THE? STAR OP THE NORTH.
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fc.W. TTeartr, freprteUr.]
VOLUME 9.
TUB STAR OF TUB NORTH
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THE MONEY CMS IS.
[We desire to call the particular attention
of'-our matters to the following powerful dis
course by the great Iconoclaetio Divine Kev.
Theodore Parker, of Boston, delivered last
Sunday, the report of which we copy from Ihe
Boston Bee.]
THKODOBC PARKER O* THE PRESENT COMMER
CIAL DIFFICULTIES.
Rev. Theodore Parker preached yesterday,
at the Musio Hall, a " Sermon of Hard
Times," which was listened to by or.e of the
largest congregations ever assembled in that
spacious Hall. He took bis text from 7th
Eccletiastes, 14th verse—"ln the day of ad
versity consider." He commenced by saying
that it was the duty of the man of science to
interpret the world r tf matter to other men,
and tell Ihe meaning and the use of things;
it was the duly of the astronomer to report of
the heavenly bodies, telling mankind the
facts connected therewith—their übo lor m*n's
material business, their meaning lor his'epir
itual development and delight; it was the
duty of the botonist to deal with those bodies
which grow out of the ground, the water, the
air, learn what they are good for, and how
they grow ; it was the duty of the doctor to
study human bodies, learn their structure, set
forth the conditions of healih and long life, and
warn men against what will shorten their
dsys. All theee men of science woohl make
raitlakee, observe wrongly, analyze imper
fectly, reason amiss, and so fail of truth,
though aiming at it, but their very errors were
steps towards it, and if they stumbled, they
fell forward and upwards. So ihe minister
was to study the phenomena and essential
nature of the human spirit. He should use
all things to enlarge the amount of such
knowledge as is useful in the conduct of hu
man life, and to deepen (he consciousness of
duty. He should show Ma nse of ail great
events fbr man's material business, and their
meaning for his spiritual develo'pment; should |
point out the eternal law, the providential
purpose in transient affairs. He, too, should
inform mankind of passiog events, and give I
them a cast forward in the great journey of ,
human life; should translate the brute facts ,
of history into the ideas of philosophy, and :
bring tbem to human consciousness, and I
thereby teach men prudence for their mate
rial business, wisdom for their spiritual con
duct, and so help a large development of
mind and conscience, heart and soul, in the
community wherein the lines of his lot are
cast, and which gives him bis daily bread.
At the Rocky Mountains take hold of every
cloud which the Pacific sends thither, and
wring the water out of it to moisten their
own soil, and fertilize Ihe valleys below, so
to-dsy they would take bold of Ibis commer
cial cloud which comes upfront the great
Pacific ocean af American business, wring
ite meaning not of it, learn its whence and
whither, its use for their daily business, its
lesion for their religious development. In
speaking of this subject. Mr. Parker said he
should have to speak of some thing not often
spoken of on Sundays in the pulpit, but very
often thought of in the pews.
We are in a stale of great general prosper
ity. There is no foreign war to waste the
mind, body or estate of tbo people. There
is no domestic war, except what the Slave
Power it carrying on in Kansas, by the show
of the baUot-box and the reality of concealed
bayonets. There is no pestilence; births
bear a large ration io the deaths, and emi
gration enlarges onr number still more; there 1
is no famine—an abundant harvest is gather
•d, or wails for the sickle ; we have no great
foreign commercial"debt wbioh must be paid,
•ad so will consume the harvest gathered
from the soil, the mine and Ihe sea, or man
ufactured thence. The imports of 1856 were
8360,000,600, but the exports were two mill
ion* more, and if 869,000,000 thereof 1 were
gold, it should be remembered this is as much
• staple of American productive industry as
coal is (o England, and so, if we manage
sightly, it is no more loas for us to export our
superfluous gold than it is for Sweden to ex
port her superfluous iron, Brazil her hides,
China her teas and silks. Take America as
St whole, and the demand for labor is greater
Iban the supply. This is shown at tbo South
fey the constant iqctease in the price of slaves,
and at the north by the continual increase ol
wages, and our anxiety to make such ma
eltieM as, in • short time and cheaply, shall
do the work that else would require the cost
ly teil of human hands to achieve. America
OPUS never so rich at to-dap, in men, women
Bed children, cultivated land, good roods, of
earth, wood, (tone and iron, in ships, houses,!
shops, factories, tools, lb* useful metals and
minerals, and Be vet to well supplied with
food, clothes, lunilure, carriages, school*,
books, aud all manner of thing* for nse and
beauty.
Yet, ta sphe of ail this general abundance,
there is a great crisis in th* money madcet;
there is distress ui all commercial circles,
fiom Maine to Louivisps. All ths depart
mruts of commerce and buriness are ditinrb-
BLOOMSBURG, COLUMBIA COUNTY, PA., WEDNESDAY, OCTOBER 21, 1857.
ed. Motiey, which is commonly worth from
six to eight'pet cent; a year, is now hard to
get at 24 percent. Men pay a famine price
for gold and silver.' Hoesea ol the first re
spectability fail, or else suspend payment for
a time, loaving Others to pay. ' Men ol hand
some estates, even of great fortune, find that
their property is all gooe. In pdible cities,
i() whole States, banltß stlspend specie pay
ments—violate their connects, solemnly
made, and pay m promises to pay—not in
certificates of property, but ferlifjrates of
bebt. Mills shut down their ga.tes, and men
are turned oat of dmploymeot'by the hottd
red or thousand, with the proapeol of imme
diate idleness, and remoife hunger. : -
Money lenders, who are always dipping
into the stream of commerce,and ladling out
what thence they may, now refoee to -lend on
■any terms, on What tffi* orftte 'considered the
best seruiity. Our own city's "promise to
psy" fails to caramand the needed ooin.—
What is the cause of this (rouble? He should
very ill disoharge his duty as a philosophic
thinker, and teacher of religion if be did not :
try to point it out, was true, he was not a bu- j
siness man, but for many years he has siud
led the history of commerce, and, living
among trnding men, he had had his eye open
to whdt they did, thought, suffered and felt.
He did not, however, pretend to speak with
authority. Commonly, in bis teachings,he
could say, "I know this is true." To-day he
could only say, "I think this is true."
To understand the present commercial
trouble, and be prepared to make use of its
consequences, it was necessary to look deep
er than the surface at some things, which lie
a great ways off and far down. All man's
conscious activity was at first an experiment
—an undertaking—of which the result is not
known until after the trial. All experiment
is liable lo mistake. There are many ways
of doing a thing, but only one way of doing
it best; and it is not likely that every indi
vidual of the human race will hit the right
way the first time trying. What succeeds we
keep, ar.d it becomes a habit of mankind.—
He took it. All the experiments ever made,
however ruinous to the individual man, have
to the human race been worth all they coat,
and it was not possible for the human race i
to have learned at a cheaper achonl than tbtt
dear one which experience has taught.
In the military period of man's history, war
was the chief business. The great families
were founded by "sons of thunder," and kept
up by war. The great estalea were got by
robbery; aristocracy was dyed blood-red.—
New all this is passing away. The military
period is giving place to the industrial. Ger
many, France, and England, are the Euro
pean leaders in this industrial civilization;
but they keep the old tides—baron, duke,
lord. Here we have an industrial democra
! cy. The dollar, not the sword, is the badge
' of aristocracy. Great families are founded
! by trade; great estates are got by buying and
| selling ! and social rank commonly depends
on money, ihe only beqneathable excellence.
Nobody asks—"What aoceslors have you got
in the grave?" but what money in your vault.'
what horses, lands, stock ? Hence property
is sought, not only for the comfort and luxu
ry which it brings, but also for the social dis
tinction it confers. It takes the place of all
the virtues. It is in American society what
"imputed righteousness" is in Ihe church—
the social salvation of man. Titles are noth
ing. No American Mr. Macaulay would
oare to be made a baron, lord, or duke. Ev
ery penny-a-lirer from Maine to Nicaragua
would laugh at him. Money is here what
title is in England—a patent of nobility. It
can "ennoble fools, and aots, and cowards."
So it is the only object of American desire.
Ol course all men ate eager lo get it, and so
rush into trade, the favorite bnsines of Amer
ica. Business here is entirely free from old
reßtraiots, political, ecclesiastical, social, and
■o there is a wide field for new commercial
experiment. On the whole, onr American
experiments of industrial democracy suc
ceeds very well. The increase of property
and of popnlation is enormous. In 1,500
years France only doubled her popnlation
twice. Whet was five millions io the year of
150, under Ar.tonius Pins, was only twenty
million* in 1610 under Lonis XIV., while in
60 year* America ha* doubled her population
four tiroes, and what was three millions in
1790 was more than twenty-four millions in
1850. In tome States the growth seems fab
ulous. fn 1830 Algiers became a Frenoh
province, and the government sought to
stimulate emigration thither, but in 1837 there
were not 126,000 Europeans in Algiers, while
in ten yetta Ihe state of Wisconsin has gone
op from nothing to 900,000 men. The in
crease of taxable property is quite as remark
able. Fifty-seven years ago Massachusetts
was only worth ninety satan millions of tax
able property ; to-day the la worth more
than tin times that amount, her annual earn
ings being 8300,090,000. Onr experiment,
then, has pretty successful.
Thoughtful men, eager lo be rich, and
leave distinction lb their children, boy up
land* in advance of population, build rail
roads, and in the old States, they seize the
great river* and develop manufactures, per
haps a little Caster thee tbe state of the na
tion, in its preeMi pecuniary eaabarrasemenl,
woo Id justify. Stiff mom, within fow
yearn, mine* of geld have Men discovered in
California and Australia, which have pro
j daces result* net yet comprehended. It has
affected the pritto of all things, and as no one
knows what quantity of gold it lobe obtained
nobody knows how high the prices will go,
bnt vary sanguine men suppose they will
flae a great ways above their present value,
and to many buy for a future market. Hence
comes that extravagance of speculation in
grain, sugar, coal, and especially in land
This, thf preacher said, he supposed was
unavoidable—one of the incidents of our ami
cess. . (
All this was very encouraging—it was a
step forward and upward; but it was attend
ed with certain great evils, which, collect
ively, are the censes of the present distress.
There is a great extravagance of expenditure.
Perhaps no minister was less severe on the
indulgence :n luxuries then he wal, because
he saw the functions they performed ; and
besides, he never saw a house too com
fortable for men and women, or dresses too
elegant, though he had seen a great many
houses nod dresses too costly for the weater's
means. Look at the general style ol dress
among women—it* exceeding costlines*j not
only among the rich, bnl everywhere, except
among the very, poor, who would, but can
not. The fault is not with the women, who
bear all the blame, and are the butts alike for
the satirist'*,wit and the minister'* dullness.
1 If men wished women to be clad in sack
| cloth, it would be done before to-morrow
| night: for though women has a greater love
of decoration than man, it is far less than ber
desire to please him. And, indeed, the very
love of drees is with her more a love of pleas
ing others than a feeling of self-satisfaction.
Then comes the increased cost of ships, hou
ses, shops, banks, offices, and the like, which
renders the transaction of business more cost
ly. Then there is 'he increased expense of
city, town, and State governments, acd the
foolish and wicked waste of municipal mon
ey. Though the property of Massachusetts
has increaasd tenfold within a few years, the
ratio of taxation baa doubled, and in some
case* trebled. Then there are the idlers. In
the town of Somewhere livea Mr. Manygirls.
He is a toilsome merchant, his wife a bard
working housekeeper. Once they were poor,
now they are ruinously rich. They have 7
daughters whom they train up in niter idle
ness. They ars all do nothings. They spend
much money, but not in wotks of humanity,
not even in elegant accomplishments, in
painting, dancing, music and the like, so
paying in spiritual beauty what they lake in
material means. They never read nor sing:
| they are know-nothings, and only walk in
vain show, as useless as a ghost, and as Ig
norant as the block on which their bonnets
were made. Now, these seven "ladies" (as
the newspapers call the poor things, so in
significant affd helpless), are not only idle,
can earn nothing, but they consume much.
What a load of finery on their shoulders, and
gesdi, and necks. Mr. Manygul* bires many
men and women to wait on hia danghters'
idleness, and those servants are withdrawn
from the productive wotk of the shop or the
farm, and set to the unproductive work of
nursing the seven great grown-up babies.
On the other side of the way, Hon. Mr.
Manyboys, has seven sons, who are the ex
act match of tbo merchant's daughters—rich,
idle, some of them dissolute—debauchery
coming before their beard—all useless, earn
' ing nothing, spending much aud wasting
more. Their only labor is to kill lime, and
; in rummer they emigrate from pocd to pond,
from lake to lake, having a fishing line with
a worm at one end and a fool at the other.—
These are the first families in Somewhere.
Their idleness is counted pleasure. Six of
these sons will marry, and five, perhaps, of
Mr. Manygirl'a daughters, and what families
they will found, to live on the toil of their
grandfatner's'bones, until a commercial cri
sis, or the wear and tear of lime has dissi
pated their fortune, they are forced, reluctant
ly, to toil.
Besides, (here is an enormous waste of
food, fuel, clothing, of everything. We are
Ihe least economical civilized people on the earth.
Of course, the poor are wasteful everywhere.
They do not know how to economize, and
! they have not the means. They must live
! from band to moalh, and half of what is put
into Ihe hands perishes before it reaches the
mouth. So likewise are the rich wasteful
who have inherited money—almost never
such as have earned it. The great mass of
the people are not economical, but wasteful
—ft is the habit of the whole country.
The next cause is the rashness of experi
ment, leading men to engage in enterprises
not well planned, and wbioh turn oat ill;
cost'much and come to little. Hence come
attempte to develop new forms of industry,
or old forms in new places; the building of
railroads in sdvatiee of population, or in ad
vance of business, and the great increase of
shipping. Bat this is a failing that "leans to
virtue's side."
Then the spirit which prevails in onr trade
is not a very honest ODe. He would not vay
that we were worse thaa other nations; he
was sure we were better, jnater, more honest
than our fathers were 100 year* ago. The
wealthiest merchant who did business in
Ibis oily 50 year* ago, wonld not be tolera
ted on 'Change a single day. Bnt look at
the defalcations of men intrusted with publio
funds—look t the great swindling* by offi
cers of railrosds and banks—remember how
lightly all these thing* are posted over, and
bow very seldom a great thief gel* punished
at all— remember that men fail in trade,
leaving half a million of debt, and ooe-temh
of a million lo discharge the debt—reroera
bet bow tbe Paoifio Company pat 81,600,-
000 in gold of other men's properly, and 600
of their living bodies into a ship, with only
eix boats, and no pnmp thai conld throw
water—in e ship tbtt bad a reputation to bad
that she conld not be kept afloat without
changing her name, and making the Qtorge
law tbe Central America —end then you see
what a spirit there is In onr trade.
Oor system of buying and selling ia a very
i bad tbiogi It sncoategee extravagance by
1 pulling off pay-day; it makes the tranieotion
Trutb aMI Bi*ht-~o4 oar COM try.
of business mora expensive, by neceeeilating
a great number of clerks; it gives opportune
ty to temptation and frtod; it produces a gen
eral unsoundness in trade, and to Increase
the cost of every pound of bread we eat,
every inch of cloth we Wear, every brick we
pile into our walls, and every alale which
roofs our houses. It seems to be cheap it
turns out to be dear.
Here is another cause—the great and con
troling one. We make money out of what
has no intrintio value—out of paper. All
property is the product of labor. To distri
bute from (be producer to the consumer,
there must be trade. For that, there must
be money, which is simply the instrument
of trade—a labor-saving machine tq pro
mote buying and selling. After much ex
perimenting, mankind ha* taken gold and
silver, and thereof made moTey,'the instru
ment of trade, l£e medium oT commerce.—
Gold and stiver are property,, and so repre
sent the labor requisite to acqoite them; they
are transferable properly, and, of course,
subject to the laws of properly, Itiey rise and
fall ill value, and no legislation can prevent
that, any more than iron or tin; yet, com
monly they fluctuate less than any other
substance that could be chosen. They are
condensed property. And not only a-e the)
lite medium by which de\>ts are paid, but
they are the standard measures of all value.
Gold or silver made into coin has no more
value than before. At the mint the Govern
ment pnts a stamp upon it, which is simply
a national certificate that it has acertain puri
ty, or comes up to a certain weight. It is a
certificate of value, not a creating of value.
Now, in America, we . make fictitious
money out of a piecf of jigper, which con
tains somebody's promise lo pay a dollar,
and this becomes an instrument of trade, by
which debts are paid, and the standard meas
ure of vtlee. Unlike the metallic dollar, the
paper dolltt has no intiiosio worth—is not
property, only the lawful representative of
properly. We have chartered some twelve
or thirteen hundred banks in the U. States to
manufacture this substitute for metallic mon
ey, on condition that when the paper is
brought back, they shall pay a metallic dol
lar for it. A bill, which is a promise lo pay,
is taken in payment of debts, said to be as
good as gold; a certificate of debt is taken
instead of a certificate of property. As there
is little demand for metallic money, that is
carried ofi. Like all other merchandise, it
brings the highest price where it is needed
and used the most. It is-00l lo be denied
lhatili*Mi niUjMieMymi si-e in this,
especially attendinglarge transactions; but in
using it in small sums, there if this great
inconvenience. As paper oosts little labor,
and. is yet taken for the representative of val
ue, and so a certificate for labor done, it ia
multiplied to a great extent. Then money
ia cheap and price* go op. The farmer gets
two dollars for his bushel of corn—that is,
he gets the promise lo pay two metallic dol
lars. Wages rise; the laborer gets more pa
per money for his work, but his grain, cloth
and coal also rise, and he gets no more val
ue than before. Accordingly, as prices rise,
it coots more to manufacture than before,
and so we import the products of labor from
abroad, where there ia little paper mouey
i and prices are low.
| As we 'eel rich, because money is plenty,
and men say it is a* good at gold, we im
port largely articles of cotwgt-Eml Hurury,
and send abroad onr raw materials in pay
ment, to be brought back' manufactured
goods. But by and by the- raw material is
not quite adequate to pay our foreign debts
—for our paper money i* good for nothing
abroad; our foreign goods, sold at paper
prices, mnst be paid for in metallic money—
and specie run* out of the country. Then
the banks, not having the actual metallic
money to pay, refuse to circulate their bill*;
money becomes "short," "tight"—there is a
pressure in the market. Money is worth
more than before, goods are worth less.
Merchants who have bought goods on cred
it, nd sold Ibem on oredit, cannot meet
their payments, and, accordingly, must sell
their permanent property to rteet their pay
ments, or else pay enormous rates of inter
est—for money is merchandise, and when
scarce, like bread in a bsslaged cjly, it goes
up to famine prices. Slocks fall in valae
ten, twenty, thirty, forty, even fifty per cetrt.
Capitalists become distrustful, and refuse to
loan at all. Trader* fail, and give up their
permanent property lo their creditors: it is
sold at a' red need value. Tbe trader lows
half, bul Ibe creditor is only half paid.
The inheritance of birth, tbe earning* af a
long life are at one swept away. In bit old
age, tbe thrifty merchant is left With nothing.
Timid men withdraw their money from cir
culation —It lies still, and an idle dollar is
just as useless as tn idle spindle or an idle
axe. Great enterprises stop. Men are thrown
out of employment. Hunger looks through
the window of a thousand homes, making
agly months at wives and babes.
We take great pains lo prevent thi* evii.
We try legally to fix tbe value of this paper
money we have created, and threaten topon
ish every man who loans it at aeon iban six
per cent. We might as wall say that water
should nol run down bill. Wo have tried to
make that money wbioh ia no money,
wbieh presents no labor none, and we can
not escape from tbo consequences of our first
falw prir.oiple. Wo wonder that specie does
not stay in th* land. It >* because we think
papet money it just as good, end France and
England do not It rain* gold, and we bold
ont our dish bottom upwards—of conrae it
, u empty. We complain that there is a lack
;of specie)!n our country. In the last twelve
raontha we have exported mora than sixty-
nice millions of gold from this very land.—
Other Causes had their influence, but the
main trouble, Mr. Parker said, at it aeemed
tu him, came from ibis—that we trusted in
paper money. The immediate conseqnence 1
of this state of thinga is very painful. Some
men lose their estates; a few great ptoper
ties are scattered tt once; many little compe-1
tences come to nothing. Sometimes this
happens to the beat men in the country—
men with liberal ideas, with habits of gener
osity. You all know what ha* recently be
fallen one of the most honorable, generou*
and Christian men in this town, who, as a
thriving merchant said, has done more for
the rising generation of Boston than any ten
churches that could be named. You all de
plore the misfortune of this noble philanthro
pist. Now and then a chance shot strikes a
coward in his lent, bnt commonly it is the
brave soldiers who get shot in batile. There
is a "forlorn hope" in tbo battle of produc
tive industry not lets than Ihe battle of war,
and he (Mr. P.) looked on the honest mer
chant who turned out bankrupt, as he looked
on the wounded soldier, covered all over
with honorable scars, got in front, manfully
confronting the foe. He has suffered, but it
was in the cause of God and bis country.—
Just now, we are in a Balaklava battle, and
somebody has blundered. Let us do honor
to the "six hundred," remembering how
they "rode onward," meaning right.
In conclusion, Mr. Parker set lorth the du
ties devolving upon honorable and Christian
men, in this lime of tronble and distress.—
He counseled forbearance towarde solvent
debtors as long as possible; the payment of
small debts to tradesmen and artisans; the
avoidance of all waste of articles of food or
clothing, for we btd a htrd Winter before ns,
and should want all we have gob Yet he
did not think it manly or Christian to make
large retrenchments in these times, when a
man could afford bis previous expenditures,
for by so doing, he simply shifted the burden
to another man's back. Charity should be
remembered, for he thought much of that
would be needed before the Winter was half
through. They should be humanly gener*
ous to such as fall through mistake, humanly
just against defraudera, swindlers, cheats, of
whatever name; charitable to the follies of
the weak, ihe errors of the wise, but stern
against the culprit's meditated wickedness
and concealed crime.
The remoter duties were to reform the
whole monetary system, make gold and sil
ver the medium of business, and depart from
the habit of baying <l wUfitg on credit to
io great an extent. When the potato rots in
the ground, it tells us it is nol fit lo be a na
tion's bread. It is the voice of God crying
ont of the ground—"Beware! beware !"
Cholera, yellow fever, typhoid, the plague,
leprosy, they also have a warning, telling n*
what will follow if we violate the conditions
of life and health. They also, though our
brother's blood, are God's voice, crying—
"Beware ! beware ! The spot whereon you
stand ia unholy ground. Make clean vonr
| cities, breathe pure air. Turn ye, for why
will ye die?" And when a commercial dis
. tress like this occnrs in a nation full of plen
i ty, and wealth and industry, and wisdom,
surely it tells us that we have made a mis
lake ; that the experiment does not succeed;
that paper money ia a tool that does not
wotk well; that extravagant expenditure,
! waste, the importation of luxuries, dishon
esty in trade, are not wise.
Betides, have wo not made a mistake,
which lie* deeper, nearer, likewise, lo the
business of the pulpit? Have we not thonght
a little too much of property, fine bouses,
gaudy steamboats, New York hotels, costly
silks? It is not worth while lo bold Ihe rai
ment above the body, and the meat more
than the soul which should consume it. The
millionaire is nol the highest product of hu
man civilization. A rich man, s rich city,
does not necessarily possess all the Christian
virtues. "Money answerelh all things,"
says the Bible proverb; bnt it cannot answer
for houesiy, it will never do for virtue, it can
not lake the place of confidence in Thy high
er law, thou Father of earth and heaven!—
Is our trade condnoted on fair, just principles?
Does the Golden Rule lie on the merchant's
desk, measuring ou* between man and man
the rule of the market? Have we not for
gotten God's higher law? Certainly, we
over-rate wealth 10-day, just ss our fathers
thought too much of fighting. The great
end of buBineai is not the accumulation of
property, but the formation of character.—
"He heapeth up riches, and knowetb not
who shall gather them," says the Psalmist;
but great virtue*, prudence, wisdom, justice,
benevolence, piety, these may be gathered
from yonr trade; they are not oneerlain riches
bnt imperishable, undefiled, and which fade
not away.
"In lite day of adversity consider." Amer
ica will learn ber letsou from ibis commer
cial distress, this scarcity of money, lack of
work, temporary hunger, transient fear. Let
us be tbaokful that our teacher comes with
such a mild face. If we do cot learn by Ibic,
then Ihe lesion is to be tanght us, not only
with mercantile failure, bnt with tbe thnnder
of ctnnon. When God apoke to England
through the jingling dollars she did not heed
Him, bat ihe heart when he speaks throogh
the Crimean cannon, and 150,000,000 of
men in rebellion on the other aide of Ihe
world.
Bnt we will learn, and then shall the light
break forth ont of the darkness, and the solid
blessings of prosperity thai! attend a thought
ful, industrious, forecasting people, who re
member the inevitable law of jumioe which
God has written on every metallio dollar, on
eveiy paper promise to pay, as he has writ
ten it on these fair flowers of the field.—
Then, not putting our trust in uncertain rioh
t, we shall count it the great end of life so
to do the duties of time ss to secure the re
ward* of eternity; and for each of o* there
shall be a treasure "imperishable, undefiled,
and which fadetb not away."
PENNSYLVANIA LEGISLATURE.
A Relief BiU Reported in Ike House—Passage
of a Sill in Ike Senate.
HARRIBBURG, October 9, 1857.
SENATE.— The Senate met at nine o'clock.
Mr. Wright presented a resolution, provid
ing for the printing of 2000 copies of the an
nual report of the Auditor General's state
ment of the condition of the banks on the
first discount day of November next, for the
use of Senators of the next session. Adopt
ed.
The Speaker presented a communication
from the Philadelphia Board of Trade, for the
enactment of a law giving relief Jo the banks
and the people.
Messrs. Brown, Ingram and Wright pre
sented petitions from the merchants, manu
facturers, and mechanics, of Philadelphia,
praying for relief.
Bill No. 1, concerning the banks, was la
ken up on third reading.
Mr. Straub moved to go into Committee
of the Whole, for the purpose of striking out
tho eutire bill, and inserting one of three
sections, submitted by him as asubstitute.
The first section provides for a suspension
of specie payments till Ist February, 1858,
and requires the payment of specie for their
five dollar notes.
The second section provide for a stay of
execution for one year.
The third repeals the 47th section of the act
of April 16,1850. .
The motion prevailed ar.d was discussed at
length by Meters. Straub, Killinger, Taggart,
Welsh, Wilkins, Finney, Browo, Gazzam,
Wright and others.
The substitute was amended by substitu
ting the fir ft section of the biP passed on sec
ond reading last night, but extending the lime
for resumption to (be second Monday of
Aptil, 1858.
Section 4th of the bill passed last night, re
quiring the deposits of Ihe Slate to be paid
in specie, was also adopted as a part of the
bill.
Some other unimportant amendments were
adopted, atgl the bill was passed finally by a
vote of 19 yeas to 12 nays.
Adjourned till 10-motrow, at 10 o'clock,
.A. L . _ I _ . |
HOUSE. —The House met at 9 o'clock.
A motion was made to pnrchase 1000 vol
umes o( the Slate Agricultural Report. Neg
atived—yeas 9, nays 69.
The Special Committee of thirteen, which
was appointed to consider the various
suggestions contained in the Governor's Mes
sage, reported a biil, and were discharged
from the consideration of the other bills be
fore the Committed.
The act, as reported, is entitled a Bill for
Ihe relief of Bank* and their Debtors. It re
moves the jienalties incurred by the Banks
and Savings Funds fora suspension of specie
payment, until the Ist of March, 1858; per
mits Banks to discount and still pay oat their
own notes; bnt sixty days after the Ist of
March, 1858, lliey most pay their deposils;
requires that Ihe Banks of the Common
wealth shall not declare dividend* of more
than 6 per cent.
The Banks of Pillsbnrg and Philadelphia
sbtll publish weekly etttements similar lo
those now made by the Banks of New York.
All Banks shall receive the notes of other
Banks solvent on the 21st of September last.
It the President of any Bank makes oath that
any Bank is unworthy of oredit, three com
missioners shall be appointed by the Gover
nor to examine into the condition of the Bank
so complained of; and in case ol Ihe Bank
refusing the means for a proper examination
by the committee so appointed, it thereby
forfeits its charter. But any Bunk resuming
specie payments before the Ist of March shall
not to forfeit its charter, notwithstanding the
verdict of the Commissioners.
The Act further provides: That all Revenue
| Collectors shall receive notes of all solvent
> bank*. All banks during suspension must
pay cash for notes received by tbe State for
tolls and ttxes. On all judgments hereafter
obtained, execution shall slay six months
longer than now allowed by-law. In cases
where Ibe party has freehold, no other secu
rity is necessary; where be has not bail may
be entered. A stay of execution, however,
shall not be gtanted for wages or labor. Tbe
Direclors of the different banks must accept
the bill within thirty days after its passage,
and certify their acceptance to the Governor.
And the Banke shall pay one-half per cent
into the Slate Treasury before the first of
January, 1858, for ihe privileges granted
them.
The above are the principle outline* of the
Act.
Meters. Thoru, Yearsley, Bishop, Ramsey,
Innet, and Gelz presented petitions taking re
lief. Tbe ptthirions were from the Board
of Trade Association, citizens of Philadel
phia, and the citizens of Northampton coun
ty.
Tbe Speaker presented tbo proceeding* of
the meeting held at Harriabnrg last evening-
Tbe reeointiona were read.
Mr. Thorn presented tbe resolutions adopt:
ed by the meeting of merchants and manu
faotorere of Philadelphia, at tbe meeting in
Independence Square, yesterday afternoon,
wbioh were read.
The bill reported by the special eommiitee
of thirteen was ordered to be printed.
Adjourned lid 3 o'clock, P. M.
[Two Dilltn per AaiM.
NUMBER 41-
Afternoon Strtion. —The float# ; resumed
the consideration of thejbill reported by ibe
special committee of thirleea.
Mr. Ksoffmtn moved to extend the time
for the resumption from March. Ist to April
let. Lost.
Mr. Gildea moved to|decreeee the lime by
fixing it on the let of January. Lost.
Mr. Eyster moved to emend, by requiring
tbat the weekly atateraenie be published 111
tne newspapers having the largest simula
tion in the county, Canied.
Mr. Johns moved to out down the salary
of the Commissioners to examine the ac
counts of discredited *feanks,. from flO to $6
per diem. Carried.
Mr. Nioholaon moved tbat all banks reoeive
I the notea of all oibevMsolveot banks in tba
Commonwealth, not oqrtfednring tba suspen
sion, but for all MlMtlHr darned.
Mr. line
giving tto dis
credit. it ep as to
requite the 'With-
Mr. Thorn words
ir. the 4th each
not
banks."
Thorno words
months," Lost.
Mr, Calhoon end of
rhe 6th section stay of ex
ecution has under ex
isting laws or warrants of
attorney, or has
been received or regmMM.by the parlies."
Mr. Eyster offered as a lufther amendment,
"where the time Of tke'tiiay of execution baa
j already expiredv" -+ —•
! Mr. Calhoun's amendment was adopted,
but Mr. Eysler's was nagatiVed.
Mr. Kauffman moved to strike onl "one
half of one per cent." and msert 'one fontlh/
in the 7ib section. Lost.*
Mr. Struthers moved tbUAe Bank Direc
tors be empowered to scon^Asprovisions of
the bill. Witbdiawm j?.-
Mr. Mumma rao<WimmdK4> to aection
Bth, providing that dHMF now fending
shall be effected by infect. Carried.
Mr. Strnthers aection, revis
ing the act of 184t, pjHeing that property
exposed at public aale dßm bring two thirds
of it* value. Lost.
Mr. Vickere moved a new section, provi
ding that on and after the lat day of Novem
ber next all banks tbat shall not psy specie
for theirfivadollar to pey 10
pet cent. dPtheir checflßHpbies of suefc
banks as do pay specie on five dollar notes,
■ball forfeit their charter*. Lost.
Mr. Yearslsy submitted a new section,
prohibiting banks from suing tbair debtors,
whether drawer, endorser, or aoceptsr. Also,
from selling sny collateral, deposited at es
curity/.during the suspension of tba bank.—
Lost.
Mr. Abrams submitted a new section, di
recting all banks, tfter tbMbasaage of the ao!,
to pay their notes of Lost.
Mr. Johns moved a new aection, thai from
the Ist of January, 1858, no bank shall issue
notes of a less denomination than twenty
dollars; and that all notes less than twenty
dollars mint be redeemed from and after the
Ist of January, 1859. Lost.
The bill having gone through the Com
mittee of the Whole, the House then pro
ceeded to oonsider U an a second reading.
Mr. Tborne moved to extend the lime of
suspension to the Ist of July, 1858, and made
a strong speech in favor of his amendment.
Without taking any action upon it, the Hons*
adjourned till to-moirow.
HABRISBCRG, October 10, 1857.
SXNATS.— Mr. Laubacb presented a petition
from Carbon oounty, for the relief of the
Banks and the people.
Mr. Browne called up the resolutions of
fered by him, relative to the control and re
straint, by Congress, of the circulation af pa
per money.
Mr. Cofley offered as a substitute, a reso
lution declaring tbat, in the opinion of this
Legislature, tba present financial embarrass
ments were occasioned by the tariff of 1848,
and the modifications mads by tbe last ses
sion of Congress.
A political discussion ensued. The whole
subject was finally postponed, and the Sen
ate adjonrnod until in tbe afternoon.
On meeting again, nothing of interest we
done. The Senate adjourned in a short time
until Monday.
House.—A resolution providing for the
printing of the Board of Revenue Commis
sioners was passed.
Tbe bill to provide for Ihe payment of
members and officers of the Legislatoe daring
the present session, was presented by Mr.
Foster, and passed.
Tbe Bank bill was then taken np on ss
ond reading.
Mr. Johnson movsd to shortsn the time
for resumption from the second Tuesday in
April to tbe third Menday in January, 1858.
Mr. Kauffman moved a farther amend
ment, lengthening the lime to January, 1859.
A lengthy discussion ensued. Messrs.
Mumma, Kauffman and Eyt*r favorsd the
amendment, and Mesara. Cslhouo and Loog
aker opposed il.
Kauffman's amendment was finally nega
tived—yeas 25, nays 69.
The Philadelphia delegation voted as fel
lows:
AYES—Messsrt. Bishop, Doek and Thorn.
N*vs—Messrs. Artbor, Carier, Glides,
Hancock, Knight, Leisenring, Mcllvein,
Ramsey, Roberts, Waher, Wbertoo, Years
lay.
Of the members voting yes 24 are Ameri
cans and Republicans and 1 Democrat The