TIDE
t uav
.o sworn upon tho Altnr of God, eternal hostility to every form of Tyranny orcr the Mind of Man." Thomas Jefferson.
PRINTED AND PUBLISHED BY II. WEBB;
Volume IV
KOOMSSUI2(R, COLUMBIA COOTTf, PA. SATURDAY,
!4ii Number 38
EH3SE
To the Senate and House of Repre
Pennsylvania.
Fm.oV Citizens: Amongtho va
rious duties enjoined by the Constitu
tion on the Executive magistrate, none
(s more important and more frequent
ly perplexing, than that of "(jiving to
"the General Assembly information of
the stnto of the Commonwealth, and
recommending to their consideration,
audi measures as ho should judge ex
pedient. " On this occasion 1 am hap
pily relieved from much of the anxic
ty and embarrassment attendant upon
tho discharge of this duty, by referring
your attention to tho annual message
which I had the honor to transmit to
the Legislature on1 the 8th day of
January last. In that messuge, I felt
it to be my imperative duly, to enter
into a full and elaborate exposition of
my viows on several deeply interest
ing subjects connected with the public
welfare, and especially on the subjects
of tho internal improvements of tho
Commonwealth, the public debt, and
the reformation of the banking system.
In regard to these leading questions of
vital interest, and the numerous subor
dinate matters intimately associated
and blended with them, I can add very
little to the opinions I ex-pressed, and
the commendations I made in the mes
sage to which I have just referred you.
The experience of tho pait year, has
not only confirmed, but strengthened
my conviction of tho justice and pro
priety of those opinions and recom
mendations; the people at large with
unexampled unanimity have approved
them, and I earnestly invite your care
ful deliberation, as 1 did that of the
last Legislature, upon those portions
of tho message, to which you will find
convenient access upon your journals.
So fir oa rcaptcto the reform of the
banking system, I perceive no nei.-CD.ii r
for changing or modifying, in any es
sential particular,thc recommendations
thorein contained; and I now here res
pectfully, but earnestly recommend
tho adoption of the recommendations
I then made on this subject, and trust
that tho present Legislature will not
soparate, until they shall have made a
searching and thorough reform of the
imperfections and manifold abuses of
the prosont system. To me it had
beon a subject of deep regret, that my
recommendations on that subject, did
not meet tho approbation of the last
Legislature, persuaded as I am, that
the most beneficial influences would
have resulted from thpir adoption. It
is not, however, too lato to apply the
remedy still, and I again recommend,
with anxious earnestness, those meas
ures for reforming tho abuses of tho
banking systsm, to your early atten
tion. The i esumption of specie payments
on the part of tho banks, which con
stituted a year ago such a formidable
portion of tho difficulty in tho way of
efficient legislation, is about to be con
sumatcd, without your active interfer
ence at all. Under tho resolution pass
ed on the 3d day of April last, thoso
institutions are required on and after
the 15th day of January inst. to pay
on demand all their notes, bills, de
positcs, and other liabilities, in gold or
silver coin, on penalty of ths forfeit
ure of their charters, upon certain con
ditions set forth in said resolutions. It
.nflords me great pleasure to slate, that
although the day fixed for tho resump
tion was more remote than I wished at
tho time, yet the period of indulgence
has nearly passed away, and there is
now good ground to believe, that the
banks of this Commonwealth will, as
they are required to do, be prepared
again to discharge their liabilities in
specie. Should they do so, by con
tinuing strictly to observe tho law, an J
by fulfilling the just expeditions of the
public, they may regain the confidence
which they have hitherto lost, and
more particularly may they do this, jf
proper measuros be adopted for the
bolter regulation and control of their
operations. Ono of the most imme
diate advantages resulting to the com
munity, from the resumption of specie
payments, will bo the entire expulsion
from circulation of the illegitimate
brood of small notes that hnvo been
poured in upon us, from the neigh
bouring states on all sides, in dafunco
of law, and of the most active and en
deavors to suppress them. I cannot,
however, conclude this part of my
subject, without recommending that
no increase of our banking capital be
made under any circumstances, and
that effectual provision bo made by
law. that if any bank shall at any time
hereafter, suspend specio payments,
it shall be ipso facto a forfeiture of its
charter. Notfiing short of an absolute
and unconditional provision of this
kind, can arrest the frequent over is
sues by tho banks, induced by the in
ordinate cupidity of thosa under whose
directions they may be conducted.
Let the great principle bo distinetly
announced, as the foundation on
which our banking institutions rest,
that hereafter, there are to be no more
suspensions of specie payments in
Pennsylvania.
TIi condition of thepuhlic improve
ments during the past year, has been
attended to by the officers entrusted
with their managemont, with untiring
assiduity. They nro in a much better
state of repair than they ever have
been since their construction, and but
little delay or interruption in business
has occurred. The amount of busi
ness done on tho main line, it is true,
has been less than last year, but it ha
been owing to causes in no degree con
nected with the managemont of tho
public improvements. I refer you to
the Report of the Canal Commission
ers, for a detailed and accurato state
ment of rha present condition of the
improvements, the sum required to
complete those linos in a state of for
wardness, and tho amount needed for
tepairs on the canals fit rail roads now
in operation, aa well as tho amount duo
for repairs heretofore done.
I feci it to be my duly again to
Biaie lu nio- !-(,'. r
as those portions of the unfinished
lines of improvement, now almost
completed, sro finished, and upon
which, if tho work had been suspend
ed, more would dave been lost to the
Commonwealth than by hastening
their completion, I think it full time
for Tonnsylvania to pause in her ca
reer of internal improvement, and test
for a time the usefulness and valuo of
the stupendous achievements she has
already mado. I have been from the
beginning the friend and advocate of
the internal improvement system of
this Commonwealth, and shall contin
ue to be, so long as that system is con
fined to the main lines and their im
mediate tributaries: but our immense
public debt, and the sacrifices which
tho people are called upon to make in
consequence of it, for the payment of
ths interest, and of the principal as it
falls duo, forcibly admonish us, to con
sult prudence and economy beforo we
incur additional responsibilities, with
out a corresponding increase of means
to meet them. A revival of busiiuss,
and the natural augmentation of our
population and resources, will in a
short period of time, enable us to real-"
ize from our improvements, many of
the advantages of which they are sus
ceptible, and as I confidently trust,
enough, and more than enough to de
monstate the wisdom of their project
ors, and the soundness of the policy,
which led to the enormous investment
of capital in their construction. When
that day arrives, let canals and rail
roads be constructed wherever they
promise to bo useful throughout the
wide extent of the Commonwealth;
but until it does arrive, let us husband
our resources, and diminish a.i much
as practicable the burthens now im
posed upon the people of the State.
The amount necessary to complete
the main lines, fy to put the improve
ments now in use in a thorough state
of repair, you will be fully informed
of by the Canal Commissioners;
which amount of money I would res
pectfully suggest, should be immedi
ately appropriated, so as to enable
the Canal Commissioners to make
proper arrangements to apply it With
most advantage to the public service.
Great and immediate repairs to our
improvements arc indispensable, jf
we hopo to maintain tho character of .
those improvements; and to prevent
our immediate- Northern and South
ern neighbors from diverting from
them a large share of tho business of
the West and South. The honor of
Pennsylvania is too deeply involved
in this measure to admit of apathy or
delay. Feeling as citizens of this
Commonwealth should feel on tho
subject, I am ouro no stronger motive
to action csuld bo presented to you,
than that of enlightened and manly
state pride, addressing itself to you
through tho medium of official duly.
PUBLIC DEBT.
The present amount of the public debt
is,
Permanent loans at 5
per cent.,
Permanent Iqansat'lJ
S33,0S6,013 32
per cent.,
Temporary loans at 4
per cent.,
200,000 00
15,000 00
.833,301,013 32
Due (he U. States, on
account of deposits
surplus revenue,
Unpaid appropria
tions, 2,8G7,514 75
023,247 59
530,790,775 09
Upon an examination of the debts
and liabilities of the Commonwealth,
on the 15th of January, 1839, and the
subsequent laws passed, authorizing
loans and making appropriations, it
will be found, that nearly the whole
sum borrowed since that period, has
boon applied to debts and liabilities
then due and falling due, on account
of tho public works finished and in
progress to tho payment of tempora
ry and stock loans for interest on
the public debt, and for the repairs of
the canals and rail-ways of the Com
monwealth. The only sums appropriated out of
tho loans authorized to be made since
i caiitu iii . , i.u . . . . 4
plied to liabilities then due and grow
ing out of contracts, which oxistod at
that time, are the following:
To the survey ofa rail
road from Harris-
burg to Pittsburg,
To stock in tho Penn
sylvania and Ohio
canal,
" " Franklin rail road,
" " Monongahela Nav
igation company,
S 45,000 00
50,000 00
100,000 00
100,000 00
S295,000 00
PUBLIC PROPERTY,
Bank stock, g2,10S,700 00
Turnpike&bridgostock, 2,830,aiS 89
Canal and JNavigation
stock, 045,209 00
Hail road stock, 335,540 90
Money due on land, es
timated, 1,000,000 00
Public works, canals,
rail-ways, dc.
29.578,500 17
030,498,370 90
Thus it appears that tho resources
of the Commonwealth are abundant,
but not immediately available for the
purpose of paying either the princi
pal or tho interest of the public debt.
It is proper hero to remark, that it
has net been tho uniform practice of
the Legislature, to provide sufficient
revenue to meet the current demands
upon tho State Treasury. The vari
ous appropriations of the public treas
ure have exceeded the public income.
Out of this stale of things, a custom
has grown up at the Treasury it seems,
to pay the demands upon it, as they
are from time to time presented, with
out reference to the specific appropri
ation of pact of tho monies therein, to
tho payment of the interest upon the
public debt, which falls due semi-annually,
on the 1st of February and 1st
of August. Under this custom, it has
happened, that from a deficiency of
other means, the monies arising from
tolls, auction duties, tax on collateral
inheritances, dividends on turnpike,
bridge and navigation stocks, and es
cheats, which had been set apart by
law, towards the payment of the inter
est on the public debt, have been paid
out indiscriminately to meet other de
mands upon the Treasury, There will,
therefore, be a deficiency in the fund
for tho payment of interest on the pub
lic debt, upon the 1st of February next
of perhaps $800,000 This, as well
as every other sobject relating to the
revenue, belongs so exclusively to the
Legislative branch of the government,
that all recommendation of the Exec
utive can be required, to brspeak for
it the necessity for1 some special legis
lation in relation to its future disburse
ment. It is computed that tho tax which
xvill be rendered available under the
act of the lllh of June, 1840, entitled
"An act to create additional revenue
to be applied towards the payment of
interest, and tho extinguishment of
tho debts of tho Commonwealth," will
amount to about SOOO.000. The sum.
which will be raised under this Act,
together with the other resources of
the Commonwealth, will most proba
bly liquidate the interest account,
without further resort to loans for that
purpose This act is to continue in
force five years, and provides such a
rule for the assessment of taxes, as to
fall with gentle weight on those who
arc little ablo to bear any addition to
their expenses. The articles taxed
are those purely of luxury, such as gold
watches, pleasure carriages, household
furniture exceeding in value three hun
dred dollars, togother with bonds, bills
and notes of solvent obligors, bank
stock or stock in other corporations,
yielding dividends of at least ono per
cent, salaries of public officers, and
real estate. Although this act undoubt
edly operates with considerable hard
ship upon those who fall within reach
of it3 provisions, still they are compar
atively, subjected to very little incon
venience, for in most instances they
do not belong to the poorr classes, on
whom taxation usually falls with the
most peculiar severity.
To impose taxes on any class of our
fellow citizens is not very agreeable,
in tlfi8m.pPIP!fi'..tkj..b-ulleJ'i
of Pennsylvania must be sacrificed, or
a tax of this kind be endured, thero are
few, very few men in the Common
wealth worthy to be ranked among
her free, intelligent and upright citi
zens, who will shrink from their sharo
of the burthen. When, too, it is known
that those who recommended, and who
sanctioned the bill imposing the tax,
are no more responsible for the neces
sity that compelled a resort to it, than
any of those who are to pay it, the f0l-
ly and injustice ot those who would
condemn, are rendered still more con
spicuous. I found tho debt upon which
this interest was to be paid in existence,
when I assumed the functions of" tho
Executive, and found nothing to pay
it with. The Treasury was exhausted,
and no means left to meet this respon
sibility but further loans, a sale of the
improvements or taxation, lho first
two were impracticable, and 1 was
driven by stern necessity to the adop
tion of tho latter alternative. 1 saw
but one path beforo me open to pursuit
and that was tho path ol duty. J re
commended taxation; that rccommen
dation was adopted by the Legislature,
and it is a source ol proud gratification
to me, when I consider that the peo
ple of Pennsylvania, almost to a man.
so far as I have been lnlormcu, with
firmness and patriotism worthy of
themselves, have yielded to this neces
sity without murmur or repining. I
feel fully convinced, that at the expi
ration of tho five years at farthest, with
a reasonable degree of prudence, and
with strict economy in the manage
ment of our affairs, the incomo of our
improvements will render a renewal
of this law wholly unnecessary.
If any difference of opinion exists,
as to the necessity of this tax, let these
questions be answered by those ob
jecting: Docs not Pennsylvania owe
this debt? Is she not morally wind le
gally hound to pay it and its interest,
as it falls due? Can they point out
any other mode by which this can be
done'f
You, however, have come directly
from the people, and arc supposed'
best to know their opinions on this as
well as all other subjects; and ff you
differ in opinion with me, .an this im
portant .subject, and think the tax
ought not to have been laid, it is your
duty to repeal the law instantly. Nd
part of the tax has yet been collected.
Seeing no other mode of extricating
the Commonwealth from the difficul
ties in which I found it, my views and
opinions remain unchanged. Yet if
the immediate representatives of tho
people think proper to repeal the law,
nnd can substitute any other mode
less objectionable, which will prompt-"
ly meet the exigency, be it so; the res
ponsibility rests with them.
I can never consent, by word or"
deed, to countenance the idea that thd
faith of the State can be violated by a
ailurc to meet her engagements. If
fherc be any in our country who
twould be willing, if they were able,
to abrogate the contracts of the Com
monwealth, and be, faithless to hef
crcditors.let their doctrine be distinctly'
avowed and the issue fairly made up
before the people. The intclligcncu
and integrity of our citizens would
speedily convince the world, that they
feel the necessity in a republican gov
ernment of mainlaining.unsullied, pub
lie faith and natiohal honor
The deficiency in the funds set apart
for the payment of the interest on the
public debt falling due on the 1st of"
February next, must be promptly
provided for. By the act of the elev
enth June, last, the Governor is ntt'
thorized to procure it. on loan, and for
that purpose proposals have been in
viled; whether the money can be pro
cured I know not: and in case it can
not, I sec no.other mode left to avoid
the dishonor of the state credit, but
the sale ofa sufficient amount of the
stock owned by the State, in one or
the other, or all of the banks in which
she is interested. The State owns the
following amount of stock in each of
the banks named, viz: Bank of Penn
sylvania 3750 shares; Philadelphia
bank 5233 shares; Farmer's and Mc
ceanic's Bank 170S shares. The stock
-HVaW-JloL-Probablv command a
hope that not a day will be lost, before
this possible blot upon the faith and
honor of the State is effectually guard
ed against, by the prompt action of the
Legislature.
In my last annual message, the
question was distinctly presented to
the Legislature, whether the works
then in progress should be prosecuted
to immediate completion or not, and
the question was by them determined
in the affirmative, & the sum of 8000,
000 appropriated to each of what has
usually been denominated the main
lines; and the works being so far pro
gressed in, as to warrant the expecta
tion of their being completed in anoth
er year, all will now concur in the
opinion, I presume, that provision
should be immediately made for the
completion ot the unfinished works as
soon as possible.
A Judicious and immediate appro
priation promptly made in anticipation
of the usual bill, specifically for the
works under contract for the com
pletion of the reservoirs, nt each end
of the Portage rail road and for ordi
nary repairs, is imperiously called or,
and will enable the contractors to com
plete the whole, and have them ready
lor use by the opening of the naviga
tion in the spring of 1842. The vast
importance of the immediate comple
tion of the main lines, as well to the
citizcnsimmcdiately intercsfedin them,
as to the fiscal interests of the Com
monwealth, cannot be too strongly
pressed upon your attention. They
will complete a communication be
tween the great lakes, and our com
mercial metropolis. They will also,
by a proper airangement with the au
thorities of New York, connect our in.
provcmcnls with those of that great
Commonwealth, thus affording an op
portunity of exchanging the products
of the two states, and strengthening the
bonds of our national union. They
will also add largely to the revenue on
the work now in use,
Whatever differences of opinion may
have existed as to the policy of com
mencing the Erie Extension and North
Branch Canals, there ought to be nore
now us to their speedy.; complet.cn
Thoy are nearly finished, a compara
tively small sum io necessary to com