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