THE GLOBE.
HUNTINGDON, PA.
Virednesdaj . , Januaxy 10, 1855.
Circulation—the largest in the County.
SEE NEW ADVERTISENIENTS.—House and
lot and out-lot for sale. Stray Steers.
Thanks
Those of our friends who have 'kindly remem
bered us by putting in our pocket a little of the
" root of all evil" have our thanks.
To Printers.
The" Standing-Stone" printing establishment
of this place is offered for sale. The materials
ure new and in excellent order. The publica
tion of the paper has been suspended.
Prosecutions for selling- liquor to minors.:---to
persons of intemperate habits, &c.; have brought
.unusual crowd of witnesses to town this
week. Criminal :business will occupy the at
tention of Court the whole of the week'.
The Ohio State' Democratic Conven
tion for the nomination of State officers met
at Columbus on Monday. Gov. Shedell and
all the present State officers were re-nomina
ted by large majorities. Resolutions
adopted denouncing Slavery andY-"nv - N° -
thingism. .
Huntingdon and Et? '4lll:i Top Rail Road
At an eleetiop--
at. the office of the com
pany in tbj,..„ o;ace on Monday last, the follow
iniw.4stlemen were selected to serve the emu
..ng year :
President—tOUlS T. WATSON.
Directors—C. J. HOFFAIAN,
S. MORRIS WALN,
BENI. W. TINGLEY,
JAMES ENTREICIN,
JOHN SCOTT,
JOHN DEITEREUX,
JOHN TVICCANLES,
A. P. WILSON,
AVM. P. SCHELL, •
Autz• KING_,
JAMES B. LANE,
•
DANIEL liannocx,
Pennsylvania Legislature
The Senate succeeded in organizing on Fri..
day—on the 27th ballot Win. 11. Hiester, Dem.,
of Berks, was elected Speaker—Darsie, Whig,
voting for Hiester. The Governor's message
was then read. On Saturday, George W.
Hammersly, (Whig) of Lancaster, was elected
chief Clerk, Henry Pettibone, Dem., Assistant
Clerk, (Darsie voting for Pettibone, the Whig
caucus candidate being a K. N.,) and Nelson
Weiser, Dem., John H. Fuller, John Ewing and
John W. Kerr, Whigs, Transcribing Clerks.
On Thursday, in the' House, A. W. Benedict,
Esq., of this place, was elected Chief Clerk.—
On the first ballot he received 69, votes, Wm.
Jack,•Denz., 20 votes, Wm. Henry, Whig, 3.
votes. • Mr.•Benedi.ct received the full Whig and
Democratic Know Nothing vote.• A. S. Hen.
nerholtz, Dem. K. N., of Berks, was appointed
Assistant, E. Cowen, of Warren, J. L. Wright,
of Berks, E. Smith, of Wyoming, S. C. Slay
maker, of Lancaster, and W. W. Taylor, of
Lawrence, Transcribing Clerks. S. Bently, of
Washington county, was elected Sergeant-at
arms, and appointed G. W. Frick, of West
moreland, his assistant. John J. Horn, of Nor
thampton, was elected Door-keeper, and up.
pointed Geo. O'Connell, of Cumberland, James
A. Dean, of Allegheny, Daniel Ncgliart, of
Union; and • J. A. Kenny, of York, his assis
tants. Edward D. Evans, of Cambria, was
elected Messenger, and appointed Samuel Beck
and A. J. Gibson, of Armstrong, his assistants.
Robert W. Speer and .Robert Vaughn were elec
ted Pages of the House.
AU the officers of the House are Know-Noth
ings,and the number has been increased—per.
haps to give the people a specimen of the re
form promised by the reform party now in pow
er in the House.
From Washington.
WASHINGTON, Jan. 8, 1855.—Nothing is
doing in Congress to-day, as both houses have
adjourned over to attend the Convention of
the soldiers of 1812, now being held here.,
Numerous delegations from all parts of the
country are in attendance, and a strong ap
peal.will be made to Congress to place the
soldiers of the, war of 1812 upon the same
footing, as to pensions, with those of the war
of the revolution. The bounty land provi
sion will be a small matter ; for if the present
bill before Congressipasses, the land warrants
would not bring, in the market, enough rea
dy cash to.pay their expenses while in atten
dance upon this Convention.
As the bounty land bill, now before Con
gress, includes within its provisions the sol
diers of the revolution, and their widows and
children, the Commisdioner of Pensions has
made an estimate, from the files of his office,
that there would be .411Q,000 cases of this
kind, requiring 64,000,00 - 0 acres of land to
satisfy them. This estimate is rather below
than above the mark. It allows 33 per cent
of the soldiers of the revolution to have died
leaving no children. This.is certainly a very
liberal. allowance for bachelors.
' THE RIGHTS •OF CITIZENSHIP ABROAD.-
The following, is the bill passed by the House
last session, and the Senate this Session, to
secure•the tight of citizenship to children of
citizens of the United States, born out of the
limits thereof:
- Be]it enacted by, the Senate and House of
Reprg,sentattves of the United States of
America in Congress assembled, That per
sons heretofore born, or hereafter to be born,
out of the limits and jurisdiction of the Uni3
ted States,. whose _fathers were, or shall be at
the time of their birth, citizens of the Uni
ted States, shall be deemed and considered,
and are hereby declared to be, citizens of the
United States: Provided, however, that the
rights of citizenship shall not descend to per
sons whose fathers never resided in the Uni
ted States.
rif:7 - An old woman was sent to the work
house at St. Louis a short time since, for beg
ging. She made her escape when it was dis
covered that.she had several houses and lots
in Quincy,lllinois.
Court
Last Message of William Bigler,
GOVERNOR Or PENNSYVANIA..
Read in the Legislature, Friday, Jan, 5
To the Honorable tire Senators and Members
of the., House of Representatives of the
General Assembly : -
GENTLEMEN :-
Whilst the events of the year just closed,
present many causes of joy and congratula
tion, and afford abundant reason for thankful
nees to a beneficent Providence for his good
ness and mercy—our prosperity and happi
ness, as a people, I regret to say, has not
been unalloyed. The general growth of the
country, the progress of the arts and scien
ces, and other causes of moral and social
comfort, have not, it is true, been interrup
ted; but the loss of valuable lives and prop
erty, by the casualities of the elements, has
been unusual, both in numbers and extent ;
and in certain sections of our Commonwealth
the afflictions of pestilence and disease have
also been solely felt. Nor should we esti
mate lightly the suffering that manifestly ex
ists amongst the poor in our cities and towns.:
The drought of the season deprive:e
one
husbandman, to some extent, of the-eat:l6Pa
ted rewards of his labor, and. aessened the
means of human subsisteee<whilst the de
pression in monetaere and business affairs,
laborers and mechanics
has deprived nae 4 s.
of their usteer
earnings. The means of sub
sistene,,are thus greatly enhanced in val
-elite same time that the opportunities
,or earning them are much diminished. The
field for charity is consequently wider than
usual , and to meet its reasonable demands
on the part of those blessed with- an abun
dance, will be to sustain the Christian char
acter and measurably to merit the continued
bounty of Heaven.
The Operations of the Treasury for the last
year will be presented to you in detail by the
head of that department. The results are
highly satisfactor, showing a steadily.increa
sing revenue from nearly all the ordinary
sources.
The aggregate receipts for the fiscal year
of 1854, including loans and the balance in
the Treasury, on the 30th of November,
1853, amounted to the sum of $6,665,912 01.
The gross payments for the same period, to
the sum of $5,424,983 29 ; leaving a balance
on the 30th of November, of $1,240,929 72.
The extraordinary payments consisted of
the following items, to wit : loans repaid,
$235,888 40; to the North Branch canal,
$206,552 76 ; to the construction of the new
railroad over the Allegheny mountains,s46l,-
921 03 ; to the payment of debts on the pub
lic works, $389,946 38. Of the balance re
maining in the Treasury, a portion is appli
cable to the payment of the State debt, and
the remainder to current demands: -
The simple, or ordinary operations of the
Treasury for the same period, were as follows,
to wit : the receipts, exclusive of loans and
the balance in the Treasury on the 30th of
November, 1853, realized frnm permanent
sources; amounted to the sum of $5,218,099
00. The ordinary expenditqres, including
the interest on the State debt and all the pay
ments on the finished lines of the public
works, excluding the payments on new works,
and loans, amounted to $4,116,744 84; be
ing $1,101,490 15, less than the receipts.
This statement may be regarded as the
workings of the Treasury simplified ; and as
establishing the gratifying fact, that the pre
sent reliable revenues of the State, exceed
the ordinary or unavoidable expenditures,
over a million of dollars; and that, relieved
from the demands for the construction of ne iv
improvements, the Treasury could pay a mil
lion or more of the public debt-annually.
It will also be perceived that the income
from these sources is steadily increasing.—
For instance, in 1846, with the State tax at
, present rates, and the same extent of im
kproverrients in use, with nearly all the pres
ent sources of revenue in operation, the gross
receipts amounting to but little over three
and a half millions.
No more reliable estimates of the opera
tions of the Treasury for 1855 can be made,
than is furnished in the results for 1854.
The ordinary receipts may be safely estima e
tee. at a million of dollars above the unavoid
able expenditures. A. portion of this excess
will be required to complete the new Portage
railroad, and the North Branch canal ; and
the remainder should be faithfully applied to
ward the payment of the State debts.
The aggregate receipts on the public works
for the past year, as reported by the Canal
Commissioners, amounted to the sum of $l,-
876,078 88 3 and the expenditures to the sum
of $1,101,570 53; leaving a balance of
$774,508 34, from which, however, should
be deducted the sum of $37,900, properly
chargeable to the year, for new locomotives
and other unavoidable expenditures—thus re
ducing the net profits to $736,608 44. If we
add to this $131,000 00 received from the
Pennsylvania Railroad Company for the three
mill tax, which is claimed by some as a part
of the income from the public works, we find
a net revenue of $867,000: a sum equal to
the interest on seventeen millions of the five
, per cent. debt of the State. The aggregate
receipts were $57,121 less than for the year
1853, and the reduction in expenditures
amouuted to over $159,287,00. The with
drawal of the business of the Pennsylvania
railroad from the Portage road, readily ac
counts for this difference.
Viewed in every aspect, this exhibit is
gratifying. Few similar systems of improve
ment in the country can present a more fa
vorable picture. Some of them, in other
States, have recently been reduced to a con
dition of virtual insolvency. Theeincrease
of business on the State works for the last
years, has exceeded our anticipations ; and
but for the necessity which seemed to exist
for a reduction of tolls to. meet surrounding
competition, the revenue would have been
largely increased. The . general movement
now on foot amongst railroad companies, to
advance these rates, - may perhaps relieve the
State to some extent in this respect.
The Delaware division makes a most grat
ifying exhibit. The gross receipts counted
$365,327 07, and the expenditures $59,738
67, showing a net profit of $305,588 40 ; a
sum equal to the interest on six millions of
the public debt, and .to 20 per cent. an the
original cost of the work, including the ex
penditure for new works. The North Branch
Canal and the Columbia railroad also present
favorable results. The business and tolls on
the former have increased with marked ra
pidity ; and the management on both these
branchs bear the marks of skill and econo
my. The expenses on the Alegheny Portage
road have been largely reduced, and the bus
iness better regulated than at any former pe
riod. • As a whole,er feel constrained to say,
that the condition of the public works has
been improved during the last year On no
particular, to so valuable an extent, as in the
matter of contraetinge debts, which it seems
has been almost entirely avoided. The offi
cers on the respective lines report that they
have paid all expenses; and some of them
have gone so far as to say to the Canal Board
that they will be personally responsible for
any' debts that may hereafter be discoved.—
This is truly a great reform—for nothing has
cost the State so much as the pernicious prac
=tice of making debts On the public works ; I
still think it should 'be interdicted by positive
law.
In ray last message I gave my views at
length as to the principles and rules that
should control in the management of the
State improvements, and I need not repeat ,
them in this. I would respectfully suggest,
however, that so much of the law as binds
the Canal Commissioners to a fixed rate of
tolls for the whole season, should be repealed.
The officers directing . the operations of the
public works should, it seems to me, be left
tree to meet the exigencies in trade and com
merce, as they may arise.
Tht work on the Mountain railroad has
progressed olovilY : and it is obvious that it
will e at-oe fully complettAl before the surd
menecif 1855. I must confess myself sadly
disappointed as to the time and money con
sumed in the construction of this work.—
The expenditures, since I came into office,
have greatly exceeded the whole amount es
timated as necessary to complete the line ;
and yet, it is but justice to say, that the Penn
sylvania railroad, lying parallel with it, has
cost a still larger sum per mile.
I have endeaVored, during my service, to
guard against the commencement of schemes
of this or any other, r .eharacter, to entail fu
ture liabilities on the Treasury. This ought
to be the settled policy of the State. No new
improvements' should_ be undertaken, upon
any pretext whatever. The payment of the
debt, and that only, should absorb the surplus
revenues of the Treasury. If this policy 'be
pursued, no other financial scheme, to pay
the debt, will be necessary. The large an
nual surplus will reduce the State's indebt
edness with sufficient rapidity.
I regret, exceedingly, the necessity of an
nouncing to you that the North Branch Ca
nal is not yet in full operation. It is now
more than a year since the Canal Commis
sioners directed the water to be let into the
main trunk of that improVement, and decla
red their confident belief that it would be in
aucce3sful operation by the middle of last
summer; but their sanguine expectations ; as
well as these of the people, have, in this re
spect been sadly disappointed. A. variety of
unforseen difficulties presented themselves in
• the way of the attainment of this end.• The
old work, constructed some twelve or fifteen
years since, as well as some sections of the
new ; located on the hill side, near the mar
gin of the river, when tested by the admis
sion of water, turned out to be porous, and
totally insufficient in its material and forma
tion. In some instances rocks, roots, trees
and stumps have been concealed under the
bottom of the canal channel, covered only
by a few inches of earth ; thus presenting
but a slight obstruction to the passage of the
water out into the bed of the river. This is
especially the case in much of the old work.
In all such sections or places no remedy,
short of a reconstruction of the bottom of
the canal, could prbve sufficient; 'and this
was necessarily a tedious and expensive pro
cess. There is still a considerable portion of
the work to remodel in this way ; but it is
confidently believed that it. will be ready for
use in the early part of the coming season.
That the utmost skill and vigilance has at all
times been exhibited by the agents of the
State, on this line, I do not believe; but the
deficiency, in this particular, on the new
work, has not been so palpable . as alleged by
some. Indeed, since May last, great energy
has characterized the management on this
line; the President of the Canal Board hav
ing devoted much of his time to O. personal
supervision of the work. Bur it is obvious,
no degree of capacity in the State's agents,
for the last year, could have overcome all the
difficulties that were encountered, with suf
ficient celerity to have entirely satisfied pub
lic expectation.
th_e time I came into office, the surn ne
cessary to complete this work, was estimated
. at $772,000. Since that time the sum of
$1,206,552 72 has been expended, and it will
still require, ae estimated by the Canal Board,
$60,000 to put it into complete operation.
Whilst I regret this unforeseen cost and de
lay, I cannot refrain from repeating my un
faltering confidence in the wisdom of the
pOlicy that dictated the completion of this
work. The large increase of business and
tolls for the year just closed, on the older
portion of the line, indicates what we may
safely atiticipete from the new ; and, I cannot
doubt, that the gross amount of business it
will command, and the revenue it will yield,
will exceed the most sanguine expectations
of its advocates. The inexhaustible mines
of coal with which that section of the State
abounds, the products of which are destined
to pass through this avenue to a limitless
market, will furnish for it a - never failing
supply of business and tonnage. Besides,
its completion will be an act of justice to the
industrious and enterprising inhabitants of
that part of the Commonwealth, who have
heretofore willingly contributed towards the
construction of other improvements of the
State, from which they could derive but lit
tle advantage. It will, also, add to the gen
eral prosperity of the adjacent country ; to the
value of property, and consequently to the
revenues of the State.
At the time of my induction in
to office the funded debt, in.
eluding accrued interest, a.
mounted to the sum of $40,154,457 48
Add to this the loan of April,
1852, to complete the North
Branch canal
$41,004,457 48
Deduct payments as follow: -
Interest on out
standing certi.
ficates $50,063, 39 .
Receipts to the
Sinking fund up
to this time 1,057,856 15
Total funded debt $39,900,537 94
The floating debt and unpaid
appropriations at the period
already indicated $1,421,090 15
Deduct the available balance
then in the Treasury 750,000 00
The floating debt, temporary
loans, unpaid appropriL
except for repairs after the Ist
Dec. 1854 $1,630,000 00
Balance in. the Treasury No.
vember 30, 1854 after deduc.
ting the amount applicable to
the old public debt and the
relief issues then on hand 865,929 00
Balance
During the same period the following
.appro
priations and payments have been made to
ward the construction of new_ improvements,
to wit:
For the re-constructing of the
Columbia railroad . 6514,407 66
For the new railroad over the
Allegheny mountains ' 1 ,117,955 93
For the completion of the Wes..
tern reservoir 52,398 00
For the North Branch canal 1,206,352 76
New locks on the Delaware di
vision 100,319 99
Sundry special payments 95,353 71
The foregoing figures exhibit the astonish
ing fact, that the Treasury has been annual
ly paying over a million of dollars towards
the construction of new improvements and
at the same time accomplished a small reduc
tion of the public debt.
As made my duty, by an act of the Legis
lature, approved the 27th of April last, pro
viding for the sale of the main line of the
public works, sealed proposals for its pur
chase were invited up to the first Monday of
July last. No offers were made under this
invitation ; and public notice was again giv
en, on the 14th of November last, in accor
dance with the 29th section of the act, for
proposals, to be submitted to the General As
sembly; but none have been received. This
improvement is, therefore, still the prOperty
of the State, subject to such disposition as
the Legislature may- deecessary.
My mind, has undergo n nitio change, on the
subject of selling the public works, since the
period. of my last message. I think the pol
icy of the measure depends mainly upon the
price that can be obtained, and the conditions
.on which purchasers may be willing to hold
these works for the use of the public. With
a full and fair consideration, and on terms
amply protective of the rights and interests
Of the people, in the future enjoyment of
these highways—a sale might not prove in
jurious
to the public weal. But it is certain
ly neither wise nor' politic to assume that
they must be sold for whatever can be obtain
ed ; or that they should in any event, be giv
en away. Nothing could have a more pre
judicial effect upon the interests of the State,
as involved in these improvements, than the
avowal of such a determination. Nor 'is it
less unwise to disparage the value of the
Commonwealth's property, at the very mo
ment of putting it in market fOr sale. No
intelligent private citizen would so act, in
• reference to his own estate. He would hard , '
ly give notice to 'capitalists, in advance, that
he would sell his farm for a fair price; but if
unwilling to pay such reasonable considera
tion, they could have it for half the money.
Nor would such a person proclaim, that of
all the farms in the country, his was the least
productive.
It is certainly the wish of many good citi
zens of the State—perhaps of a majority—
that the public works should be sold; but this
desire is evidently based upon the assump
tion that the measure would be one-of real
economy—that it would lessen, without the
hazard of increasing, their annual taxes.—
The'realization of such an object, it must be
perceived, then, depends entirely upon the
price and -terms. Those who desire a sale,
certainly expect the State to be the gainer by
such a measure. No other important or suf
ficient reason for parting with this property
has been assigned.
It is usually said that the works should be
sold to pay the public debt and lessen the
burtheus of the people ; but it must be obser
ved that a sale might be made at a price far
too low to effect such purpose; and if so, to
give them away would be still less likely to
produce the desired result. Should the gross
sum received not be equal to that on which
the nett earnings would pay the interest, then
the effect would be to increase rather than
diminish these annual burthens. This is not
what the people desire to accomplish by a
sale; nor will they be satisfied with such a
disposition of their property.
The real value of the public works, is a
proposition full of difficulty; and I doubt not
the General Assembly will approach the in
quiry, duly impressed with its importance.—
Ten millions of dollars was fixed by the law
of the last session, as the price for the main
line. This minimum is said by some to be
too high, and the failure to sell regarded as
the consequence. Others attribute the ab
sence of bidders to the condition of the mon
ey market—to the stringent restrictions cm
posed upon the law ; and to the efforts that
had been previously made to disparage the
value of the line. But it is obvious that
more than one of these causes may have
operated ; and a greater than all may have
been the hope of getting this property on
better terms at a future time. I feel 'very
confident that the latter consideration was
not without its influence. But. be this as it
may, it is certainly wiser to fail to sell from
any one of these causes, than to hazard the
works in the.market, without any restriction
or limitation as to price or conditions. A bad
sale would assuredly be a greater misfortune
than no sale at all.
The benefits resulting to the people from
these improvements have been numerous and
diversified. They have facilitated trade and
commerce; stimulated productive industry
in every department ; and have not only en
abled the farmer •to reach a ready market
with the fruits of his labor, but have furnish
ed convenient out-lets for the rich mineral
treasures of the State. Without them, the
miner would be deprived of his occupation,
the transporter be left in helpless destitution,
and the Commonwealth itself be permitted to
retain a parsimonious possession of vast mas
ses of natural and unproductive riches. Our
predecessors were wise in opening these
avenues to trade and commerce; and if we
wish to be rated wise hereafter, we shall not
rashly ; and hastily throw away the advanta
ges of their future use. This'use, to the full
extent, in the event of a sale, can only be
secured by a jealous protection of the right
of the people to enjoy- it. The very first con
ditions of such a measure should be, that the
works, and every branch of them, be kept at
all times in good order and in operating con
dition, and remain forever public highways,
for the use of all persons who may wish to
transport goods or merchandise over them,
upon rates not greater than those charged up
on other similar improvements. No corpo
ration should get possession of these valua ,
ble avenues, on such conditions as would en
able it to impose unreasonable burthens on
the internal trade and tonnage of the State,
or in any way to encroach upon the rights of
the individual citizen.
850,000 00
1,103,919 54
$671,090 15
To obviate such results, the powers, privi
leges and restrictions.of any corporation get
ting the works, should be minutely defined.
Past experience suggests these prudential
counsels; for we have often seen in this
State, how difficult it is to confine the opera
tions of these artificial bodies within the Jim
its prescribed by the law: and we should not
fail to profit by the lesson.,
By the 29th section of the act of the 9th
of May last, providing for the ordinary ex- -
penscs of government and other purposes,
Nimrod Strickland, of Chester country, John
N. Purviance, of Butler county, and John
Strohem, of _Lancaster county, were named
as commissioners to settle certain claims
and debts against the Commonwealth. It
was also made the duty of the governor to
supply, by appointment, any vacancy in this
commission which might occur. The gen
tlemen already named having declined to
serve, i accordingly appointed William M.
Williamson, of Chester county, Wm. English,
of Philadelphia, and John't. Magill, of West
morland county, in their stead.
'After a tedious arid laborious investigation,
these gentlemen have completed the duty as
signed them, and the result will be commu
nicated to you, in detail, in their own report.
I reget to perceive that the accounts so ex
amined and settled, exceed the amount of the
appropriation nearly $150,000. It is well,
however, to see the end of claims of this char-,
acter; and having accomplished ,this; it will
be prudent to guard against the recurrence of
a similar state affairs. Indeed, the practice
of contracting debts on the public works,
should be at once and forever abandoned.
it has been a fruitful' source of confusion
in the accounts, if not of palpable wrong up
on the Treasury. The right to scatter the
credit of the Commonwealth in this unguar
ded way, is, I venture to assert, without
a parallel in the management of public af
fairs. Of the many defects in the system of
managing the state improvements, .this has
been the most productive of evil. In my
first, as also in my last annual message. I
most earnestly urged the General Assembly
to provide, by law, that no debt should be
contracted by the officers on the public works;
that the necessary labor and material to
maintain these works should be paid for in
cash— and that each officer should be com
pelled to settle._his accounts promptly. The
examination just made, demonstrate still
more clearly the necessity for such reform.
Repeated attempts have been made to re
peal so much of the act incorporating the
Pennsylvania railroad company, as requires
it to pay into the Treasury annually, a cer
tain per centage on the amount of tonnage
which may pass over that road as an equiva
lent for the privileges granted by the Com
monwealth ; but the General Assembly have
as repeatedly rejected the proposition; and I
sincerely hope, that, so long as the State
may need the revenue from this source, all
future attempts to accomplish this end, may
meet a similar fate.
$765,929 DO
$3,086,778 05
Hav,ing been connected with the legisla
tion which brought this company into exis
tence, and clearly cognizant of the motives
and purposes which governed the Legislature
in imposing this condition on the grant, I can
discover no reason in subsequent events, to
justify the relinquishment of this valuable
reservation; but many on the contrary, to
sustain its justice and utility. The discus
sions pending the incorporation of the com
pany, will best indicate the object of this re
striction. The construction of a railroad
from Hari isburgh to Pittsburgh, parallel with
the State works, was very properly urged as
indispensably necessary to meet the wants of
the travelling public, and to enable our me
tropolis to compete scccessfully with other
commercial cities. The very first and most
formidable difficulty which presented itself
in the way of this enterprise, was the preju
dicial effect such a work might have upon
the business and profits of the naaiii line of
the public improvements.
It was urged on the one hand, that the
State works had been constructed at the ex
pense of the people of the entire Common
wealth—that those, residing iii tne extreme
portions of the State, as well as those of the
interior, had annually, contributed towards
the payment of the interest an the debt which
had thus been contracted ; and, therefore, the
Legislature could not, consistently with the
principles of justice and equity, make a grant
that would depreciate the value of property
which belonged to all, for the purpose of fos
tering the growth and prosperity of a particu
lar portion of the State. Good faith and correct
moral principle forbade such action. On the
other hand, it was alleged that the increased
business which such an improvement would
throw upon the Collurnbia Railroad, and the
enhanced value of propel t 2- adjacent to the
proposed road, from which the State would
derive increased revenue in the form of tax
es—would constitute an ample remunera
tion to her coffers, and thus do full justice to
the people as the owners of the works to be
affected. But a majority of the Legislature
concluded that some additioual benefits were
demanded, and hence the adoption of the pro
vision to which I have referred.
The stock was subscribed with a full
knowledge of this reservation, and the accep
tance of the character by the company, was
the consummation of a solemn agreement
between them and the State.
Yet under the specious plea that it imposes
a tax on trade, the Commonwealth is now
asked to relinquish this condition; . and the
arguedcase is as though it had been the poli
cy of the law, that the company should im
pose this charge of three mills per ton upon
every species of property which may pass
over its road ; and in this way it is' very
readily shown that on coal, iron, lumber and
other cheap tonnage, this charge would be
too great. But th company are not obliged
to assess this tax on all kinds of tonnage ;
nor was it the intention of. the act that they
should do so. The design was to make an
exaction from the nett profits of the company
for the use of the public coffers, as a com
pensation for a valuable grant, and thereby
protect the public improvements from the
competition of this new rival. The tax on
tonnage, therefore was intended to indicate
only the mode of ascertaining the sum to be
paid, and not the specific tonnage on which
it should - be charged. When the sum is in
this way ascertained, it matters not to the
State how the company obtains the mony ;
whether it be by charges on freight; or on
passengers—on local, or on through tonnage.
Should therefore,_ certain kinds of tonnage
be improße - rly oppressed, the fallt is with
the company, not in the law. And surely
it will not be contended that the protection
thus thrown around the works of the State is
unnecessary;—so far from this, the,wialom
and utility of this feature of the company's
character has already been made manifest.—
The very exigency anticipated by the Legis
lature has arisen; the competition of the rail
road is already seriously felt by the main line.
Relieved of this restraint, but_ a meagre per- '
tion of the currying trade would be left for
that branch of our improvements. Nor will
it be contended that the Commonwealth
does not need this source of revenue.
.But, viewed alone, as, a matter interesting
to the owners and transporters of tonnage
what guarantee would they have that. the
rates of transportation would be reduced,
were this tax taken off? None whatever.—
The company could charge as heretofore, and
thus realize the amount of the tax in addition
to their present profits. If they should not
do this, their action would differ from that of
similar corporations under likecircumstances.
But to admit, what is claimed, that a reduc
tion in the charges of transportation to a sim
ilar extent, would take place, it must be per
ceived would duplicate the loss to the State ;
for she would not only thereby lose the
amount of the three mill tax, but be deprived
of a very large portion of tonnage which
would be attracted to the company's road by
this reduction in the rates of transportation.
We are thus brought to the simple inquiry,
whether the State shall retain this valuable
income, to which she is so unjustly entitled,
or whether she shall give it to the railroad
company. Most certainly the latter alterna
tive should not be adopted, so long as the
question of selling the State improvements re
mains undecided.
Asa mere revenue measure, this tax con
stitutes an important and increasing item in
the annual receipts of the Treasury. In the
year 1853, it amounted to the sum of $74,-
00, and for the year 1854, to $131,000.
That this amount will be materially in
creased hereafter, is self-evident. If this im
portant, item be withdrawn from the sinking
fund, there will be but little left to sustain
its operations.
lam aware that these views may tie met
with the plausible argument that trade and
commerce should not be thus burthened—
that the effect is prejudicial to the business
of the State. This is true to.a certain ex
tent ; and should have its full weight in the
adjustment of a question of this character.
But it will scarcely be contended that trade
and commerce should be sustained by contri
butions from a needy Treasury. On this
principle, it could as reasonably be maintain
ed that the State should make no charges
whatever for the use of her own works.
The administration of Gov. Shunk com
menced the cancellation of relief issues; and
that of my immediate predecessor arrested
the process, leaving $650,163 00 of this un
sightly currency in circulation. In the spring
of 1853, tie policy of cancellation was again
resumed; and up to this date, $485,384 88
had been received into the sinking fund, ap
plicable to that purpose, leaving the meagre
sum of $154,778 12, to provide for. The
gratifying fact is apparent, therefore, that,
without any further legislation on this sub
ject, the entire outstanding balance of relief
notes can be withdrawn from circulation and
destroyed during the current year. It is true
that these issues have not come into the
Treasury as rapidly as the funds Tor their
cancellation Lave accumulated, and that, con
sequently, a portion of the receipts have not
been invested; but this difficulty will be
obviated in June next, when the law will go
into operation which forbids the banks and
receiving officers of the Commonwealth to
pay out these issues, and requires them to be
presented at the Treasury for cancellation.—
We shall, therefore, soon see the last of a
currency which has polluted the channels of
circulation for thirteen years past ; and I trust
that the lesson thus taught has been quite
sufficient to warn us against similar errors for
all time to come.
Idv opinion on all questions that concern
the currency, have been so often expressed,
that they must be well known to the Legis
lature, and need not be given, at length in
this communication. Without, at any time,
assuming it would be wise for this State, re
gardless of the policy of other Common
wealths, to dispense suddenly and entirely
with banks of issue, it has been uniformly
held that the amount of banking capital as a
basis for paper circulation, should be closely
limited to the urgent wants of commerce and
trade. if the experience of the country is
worth anything at all, it has demonstrated
the correctness of this policy ; and that the
use of small bank notes should be discour
aged and forbidden. In accordance with this
view of the subject,, I have, on past occa
sions, refused to sanction any extensive in
crease of banking capital.
Eery commercial' country is liable to al
ternate seasonsof excitement and depression;
to periods of extravagant over-trading, fol
lowed by ruinous revulsions. The reaction
now felt is the inevitable, if not the natural
counterpart of an undue expansion of credit,
in the form of bank paper, railroad, State and
corporation bonds and individual obligations.
In those States where the free, or stock-bank
ing system had stimulated the expansion, the
workings of the reaction have been disas
trous. In our own beloved Commonwealth
the'shock has been sensibly felt, though far
less severe than in other parts of the coun
try. Her partial escape, it is believed, is
mainly owing to her prudent and restrictive
policy in the use of bank credit. It is, at
least, very clear, that had the free, or stock
banking plan, at one time so zealously advo
cated, been adopted in this State, or had our
pre - Sent system been greatly expanded, the
position of affairs in our commercial metrop
olis would not have been so favorable as at
present. Had the natural tendency to spec
ulation received this artificial stimulant—the
limits of safety, like the lessons of experi-'
ence, would have been passed unheeded ;
it is, some good men, in the pursuit of use=.:
ful enterprises, have been prostrated. It is'
most unfortunate, that under this influence;
all must suffer alike. Those who profit least:
by the expansion, are often effected most by -
the contraction. This is especially the case
with labor, which is'uniformly the last to be
elevated in times of prosperity, and the first,
to go down in those of depression. The,
banks, as a general rule, make the most out
of these convulsions. it is often their error
to flatter the merchant and trader when,the
tide of prosperity runs high, and to forsake'
him on the first appearance of its ebbing.—.
Even sound banks and of good repute, it hi'said,
said, are seekingto make money out of the'
present crisis, by sharing their capital and its.
benefits with brokers and Jobbers, instead of
aiding the business community of leigtimate:
rates. How - far these allegations are warkin 7 :
ted, it is difficult to decide; but' it is to be" ,
hoped that few, if any of our banks are just-''
ly liable to this charge, for such a practice
would be highly improper, and well calcula- c
ted to excite discontent. Such a departure
from legitimate business would demand a
prompt remedy at your. hands. It may be
diflicult to confine these institutions . to their.
proper business, with the prospect of better
profits in other quarters ; bat they should be'
made to feel that they have been created for
a higher purpose than merely to , enrich.the
stock-holders.
The crisis is a trying one, but there is still
reason to hope that the credit and trade of the
country will never' suffer as much as it has.
done on similar occasions,
in times past.= ,
There is now no National Bank to migeaci,
the mercantile class, 'and to embarass.tba.
commerce which it professed•to ald; Stilt.