THE STAR OF THE NORTH.
R. W. W ea*r, Proprietor.]
VOLUME 9.
THE STAR OF THE NORTH
IS rtIBLISIISO CVERV WICUNESIUV UORNINU BY
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Tilt! Bta.trßT CltlSH.
[We doeire to call the particular attention
of our readers to the following powerful dis
count by the great Iconoclastic Divine Kev.
Theodore Parker, of Boston, delivered last
Sunday, the report of which wo copy (rom the
Boston Bee.]
THXOPORS TAHKER (IX THIC PBKSKNT COMMKB-
I't AI, PIFFICIII.TIKS.
Kev. Theodore Parker preached yesterday,
at the Musio Hall, a " Sermon of Hard
Times," which was listened lo by one of the
largest congregations ever assembled in thai
spacious Hall, lie look his text from 7th
Eeclesiastes, 14th verse—"ln the day of ad
versity consider.'' He commenced by saying
that it was the duty of the man of science lo
interpret the world of matter to other men,
and tell the meaning ami the use of things;
it was the duty of the astronomer to report ol
the heavenly bodies, telling mankind the
fuels connected therewith—their use lor man's
material business, their meaning lor his spir
itual development and delight ; it was the
duty ot the botonist to deal with those bodies
which grow out of the ground, the water, the
nir, learn what they aro good for, ar.tl how
they grow ; it wus iho duly of the doctor to
study human bodies, learn their structure, set
forth the conditions ol health and long life, and
warn men against what will shorten their
days. All these men of science would make
mistakes, observe wrongly, analyze imper
fectly, reason amiss, ami so fail of troth,
though aiming at it, but their very errors were
steps towards it, and if they stumbled, they
fell forward and upwards. So the minister
was to study the phenomena and essential
nature of the tiumiin spirit. He should use
all things to enlarge the amount of such
knowledge as is nseliil in the conduct of hu
man life, and to deepen the consciousness of
duty. He should sin. w the use of all great
evetiis for man's material business, nud tltcir
meaning for his spiritual development; should
point out the eternal law, Ihe providential
purpose ii< transient ufluirs. He, too, should
infoim mankind of passing events, and give
litem a cast forward in the great journey of
human life; should translate the brute facts
of history into the ideas of philosophy, and
bring them lo human consciousness, and
thereby I ueh 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 his daily bread.
As the liocky Mountains lake hold of every
cloud wltich the Pacific sends thither, and
wring the water out of it to moisten their
own soil, and fertilize the valleys below, 60
to-day they would take hold of this commer
cial cloud which comes up from the great
Pacific ocean of American business, wring i
the meaning out of it, learn its whence and j
whither, its use for their daily business, its j
lesson 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 state of great general prosper
ity. There is no foreign war to waste the
mind, body or estate of the people. There
is no domestic war, except whal the Slave
Power ie carrying on in Kansas, by ihesbow
of tbe ballot-box and the reality of concealed
bayonets. There is no pestilence; births
bear a large ration to the deaths, and emi
gration enlarges our number still more; there
is no famine—an abundant harvest is gather
ed, or watts ror itte sickle ; wo nave oo great
foreign commercial debt which must be paid,
and so will consume the harvest gathered
from the soil, the mine and the sea, or man
ufactured thence. The imports of 1856 were
5360,000,000, but the exports were two mill
ions more, and if 569.000,000 thereof were
gold, it should be remembered this is as much
a staple of American productive industry as
coal is to England, and 60, if we manage
tightly, it is no more loss for us to export our
superfluous gold than it is for Sweden to ex
port her superfluous iron, Brazil her hides,
China her leas and silks. Take America as
41 whole, and the demand for labor is greater
than the supply. This is shown at the South
by the constant increase in the price of slaves,
and at the north by the continual increase ol
wages, and our anxiety lo make such ma
chines as, in a short time and cheaply, shall
do the work that else would require tbe cost
ly toil of human hands to achieve. America !
teas never so rich at to-day, ia men, women
and children, cultivated land, good roads, of '
earth, wood, stone aud iron, in ships, houses,
shops, factories, tools, ihe useful metals and :
minerals, and never so well supplied with 1
food, clothes, luniture, carriages, schools, <
books, and all maimer of things for use and <
beauty. I
Yet, in spite Oi all this general abundance, t
there is a great crisis in the money market; '
there is distress in all commercial cirolea, I
Irom Maine to Louisiana. All the depart-1 i
incuts ol commerce and business are disturb-1 <
BLOOMSBURG, COLUMBIA COUNTY, KA., WEDNESDAY, OCTOBER 21, 1857.
cd. Money, which iscommonly worth from
six to eight per cent, a year, is now hard to
get at 24 per cent. Men pay a famine price
for gold and silver. House* of the first re
spectability fail, or else suspend payment for
a lime, louvittg others to puy. Men ot hand
some estates, even of great fortune, find that
their property ia all gone. In whole cities,
in whole Slates, banks suspend specie pay
men's—violate their contracts, solemnly
made, and pay in promises to pay—not in
certificates of properly, but certificates of
bebt. Milla shut down their gates, and men
are turned out of employment by the hund
red or thousand, with the prospect of imme
diate idlenesa,and remote hunger.
' i Money lenders, who are always dipping
into the stream of commerce, and ladling out
, what thence they may, now refuse to lend on
. any terms, on what was once considered the
best security. Our own city's "promise to
, pay" fails to cammand the needed coin.—
, Wlta". is the cause of this trouble? He should
very ill discharge his duty as a philosophic
thinker, and teach)r of religion if ho did not
try to point it out, was true, he was not a bu
siness man, but for many years bo has slud
l' | ied Ibo history of commerce, and, living
among trading men, be hud had his eye open
( to what they did, thought, suffered and felt.
Ho did not, however, pretend to speak with
authority. Commonly, in his tenrhings, he
could say, "1 know this is true." To-day he
| could only say, "1 think this is true."
To understand the presont 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
i is liable to mistake. There are many ways
of doing a thing, hut only one way of doing
, , it best ; and it is not likely that every indi-
I vidunl of the human race will hit the right
! way Ihe first lime trying. What succeeds we
keep, and it becomes a Itubil of mankind.—
, He took it. All the experiments ever made,
however ruinous to the individual man, have
I to the human race been worth all (hoy com,
and it was not possible for iho human racu
' to have learned at a cheaper school than that
| dear one which experience has taught.
1 lit the military period of man's history, war
( was the chief business. The g.eat families
were founded by "sons ol thunder," ami kept
up by war. The great estates were got by
robbery ; aristocracy was dyed blood-red
Now 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 titles—baron, duke, 1
lord. Hero we have air industrial detnocra- .
cy. Tito dollar, not (be sword, is the badge
,of aristocracy. Great lamiiies are founded
by trade; great estates are got by buying and
selling ! and social rank commonly depends
i on money, iho only bequeaibabic excellence.
Nobody asks—"Wlta ancestors have you got
'' in Ihe 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 lor the social dis
' Unci ion it.confers. It takes the place ol all
the virtues. It is in American society what
"imputed righteousness" is in the church—
the social salvation of man. Titles are noth
ing. No American Mr. Macaulay would
care to be made a baron, lord, or duke. Ev-
I ery penny-B-lir.er 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 sots, and cowards."
j So it is the only object of American desire,
j 01 course all men ate eager to get it, and so
rush into trade, the favorite busines of Amer
ica. Business here is entirely free from old
restraints, political, ecclessias'ical,social, and
so there is a wide field for new commercial
experiment. On the whole, our American j
experiments of industrial democracy sue-'
ceeds very well. The increase of properly 1
and of population is enormous. In 1,500
years France only doubled her population
twice. What was five millions in the year of
150, under Aritonius Pius, was only twenty
millions in 1650 under Louis XIV., whilo in
CO yaora A morioa hue JoubioJ her population
four times, and whal was three millions in.
1790 was more than twenty-four millions in j
1850. In some States the growth seems fab-;
ulous. In 1830 Algiers became a French
province, and the government sought to
stimulate emigration (hither, but in 1837 there
were not 126,000 Europeans in Algiers, while
in ten years the state of Wisconsin has gone
up from nothing to 900,000 men. The in
crease of taxable properly is quite as remark
able. Fifty-seven years ago Massachusetts
was only worth ninety-seven millions of tax- '
able property; to-day 6he is worth more '
than ten times that amount, her annual earn
ings being 5300,000,000. Our experiment,
[ then, has pretty successful.
Thoughtful meu, eager to bo rich, and {
leave distinction to their children, buy up
lands in advance of population, build rail
roads, and in the old States, they seize the
great rivers and develop manufactures, per
haps a little faster than the state of the na
tion, in its present pecuniary embarrassment,
would justify. Still more, within a few
years, mines of gold have oeen discovered in
California snd Australia, which have pro- i
duces resalts not yet comprehended. It has
affected the price of all things, and as no one |
knows what qusntity of gold is to be obtained i
nobedy knows how high the prices will go, .
but men suppose they will t
rise a above their present value,
and so matTy buy for a future market. Hence I
cornea tbat extravagance of speculation in t
urain, sugar, coal, and especially in land
This, the preacher said, he supposed was
unavoidable—one of the incidents ot our suc
cess.
All this was very encouraging—it was a
stop forward and upward ; but it was attend
ed with certain great evils, which, colleot
ively, are (he causes of the present distress.
There it a great extravagance of expenditure.
Perhaps no minister was less severe on the
indulgence :n luxuries than he was, because
he saw ihe functions they performed ; and
besides, he never saw a house 100 com
fortable for men and women, or dresses 100
elegant, though he had seen a great many
bouses Bed dresses 100 costly for the wearer's
means. I.ooW at the geneial style ot dress
among women—its exceeding costliness; not
only umong the rich, but everywhere, except
among the very poor, who would, but can
not. The fault is not with the women, who
bear all the blame, ami are the bulls alike tor
the satirist's wit and the minister's dullness.
If men wished women lo be clad >n 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 her
' desire to please him. And, indeed, tho very
love of dress is with her more a love of pleas
j ing others than a feeling of self-suiisfaction.
Then comes the increased cost ol ships, hou
-1 ses, shops, banks, offices, and the like, which
j renders the transaction of business more cost
ly. Then there is the increased expense of
I city, town, and State governments, and Ihe
loolish and wicked waste of municipal mon
ey. Though ihe properly of Massachusetts
has increassd tenfold within a few years, the
ratio of taxation has doubled, anil in some
cases trebled. Then there aro the idlers. In
ihe town of Somewhere lives Mr. Manygirls.
He is a toilsome merchant, his wife a hard
working housekeeper. Once Ihey were poor,
; now they are ruinously licit. They have 7
daughters whom they Iru'n up in utter idle
ness. They at* all do nothings. They spend
much money, but not in works of humanity,
j not even in elegant accomplishments, in
painting, dancing, music and ihe like, so
paying in spiritual beauty whut they take in
material means. They never read nor sing;
Ihey ure kliow-iiolhings, and only walk in
vain show, as useless as a ghost, and as ig
norant as thu block on which their bonnets
were made. Now, these seven '•ladies" (as
the newspapers call the poor things, so in
significant and helpless), ure not only idle,
can earn nothing, but they consume much.
What a load ol finery on their shoulders, and
heads, and necks. Mr. Mur.ygitls hires many
men and women to wait on his daughters'
idleness, anil those servants ure withdrawn
(rom Ihe productive work of Ihe shop or the
farm, and set lo tho 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 ol tho merchant's daughters—rich,
i idle, some ol them dissolute—debauchery
i coining before their beurd—all useless, earn
ing nothing, spending much and wasting
1 more. Their only labor is to kill time, uud
in rummer they emigrate from poctl lo pond,
I from lake to lake, having a fishing line with
a worm at one end and a fool at Iho 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's daughters, and whal lamiiies
Ihey will lound, to live on the toil of their
grandfather's bones, until a commercial cri
sis, or the wear and tear of time has dissi
pated their fortune, they are forced, reluctant
ly, to toil.
Besides, there ia an enormous waste of
food, fuel, clothing, of everything. We are
the least economical civilized people on the earth.
Of course, the poor are wasteful everywhere.
They do not know how lo economize, and
they have not tbe means. They must live
from hand to mouth, and half of what is put
into tho 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 mas* of
the people are not economical, but wasteful
—it i* 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 which turn out ill;
cost much and ctfme to little. Hence come
attempts lo develop new forms of industry,
or old forms in new places; the building of
railroads in advance of population, or in ad
vance of business, and the great increase of
shipping. But this ia a failing that "leans to
virtue's side."
Then the spirit which prevails in our trade
is not a very honest one. He would not say
that we were worse than other nations; he
was sure we were better, juster, more honest
than our fathers were 100 years ago. The
wealthiest merchant who did business in
this city 50 years ago, would not be tolera
ted on 'Change a single day. But look at
the defalcations of men intrusted with public
funds—look at the swindlings by offi
cers of railroads and banks—remember how
lightly all these tilings are passed over, and
how very seldom a great thief gets punished
at all—remember that men fail in trade,
leaving half a million of debt, and one-tenth
of a million to discharge the debt—remem
ber how the Pacific Company put £1,600,*
000 in gold of other men's properly, and 600
of their living bodies into a ship, wilb only
six boats, and no pump ibat could throw
water —in a ship that had a reputation so bad
that she could not be kept afloat without
changing her name, and'making the George
Law tba Central America —and then you see
what a apirit there is in our trade.
Our system of buying and felling it a very
b*d thing. Ii encourages extravagance by
putting off pay-day; it makes the transaction
Truth and Right God akd our Country.
of business more expemive, by necessitating
a great number of oler; it gives opportuni
ty to temptation and ftiud; it produces a gen
eral unsoundness in trAle, and so increase
the cost of every pould ol bread we eat,
every inch of cloth wojwesr, every brick we
pile into our walls, am| every slate which
roofs out houses. Il sites to be cheap it
turns out to be dear. 1
'Here is another caus*—the great and con
noting one. We maltej money out of what
has no intrinsio value-lout of napor. All
properly is the product bf labor. To distri
bute from the producir to the consumer,
there must be trade. Ft! that, there must
be money, which ts siualy the. instrument
of trade—a labor-savinr machine lo pro
ntoie buying and setliuj. After much ex
perimenting, mankind has taken gold and
silver, and thereof mvde money, the instru
ment of trade, the meiium of commerce.—
Gold and silver are property, aud so repre
sent Hie labor requisite ti acquire them; they
are transferable property, and, of course,
subject to the laws of property, they rise and
fall in 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 b chosen. They are
condensed property. And not only am the;
the medium by which debts are paid, but
Ihey are the standard measure* of ull vnlue.
Gold or silver made into coin has no more
value than before. At the mint the Govern
ment puts a stamp upon il, which is simply
a national certificate that it has arertuin puri
ty, or comes up to u certain weight. It is a
certificate of value, not a creating of value.
Now, in America, make fictitious
money out of u piece of paper, which con
tains somebody's promise to pay a dollar,
and this become* an instrument of trutle, by
which debts ure paid, mid the standard meas
ure of value. Unlike the metallic dollar, the
paper dollar has no intrinsio worth—is not
property, only the lawful representative of
properly. Wo have cluttered some twelve
or thirteen hundred bun is in the U. States to
mar.ulaclure this substitute formelalltc mon
ey, on condition that when the paper is
brought buck, they shall pay a metallic dol
lar lor it. A bill, which is a promise to pay,
is taken in payment ol debts, said to be as
good as gold; a certificate of debt is taken
instead of a certificate of property. Asthma
is little demand fur metallic money, that is
carried oil. Liko all other merchandise, it
brings tho highest price where it is needed
and used the most, it is not to be denied
i Ili.it there Is a certain conveiience in lliis,
especially unending large transactions; but in
| using it in small sums, litre is this great
I inconvenience. As paper cists litilu labor,
and is yet taken for the representative of vul
-1 ue, and so a certificate for übnr done, it is
multiplied lo a great extent. Then money
is cheap and prices go up. The farmer gels
two dollars for his bushel ol corn—thai is,
lie gets the promise lo ply lw metallic dol
lars. Wages rise; the laborer gels more pa
per money for his work, but his grain, cloth
and coal also rise, and lis gels no more val
j ue lhan before. Accordingly, as prices rise,
| il costs more to manufacture than before,
and so we import the prtfducls o( labor from
. abroad, where there is little paper mouey
a.id prices are low. * j
1 As we f eel rich, became money is plenly,
and men say it is as glod as gold, we im
port largely articles ol iomforl and luxury,
and send abroad our rdw materials in pay
ment, to be brought bark manufactured
1 goods. Bui by and by tie raw material is
not quite adequate to pay our foreign debts
—for our paper money it good for nothing
abroad; our foreign go4ds, sold at paper
prices, must be paid for in metallic money—
and specie mils out of ihe country. Then
the banks, not having 'the actual metallic
money to pay, refuse tof circulate their bills;
i money becomes "short,* "tight"—there is a
pressure in the market! Money is worth
I more lhan before, goojds are worth less.
Merchants who have Lxjught goods on cred
it, and sold them on (credit, cannot meet
i their payments, and, accordingly, must sell
i their permanent property! lo meet their pay
-1 ments, or else pay enorrbous rates of inter
est—for money is merchandise, and when
scarce, like bread in a besieged city, it goes
up to famine prices. Storks fall in value
ten, twenty, thirty, lorty, even fifty per cent.
Capitalists become distrustful, and refuse to
loan at all. Traders fail, anl give up their
permanent property to thcer creditors: it is
sold at a reduced value. Tne trader loses
half, but the creditor is onlybslf paid.
' The inheritance of birtii. the earnings af a
long life are at one swep away. In his old
age, the thrifty merchant sleft with nothing.
Timid men withdraw thrir money from cir
culation—it lies still, anl an idle dollar is
just as useless as an idle spindle or an idle
a.ve. Great enterprises stop Men are thrown
out of employment. Hunger looks through
the window of a thousanl homes, making
ugly mouths at wives and babes.
We take great pains tc prevent this evil.
We try legally to fix the value of this paper
money we have created, and threaten to pun
ish every man who loans it at more than six
per cent. We might as will say that water
should uot run down bill. We have tried to
make that money which is no money,
which presents no labor i.one, and we can
not escape from the consequences of our first
false principle. We wonJer that specie does
not stay in the land. It is because we think
paper money is just as good, and Prance and
England do not. It rains gold, and we hold
out our dish bottom upward#—of course it
is empty. We complain that there is a lack
of specie in oar country. Iti the last twelve
months we have exported mote than sixty-
nine millions of gold from this very lund
Other causes had their inflnenco, but tl.e
main trouble, Mr. Parker said, as il aecmed
to him, camo from this—that wo trusted in
paper money. The immediate consequence
of this state of things is very painful. Some
men lose their estates; a lew great proper
ties are spattered at once; muny little compe
tences come to nothing. Sometimes this
happens lo iho best men in the country—
men with liberol ideas, with habits of gener
osity. You all know what has recently be
fallen one of the most honorable, generous
and Christian men in this town, who, ss a
thriving merchant said, has done more for
the rising generation of Boston than any ten
churohes that could be named. You all de
plore the fnisfortnne of this noble philanthro
pist. Now and then a chance shot strikes a
coward in his tent, but commonly it is the
brave soldiers who get shot in battle. There
is a "forlorn hope" in the battle of produc
tive industry no; less than the battle of war,
and ho (Mr. P.) looked ott Ihe honest mer
chant who turned out bankrupt, as lie looked
on the wounded soldier, covered all over
with honorable scars, got in front, manfully
confronting the foe. lie has stifleied, but il
was in the cause of God and his country.—
Just now, we aro in u Bulukluva battle, and
somebody has blundered. Let us do honor
to the "six hundred," remembering how
ihey "rode onward," meaning right.
In conclusion, Mr. Barker set torth the du
ties devolving upon honorable anil Christian
mpn, in this timo of trouble anil distress.—
He counseled forbearanco towards solvent
debtors us long as possible; tho payment of
small debts to tradesmen and artisans; Ihe
avoidance of all waste of articles of food or
clothing, (or wo had a hard Winter belore us,
si ml should want all wo have got. Yet he
did not think it manly or Christian lo make
large retrenchments in lheso times, when a
man could alford his previous expenditures,
for by so doing, ho simply shifted the burden
to another mail's bark. Charily should be
remembered, for he thought much of that
would bo needed before tho Winter was hall
I through. They should be humanly gener
! ous to such as tall through mistake, humanly
| just against defruudors, swindlers, cheats, of
1 whatever name; charitable to the lollies of
the weak, the errors of the wise, but stern
against tho culprit's meditated wickedness
and concealed crime.
The remoter duties were to reform the
whole monetary system, make gold anil sil
ver the medium of business, And depart from
the habit of buying and helling on credit lo
so great an extent. When the potato rota in
the ground, it tells us it is not fit to be a na
tion's bread. It is the voice of God crying
out of the ground—"Beware! beware!"—
Cholera, yellow fever, typhoid, the plague,
I leprosy, they also have a warning, telling us
what will follow if we violate the conditions
I of lile and health. They also, though our
brother's blood, are God's voice, crying—
■'B -ware ! beware ! The spot whereon yon
stand is unholy ground. Make clean your
cities, breathe pure air. Turn ye, for why
will ye die?" And when a commercial dis
tress like this occurs in a nation full of plen
ty, and wealth and industry, and wisdom,
sursly it tells us that we have made a mis
take ; that the experiment does not succeed;
that paper money is a tool that does not
work well; that extravagant expccditure,
waste, the importation of luxuries, dishon
esty in trade, are not wise.
Besides, have we not made a mistake
which lies deeper, nearer, likewise, to the
business of ttie pulpil? Have we not thought
a little 100 much of proper'y, fine houses,
gaudy steamboats, New York hotels, costly
bilks? It is not worth while to hold the rai
ment above the body, and the meat more
than the soul which should consume it. The
millionaire is not the highest product of hu
man civilization. A rich man, a rich city,
does not necessarily possess all the Christian
virtues. '-Money answereih all things,"
says the Bible proverb; but it cannot answer
for honesiy, it will neverdo for virtue, it can
not take the place of confidence in Thy high
er law, thou Father ol earth and heaven!—
Is our trade conducted on lair, just principles'
Does the Golden Ilule lie on the merchant's
desk, measuring ou' between man and man
the role of the market? Have we not for
gotten God's higher law? Certainly, we
over-rate wealth to-day, just as our fathers
thought too much of fighting. The great
end of business is not the accumulation of
properly, but the furmation of character.—
'•He heapetb up riches, and knoweth not
who shall gather them," says the Psalmist;
but great virtues, prudence, wisdom, justice,
beoevolence, piety, these may be gathered
from your trade; they are not uncertain riches
but imperishable, utidefiled, and which fade
not away.
'•ln the day ol adversity consider." Amer
Ie& will learn her lesson from this commer
cial distress, ibis scarcity cl money, lack of
work, temporary hunger, transient fear. Let
us be thankful that our teacher comes with
such a mild face. If we Jo not learn by this,
then the lesson is to be taught us, not only
with mercantile failure, but with ihe thunder
of cannon. When Cod spoke to England
through the jingling dollars she did not heed
Him, but she hears when be speaks through
the Crimean cannon, and 150,000,000 of
men in rebellion on the other side of the
world.
But we will learn, and then shall the light
break forth out of the darkness, md the solid
blessings of prosperity shall atisnJ a thought
ful, icdustrious, forecasting people, who re
member the inevitable law of justice which
God haa written ou every metallic dollar, on
ovvty paper promise to pay, as he has writ
ten it on these fait flowet# of the field
Then, not putting our trust in uncertain rich
os, we shall count it (he great end of life so
to do the duties of time as lo secure the re
wards of eternity; and for each of us there
shall bo a treasure "imperishable, undetiled,
and which fadeth not away."
rKNNBYKVANIA I.KGINLATUItR.
A Relief Hill Reported m ihe House — Passage
of n Hill in the Senutc.
Haiirisuuru, October 9, 1857.
Scnat*. —'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 tho Auditor General's state
ment of the condition of tho banks on tho
Inst discount day of November uoxt, for the
use of Senators ot the next session. Adopt
ed.
Tito Speaker presented a communication
from the l'liiladelpliiu Board ot Trade, for the
enactment of a law giving reliel to the banks
ami the people.
Messrs. Brown, Ingram and Wright pre
sented petitions Irom tho merchants, manu
facturers, and mechanics, of Philadelphia,
praying for relief.
Bill No. I, concerning the banks, was ta
ken up on third reading.
Mr Ktraub moved to go into Committee
of tlie Whole, for tho purpose of striking out
tho entire 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 tho payment of specie for their
five dollar notes.
The second section provide for a slay ol
execution for one year.
The third repeals the 17th section of the act
of April 16, 1850.
The motion prevailod ar.d was discussed at
length by Messrs. Straub, Killinger, Taggart,
Welsh, Wilkins, Finney, Brown, Gazzam,
Wright and others.
The substitute was amended by substitu
ting the first section of the bil' passed on sec
ond reading lust night, but extending the nine
for resumption to tho second Monday of
April, 1858.
Section 4th of the bill passed last night, re
quiring the deposits of ihe Suite to be paid
in specie, was also ndopled as a part of the
bill.
Some other unimportant amendments were
adopted, and the bill was passed finally by a
vote of 19 yeas to 12 nays.
Adjourned till to-morrow, at 10 o'clock,
A. ivl.
House.—The House met at 9 o'clock.
A motion was made lo purchase 1000 vol
umes ol the Slate Agricultural Report. Neg-
alived—yeas y, nays 69.
The Special Committee of thirteen, wliicb
was appointed to consider the various
suggestions contained in the Governor's Mes
sage, reported a bill, and were discharged
from the consideration of the other bills be
fore the Committee.
The act, as reported, is entitled a Bill for
the relief of Banks and tlieir-Debtors. It re
moves the penalties incurred by the Banks
ami Savings Funds for a suspension of specie
payment, until the Ist of March, 1858; per
mits Batiks to discount and still pay oul their
own notes; but sixty days after the fat of
March, 1858, tliey must pay their deposi.s :
requires that the Banks of the Common
wealth shall not declare dividends of more
than 6 per cent.
The Banks of Pittsburg and Philadelphia
shall publish weekly sisternents 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.
11 the Presicleul of any Bank makes oath that
any Bank is unworthy of credit, three com
missioners shall be appointed by the Gover
nor lo examine into the condition of the Bank
so complained of; and in case of the Batik
refusing the meana for a proper examination
by the committee so appointed, it thereby
forteil3 its charter. But any Bank resuming
specie payments before the Ist of March shall
not so forieit its charter, notwithstanding the
verdict of tne Commissioners.
The Act further provides: That all Revenue
| Collectors shall receive notea of all solvent
banks. All banks during suspension must 1
t pay cash for notes received by the State for
| tolls and taxes. On all judgments hereafter
( obtained, execution shall atay six months
I longer thaa now allowed by,latv. In cases
where ihe parly has freehold, r,o other secu
rity is necessary; where he has not bail may
' be entered. A stay of execuiion, however.
shali not be granted for wages or labor. The .
, Directors of the different banks must accept
the bill within thirty days alter in passage,
and certify their accepiar.ce to the Governor.
And the Bauks shall pay one-half per ceul
tcto the State Treasury before the first of■
. January, 1858, for the privileges granted
f them.
The above are the principle outlines of the
! Act
Messrs. Thorn, Vearsiev, Bishop, Ramspy,
lanes, and Getz presented petitions asking re
lief. Tue pstititions were from the Board
of Trade Association, citizens of Philadel
phia, aud ihe citizens of Northampton couu
, ty
f The Speaker preseoted the proceedings uf
the meeting held at Harrisbnrg last evening
The resolutions were read,
i Mr Thorn presented the resolutions adopi
• ed by the meeting of merchants and manu
facturer- of Philadefphia, at the meeting in
. i Independence Square, yesterday afternoon*.
. , which were read.
1 The btil reported by the special eomnst tee
■ 1 of thirteen was ordered to be prruted.
•' Adjourned till 3 o'clock F. M
[Two Dollars per Annua.
NUMBER 411
Afttmoon Stuion.— The Homo returned
the consideration ol thej bill reported by till
special rnmmitieo of thirteen.
Mr. KstifTman moved to extend the time
for the resumption from March Ist to April
Ist. Lost.
Mr. (LlJeu moved tn|dectciae the time by
fixing it on the Ist of January. Lost.
Mr. Kyster moved to amend, by requiring
that the weekly statements be published in'
inn newspapers having the largest circula
tion in the county. Carried.
Mr. Johns moved to cut down the salary
of the Commissioners to examine the ac
counts of discredited Hanks, from 810 to SO
per diem. Carried.
Mr. Nicholson moved that all banks receive
die notes of all other solvent Sank* in the '
Commonwealth, not only during the suspen
sion, but for all future lirne. Carried.
Mr. Nicholson moved ios>rik out the lino
giving ono Bank President the power to dis
credit another bank, and amend it eo aa to
require the oath of throe Preaidente. With
drawn.
Mr Thorn moved to strike oul the word*
ir. the 4th section, "made aid declared auch
by this uct," and insert in lieu, "though not
special batiks." Carried.
Mr. Thorno moved to strike out the word*
"six mouths," and insert "ono year." Lost.
Mr Calhoun moved to add to the end of
rho 6ih section the words "where elay of ex
ecution has been obtained already under ex
ist'iig law* or on judgments or warrants of
attorney, or where stey of execution hue
been received or regulated by the parties."
Mr. Kyster offered as a further amendment,
"whvre lite lime of the slay of execution has
ulrpady expired."
Mr. Calhoun's amendment was adopted,
but Mr. Kysler's was negatived.
Mr. KsitfTmari moved to strike out "one
half of one per cent." and insert 'one fourth,'
in tlio Till section. Lost.
Mr. Struthcrs moved that the Rank Direc
tors bo empowered to accept the provisions of
the bill. Withdrawn.
Mr. Mumma moved a proviso to secit in
B'h, providing that no suits now (ending
shall be elfectfii! by this act. Carried.
Mr fccruthers moved a new section, revis
ing the act of Providing that properly
exposed at public sale shall bring two thirds
ol its value. Lost.
Mr \ ii kers moved a new section, provi
ding that on and afier the Ist day of Novem
ber next all banks that shah not psy specie
fur their five dollar note", or retake to pay to
i per cent, on their checks, in mtesVif such
banks as do pay specio on five dollar note*,
shall forfeit their charters. Lost.
Mr. \ear*iey submitted a new section,
! prohibiting banks from suing their debtors,
, whether drawer, endorser, or accepter. Also,
I from selling any collateral, deposited as e
--curiiy, during tne suspension of the bauk
Lost.
I Mr. Abrams submitted a r.ew section, di
| reeling ail banks, alter the passage of the ac*,
|to pay their notes of five dollars. Lost.
Mr. John* moved a new section, that from
the Ist of January, 1858, no bank shall issue
notes ol a less denomination than twenty
, dollar-, and that all notes less than twenty
dollars must be redeemed from and after the
Ist of January, 1959. I.ost.
j The bill having gone through the Com
mittee of the Whole, ihe House then pro
; ceeded to consider it on a second reading.
Mr Thome moved to extend :he lime of
I suspension to the ;t of July, 1858, and made
i a strong speech in favor of his amendment.
1 Without taking any action upon it, the House
1 adjourned till to-morrow
HARRISBVRG, October 10, 1857
SENATE—Mr. T.aubacb presented a petition
; from Carbon county, for the relief of the
' Banks and the people.
Mr Browne called op the reaolotiona of
fered by him, relative to the control and re
| •trait:', by Ccsgress, of the circulation of pa
per money.
, Mr. Coffey offered a." a substitute, a reso
lution declaring that, in the opinion of ihta
r.egislature, the present financial embarrass
ments were occasioned by the tariff of IS4O,
' and tl.e modifications made by the last #es
j ion of Congress.
A political diacussioo ensued. The whole
subject was finally postponed, and the Sea
; ata adjourned until in tbe afternoon.
Oa meeting again, nothing of interest was
j done. The Senate adjourned to a ebon time
until Monday,
J HOCSE —A resolution providing for the
printing of the Board of Revenue Commis
sioners was fussed.
1 The bill to prc Je for the payment of
members and officers of the Legislatue daring
the present session, was presented by Mr.
Foster, and passpd.
, The Bank bill was then taken ap oa eeo
! oad readicg.
Mr. Joboeon moved to shortea the time
for resumption from the second Tuesday in
April to tbe third Monday in January, 1858
Mr Kauff.nan moved a further amend
ment, leogtnentngthe time to January, 1859.
A lengthy discussion ensued. Messrs
Mutants. Kautfmau and ilys-er avored the
amenomeot, and iiessr- dsihuun and Cong
aker opposed i .
Kaudiaan's amendment was finally nega
i lived—yeas Jj. uays 63.
The Philadelphia delegation voted aa foi
aiwe:
Arss— Messsrs. Bishop, Dock and Thorn
Nate—Messrs. Arthur, Carter, Uiidea,
Hancock, Knight, Leiacormg, Mcllvaui,
Rain soy, Roberts, Waiter, Wharton, Yean
i *jr
Ol the memoera voting yee St are Ameri
' caas and Reptibhcac* ano 1 Democrat,