely to be preferred, that they should be is- right, under the constitution, to protect its nv dustrv bv salutary enactments of its own, a gainst the injurious consequences of foreign legislation, and that the acts oi Congress im posing duties on imports are constitutional ; and their constituents have as unequivocally responded to those opinions.". , . Governor Porter, also, refers to the subject in the following manner: "It is unworthy tne great State of Pennsylvania, to depend 011 the manufactures of other States, or of foreign countries to supply her citizens with those articles for the various purposes of life which they can produce themselve a we!!, as cheaply and as abundantly as any Cher peo ple on the face of the globe. Our rallies teeming with plenty, our hills with exhaust less deposites of coal and iron ; our streams abounding with water-power, for all purpose unsurpassed by that in any other country : and our citizens stimulated by enterprise ana possessing means to render it effectual, should awaken in us that spirit of independence which disdains to seek at the hands of others, that which it can furnish with its own. It is with no reelings of envy or or local jealously of others, that 1 bring this subject to your no tice, but with an honest feeling of State pride and a generous emulation, wnicn snouiu iu spire us with a determination not to be in . .. .. r . 1 ij 1 . t debted to otners lor inose soua ana useiui means of promoting our prosperity snd inde pendence whioh Nature has bounteously lav ished on our own citizens." A question of the greatest msgnitude, in volving the honor of the State, snd the inte rests of the citizens, will arise in the conside ration of the publio debt. The regular pay ment of the annual interest, snd the forma tion of a sinking fund for the final liquidation of the principal, should receive the early and careful attention of the Legislature. It will give me unfeigned pleasure to unite with you in any rational mode calculated to facili tate an objeat so desirao e. The present debt of Iks State is as follows (viz,) S.per ct. stocks, 1 1.887,549 06 5 do. do. 87,305.801 rl w'i 4 1 do. OV DOO.OOQOO of a certain per centnge on its capital, in ad dition to the taxes already assessed on banks by existing laws. A sum raised in this way might form the nuclues of a sinking fund, which, however small, would regularly in crease in importance and value by the assis tance it might receive irom that and otner sources. The charters of all the banks in the Commonwealth will require renewal, tho increased prosperity, population ar.d business of the country, may require additional bank ing facilities, ana during each year - a small amount could be added to ths fund. The investment of the fund thus ereated in the , purchase of state stocks, (ths present revenue 1 laws ot the state being preserved,) and the interest on stocks purchased, being again in vested in tne same way, would Increase the fund while it diminished the debt, until all would appreciate its importance and consider it with favor. Should our sources oi revenue become of greater value, as may be reasons bly anticipated, large balance over the ex sued by our State banks, whose solvency is Known, rattier than loster a circulation issued by institutions, whose abilities to redeem them may be uncertain. With these slight modifications of our present system; taking care that no unnecessary and unadvised in crease of banking capital be made, and in all cases either of new institutions, or the re newal of those now existing, that their entire solvency should be undoubted, and that no danger to the citizens will arise from these re-commended by the Governor. A this i the first message issuing from a Whig Governor, it will be read with interest ' For want of room, we have omitted few paragraphs, on the subject of slavery,' J U. S. Senator. The Hon. James Cooper wa elected U. S. Senator on Tues day last on the third ballot. The friend of Mr. Stevens, and nf ' thai fJnvernnr. it ia grant, of power ; 1 should deem it right to vio,entlv onno, hi. plpHinn. 'Thi 10 inese leave the present policy in relation corpoiations, as it has been ro&Hntained in former years. The Adjutant General's report on the sub ject of the Militia, contains many important suggestions, well worthy the consideration of the Legislature. It ia the production of a practical military officer, who has bestowed much thought on the subject, and will be found Interesting and valuable, particularly aa pinmum uui a inuua ov wnicn inn vast t. penauurea 01 ins government will accrue to penoiiure 01 tne present system, may be a we treasury, a iuea proportion 01 wnicn 1 eu w iuo treasury. number of vote on joint ballot, i 133. Of these the Whigs and Native have .71, and the democrat 65. The followinr is the resojt of the balloting : could properly be added to the fund Thus wouiu H increase in in pie proportion, unui the enormous debt, with which we are en enmbored, would bo finally extinguished. Whatever may be the view of the legisla ture in regard to ihe plan suggested, it is ar dently hoped it with distinguish its proceed ings oy ine sooption 01 means toaiioiii an 00 jaot so desirable. - ' - In the revision of the laws on the subject of revenue, with aview to increase taxation the farming interest of the state should not be further, burdened. The state, eonnty, school, road and poor rates, levied upon land, and ths redueed price of the produots of the agriculturalist, occasioned by the present rev enue laws of the national government, oners ting to the injury of the home market, shorld justly and equitably relieve it from addition al taxation- j:. lit'i .;- n !.:, :i' For many years po settlement - of, the ac counts of ths Commissioner of tho Internal Improvement ' fund has been made ' It is worthy of consideration, whether a commis sion to consist oi a CWrk from the i.Attditer General and ike ststo departruar, with In the reuoils of thn An.lllnr Rnnanil anil burveyor General, you will find a detailed account of the financial operation of the year, ending on the 1st of December last. 10 these reports I would refer you for a full statement of the condition of the afluira of iiw commonwealth in their several depart ments. ' While ths compromises of the Constitution should be maintained in rood faith towards our southern brethren, it is onr dutv tn ana. that they are preserved with equal fidelity to ourselves. No encroachments however sanc tioned by use, should be acknowledged as precedents for further wtongs, against the in terests, prosperity and happiness of the non sis vehold ing States of the Union. If slavery be, in itself, an infraction of human rights; if it be directly opposed to the enlightened spirit of out free institution, if it destroy the equaliy of power in the s-eneral eove ru men t, by enlarging where it exists, the con slitotmnal representation if it possess a di wet r indirect influence against Northern k Wfalart polioy and internet, by promoting s ytvft of I, destructive to d-jrnrsHe in- 1st 2d 3d Cooper, 57 60 66 firoadhead, 62 62 66 Stevens, 7 6.3 Meredith, 3 1 1 Ford, : ,v.'...i;,;.;.a ,vr ;;. Mr. Cooper it appear did not receive the whole vote of hi party. ' On the 3d ballot 3 voted for Mr. Stevens and besides two who took no part in ths flection. Mr. Cooper is an, amiable and worthy man and will make an excellent Senator al though, we doubt if any of the candidates would be ' as efficient as pen. Cameron, whose term expires on the 4th of March and who will be succeeded by Mr. Cooper. Mr. Broadhead was the nominee f the democratic party and received the wiytile party vote. ., , . v,:; .. ... v ,.r.it r , mm S iiaspus 1 1 ! , ' Vi J J 7" Ths papers announce thettVethef Col. Amoroso It. Sevier,' lata , V-? Ssuator fAesn Arkansas mi. Commissioner i , Tcx'ea 5s ,1.1 mat M
Significant historical Pennsylvania newspapers