"a“? 5‘ ‘7 313%} ’ *iE’ilx.‘ ‘4 $41.1; SE Con. Con. blink a fun ding! a dc. "17h: mp-o.g_ ‘11: is ~19?;jf: “ " 314% '1 ' ;:‘-5? .. .~.~. ' :3 r iii-‘l': WEE: n 2, Com; ’1 a: low rm in It is f Tho "DEMOCRATIC BANNER". w nublmhvd ~ 's‘”}‘.if::’:"3 weekly. M 32 per annum T—or @l 50 If pun) 11l 9d ¢‘¢>;f vnnce. .' j _. ‘ , ' ' "955431 No pnpcir'cnn be discontinued (unless Alrlhc op~ r 415”, ' uon nflho editors) unnl ull urrunmgon are paid. ~ arm WAdvorl'lsochls- &c,, at lhq‘usuql, rains. i ”Con; ml We "am: "'B' at 'GOVERNUR’S MESSAGE. 70 (he Sénale and Home qf ‘Fcprescnla -3 lives'oflhe Commonwchl/z omensyl -64, 1:072:21. ‘' ‘ _ -‘ ‘ ‘ “it: GBNTL‘EMEy :‘—‘Nb ordinary reasons'fiw 1%: lhn’nklulness In; the van "God, cruwr “it: ,lhcmsélvcs ' ‘ Ihe'R' ' ' ' D but .I an is x-d M e o. ‘ ’ EFF: id in 1m 11!; Ofthe' unripe f ‘.‘:; r-copy :5; ‘ 5 upon .epreé‘enlnhves W} the pgnp'_c.'at thin ;nnmml Inecling, A bufidancc during {he pact y'mn'haa been Ihc reward’bf, honey 'imlmlry. in every putsdiL of ' Ihc ’cilizens. ’ Aniniat‘ed with hoalllfln‘ml‘ Encouraged b3} puccaa, they :3"; hnvé’steadily prugr‘gsml "in the accom . piighmetll ’0! their Ilesljny. and While on- with: had been highly i'uvnr'ed inl|hc dc velOpmelil 0! our gu’ul resources, the ele valing purposes and life: «I «iur social 0:- ~ gnniznlion, religion, morality. education. refinemenl & civilization have been cher- I-i} 'ished‘nnil advanced. ‘ cc.” {SHE}? - :3 en. Allhough pcncé and tranquility have V. reigncd within Ihc borders of lhia Stale. we are idcnlifivd mlh. and deeply inter. 3;. calcd .in the “I" with Mexico. ‘in which ‘; Ihc natiun‘iq engaged—u war which (he prude‘nte. folbeara’nte. and (Jo-ire drum 'jisi people to mlnin hicmlly IPlalimu. cnuld no! men ;. and which was evonlunlly lor- 10 00 ‘5 ‘OO 200 . I 00 moo 35 00 _ 8 00 .7 5 0° oney’ fd by ivwsaic ced upon,‘us, by the duty that teats upnn 3, every well regulated Gnvernmcnl, twpu» 3‘ tcct the rights ol its citizens. and°mnin ‘. min the hunor ol the 'nation. 3: Our religion. our interests. and our m- alitutiuns, are essentially pcucelul. The if; people hold in their, hand: the sm-ereign -1:2 ty ol the nation. and exact ‘lmm tlit'ir ru.« lers obedience to their .uill."By théir con ‘i trulling influence. they sanctum nml pre ‘ serve the caulinal pnlicy bl maintaining 3; amicable relations. with allolhe'r patients. a, By them the (fights nl American Citizens. ?' in all pints of the \vad, and the honur of J the nation are held fidl‘l‘t‘d. Violations 0| these national rights 'and national honor. . appeal to the justice. nml invoke the pnw ’ er ofthe whole people lor their \intlicn tion. The War ol 1812. with England, &‘ • er s cri. one übs 11133 • lit next • ter thc existing war with Mexmv. are illusA trations 0! this distinguishing leature in the character oi the American peoptr. Pn tient nl injury “hilt‘ wrongs are suflernble, and reasunable hopes at a return to amica ltle relations, upon equtnble principle». can be entertained. yet no nation may, with impunity, violate the obligations ul treaties, or bleak faith with the U. States. * In detencc ut thesejust rights. the pow-‘ ('f‘O' thid peuple is resistlen. Eveiy cuti zen holds himself responsible. and the ar my» springs into existence, nut by conscrip tiuna, oi cuntructs tor cnliottnenta. but by the’poluntuiy impulse «I Independent free- E old -lo ”1! mg a a: an}: Inch. animated by'palriulism and urged omvard to deeds ol heroic valur, by the approbation of the “hole nation.- This invincible 9p'rrit, guided by the science 81 t-lrill ol the olficers,lms led our armiea'ln Mexico, trornznne victory tonnother, and Irom one great triumph to a greater;-.nm_l will lead them still onward, until it per- . up! late: . "ed 00:: mnnen'. and hunorab'e peace is secured. _ While the honest pride ulvcvery Amen- can is gralified, by Ihe great achwvemenls 1' low. large am. nl our soldiers. Ins confidence in uurv [tee institutions. and» in Ihc means In delcnd aml‘prcserve them. is sm-nglhened. ‘ In- the support and prom'cuuun o! Ihe war in which we are engaged. Pennsylva- - ales; ellap, : ling: ‘ 0 If”; ctinn‘. indq ce." '_ 11in has-given token ol neruncieut and u nilmm'fidelitylo liberly and the honor ol .Ihe n’alion. ller volunteers were am'mig Ihe’ fns! lo lcuu'sr llmr scmces, and in every encounler uilh lbe enemy. have magnified the militnr) lame of- ghe Com- buiif‘ sablg Pm: monwcnllh, by deeds ol romantic cluvnl ry'nndnobie during. In these greala thievemcnts. many 0! our heroes hve lal lm ii: a foreign land. winds of Heaven, In _pausing ghruugh the long'grasg on their grave. are ve-echaed by‘llw sig'hs‘oi their friends in the lather land. find the sad requium is ajust‘ mbv um to Ilwir sufferings and their valor. ' " ;rf'ifi The finances and cie'dit of the State—- the Amount 81 condition 9! the pUbllc 98b!- and the lfieana or reducingit'. me- amqn'g the objects which claim the first attention ‘6' Ihé Representatives of'the’penplg..‘ The amount of the public «lebtpon the 1!! Dec, 1846. was 340,789,577. 00 On the lat Dec. 1847.11 mas,accnrdtng. to the Report at the Auditor‘General.‘ua: follows, viz: ‘ 4" ‘ ' v , 1 . E - "3‘ ”é / J and. if d"; "1"" u . f . Funded Deb!.’- ; '3. .‘ ‘ 6 pqr‘rént' stocks; '- 81,752,33500wf‘ § 5 " " " ' 37.207.990.57 . 1 ’. 539: 4%“: _u . u 200.000 00 ‘, " ’3'}, Relief issues in cirruinliun, 93!;664500', 5% Interest cerlificniés -‘ -.‘- .v; f many. 2'; .9".‘.2!8"di'12.- - “2353.956 48%: ~flnld'h'! certificates ‘ «flfu'iw v: .‘- l; "F“‘fitlaimed. ’ ' =14.448’58 lgfé?‘ Inlgrgatt‘op, oumnnding and unclaimed 3,: ccitjfiqiflcsh M'H' hcr' 's',.exiiy,j.,to . ‘lsj‘Au. gum 184,5;‘Iimg‘uL/l'undiyg” 22,459‘180 Doniésii‘n‘cé‘ecgiugfig‘ 31‘» ~ :{i‘gego‘ga n 47 S’s/IM. , ‘> c {£3 1"; a, If . ~ 'i: 3,. H’ {:3 ;, xiv . - Rik-‘l3 '5! fl ‘40.,62884961: ‘ L“ >J—;_'-—+_, I = 1 ”Being“ ” “"‘”‘""" $160,697 49 " ieh‘s’lh'm ilawaa’on the Is! Dec-.‘.. 1846.‘ ~ . . sl3h'ig'péymcnl, or 'rcduction-M, life debt, wjlhin'wg last finanm: )‘eq,~u~‘as cfleg. Int-b 3 fiche"chncellmoh','"‘al «W‘Tr‘easury; 1|! \\‘l';3 - é‘ 4i ME a-u ~' l' K I! ,s J. BY=‘bioonE-&','HEMPIIII:I;; armmmsa The moans oi the MEM V . «It-J"! "‘1 “ME-9 35‘“, ' ‘ v.‘ .7 . , ,‘- ..‘ ' V , 2, ' ' , . ' ' v; ' :7 » »‘ ".2 .' ‘ ' ._, , , ‘"'' m . ‘ K --,' .-' ,3‘ ‘ « ‘ 1' I‘_ v ‘ “ vv v .v, v\..n,, _. .. q l y, »; ‘,, v, . ', » ... - .1; ..I -. , _ . y..|>y'. . 517 \’> ' t -; :. ’J- ;n 1:3 -' _ ::v ». - ‘ ‘ _ .7 Mg ; > sv , . ‘‘,a - -, .4 =A w ,_ 'v. :4 ;~' - 1!". ;n‘; .‘1 ‘- ' :w , », , -~ 'x ' 1.: v’ ~ ‘ ~ . 9.. , ; 7 i 7“ ‘6; v‘; ,1 . ‘25 ‘ 1», ‘,p, ,‘ . ... _ . ¥ , k. . l x la, \ ~;: .~_:1., 3% ...”.MA I ‘51:» , ‘33:,“ ‘ 3'} , . .. _ . r f a.“ >..‘ u ‘. 1 . A.' ' , ‘7‘: ”€555 *ry?‘ ' "fife mu ' A , _“,,m 7; : :‘r, . ‘ . > ' ' ' ' ‘ ‘” w 's» . I r A “ ".- ‘ - , r ~ ' ‘ , . a v , , .*‘ ;u, 7.3; 7‘” .'.“ . _ nf on'e hundrml and fifty Ihbdéaml dullurs of lhe relief issues. and by the receipt of Slule stocks in.pnymenl -nl old debut. Which is nlluwed in ceflnin. cases by lnw. Thme wouldwhave been two hundred tlwbsn'lid ulnllms u! the» relief isnucs can [celh-d,‘ within the :year, ,in accuuluuce Wllh the requirctne‘ntsnul‘ the law. bt‘tt the payment 0! the interest which fell due un first'ol February.,lajl. lelt the Treasury no much uhnusmi. that the amount which shuuld have been cancelled on the 514,0! March; was nut Iht‘n unhand. [4 will be recollecteti thnt it bératne "emissary to nnlicupate a pnrltnn 0f the means 0! the year. by u loan 0f‘%200.000 00. to meet .the‘iulercgt “hldl {all due on the Isl Feb. The buhmcv in the Treasu- ry. ‘on Ihc lsl December. 1846, was; l'hc receipts inln the Tron wry. du-ing the finnnuul year ending lhfe SOIh Nov” -1847. [rum all sources. in- ' eluding-«he loan 0! 5200,-‘ 000 above rEIEII‘t'd (0, was, 3a977.025 89 Making an aggregate 0! 4,361,704 59 The puymcnls made out"! the 'l'renpuuy. duting lhe same pevimL including the repayment of the luan of 200.000, Wow, Leawng the balance in the I; Treasury. on Isl De'c. ”347. 680.890 85 being $296,219. 15. more than n was on the Is! Dec" [846. The enlimnl’ed amount ofa vailable uulslumling lnxeo.‘ nn the lst Dan, 1847. was. and lhceshmuted amnum M Ihe «mum. on the ls: 0! Dec, 1840, “as, - which exhibits an increase, in this item. 0! 6.192 36 To uhich ndll the increase , ol Ihc balance In thé'l'ncas uly.ul ' - 296.212 15 and we have the sum of 302.404 51 as the aggregue increase at ‘he balance m Ihc-'l'ronsuzy, nml of uulstamling taxes on (he‘lnl' Um, 1847. met the some ilemu on the 151 Dec. 1846. This calculaliun shows. that the reve nues assessed and: accruing, within lhefi nuncia! year. ending on the 30th Nov,, lasl, were not only adequate to meet the demands upon the 'l‘lenaury. within the year, but' exceeded them by the sum of $302,404 51. aka nbuve‘rstated, and "to this au'm be alldvd the amount of lhe debt paid within the year, In wnt, 8160.627 49, e have the sum ul 8463.032 00, as the ’exceas of the revenues accruing within the year. over tlte payment of the interest on lthe ’public debt, the expenses 0! the‘ gov. lernment and the other ordinary demands upon the Treasury. y . This presents a very eneou aging view of the Improving condition Ul‘llhe finances of the State. It ts the first time. Since the commencemect ol the internal improve ment systern. that-the permanentrevenues accruing wuthin the year. unaided Irom any other source, have exceeded or been equal to the demands upon the Treasury. It is true, the interest upon the lunded debt. and other claims upon the treasury, during the two preceding years, including the payment 0! a portion of the public debt, by th- cancellation ol reltel notes, l were 'punctually paid a but, in doing this, ‘ the balance which had accumulated in the ; Treasury. on the ht! Dec. 1844. by the previoos suspension at the payment at the interest on the public debt,"lor two and one-hall years. ns‘ well asthe amount ol taxes then ontstanding, were diminished each year, until Lthe last, as is particular ly explainedin my annual messages. in 11845 and '46.,tq which you are reepect lully relerred,“ . . .. ",An estimate ol 0! tlte receipts and ex- P90!‘l.ll’!“:,°.l the current year,_ntuvde with much care. and upon consultattmt with the other officers of the government. ’is‘ hereto, appended. by which It appears. that‘ the estimated ainouniv of receipts Into the Treasury. from all sourcesJur the linan cial year, ending on the 30th November. 1848.. is $3,921.900 00 Andwlhnl ‘lhe csmpalgd n- _, mogul of expenditures, for ' {hensumc pelipd.;inclmling ' lhc.canc_el|dnonruf $2OO.- ‘ 000 relief "Mes, is ,Which exhibits an eslimu led. excesn of receipts, u vegexpt-n‘diyuteg, 01. 'l'u sshich (Add, llné‘cslimute l‘or‘Jhe-xanqellation oll‘ [e liel nqlgs..qvhiuh'arc 9 part o"lhe.l’ubli9,st¢bh u . til ~, .4, .- J“.le 1,3,... ...‘; i And-me have the; aum‘o‘ft. i;.,-h5145.‘5,,1_qc0’ 113 ll“: outlawed excess of ‘recgmlbs.‘9l_.!he; WHEN finyucfgélyegr. guiding 99.5 th s3os!] Nqu‘gmbfinllgfl..om ,lh'e payip‘cqjlmull .sij 5.9“?"391 99:!h¢,»-R‘!P‘i° dkbs; apd_'lhe m 7 rem “JCWNMPOMIC 'l‘tehéifly“ 24-. : ;;{'.l'|Wsfise’lil.m‘!!€b.‘Whie§:,lnkggi« may? '2”:qu consider: emire'y.pal¢,n;mj {913.1 able. 'Duling ff".- lgpl'lfiv _yéh‘ni“ lili'énuc-f .lua‘l‘ W 99!" ..hF‘iQPS'EP 1".“{9 Iditl‘rablc lo‘ the' 'l‘vf'eivs‘ury.‘ Woll.“fvi'rgfa'nquiphtg‘iit‘ by; thé ‘cs’lmml'és'; 'N‘q’ltfivillyslapdjngj;hp‘" :é'g._ trquidinér'y, fluqux w‘h'i‘c‘l}: ogc‘flr'ré'd" dilfifi‘wg the p‘a‘s: “year; squ ;go'q‘sgglugqugo;ngif,“ CLEA‘B‘F‘I'ELD, PA., JAN“. 15. ”.10 Public worksy and the interruption ol the trade _upon them, for about two months. the tolls takeh‘ by the coilectorE"‘w-itttin "W year, accordmg to the ropurt of the Cnnul Commissioners, amounted. to the sum 0‘ 81.581.575 87. being 8286.08 l ll} mme..than was taken in the p‘recedingyear, and exceeded the estimatelnade torvthe Inst year, near hue thousanddollars..(qu 11" unusual interruption at business ogcur- War the nmount laken‘ wuuld certainly have reached eighteen hundred thnusjnnd tlnllars. .‘ n, . ‘ ‘ . = The estimate of canal antl railroad tolln. for the current year. ts seventeen hundred thnuantl dollars, which, there in good lett aon to believe. is rather below than above the amount which will be received. The expenses of repuirinevthe damages to the ‘public worka. by the floods oi the paetyenr. will principally tall upon the current year. They are. however. included in the eyti rnate ol the expenses ol tlte year, and will not aliect the results presented in the pre ceding calculationa. .. . . The amount at leliei issues in circula tion, on the first of December .last. wato nine hundred nntl thirty-one thouuattd six hundred and aixty-lour dollnre, at which filly thousand Were cancelled at the Trea sury on the Slat olDecember. leaving eight hundred and eighty one thousand six hun dred and stxty~lour dollara‘ utill outstand ing. The means oi .the Treasury. it is believed, will be adequate to the cancella lion ol the whole amount now In circulai tion, within the present and succeeding year. Many at them are so delacetl as to be almost illegible. and are unlit lnr circu lultun; besides they vrtiate the currency. and lurntsh an excuse lor the use ul small notes lrom other Stated. -in Violatinnuol law, and lessen the ctrcolation ol gold and silveramong the people. , Justice to the public creditors. who are compelled to re ceive them in payment at thetr Interest; when they are below par, as well as to the ‘penplc at large, imperitively demands that they should be taken out of circulation as man as practtcable. l. therelore, recom mend the passage of a law. allowtog such of the Banks us have issued these notes, to lend them at a rate of interest not ex ceeding six per cent. per annum payable semi-annually. and that all the surplus means in the Treasury. beyond the pay ment at the interest on the public debt. he appltetl. first. to the redemption or cancel lation of those that may rematn‘in circula tion, as they come into the Treasury. and then to the payment ol the amount landed by the banks. 8384.678 70 3.680.813 74 548,88 l 0L) 542.688 64 'l‘he renourcesnl the T'easury will be sufficient to cancel all that may be receiv ed in painlent of dues tn'the Common uenlth. and to pay the banks the atnount lunded within two years. By this plu cess, mould the bunks ngree to lund any conmlernble portion 0! them. they may all be taken out ol circulation within the pre sent year. It Hilly be urged, that as lhete notes tlo not now hear interest. they Ought not to be converted into a debt on which l interest will be payable. This. however. i.- but ti superficial View of the subject.— There is no longer any excuse lor a con tinued violation of the public faith, by the paymentol the public creditors. in a de preciated currency. and the small amount ol interest which Will have to be paid, if the banks agree to loud a portion ul these notes, Will be tnore than compensated by relieving the character of the' State [rain the continuation of this act til.injuatice. and the people lrom the lobes iocndent to n deprecmtee circulation. 'l‘llii currency had its origin in an evasion of the Consti tution. and ought to be blulted out ol ('9'. metnbronce. ' ~ . t. ' ~ It may non be saleiy pssumed. that we have reached .in period. In‘uur‘financinl his. ltdry, when (he peimanenl revenues of lhe Cummn‘nweullnrxceed. annually. Ihe in. llered on Ihc public debt, and We nrditlis~ ry demands upon ihe 'l‘rensury. by M least half a miliinn of dollar-.'- 'And lhis excess. ,it is confidenily beiu-véd.' may, by a judi ciuustn-viyiun’nnd‘ amendmeni oi the rev enue laws—n’ prudent and e'conumicni couise nn Ihe‘part ’ul Ihe 'li-gislaiive and Executive departments of the Guvernmenl. and the fuiihlu‘l management of the public works; be augment'ed‘in a lew yenis‘iu one Indlinn oi‘dnilars. 13¢ a sinking fund, wilh' out increasing Ihe burden! 0! those who nuw pay their tax-9,93 on“'a lull relurn and lull‘ vuluzninnni- lheir las‘able properly.— This sum applied ‘semi annually; With its accruing inlerbsl.‘ in llle‘redempliun u! “I!“ five per cent.’ Slate slock‘s, 'at par. wuuldl 'di'schargeiupward uf‘sixieen millions. four "hundred ‘llii‘iusii‘nivl‘ dullurs of'-lhedebt in twelve _i'e'nr'sgun'd rr_edu'ce it ‘nt the end ul l(hlzil tum-gnu;‘(wenlyflhree iiniliiiinsl «It is, beiieved‘tliul Millie 'relief issues Will be i‘edeeme’d nn’d ‘canc'ellvdr’by the yeun'une ~lhuuénnd‘eigm ‘hundi'mlinnd Miriam] ii ‘ (lie "ope'rnliiiins ul'the‘ginkiii'i lund‘ a’re'lhen coinin’riiced‘.;nn the/funded debi'. iiie 're'. sul; thin anticipated. wiil bc‘iealjzed-in l‘he‘yea'if, one diou‘siind eight: hu‘ndredfifind iziixly-Iw‘i'r, 'a‘l'ulivhi'ei‘iwinié, I'tiieie“i's,»ao9d. :réqgii'n“iu‘b‘t‘tlie’v’eglzl‘he -‘n'el iu'cnme' Irom die p’ubli'ig‘yuikai-Hviil be More llian‘eufliciein . in my jihefimefesvoi‘i ‘ih'e‘bninnce‘ of 'lhe ' 'pubh'c'di'fbi;Mid/ih‘e'reby’i'elieiie ih'é'fp'eu . pleifr’oin-liii furlhéf;dir9¢l"la_‘xauon lurllh‘ie pm; 0826-17, , . "13.31;“ Fail: :. 2.1“},‘23‘ same imiy‘ 'Vlit'ffi‘. diid"pr'bpo"sition::is‘vis i6i)diy,; ‘dnddeidii'fié, bu“ 'ie'gaid' ii 'a's‘eh’. :iiéi‘y pffi‘ctlcalbie)” und‘cim ‘Wi‘se‘ and: p‘ru— ' .‘.":‘vgv; Jr‘U‘.‘4:,i'cfiifl‘fs}l.ili}VJnv‘NZ'l‘EH ism: f.‘ x i 3,576,390 00 $345,510 00‘ 2§9;ooo.A§>j'o. 848. dent administration at the uti'air.» ‘or the State. The augmenting trade upon our public works, and the consequent increase or business to our commercial and menu factoring cities and’townspand the increase ofpopuhtib’n and taxable property With: 5’10!!! lirntts.‘ cannot lull. and er a'pr‘oper enforcement'ol the "revenue laws, to add to the means of the TreasuryK‘eivery'jeuri 11. however, this great object is to'be ef; lectcd. the public reitenue must not be dii verted to other purposes. and memos: ri gid economy, and the strictest accounta bilttyi ol the public agents. must be re ‘quml and enforced. It is among the first and highest duties of those entrusted with the administration ol the government. to adopt the most elficient means, under ex isting circumstances. to increase public confidence and; guard against the good laithl ofthe Slate being ever again called in questinnr-rto"reduce the public debt. and relieve the people from perpetual tax ation to pay interest. I. therefore, leel impelled. bx a sense of duty. to renew the recommendtttion contained in the last an. noul‘message, which Is in these words : ‘fln connection willtvthts subject. 1 res pectlully recommend to the General As sembly, the proptit’ty and policy of pro pusltl: to the people, an amendment to the Constitution ol the State. under the [turn ol the lOth article ol that instrument. by which the income from the public im provements. alter dcducttng the necessary expenses for repairs and superintendenco ——tltc revenue arising from the State tax on real and personal property, for a cer~ turn period, amt such otlteritctns olincome as may bo deemed expedient to include. shall be set apart and sacredly pledged. for the payment of the interest upon the public debt, and the gradual liquidation ol the principal. Such an amendment.ju dtciouslj arranged. wopld. i apprehend. meet with the decided approbation of the ‘people of the Commonwealth. It would concentrate public sentiment on a fixed object—remove all doubt of the fullness ol the public credit, and lay the loundation oltne final extinguishment ol' the public debt. it Would give an additional secu rity and assurance to the people. and to the public_ creditors. that. in no event. could the public revenue be diverted from its legititttnte object. and would furnish conclusive reasons. for the prompt and cheerlul payment ol the'taxes.” 'l‘heinequality of taxation arising from large quantities ot property subject to tax umter existing laws, escaptog assessment. and. the unequal valuation ol that ivhich is unused, continues to be a subject of just complaint. lam well aware there are in herent dtlliculties connected with the sub ject. but still the experience of the opera ation ol the systetn. andth defects which have become apparent. will point out some remedies for the grit-trances which exist, and which should be adopted. 1. there lon- most respectlutly invrte the attention of the General Assembly. to a thorough examination 0! the aubject.» Whatever just amount of taxation one man escapes by an evasion. or imperlect execution, of the law, is an Imposition and trend upon his neighbor. who makes a lull return of his property, and pays a tax upon a lair valuation There are no aubjecls more intimately connected with. or which have a more di tufl Influence upon Ihe interests of lhe counuy. than the currency and the bunk !ng system. There is good rett son to believe; that the prosperity of the people of the: United States. particularly those connected with the agricultural lttlefl’ttlil, has been promo ted, by the removal on the port of theißrit ish Government. of the high duties upon our exports 0! grain. ond other agricultur‘ at productions. and the mudificatiun 0! our own tarill. by .which the commercial ex changes 0! the twa countries have been greedy augmented, withuttt ,afl'ecting. in juriously, so far as I am intermed. an] or the great manufacturing.interests. ureth er industrial purauits of our people. ‘ Other causes, in combtnationtwith those alluded to, have produced a large influx of specie into the United States.- during the pastyear.‘ whtch hes'gone into activecir culation among the peopltn or found its way into~the \nults ot‘the banks. ' This increase ofthe precione metals, while it lshnuld dispense. in :argteat degree. wtth 'thevuse nl' paper-currenoy.~bas a tendency Itutnvruuse it. :by‘ enlarging the means of the banks to extend‘their issues. The ef fectttif which;it‘encouraaed, wtll be-to‘pro moleepeculatton.land rover-action in every departmental businesuand‘, thu'e' makeithe magentasubstantial-”proepertty ,l)r"lh0'p00 pie; the‘means: of‘productrtg adversity and depression. , The ‘opemtio‘nsr of‘: the Con. etitutional - Treasury have‘ had. '&;‘no doubt will continue to have. a'wmostentntarygin‘ fluenceltin treettaitting the tendency‘ lO‘t-‘X ceaeiwe banking. bv keeping. the public‘rev enues‘mut‘of'tlte‘v'aults of the. banks. and compelling them to be prepared totalleem their-notes. and t'ur'meh specie. to'maet the wants ofztltoeb who have custom: and 9’ ther 'dueet~ to‘ pnwp‘ met GOVWPW’NI ' ' w Although" the “restraining Influence of lhis':great measure.-~upon the banking eye. tem.- tienino'stfi'beneficial.wetitl it does not dtapense'wtth the neoeeeity of caution and prud‘éncec on the. perttof the‘i.S_tatee. inevr' ery mm pertaining to henktng undyaper emulation; ' " ‘ NEW SERIES—VOL; 'l,‘ No; B,..LWHOL'E: NO. 108; MOdGWW di'Cfitbinetitig' du‘ties,‘ witli‘e sound curre'tiliy, limited to the specie stan. dard. may be regarded as the natural and healthy condition of a chunky". by which thojust rewards 9““?“_ are secured. and all the great.,tnterestsgl‘the people mean. ced.‘ Willlie lii‘gh duties and‘o redundant pef per currency fcperato-aa Unnatural stimd: lants and create apparent butdelusive présf parity. , y'.. .v , Nothing‘c‘ancpntribute ‘so much tothe maintenance olotir‘preeent prosperity. as a sound ”currency: Pennsylvania ts rich in productions of almost every description required by the wants of mankind; & noth ing is necessary to make her people the most independent in‘the world. butia pro per regard, for 'her true interests. To ad vance these, she must not be, seduced from her devotion_.to sound principles, by the at“- ttficial contrivances of false economists. Whoae selfish theories are as de'lusive, as they are destructive of the public‘ good. ' t'l'he present is a most propitious period. 'when there is. an abundance of gold as sil ‘ver in the country. to make a determined teilort to increase its circulation, audie cure to the people the currency which the ‘wisdom of the framers ol' the. Constitution 5)! the United States provided. Instead of creating new bunks, orincreastng the cap ital of old ones,. our eliorts should. be di rected to secure the solvency of those which already exist, and thereby-render their’cir culation sound and reliable. .. '_ ;, Impressed With the ionic cigthese con siderations. i, am convincedgthat the in crease ol the banking; capital of the State. would be unwisean _impolitic; and It". pectl'ully recommendhthat below any one of the existing banks is reshartered. ssesr chtng scrutiny be instituted into tts,afl'airs, its management. its credit, and itsmesus; and if it be found that the notes have been enlisted to depreciate, that the accommoda tions have been bestowed upon lavorites. and large speculators and dealers in trien }ey. instead of being diffused amongimod ‘erats and safe customers;that the issues have at one period encouraged speculations by their excessmntl at another oppressed honest industry, by their contraction; in short. that the legitimate’vobjects for. which the privtleges were granted. have not been by fair. faithful andjudicicusmansgetneut accomplished, then the charter "should be sufl'ered to expire by its own limitation.-- The discontinuance 0! such institutions will promote the public good. and willbe hail; ed with approbation by all those who have. for private gain. wrested them. from the purpose for which they were established. _'l‘his policy. so just towards the public. whileit may..to a moderate extent..dimin ish the present amount of-banlting capital. will strengthen public confidence in the other banks. and add to the stability and ‘ soundness of the currency. And as it may. t also. increase the profits ol existing banks, beyond a just compensation to the‘shsre holders for their investments. and «this excess of gainris derived from the special privileges conferred upon them by the Le gislature. I recommend. that the tax impo sed by the act of the let April,‘ 1835; up on dividends exceeeiug six per cent, per annum. be increased. While the induce ment to excessive banking will be reason ably checked. by the increase of this tax. the finances ol the State may be. to some extent, improved, and the public welfare promoted. “ ' A The policy indicated. will lead to the ri gid execution of the law prohibiting-the ciicnlation at foreign notes, under the de nomination of five dollars, as noun'aslhe ‘ balance of the relief issues is cancelled.— 'l‘hia will be a positive advance in the im provement of the 'currency.‘ whichiho’uld be then followed by a law prohibiting the circulation of all notes. below the denomi nation of ten ' dollars. The channels of circulation wtll then be filled with an abun» dance of gold and silver. the public secu t'ed against the chance: ofloss by broken b‘ankla. and depreciated Currency ;_and the Way will be opened to such further‘im- movements)“ the real inter’asta snd hon venienceofthp people may demand. f The cautidttury enac'tmentd l- have sug gested; cannot fail to in‘creaae, hither than dtminish the‘amount ofa/sound circula ting medium. fully entitled to“|h‘e pttblii: confidence.‘ The effect. {trill _be't‘uibrihg the speqie of the countty‘ihtb gctjtrghitcu lation. to fur'nish the paople‘tfith unboun tial currency.’|hal cannpt‘b'e impiit‘éfl'fiy 'bank failures. and towestram thé téndén'cy ’0! the banka'to foste'r_ex"rav'aganqé. ii) time of prospertly.*ahd chepk tltq'rh‘eg‘fié'qfro'p. ptesuiqd in time 'of advergity: " '. '” A theory has been adtcha‘t'ed ‘a‘ngl'bhttin‘ tn practice.' in sbme of th‘e' Siate‘s,l'ctfll6d FREE BANKING;"*It it“ based: if: Im. tt'p‘on'specie. arid In pa'rt ttbhivSi’até qtockd. hypothccme‘i) ivith th‘a 'Ghv'éfh’tnét‘tt.“"'lh o'lhéy words bépka Uériodib 'th‘a'ciednot'a‘ or thé"QOtnni'Obtv'ealtftL' bV‘but‘éhasthH' h'er tb‘odils’ ;‘ théd'e at?! ‘tj'ep'o‘étte‘d w‘t‘ih' tha‘gby; ‘érpn’itzit't ‘v .dt'dmo "E'QV'e't‘htnén't' 'tth'ilbr'é‘gtafi‘Bn returns; (6‘ 'tzpé'j ba‘tptééis; Imiéa"p'r‘é‘;ta rattfiir éirbt’flatmr‘t‘, 'o’tl't‘t‘éq'u'at “mama "pi-W pg}. 9"?” ,"9 grounds. Men"“‘Jéiiébiitfthiifw téniféfli "mil‘ i‘é'i’ptrttlei’ili dté’bfihtryl’v'w 18m ' Itl's;aubpjttfltatahv’lé‘udstdétfébw ; é "té'n‘h wh‘m‘n‘ever 'a tévutatéivo‘c'c‘uréi, tgs'tga‘t 13f til' '- btlity‘; ‘to‘g’ 'u" ".5 ‘a‘ atcttdtggi" {fty’utt,.t}ne,fgri2- 'cjpleq.""'s'uh'fi‘d éffifinfa Hahttitig“ ‘cgt'r‘t‘ only Uri: b‘aae’tlt'alri'll Calidlltt‘lfjtr ‘oi|"msne'_v‘—'ga'ld fitl‘d’fii’vviz” "Xi’iil'ét: .'.n'di't‘t'st't‘ia}?39!:ny“‘36. :49 lendflflir’wmfh' .‘thteli'hfdwilpmfi mitt!” ' 0 = t x, 111 MI MB
Significant historical Pennsylvania newspapers