. ... ann maintains me reception. It may bo said, that it is no consequence whence education comes, provided it comes at ail, l hat may bo Very true ; but it is n reason why we shonld ipend money a id time in not being educated, nor is evety ; i! - . i.; ir , , . . i . ono incuneu o exen inmseii in soiuuae to this end ; still less, to commence the acqui e.tion, of what ho is sensible he ought to ' have acquired in youth lato in life, when ho is generally called on to act, and has no longer timo to learn. If, as all are agrocd -we must apply ourselves in youth to acquire knowledge, because it is difficult to form the necessary habits afterwards, it is essen tial that the knowledge to bo gained should be useful knowledge. It is said that the practice of laboring at Greek and Latin, woduces its effect in giving the general ha bit of industry in learning, and in cultiva ting the attention, the memory, tho taste, And what not. That is, as if the man who it to live by rope dancing were to labor for tie instruction at the anvil. 1 he same liboi in modern languages will confer the knowledge and tho habit both ; the memory the attention, and the taste, may be cultiva ted by useful, as well as useless knowledge .and thus two objects are attained by one effort. Ho who means to raise cabbages does not plant pine-apples. Below we give the dignified and excellent reply of Governor Porter to a call made up on him by a meeting held in York, without id'iatitction of party, for an earlier meeting of tho Legislature than the time fixed by law, accompanied by the suggestion that he recommend tho Legislature to authorize tho the issuing of certificates of loan of one, two and lree dollars. HiwnNOTON, Oct. 31st, 1839 '.To Messrs. 'Jacob Spangler, Jacob B. Wentz and' Israel Gartner. "-Gentlemen. I have been honored with the receipt of your letter of the 21st inst. enclosing the theresolutions adopted -at a public meeting held by the citizens of the Borough of York, on the 10th of October. Tho two principal resolutions are 1st, that the vfJovcrnor be respectifully- rcqueeted io con vene the' Legislature at an- early day, and 2d, that this meeting respecifclly suggest to his excellency the propriety of ' recom mending to the legislature the creation of a -state debt of two millions of dollars, bear ing an interest of two per cent., per an numj and that-tho -banks of the common we, ilth permitted to issue notes of the 'de-novm-nation one. two and three dollars, to-the .a--rnount of said loan taken by them. Tne high respect l entertain lor the gen tlemen composing this meeting, some of whom have been long known and honored with places of trust and-confidence by their fellow citizens, has induced me to give to their recommendations and suggestions the most careful and deliberate consideration. I am deeply impressed with the difficul ties, in all our financial operations produced by the sudden and unexpected suspension of specie payments by the banks, It can not'bc doubted or denied, that tho act on the part of these institutions, connected with the recent occurrences of a similar kind has not only disturbed and deranged our momentary condition, but has shaken in no slight degree, the confidence of the people in the banking system itself, or at least, in the manner in which its operations hare been conducted. Unhappily the weight of immediate embarrassment has mainly fallen on tho poor and the indus trious the individuals least ablo to bear it while those persons possessed cither of credit or of money, have been subject to little real inconvenience. In this state of Jhings, I feel as anxious as any citizen can feel, to extend all the aid in my power to rtho3e v ho endure the hardships of our pre sent eituaiion. I cannot however bring my mind to .the conclusion", that this object would be promoted by convening the legis lature earlier than the pcriou' fixod by the constitution. 0n a subject so vitally im portant to the people as that of the" curren cy, crude and hasty legislation, shou'd bo eeduously avoided. Experience alone a -safe guide. It would be almost impossible' to find an instance in the history of govern ments, where sound and salutary laws have 'had their origin in parties and agitations. "When legislators take counsel from excite ment orapprehension, reason and experi ence aie seldom consulted. Temporary expedients are resorted to, which are as likely in tho ultimate tendancy to increase the evil complained, as to correct it, and in the end, the same work remains to bo done, that might have been accomplished upon due reflection at the .beginning. These principles are so plain and obvious, .that perhaps no person can be found in the community to coptrorort them and they have been and will continue to be, the principles by which my course is regula ted. Without enteringinto the details of the mode pointed out in your resolutions or if any other mode suggested to supply the existing deficiency of small change, it will lie enough to remark that the suspension of .iper.je -payments is so recent the inconve nience wc suffer so little understood, and o dependant on fluctuating circumstances to rrnder it extremely difficult if not al together impracticable, to foim any other whcnco ins Knowledge came holds, poace first impression only It may be proper for mot add, that I feel cxticmely unwilling to inciV the public expense, and to out the members m'thn legislature to the personal incomvenience of auenuing an extra-session, unless such mea sures be demanded by the most imperious requisitions of official duty. For1 the reason abovo stated I do not conceive tlio present to be an occasion callinr? on mni to adnni it. ! . . ... . . . .r- mis course, anu t must therelorc, I with the utmost respect for mv fellow c itizens of York who composed this meeting to acquieaco in its well-meant decline sugges tions. I am with great respect. Your humble servant, DAVID It. FOKflrER From the Keystone. BANK REFORM. Whatever diversity of oninion per vaue me community as to the ... - diate causes wnicn nave leu to a second su ...tii . men siou ofspecio payments by the banks, thcro cannot in our opinion exist any differ of sentiment as to the imperative nece ence ssity of engrafting new, salutary and essi ntial relorms upon tlio system of banking iself. Experience and time, those unerring ers of all human arrangements, havo arbi con- clusively demonstrated its radical imps. rfec- lion, and admonish us, most loudly to a such remedies as the necessity of the c asc demands. So lone as tho system shall re main in statuquo, so long us new sl ue guirds are not thrown around the intertsts and well-being of the community, and I so long as additional and important restr ic tions aro not imposed upon banKs aiwd bankers, the spirit of cupidity and the xlu I ay wasto our fairest prospects, and we will I trive in vain to extricate ourselves Iron the difficulties in which wo arc floundering 1 o rest upon our oars now, at a crisis sue i as this, without cfiecting or attempting, ojr ver proposing a change lor tho bcttir would be to " sin against light" and uj proximate to criminal indifference. mong ine reforms most louuiy caueu. i jr by tho public interests, wo will specif) a tew, perhaps the most important. 1. 1 he passage of such laws as mill increase the liabilities of stockholders n effectually secure the interest of the not holders. It would be superfluous to hi duco roasons in support of a reform confessedly salutarv and wise, so loudl called for by every expression of the publi sentiment, THE SECURITY OF TIKE BILL-HOLDER, we take it, should be the leading and paramount feature in the organization of a banking institution, and, without such assurance engrailed in cm phatic terms upon its charter, the commu ity is right in characizing the issue ol pa per "promises to pay" as a vno ami in sufferable FRAUD upon them. A the legislature have it in their power to remod el', alter and amend all bank charters within thfc limits of the state, is to be iioped, that the)' will introduce a clause engrafting this s&lutvry consumation into each and all of them. . I'M restriction of bankissucs ton specific limit not exceeding double or Ire ble the amount of capital paid in. It can not be controverted, that the great and fun damental error in the management of our banking institutions, is their almost unlimit ed over-issue, transcending tho boundaries of care and prudence, and often exceeding the amount ofspecio in their vaults as fif teen to one. To the wildness and excess of all our banking institutions in this par ticular may bo traced many, of not all, the alarming evils that have been inflicted upon the community. An over-issue of paper money, such as we Jiavo periodically expe rienced, of necessity produces a redundan cy of currency, besides begetting in the public mind an inflated sense of prosperity which the sober second thought" invaria bly dispels. Tho result uniformly has been, ad always will be, a speedy fall from their alms of visionary prosperity, into all the coldness of sober reality. The transi tion invariably leaves public affairs in the lamentable condition we now find them. The certain and 'unavoidable effect of these enormous issues of bank paper is to banish all specie from circulation, and render pa per, instead of the precious metals, the cir culating medium of the country. Ono of the first steps of tho Legislature, should therefore bo, the PREVENTION OF OVti'R ISSUES, whereby much of the fluctuation and "stale of glorious uncertain ty" wo nevr experience will cease, and the public be protected against tiie worst of evils, a depreciated ahd in many instances wholly worthless paper currency. 3. We cordially concur in the depreca tions already so expensively manifested by our contemporaries, of the lawless course pursued by the hawks in declaring and divi ding dividend, during tl"5 period when they refuse the redemption of their paper promises. At such a juncture " NO DIVI DENDS" should be written in starting capitals above the tables of the money changers. This is a doctrine so entirely based on the immutable principles of JUS TICE, and a contrary course would bo so diametrically opposed to every considera tion of right, that the rigid enforcement of the law against all who violate its whole some and salutary provisions cannot he too earnestly pressed. A number of our bank ing institutions, acting upon these consider-J alinns, we have been pleased to observe, have declined, at their recent meeting to de- estimate of it, than supply. J!..!.t.i. ... i . . ... . uiuiu uinuunus, aim wc presume, will bo consistent in such a course while the sus pension lasts. Those, who with tlm nm hibitory injunctions of unrepealed statutes staring them in the face, from motives of cupidity anil tho love of "filthy tcre," have yet ventured to disregard them, can scarcely expect tne leniency of an Execu live and legislature, pledged to a faithful administration of the laws, and coming into ollico with an unflinching determination, that their dignity and power shall at all hazzarus be scrupulously maintained1 i diljj, cquai in importance to any uiav nas ueen suggested, would unquestion ably bo tho appointment of BANK COM mis&iuiimcs, either three or live in number. Ilicso should be clothed with ample powers, to institute, at all limes, thorough re-search into the condition of a our banking institutions, with a view to as certain their solvency or insolvency. Pru dence will dictalo that they should bo men of enlarged views.great practical experience and undoubted integrity of character. The state of New York has long since appoint id suen a supervisory power and it trie weath ering af the storm by the banks there, while uur uwu uavu necessarily yielded, proves any uiing, me emcacy ol audi a power is abundantly tested. We have not at hand the law creating this board of commission ers in our sister state, to ascertain precisely the powers invested and duties imposed, dui uo not uoubi mat mucli salutary and essential information may bo derided from it. t here, however, the power of appoint ment is conferred by law upon the Govern or, subject to the action of Senate, which. we think would at this time in Pennsylva ma constitute a safe depository. Petitions praying the Legislature for tho creation by law such a board of commissioners, are ex tensively in circulation, and the prevailing sBiiumeiii cieany muicates, mat the com . II.,.. . a munity looks to our lawercrs for tho a doption of a measure so confessedly saluta ry. Wo present these crude sutreestions. not Dccause nicy aspiro ti any novelty, but be , o o cause we Deuevu tncin to embody such re lorms in our banking svstem, as the public e.i eney imperative v demands. Them may be, anil unquestionably aro numerous oiner uiianires ol an essential character. which the supniior experience of iheLefris- lattire will puihans devise and ailnnt. 1'ime must developo these. Jld interim. vb may uu pcrmiucu to exnress it as our firm conviction, that the action of the Dem ocratic members, who compose the ma jority, will be of a character to promote the interests and integrity of tho commonwealth and maintain the " Supremacy of the Laws. Keyslo ns. To show tho opinions held in other states in regard to ctirrency.we publish the follow ing from the " Charleston Mercury," one of the most talented papers in the Union. Il will be seen that light is shining in all di rections SPECIE AND PAPER. There could not be a more fitting than the present to notice the following impor tant distinction between two currencies. If wc had au entire specie circulation, the foreign balance against us in any ono year would be settled out of that which cons'titu- ted the whole circulated, and the pressure would be to the precise extent of tho foreign demand and no more. Tho effect would be palpable and instantaneous, having ils correction at hand in check of speculative business and tho proportionate reduction of prices. Willi a paper currency, the foreign balance, on the contrary, is drawn, the ba sis of that circulation. Suppose that our circulation consisled of 120,000,000 of specie, and that from ex cessive importation or debt thero were a bal ance of ten millions in cash to he paid a broad; it would abstract one twelfth of Ihe circulation and naturally diminish prices 8 1-3 per cent., equal to a fall of about ono cent a pound in cotton at its common price. On the other hand let the circulation consist of $120,000,000 of paper, resting on tho " safe proportion" of 1-3, or 1-1, 1-5 of that amount of specie; abstract from this basis ten millions and you lake away from the foundation from thirty, forty, or fifty millions of paper, according lo the degree of the expansion. One of tho two effects must follw; either that the circulation should bo circulated to that ruinous extent, or that the banks overwhelmed with distrust and and assailed by panic, should suspend spe cie payments. Within two years, we have now seen two suspensions of specie pay ments, produced by a foreign demand not probably exceeding the sum supposed a bove. No w wo take the other side of the nic- tvjre, Suppose tho balance in our favor and specie to flow in from abroad. With a me talic currency, tho circulation would be in creased ouy to the precise amount impor ted, and o.f course prices would rise and speculation be promoted only to that ex tent. With a paper curroncy, the addition of ten millions in our stock of specie, is giving a basis to tho issuo of 3, 4, or 5 times that amount of paper. The fluctua tions, therefore, of a paper circulation are from three to five times as great as of a spe cie circulation, unless wo admit as an es tablished part of tho system, that banks may suspend whenever the balance of trade is againit us. We shall contider in another article whether such suspension has not a still more minous effect upo.i priees, upon isdustry, and upon national a..d indiudual credit and -i t .1.- . .t . quest mo reader s careful examination of the above, wnon our Hanks suspended, those who profess to be tho knowing ones' in finan cial circles hereabouts, to d us thatthn Nnw York Banks would suspend as soon as the next steam packet sailed then it was to be alter tho election. But both packets und i.iuuiiuii3 uiiio passcu away, and still no suspension no intention of suspending, as appears ny me sutijoinctl extract from the XNew York Gazette. How's this t Docs ijotlian moan to persist m her contumacy anu i;uiiaiiracy i wui . iuiuuciiuiu menus nave tinallv come to the conclusion that our Banks will not conclude to suspend specie payments. Thoy are quito right. They aro solemnly assured that they need not havo the least misgivings about it. They may bet if they choose though wo do not' advise that, for ueuing is a oaii uusiness, but we will just nuuiiii muse wno oei against suspension, that they are in no danger of losing that is all. Isn't it about time, however, for our i nuaueipnia brethren of the press, for each and all of whom wo entertain very kind feelings to withdraw some of their hard sayings towards us poor Golhamitcs, who nam uone notning in the world to offend them, but choosinirto nerform nnr nrniinenc! to the public ? Pray don't bo angry with us, gentlemen, for askini? the aucnimi. Cm- nnuiuig couiu uo lurttior Irom us than the .t. ir. . " wish io ask n offensively." We are indebted to the Philadelphia Spir it ol the Times for the following exhibit of me staie ol parties in the next Cnn.r. anu now me probable vote will stand for i i . ... "ft-0") speaKcr. Dcms. Fcdx. Cnnlnctml rtiainc, it Now Hampshire, 5 o Vermont, -z 3 Massachusetts, 2 10 Connecticut, 0 0 New York, 10 21 New Jersey, 0 1 5 Pennsylvania, 17 10 1 Delaware. I n Virginia, i- o North Carolina, 8 5 South Carolina, 8 1 lieorgia, 0 1) Louisiana, () 3 I ennessee, C 7 Ohio, 11 8 Indiana, f Illinois, 3 0 Michigan, 1 0 Missouri, 2 0 Arkansas, 1 0 Alabama, 3 2 Kentucky, 2 11 Rhode Island, 0 2 Maryland, 5 3 Mississippi, (cstimated)2 0 121 111 There is a disputed seat in Illinois Mr. JJoucLAss (dem.) is unquestionably e- ccieu nut ihro the fedora contrivance of the governor Mr. Stewart has the certifi cate. In Pennsylvan'a, the death of Mr. Tot- Ttn creates a vacancy. An election to sup ply it will bo held on the 20th inst., and the democrat elected will bo in his seat at the assembling of Congress. TIIE " EMPIRE STATE." Although the election in New Yoik State has had a less fortunate result than many had perhaps anticipated, it neverthe less affords strong ground for hope, amoun ting almost to certainty, that the democracy will carry the state next year. Our pro gress in recovering the asr-endancy in the popular branch of the legislature will be seen by the following statement of its com plexion during the last tlneo years, as de termined by the fall elections.. At the election of 1837, the federalists carried 100 members of assembly, the democrats only 28 1 In 1838 the federalists elected 82 mem bers the democrats 40. Democratic gain of 18 members. At the recent election the federalists hare carried 08 members, tho democrats 00 showing a gain of 3 J members since "con servatism" first broke out. Tho popular vote indicates in an equal degree the steady and unfaultering progress of demociacy. In 1837 tho federal major ity was not less than 17,000 in 1838 it was reduced to 10,000 and at tho recent election it has dwindled down to less than three thousand ! If the election of members of congress had taken place this year, the delegation would have consisted of 21 democrats and 1G federalists, instead of 19 democrats and 21 federalists. In fire congressional dis tricts, where the federalists carried their candidates last year, the democrats are now in the ascendaut. The New York Courier and Enquirer of oaiuraay says, "binco Me siispensinn.snuth of us, the Philadelphia Transportation Line has, on each and every day brought specie amounting on an average to at least 30,000 dollars." On Friday 00,000 dollars in spe cio arrived in lliat city by tho same lino, and the dealers in tho article are said to de posite more than thoy fell. It appears from this that about a million of dollars in I specie havo been taken from Philadelphia 4 to New York &inco ihe suspension, r.iiarauicr. in wc mraiiuinc wo wouiil re TH9 "TltUTIl VlTUOL'T rr.u ' ru&BiUBKTIAI, ELEOTION-1840 Fon Pkksmhnt, MARTIN VAN BUREN. Fon Vicn Piuisidunt, RICHARD M. JOHNSON. AND Tlir. CONSTITUTIONAL . TREASURY. THE BANKS. M,hat wo predicted some months inr.. in relation to banks, has now, to a consid erablo extent, become a matter of hintory. A general suspension throughout Pannayl! vania and several, other States, has Uk place. The frequency of bank suspensioni is certainly frightful in interest to the pco pie. as it should be admonitory to them. from those consequences which immediate ly hazard the stability of their business and their fortunes. It must be admitted that Bankinrr is a licence of such attenuated precision, when properly conducted, that but few comparatively, of the great mass of the peo ple, can attain to any thing more than a ve ry limited knowledge of its sinuosities, or the serpentine movements of Bank Direc tors, or their fiscal agents. Yet most of the people have sufficient knowledge to de termine whether in tho main, those institu tions pre conducted on principles salutary to the interests of community or not To them, therefore, an appeal, under the nro- senl embarrassed and embarrassing circum stances of our country, may be proper. l ho lacihty with which bank charters have heretofore beon obtained, has increas ed the amount of nominal (for it cannot bo real) banking capital to an amount almost equal to the value of the whole sod of the United States. And yot, real estate is not generally a basis of banking operations. Oold and silver are the only legitimate foun- dations on which a bank should ever lm permitted to stand. Tho known amount of those metals now in the United States, may be something like one hundred millions. A sum insignificant indeed, compared with the amount of fictitious bank stock crsatod by too thoughtless legislative enactments. This assumed, how easy for the honest yeomanry of the country to see that tho in terest of the people, and the interests of the banks art antipopal to each other, and that the timeg whon the people are under tho greatest embarrassments (the seasons of bank suspensions) is the time when bank interests are the most flourishing, No fur ther evidense is required to establish this fact, than the enormously increased amount of Bank dividends during the late suspen sion. Jf there be, let ihe people become acquainted with tho long suspension, if wa remember right, of twenty-nine years of the Bank of England. When that suspension Inntf nlapp. in tinnL- tuna n.liniltrwl in hm. ww 1 . 1 ...... 1 nv uui.i, nu. umiibu v - insolvent to an immense amount. But, un like individual insolvents, she had managed to identify her interests with those of tho government of Great Britain to such an ex tent, that if the Bank found a grave, the British government, as it then existed, was in dangor too, of passing to the land of for getfulncss. During tho long time that her suspension continued, she was able to re susitatc her capital through the monetary difficulties she had brought upon the peo ple; and upon her resumption, hydra like for the one head that had been lopped off,. she appeared with ten, icady again to gull and gore poor John Bull, and all others who might chance to throw themselves withm the sphere of her influence. So too in our own country, cverv sus- pension but serves to strengthen the ener-, J :. r t,.i. . -.r,.iiA " gtto ui nit; uaima iu iuc ijiiho ouiicaoi.... i upon the interest, tho rights, and the liber lies of the people, These energies they fail not to use with all their fearful efficien cy. And should legislators still continue w mad policy of multiplying bank capital, at least without an entire reformation in th present banking system, the lime cannot b far distant, when the hie jacit of our conn try' liberties may bo written by tho gilded point of some ambitious Cxiar's tword,- CpyiAllHA DKMOClui
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