GOYEIIXOn'S IWEMiGf!, To tfiK ti' tmte and Mourn nf Rryrrimtatitc tiflhc VumitKmweu'ih of Ptnmnylvmnia. 1 GiNTLKvr: Nonrdinary reason for thank fulno lo ihe Gteat God. Crowd tbemselve U pon the Representative of the people, at this annual meeting. A buiidance during the Dt v?r, ha been the rewartf of honest industry, in every pursuit of the citifcenn' Animated with health and encouraged by aucce, they have steadily progressed in tii ccnrnpliihniniit of their deatiny, knd while, enterprise ha been highly favored in tbe development of our great resource, the elevating purpose and lile offi cial organization, religion, morality, education, reflfti ment and civilizati'm have been cherished end advanced. v Although peace an! tranquility have reigned within the border of thin State, we ere nleiili fied with, and deeply interested in the war with Mexico, in which the nation is engaged a war which the prudence, forbearance, and desire of tne people lo retain friendly relation, could not evert; anil which wii eventually forced upon in, by the duty that reft upon every well regu lated (.i.jvernment, to protect the right of it cit'zans, and maintain the honor of the nation. Our religion, our interests, and our institu tions, are essentially peacelul. The people bold ii their hand) the sovereignty of the nation, and exact from thpir rulers obedience to their will. By their continuing influence, they sanction and preserve the cardinal policy of maintaining micabla relation, with all other nation. By them the rgh's of American citizens, in all parts of the world, and the honor of the nation are hold Sacred. Violations ef these national rights and national honor, appeal to Ihe justice, and invoke tb power of tha whole people fur their vind citiun. The war of 1812, witn Eng land, and the existing war with Mexico, are il lustration nf thi distinguishing feature in the chiracter of the American people. Patient of injury while wrongs are euflerable. and reasona ble hope of a return to amicable relations, upon equitable principles, can da entertained, yet no cation may, with impunity, violate the' obliga tions of treaties, or break faith with the United States. In defence of these just riglita, the power of this people is resistless. Every citizen hold himself responsible, and Ihe army springs mm existence, not by conscriptions, or contract for enlistments, but by tho voluntary impulse of in dependent freemen, aninmod bv patriotism and urged onward to deeds of heroic valor, by the approbation of the whole nation. Thi invinci-' hie spirit, guided by the science and skill of the otTict rs, has led our armies in Mexico, from one victory to another, and from one great triumnh to a greater, and will lead them etill onward, until a nrrmanent and honorable peace is seen 'ed. While the honest pride of every Ameri can is gratified, by the great achievements of our soldiers, his confidence in our free institu tions, and in the means to defend and preserve them, is strengthened. In the support and prosecution of the war in which we are engaged, Pennsylvania has given token of her . ancient and uniform fidelity to li berty and the honor of the nation. Her volun teer w ere adtong the first to tender their servi ces, and in every, encounter with the enemy, have magnified the military fame of the Com monweallh, by deed of romantic chivalry and noble daring. In tlieae great achievements, nany of our he roe have fallen in a foreign land. The moan of the wind of Heaven, in peing through the long grass on their grave, are re echoed by the sigh of their friend in the fath erland, and the ad requiem is a just tribute to their sufferings and their valor. The nuance and credit of the State the a mount and condition of the public debt, and the uttan of reducing it, are among the object wnicu cmiin in nrsi attention oi tne uepreseo tativet of the people. The amount of th public debt, en tb 1st D cember, 1818, waa $10,769,377 00 Uu to tat Dec , 1847, it waa, ac (online to th Report of tba Au ditor General, at follows, viz: Funded Debt. pr enl. atocka, $1.7.12.335 00 5 " ' 37,287.990 37 4, Relief issue in cir culution, necrVilef,ltf. over tli am itn on the 1st fierembcr, IMG.. -- , - : fc ' Tin calculation show, tht the revenue as rased and accruing, within the ; tine neia 1 year ending on the Xth Nov. last, wer not only a il equate to meet the demanr? upon theTrcaeury, within the year, but exceeded them by the sum or ntfJ.lOl fil, as above elated, and if to thi sum added the amount of the debt paid within the year, to wil, $1(141 41), we have the nm of f40.'l,0;t.! 00, as the exceM of the revenues accruing within the year, over Ihe payment of the interest on the public debt, the expense of the government and the other ordinary demands 1 upon the Treaw ry. , , j This presents Very encouraging view of the improving condition otlhe Guanoes of the Htate. j Il is the first time, since the commencement ot the internal Improvement system, that the per manent rcvenuea accruing with the year, un aided from any other source, have exceeded or been equal lo the demand upon the Treasury. It i true, the intercut upon the funded debt, and other claims upon the Treasury, during Ihe two preceding years, mcliinmg the payment of a portion of the public debt, by Ihe cancellation of relief notes, were punctually paid ; but, in do ing this, the balance which had accumulated in the Treasury, on the lit Dec. lfil. by the previous suspension of" the payment of the in'er est on the puhlie debt, for two and nne half years, a well us the amount of taxes then u' alanding, were deminUhed each year, until the last, as is particularly explained in my annual measures, in 1845 and 1940, to which you are respectfully referred. .... . An estimate of tb receipts ami expenditure, of the current year, made with much care, and upon consultation with the other officer of the government, it hereto appended, by which it ap peara, that the estimated amount of receipts into the treasury, from alt source, for the financial year, ending on th 30th NoveniWr. 1SIK ia $3,981,900 00 And that the estimated amount ef expenditures, for the tame peri od. Including the rancellttion of $200,000 relief notes, is .1 578,390 00 Which exhibit an estimated excess of receipt over expenditures nt $343 310 00 To which add the estimate for the cancellation 0f relief notes, whiib are a part of the public debt, 200,000 00 Interact certificate - outstanding. Interest ceitificatea unclaimed, Interest on outttand ing and unclaim ed rertificatet, at 4 S percent, to 1st Aug , IS 13, lirr.e of funding, Domestic creditor, 200,000 00 031.0C4 00 332.03$ 43 4,443 33 22.439 80 B0 093 67 Wing 40,628,946 51 $160,626 49 let tban it waa on th lat December, 1846. Thi payment, or reduction of the debt, with n the last financial year, waa effected by tho cancellation, at the Treasury, of the one bun oreu and Pi'Xy thousand dollar of the relief i sne. and by Ihe receipt o Ktateatock in pay ment l old debt, which i allowed in certain casea by law. There would have been two hundred thous and dollar of the relief issue cancelled, within ilia year, in aecordtnee with the requirement of the law, but the payment of the interest which lell due on the firat of February, latt, left the Traatwry so much exhausted, that the amount lucli !u.uU have been cancelled on tlio 31st Mire'i, w not th n on hand. It will be recol lected that it bearne necessary lo anticipate a mi'im of th mean of the yer, by a loan of .jiitlU,(XK).(M). to meet Ihe interest which fell due on the l,t February. The balance in the Treasury on th 1st Peiamber. 1840. was, $384, C7S 70 I he receipt into the Treasury, du ring the tiimucisl yer rmling the 30lh Nov , 1817, from all source, inclwliof the na of $200,000 00 abov rufsrrad to, were, 3.087,023 89 Making an aerecnteof 4,361,704 39 I he psyment. matte nut ol tlx Tre. sury during th time period, in eliiiliHK the repayment of tba loan of 100,000. w-re, 3,640,813 74 Leaving tba ta'dnre in ttiTreatury, on tha 1st Dee . 1KI6, 0H0.S90 83 Seine 9206 212 13 more than it was on the lat ne , IN. 1 1. i st. mated amiount of artiUbl o'ltstandlns !, on th Ut Dec , mil. was. ' 348 681 00 Hid the stimt.d amount of tba tame, ou tb Ut Dec., 1818, was, StS.CbS 64 4-hieh exhibits n increas. in Ibi item, ot MM 36 I'o hit bad J the increase of the ba lance In th Treasury, of 396.213 13 And we have the turn of 445,310 00 aa the estimated excess of receipts, of the cur rent financial year, endinc'on the 30th Novem ber next, over I be payment of the interest on the ' public debt, and the current demand upon toe' Treasury. lliee esiimateei wren taken in the aggre gate, I consider entirely sate and reliable. Du ring the last few years, the actual reeult have been more favorable to the Treasury, than ere anticipated by the estimates. - Notwithstanding the extraordinary floods, which incurred during the past year, the consequent riamge to the public works, and the interruption of the trade upon them, for about two months, Ihe loll ta ken by the collectors, within the year according lo the report of the Canal Commissioner, -mounted to the sum of $1,581,575 87, being 1(286,061 11, snore than wa taken in Ihe pre. ceding year, and exceeded the estimate made for the lt year, near one hundred thousand dollars. Had nn unusual interruption of bus neea occurred, the amount taken would certain ly have reached eighteen hundred thousand dollar. Tho estimate of canal and railroad toll, for the current year, i aevenleen hundred thou nnd doll re, which, there i good reason to be lieve, is rather below than above the amount which will be received, lite expense of re pairing Ihe damage la the public works, by the flood of the past year, will principally fall upon the current yeaf. They are, however, included in the estimate of the expense of the year, and will not eflecl the result presented in tf.e preceding calculation. The amount of relief hs-rie in Circulation, on the flret wf December laat, fc!a 1.664, ot which 50,000 were caucellid at the Tre asury, ou the Hist of Dec, leaving $"81,001 Milli uti-tandiiu'. The mean of the Treasury, a i believed, will be adequate to the cancellation ot the whole amount now in circulation, with-n Ihe present and succeeding year Many of thrm are ao de faced, as lo be almiwt illegible, and are unfit for circulation ; besides they vitiate the currency. and furnish an exeuee for the us of mM nm from other stale, in violation of law, and les sen the circulation of gold and silver among the people. Justice to the public creditors, who are compelled lo receive them in payment of their interest, when Ihey are below par. well as lo the people at large, imperatively items nd a thai they should be taken out or circulation a soon a practicable. I, therefore, recoinmed the patage of a law, allowing such of the Banks as have issued these notes, in fund thrm st a rate of interest not exceeding six per cent, per an num payable emi annuaJv, and that all lh surplus mean in the Treasury, beyond the pay ment of the intereet on Ihe public debt, and the current expense of the government, be applied first to tb redemption or cancellation ol time that may remain in circulation, aa Ibey come into the TresHurv. and then in the payment of the amount funded by the hank. The resource of the 1 reaeory will be sufti eient to cancel all that mny be received in pay ment of duea In the Commonwealth, and to piy Ihe bank the amount fondd within two year. Py thi proeess, should the hunk agree to fund any considerable portion of them, Ihey may il betaken nut o circulation within the preaent year. It may be ureerf. H at h tlese note do not now hear interest, they ought not to be converted into a debt 'on which interest will be payable. This, however, is but 0 su perficial view of the subject. There is nn lon ger ny excuse for a continued violation ot tf e public faith, by the payment nt the puhlie cred itors, in a depreciated currency, and the small amount of interest which will have lo be paid, if the bank agree lo fund portion of tl eee notes, will be more than compensated by reliev ing the character of Ihe State from tho continu ation of thi acl ot injustice, and the people from the bwaes incident to a depreciated circulation. Thi currency had it origin in an evasion of the Constitution, and ought to le blotted out of re membrance. It may now be wifely assumed, that ws have reached s period, in our financial iiixtory, when the permanent revenue of the Commonwealth exceed annually, the interest on Ihe public debt, and the ordinary demand upon Ihe Trettury, by sl let half a million ol dollar. And thi xcets. it i confidently believed, my, bo a ju dicMiu revision and amendment of th revenue lews a prudent snd economical court on the part of the legislative and Executive depart ment of the Government, and ths faithful msn sgement ol the public work, lm sugmeuted in s I. w yesrs to one millioo of dollars, aa sink ) w liav the sum of ' ' $302.404 31 th f.rerat increase ef lbs balance to lb Treasury, aoj of ouUUnJinj tint on lb 4t log interest to th redemption of the five per cent. State ickt.-ai Oar. would flitchjrge up ward ol itef mdHooi, four hundred l&tUtaoil f a. ... t . i . i jj.' t 4 uunsre, ot meueoi in iweivo year,ansi reuuc :t at the end of that time, t wenty thrcemiliionaV It is believed that ell the relief issues will be re deemed snd cancelled, by the year one thou sand eight hundred and fifty, a ad It Jhe opera tions of the sinking fund sre then commenced, on the fundl debt, the result thus snticipated. will be realized in the year one thouaand eight hundred sod -sixty -two, st which time, there rs good reason to bolieve, the net income from the public works, will be more than sufficient lo piy the Jntertfcii on ! balance ef th public debt, snd thereby relieve Ihe people from all fiirthiT tfirect taxation for this pufpne. " " . Some msy view this proposition vieioeary, and delusive, but I regard il aa entirely practi cable, under a wise and prudent administration of the fTiir of the State. The augmenting trade upon our public works, snd the coin quent increase of busmen in our commercial and manufacturing cilie and towns, and the in crease of population and tixtbl property, with in our limits, cannot tail.ui.der a proper enforce ment nt the revenue laws, to add to the means of the Treamry every year. If, however, this great bject is to be eflected, the public reve nues muht pot b diverted toother purposes, and the most nirirt rennemv, and the strictest e countability, of the public agenta, must be re quired roil ei f .reed. It is aiming the first, and highest duties, of those entrusted with the rt- ministration of the government, to adopt the moat efficient means, under existing circum alatices, to iucreoae public confiJ-iice and guard egainrt the gu.id Inilh of the cStdte being ever a gain ra'l d in question to rei'uce the public deb:, and relieve the people from perpelual tax ation In pay interest. I, therelote, feel impel led by a sense ol duty, to renew the rr common dttion cout lined in the last aninisl niesiage, which is in these words. "In connect ion with tint subj- cl,'-1 respectfully recommend lo ihe General Assembly, (he prnriety and policy ot proposing to the people, an amendment to the Coustilutioii ol the State, under the tor in of Ihe Ot Ii article of that instrument, by which the in come front tne public improvements, after tie. ducting the necpesary exocnee lor repair and siiperintendrince the revenue ari-inir from the State lex on real and personal prop'rty, for e certain period, and such other items of income a it may be deemed expedient in include,, shall re set apart and sacredly pledged, for the pay ment ot the intereet upon the public debt, and the rradunl liquidation of Ihe principal. Such an amendment, judicinns'y arrsrged, would, I apprehend, meet with the decided approbation ot'lhe people nf Ihe Comnii nwealth. It would concentrate public sentmu nt upon a fixed ob ject remove all tlcubt ol the fullue of the public credit, and lay the ton not lion ol ihe hnai extinguishment of the public debt, it wi uld give an additional security and assurance to Ihe people, and lu Ihe public creditor, that, in no event, could the public revenue be diverted from its legitimate tlj-ct, sr.d would furnish conclusive reason, for ihe prciupt and cheerful payment of the taxe." The inequality of taxation arising from Urge quantities of property anbjecl to tax under exis ting laws, escsping assessment, and the une qual valuation of that which is assessed, contin ues to be a subject of just complaint. I am well aware there are inherent difficulties con nected with th subj-c, but (till Ihe experience of th operation of the system, snd the detects which have become spparent, will point out some rem dies forth grievance which exist, snd which should be adopted. I, therefore, most respectfully invite the attention of the General Assembly, to a thorough examination of the subject. Whatever just amount of taxa tion one man escapee by an evaaion, or imper fect execution, of the law, is so imposition snd fraud upon hi neighbor, who make s full re turn nf his property, snd pays a tsx upon s fair valuation. There sre nn subject more intimately eon. nected with, or which haves more direct n flu- ence upon the interrstsof the country, than the currency and the hanking system. There ia good reamn lo bi licve, that the prosperity of the people of ihe United tStaies, particularly lliot-e connected with the sgriculti ral intercut, ha been prmioted, by the r mo. val hi the part ol the JSntith Ijoverntuent, ot ti e high dulie upon our export of grain, and otlu r agricultural productions, and the modinca linn nf cur own tentf, by which the Commercial xchsnsea ot the two i-ouuinet have beeu great ly augmented, without affecting, injurioiiklv, fo lr a I shi mlurmed, any or the groat inanutac turipg iiiterebte, or otlit r iu'Juetrml pursuits oi our people. Other can ee, in ronibinatmn with those al luded lo, have produced a large influx of specie into Ihe United Si a tie, inning tlm pnat year, whu h liaa gone into active circulation among the nniiile, i r fi und itswsy into the vault ol tho (ranks. This increaM-.n' the precious metals, while it should dispense, in a great degree, with the us of paper currency, ban a leinlency to in. cressu it, by enlarging ihe mean of the banks lo extend their iMie. 1 tie i ltert id which, it encouraged, will be to promote speculation, snd over action in every department nt businrss, and thus mtke ihe present substantial prosperity or the people, ihe menu of producing adversity and depression. The i peraiions of ihe Consti tutional Treasory have had, end no doubt will coutirue to have, a most salutary influence, in restraining the tendency to excessive bankinr, by keeping the public revenues out of the vaults of the bank, and compelling them to be prepa red to rdi em their notes, and furnish specie, to j meet Ihe wants of those who have customs, and other dues, to pay to Ihe Government. Although th restraining influence of Ibis great metsure, upon the banking syHlem, is most beneficial, still it doe not dispense with the ne c ssity of caution and prudence, on ihe part of the Siatie, in every thing pertaining to banking snd paper circulation-' Mislernle discriminating duties, with s sound currency, limited lo the specie stanoaid, may be regarded as the natural and healthy condition of a country, by which the just rewards of la bor are secured, and all the treat interests of the people advanced, while high dutie and a redundant paper currency operate as unnatural st inulant snd cresle spparent but delusive prosperity. Nothing can contribute so much to th main tenance ot our present prosperity, t a out,d currency. l'ennylvnia ia rich in production nf alinoet every description required by the wantsot mankind ; and nothing ia necessary to make her people the mnet independent in the world, but a proper regard for her true interests. To advance these, she must not be seduced from her devotion lo sound principle, by the artifi cial contrivance of false economists, whose el fish theories are aa delusive, they are destruc tive of Ih publi good. The present Is a most propitioo period, when its circulation, snd secure to the peopl the Cur rency wh'ch the wiediKO nf the fmanersef the Constitution of the Utiiied Stale provided. In stead of creating n banks, or, increasing the capital ot old owes, our effort should be direct ed to secure the solvency of those which al ready exist, and thereby tender their circulation eoiiOd snd reliable. " J ' Impressed with the force of these considera tions, lam convinced that the increase of the banking capital of the State, wntilJ be unwi a and impolitic ,' and I respectfully recommend, that before any one of the existing bank i re chartered, a searching scrutiny be instituted into rtk affair,' Its management, it rerlit, and it means; snd if it be found that the note have been suffered lo depreciate, that the accommo dation hunt Iftii bestowed upon favorites, and larg speculator and dealer in money, instead of being difTWel among moderate snd safe cus tomers ; that the issues have at one period en cooraped speculations by their excess, and at another oppressed honest tmiurrt, y tfieir con traction; in short, that Ihe legitimate object tor which the privilege were granted, hve not been by fair. taithul and judicious management accomplished, then Ihe charter should he sutler ed to expire by its own limitation. The dis continuance of such institutions will promote the public good, and will be bailed with appro bation by all but those who have, for private gain, wrested them from Ihe purpose for which they were established. ... This policy, so just toward the public, while it. msy, to a moderate extent, diminish the present amount of bankingcapitat, will strength en pnM'o confidence in th other bank, and ailil to ihe stability and soundness of the curren cy. And as it may, iUo, increase the profits of existing hanks, beyond s just compensation to the shareholders for Iherr investments, snd ss thisexeest of ein is derived front the special privileeea conferred upon theas by the Legisla ture. I reer mmend. that the tax imposed by the act of the 14 April, lIW, upon dividends ex-cr-dinp rjt per center annnm, he increased. While tb inducement to excessive hanking wll he reasonably cheeked, bv the increase of this tax, th' finances nf Ihe Stat may he, lo some extent, improved, and the public welfare nromnted. . ' - The policy "nd'entpd, will lead to the riirid execution, of the law prnhih;ting the circulation Msateaw Cawfjr Prsatstant Aataya, In tb Hew 6rleM Delta. the 93J ult , we fioie'ee'ri of letter froen "Mustang, their ex celbrnt correspondent at MexicO, from which we extract the following : Mtxteo, December 13, 1847. ' I informed you, in my Utter of the 4th intt , that th government at Queretaie were anxiout and willing to make a peace: that if the dispat ch i to Mr. Tritt had been three day longer reaching him, a treaty would have been conclu dedof thi there in no doubt. My informant it a gentleman at Qtieretaro v. bo it well conver sant with the movementl and measure of the Mexican Government. He alto informed me, at I then wt ot you, that the Convention of Go vernor, whicb adjourned about tb 1st instant, war unanimous in Ibeir viewt, that th only way for tb Mexican to preserve their nation ality and retain any portion of their territory, wat immediately to conclude a peace "an bon orable peace" and that it was "not dishonora ble in them toaelt their teiritory ;" and, further more, that the Governors there assembled and the National Government had mutually pledged themselves to the eupport of each other, if they had succeeded in concluding with Mr. Tritt a treaty of peace. The Commissioner on ih part of Mexico have been in this city, and, 1 am informed, bav been endeavoring to arrange with Mr. Tritt. Whether they have aucceeded, no person as yet is apprised ; but I hop, for the interest of our country, that he will, if he i o enabled, go horn with tba treaty in bi pocket. Not only th interest of th country, but the interett of the world and the preservation of th honor of our gallant little army, who labored to hard and accomplished to much, require it at bit bends One thing i certain, Mr. Tritt did not go home with the Ut train, which left here on the0:h intt. From thi we might conclude that be in tend having som understanding with th Mexi ctut before he leavet. I think it altogether pro- babl he will either mke a treaty or tak home If THE AMERICAN. , Saturday, January 8. 148. ' FOR PRESIDENT, en. ZACUiRl TAYLUK. Democratic Central Taylor Com ' ' lulltcc - Hon John C Rnrher. of Duphin connty -Hon John M Read, of Philadelphia city Hon Richard Vanx "do do Robert AUn, Esq do do Andrew Millar, Kq Philadelphia county Samuel D Patterson. Esq Montgomery county Franklin Vanzant, Esq Buck county Joseph J Lewis Esq Chester county lr William Gray, Delaware county Henry W Smith, Esq Berka county . Hon Ellis Lewis, Lancaster county Charlet W llcgins. Esq. Northumberland CO Hon John Snyder, Union county Col .lamet Burnside, Centre connty Robert J Fisher, Eq. York county Oliver Watson, jr. Esq Lycoming county G.n J. K. Morehead. Allegheny county Col Israel Painter, Westmoreland county Thomaa J Power, Esq Beaver county Hon Edward Herrick, Bradford connty Hendrick B Wright, Esq Luzerne county Franci W. Hughes, Esq Sr hnylkill county Jamea L. Gillia. Esq. Elk county Jamet Peacock. Esq of Dauphin county Thia will he a positive ad- oreifn notes, under the denomination of five dollars, s soon a the bt'snee of th relief in- j with him the propositions of the Mexirant. stiep IS esneeiirn vanc , .. , , , I ization of the Mexican Cong I .1. i , .F. KivmiiI.Iiiu. nf K 1 1 nnl.a Katltu, lh I he makrt a treaty, there it but little doubt of inc in tne improvement or tne currency, , b,in confirm .mme.liately after the organ- hich should b th.'n followed by a law p'o-I . . ,,. n . i . it .1. l , .l. i ization of the Mexican Congress in January. do do do do f!e do do do do ing fund, without increasing the burdens ol thoas who now pay their taxes. on a full return and fair valuation of thsir taxable property. I i,er ia sn sbuodanre of gold sn) silver iq th This tua applied semi-incuall, with fu ccru-1 country, to make determined tflort to increase denomination of ten dollars. The channel of circulation will I lien he filled with an abun dance of pold sud silver, ihe puhlie. secured gainst th chances ot lose by beokn banks, and depreciated enrrerev : and th way will b opened to such fnrfner Improvements, aa th real interests md convenience ol the people may demand. Ti e cautionary enactments I have sugges ted, can rot fail to increase, rather thandiininish the amouutol a sound circulating medium, fully entitled to the public tonfi lence.. The eflecl will be lo bring the specie of the country into rtivn circulation, to fu'niah the people with a substantial currency, that cannot be Impaired by bank failure, and in restrain the tendency of the banka to foster extravagance, in time of prosperity, snd check the uieana of oonreion in nm of adversity. ' ) A theory has been advocated snd put into practice, in some ot the Stsle. cslled FUEK BANKING. It is bsed, in part, upon specie. and in part uponstate atocks, hypothecated with th Government In other words banks be come the creditors nt th Commonwealth, by purchasing ber bonr!; these sre deposited with the government, snd the government endorses, snd returns to the banker, note prepared for circulation, to an equal amount. I can per ceive no ground for confidence in thiyietn. Il must explode, in a country where it is sdop ted to sny considerable extent, whenever a re. vulsion occur to teat il stability, for it i de viation from true principles. SMind snd ssfe hanking can only be based and conducted on money oJnd $ihrr. Neither individu! or banks, can lend that which they have not; and if they lend e red it in Ihe shape of bank note, without the nune lo redeem them in gold snd silver, they commit a fraud upon the community, s they lend snd pst in circulation, that which is not money, nor the representative of money If this system of converting state atoek into barking capital, and hypothecating it a a aecu rity for the payment of bank issue, were not a delusion, mortgage uon real estate might be used for the tame purpose, whicb would afford an equal if not a better security for the payment of notes, and by this process, the whole value of the real estate of the country might be convert ed into banking capital, and the people into a na tion of bankers. Thi proposition thow, that the whole scheme is iluisory anil unsound Free bankinc. in ila legitimate sense, it the neht which every man enjoy, to lend hi own money to w bom he pleatea. It ia the exchange of money for eeeuritie, to repay with interett it involvea no petition increase or tb circuit tion, but may be carried on lo an indefinite ex tent, without affecting the cm rency. Thia is the free banking w hich ba at all timet supplied, and Hoes now supply, tb wantt of a laree proportion of borrowers, and commend itaelf to general con Adence and approval, by ita simplicity and a Captation to tb circumttancet of the people. We mak tbe following synopsis of the bal ance of the message, for thi week, which will be concluded in our next : The Governor think the spirit of tb ( it opposed to tb incorporation of manufacturing companies. Th increating value of our public work, be ay,jrusl negative the ir.eaof disposing of them to a corporation. Tb Penmylvaaia Rail Road ia under contract between Harrisburg and Lewistown; nd mea sure to avoid tbe inclined plan at tb Schuyl kill, are recommended. . Within th latt few years, many of tb old ac count due tbe Commonwealth bav been settled. For gi eater security, and lo prevent th mis application of money, a ytem of check in tb Auditor General and Treaaorer'a departments, i recommended. Tbe present Common School Syttm it eulo gised, and it perfection recommended. Tb final geological report is finished sad rea dy for Ibe pre. It publication is rcommad- . A Isw to secure ths right of property of mar ried women i warmly rcommndd. Hi opinion in regard to divorce remain un changed.. Tb great inert of local and special leg'ul tioa it irfttrid to at s (i it race. i . - The army is now about thoroughly reorgan- zed, th new and the old regiment to disposed of a to give th whole a better tone, and 1 have no doubt add to it general efficiency and if the pretent peace movement doe not retult !n some thing definite, in tbe course of tbe next two week, a division of 4000 effective men will be despatched to the mining diatricta situated in Zacatecaa, and tbe States thereto adjoining. It is mora than probabls that it will b under tbe command of Brig. Gen. P. F, Smith. Tb ob ject of thia detachment will be to enable us to a- vail ourselves of tbs national resources of the mine. r On tbe 7th intt. Gen. Patterson, with bis com mand, arrived at thia point. Generally apeaking, they ar a good body of troops, and after they have been taught th ne cessary duties, drill and discipline, will be good soldier. However, ther cam along with them th greatest Aor.ericaa curiosities that, as yet have entered the city of the Aztec they were th observed of atl observer!, and excited at much lively intereat a ifPretident Polk and tbe American Congress had suddenly tet themtelve down in front of the Palace to organize and regu lat a government and law for the people of thi benighted land crowdt of men flocked to ee them, (however always keeping a respeetlul distance,) and women affrighted, rushed from tbe balconie into th hooae. Perhaps you would lik lo know who these terrific being are? Well, they are nothing more nor lest thin Jack Hay and hi Texan Rangei, with their old fashioned maple-docked rifle lying across their addlea. th butt of two large pistols sticking out of their bolsters, and a pair of Colt's six hooters belted around their waittt making on ly fifteen abota to th man. Do you think thi wat anything to be tcared at There are only 500 men in tb regiment, and umming them all up, they have only got 7 .100 hot, whicb it will take them at least from eight to ten minute to fire into Ihe rank of an enemy, when they are at a charge. Rut then they have got a name, and I am beginning to be liev them to be a tort nf temi civilized, half man, half devil, with a (light mixture of the lion and (napping turtle, and bav a mor holy hor ror, of them tban Ihey have of Ihe evil taint him aelf. And do not be aurprited when I tell yon that I bav several times been asked by some of the inhabitant it Ih Texan wil! be allowed to go out into tbe atreeta without a guard over them It ia really turpritinc that men with such a repu lation should be among th very best disciplined troop ic our army, and not disposed to commit outran or create dittuibanc in any way. But tbe greaaer mutt not interfere with tbem, a wa illustrated this evening. About an hour ago some of them wer quietly patting through one of tb trU, when a crowd of lepero gathered around tbem and commenced throwing stone tbe rttt.i of which was, that in a very few mio utea ther wer ten dead Mexican lying in tb treet, and two men badly wounded, taken toth guard-bout. PJT Ba FatLuaa We shall endeavor lo keep our reader advised of tb tituatiou of tb differest bank. Bicknell' latt Reporter y : Sine our laat, the New Hope Delaware Bridge Company, Susquehanna Count Bmk, Atlas Bank, Clymer, N. Y.. and Jamea Bank, Jmeville, N- V.. have failed. We also have report that the following have suspended ; Bank of New Rockolle, White Plains Bank, Merchants' Bank, Ellsry, N. V- but are incli ned to doubt the correctness of Ihe rumor, with regard to the latter Institutions." Pr. Johnson comperes 0 rasa who goes un married oe account of the cares of wedded life, to one w bo would amputate leg lo save th toee ftotn corns. Tbe Doctor knew t thins; or two.' ' . . , Hon William Hock Gen Simon Cameron Benjamin Park, Esq. Gn Christian Ssiler Philip Douicherty, Esq. O. 1'Hrrrett. Esq. Francis C Carson, Esq. James Rra-ly. Esq. Edward A. Lesley, Esq K7" W'e are indebted to Geo. A Flick, Esq , of the House, and V. Best, Esq , of the Senate, for early copies of the Governor's Message. C7" Th GovBKNoa't MisniiS. The late hour at which we received the message, will not permit ut to lay the whole of it belore our read er, thi week, we give in greater anu mosi important part, wiib a synopsis of tbe remainder. The message ia a well written document, and contain oin good suggestion. W have no room for further commenta. COT In thi Court of Common Pleas, on Tuet- lay last, on motion of A. Jordan, Esq., Henry Donnel waa admitted to practice ia tb several courts of thi county. On the 5th inst., on motion of Wre. C. Law- son, Esq., Charles Augustus Kutz wat admitted to practice in aaid court. Rivnies Commissions Th Judge of the 8ih Judicial district met at thi plac on the 6th inst,. and appointed George Smith, Esq , nf Columbia county, Revenue Committioner for said district. C7" Sriuonr tm Horsa or RrraKsaiT- Ttvct We are glad to learn that Wm. F. Pac ker, Esq , of Lycoming, hat been elected Spea ker of the Houte of Repretetativet, at Harrit- burg We wer apprehentiv that tbe fact that Mr. Packer waa a new member, although unjust ly deprived ol hi teat last session by a false re turn, would prevent hit election to that respon sible station. It it unusual to select a new mem ber for that otiice. Having been chosen under thete circumstances, is a high and w!l merited compliment to hit character and abilitiet. Coasts Nothing of much interett hat as yet been transacted. The war of wordt will, however, now begin, at tbe bnlidaya are over. Mr Calhoun wat to have commenced hi great speech on hia resolutions, on Wednesday last. He ia oppoaed to taking any territory from the Mexicans, but is in favor of fixing th Texts boundary line at th Rio Gram!. C7" Tu CosGsssMOJiai. Glob d Arric pix. published at Washington city, by Blair & Rivet, it a most valuable publication to all who take an interest in the proceedings of Congress. It bat in fart, become a standard work. 1'he Congressional Globe contain n accurate ami full account of the proceeding of Congrett. The Appendix containi tbe speeches of the member of Congrest, ccurtely reported and corrected. Both the Globe and Appendix are published in a convenient form for binding. Tbe proprietor re at a heavy expense in making the work, what it is designed to be, a faithful record of th proceeding of Congress, and deserve the patron age of the public The term are for th Globe, S3 for tb long tettion ; th Appendix, th stm pries. . . E7"Th Mi' Joi !L, st Pottville,cme out enlarged and improved on the lit instant. Tbe Journal is an excellent and well eonducUd PP"- E7 Piiiuadzlpmi Dau.v Billbtin. Mr. Cumminga, the oditer nf tb Bulletin, announce that h ha associated with him Jamet Peacock, Esq , lat pott matter at Harrisburg, aa editor and proprietor of th Bulletin. . Tbe Bulletin ha heretofore been a apirited and well conducted pa per, under tb management of Mr. Cumming. and now, with tb aid of Mr. Peacock, it will no doubt b further improved. ' CT" Dr.. Roht H. Awl, formerly of tbis plac, ba beeu appointed Assistant Physician of tb Ohio Lunatic Aeaylum, by tb boaid of di rector of that instituti. try pA aroa tn Martin Shay, who was con victed in Schuylkill county, in Jun laat, for th murder of Jobn Re, ba been pardoned by Go vernor Skunk. ' -...;. C7"Stsmot EaruMjioa. Tbe etssjibot A. N. Johnson blew up oa th Ohio, near My vill. en tba 21th ult., by which 00 or 70 person wis killed, end about 30 wound!.
Significant historical Pennsylvania newspapers