Vt4u ' ' . ;, 'J "I:'! i The whole art ok Government consists in the art of being, honest. Jefferson. VOL 8. STROUDSBURG, MONROE COUNTY, PA., THURSDAY, JANUARY 13, 1848. No. 07 i sm m i - i -w -----r i , ------- i m i ' - L, II L SL 1L M U 1 L I Ul 1 1 -" I I L PJ1 LI M L 11 JL LI 1 flU, -T " f ....... - . .-: - . - .v- . . " A jjQjgjxgpQj 1H-JW1 f 'Til IWnBMLUjll 1 1 1 WJM iff 1-h Jttt "-" l-l-LW !! I'W I I W Hi "HI HITl I'ablisliod by Theodore ScKioch. TERMS Two dollars per annum in advance Two dollars and a quarter, half yearly and if not paid before the erid of tlie year. Two dollars and a half. Those who teceive their papers by a carrier or stage drivers employed by the proprie tor, wfU'be charged 37 1-2 cents, per year, extra. No papers discontinued until all uneaniges arc' paid,-except at the option of the Editor. ICfAdvertisenients not exceeding one square (sixteen lines) will be inserted three weeks for one dollar, ami twenty-live cents for every subsequent insertion. The charge for one atjd thiee insertions the same. A libcial discount made to yearly advertiseis. ICTAll letters addressed to the Editor nnti-t be post-paid. PRINTING."'' Having a general assortment of large, elegaiiL, plain and orna mcnlal Tvpe, we are prepared, to execute eveiy description-of Cards, Circulars, Uill Heads, ioles, Blank Keceipls, JUSTICES, LEGAL AND OTHER BLANKS, PAMPHLETS, &c. Printed with neatness and despatch, on reasonable terms, AT THE OFFICE OF THE Jcf fersoBiiasB SlcpublicaiB. t GOVEItOR'g MESSAGE To the Senate and House of Representatives, of the Commonwealth of Pennsylvania : Gentlemen: No ordinary reasons for thank fulness to the Great God, crowd themselves up on the Representatives of the people, tit this an nual meeting. Abundance during the past yearj iias been the reward of honest industry, in every pursuit of the citizens. Animated with health and encouraged by success, they have steadily progressed in the accomplishment of their desti ny, and while enterprise has been highly favored in the development of our great resources, the elevating purposes and life of social organization, religion, morality, education, refinement and ci vilization, have been cherished and advanced. Although peace and tranquility have reigned within the borders of this State, we are identifi ed with, and deeply interested in the war with ' iviexico, in wiucn tne nation is engagea a war with which the prudence, forbearance, and de-1 sire of the people to retain friendly relations, j could not avert; and which was eventually forced ' upon us, by thd duty that rests upon every well 1 regulated Government, to protect the rightsofj its citizens, and maintain the honor of the na-' lion. Our reliirtori, our interests, and our lriStltU- , linnc nrr iNCDntin 1 T nonfpflTl 'Php nPnnlp linlfl V t'1-"-' r r " in their hands the sovereignty of the nation, and exact lrom their rulers obedience to their win. By their controlling influence, they sanction and j preserve the cardinal policy or maintaining ami-, cauie relations wuu an uiner imuuns. uiuu 1 1 . ll ...I P.. . I. . the rights ot American citizens, in all parts or the world, and the honor of the nation are held This calculation shows, that the revenues as-1 verted into a debt on which interest will be pay sacred. Violriticfris of these national rights and i sessed ana accruing, within the financial year, 1 able. This, however, is but a superficial view naiionai nonor, appeal to me justice, unu mvunc me power oi tne wjiuio neujJie lur men viuun-a- . L .1 1 1 . U n . u . I . n r. lion. The war of 1812, with England,- and the r-ictlnrr Mv!rn nrp , ncfrjl niK nf -'-"6 "'v-'w'.v , " this distincuished feature in the character of the AmPr csn ni'nn c: Pntipnt nf lmurv w il l! wrongs are suflerable, and reasonable hopes of r' f ww v. - a reiurn to amicaoie relations, upon equitable j tertained, yet no nation principles, can be en may, with impunity, violate the obligations of ff0vernmentand the other ordinary demands upon 'to a depreciated circulation. This currency had ' promote speculation, and over-action in every de treaties, or break faith with the United States. ; fhe Treasury. i its origin in an evasion of the Constitution, and 1 partment of business, and thus make the present in defence ot these just rights, the power ot j this people is resistless; Every citizen, holds ; uuiseu re.spuiibiuie, unu uie mmy &puu iuiu existence, not by conscriptions, or contracts torthe internal improvement system, that theperma- wUii-LiuBiiLw, uul uy uic vuiuuiarj luiuuiwt.- vu i r . r . t t .... 1 dependent rreemen, animated oy patrioiism anu urged onward to deeds of heroic valor, by the uijjvjuuatiuu ui Lim wuuie uauuu. xnis uivuii- officers, has led our armies in Mexico, from one' u,c ku'ucu uy uic ow.cuwc-. -.nu emu Ui iw victory to another, and ironi one great triumph j of lhe public debt, by the cancellation of relief j part of the Legislative and Executive depart-j Although the restraining influence of thisgrcat to a greater, and will lead them still onward, i noteSf Were punctually paid; but in doing this, ments of the government, and the fSithful man-! measure, upon lhe banking system, is most be'ne until a permanent and honorable peace is secur- j the halance which had accumulated in the Trea-' agement of the public works, be augmented in a 5 ficial, still it does not dispense with the ncces ed. While the honest pride of every American ; suryj on tie lst dQ(. iq4 by the previous sus- j tew years to one million of dollars,aas a sinking sity of caution and prudence, on ihe part of the is gratified, by the great achievements ol our ( pensIon Gf tie pa),ment of the interest on the j fund, without increasing the burdens of those ! States, in every thing pertaining to banking and soldiers, his confidence in our free institutions, ( pubiic for lwo amj one-half years, as well who now pay their taxes, on a full return and 1 paper circulation. and in the means to defend and preserve the'm, ag tue amount of taxes then outstanding, were . fair valuation of thpir tnxnhlp nrnnnrt.v. ThFrfi Mrwlnratn discriminatino- duties, with a sound ib Birengmeneu. In the support and prosecution of the war in which we are engaged, Pennsylvania has giv.en token ol her ancient and uniform fidelity to lib- iLv auu iuc Jiuuui ui iii ijiiun. ijci uiuh- tcers were among the first to tender their servi-jofthe current year, made with such care, and end of that time, to twenty-three millions. It par currency operate as unnatural stimulants and tjlg -ree banking, which has at all times sup ces, and in every encounter with the enemy, j upon consultatian with the other officers of the ' is believed that all the relief' issues will be re- j create apparent but delusive prosperity. plied and does now aupply, ihe wants of a large have magnified the military fame of the Coiq-j government,.is hitherto apppended, by which it deemed and cancelled,, by the year one thousand j Xothiii"-can contribute so much to the main- nrooortion of borrowers, and commends itself to monweaim, Dy oeeos or romantic ciiiv.iiry anu noble daring. In these great uchfevemeius, many ot our heroes 1 he moans of the through the lone: crass on their era vis, are echoed by the sighs of their friends, in the father- land, and the sad requiem .is a just tnbule.to their j Eurrermgs anu meir valor. The finances and credit of the State the amount and condition of the public debt, and the means of reducing it, are among the objects which claim the first attention of the -Representatives of the people. The amount of the public debt, on the 1st De cember, 1846, was .40,739,577 00 On the lst December, 1847, it . was, accord ingto the Report of the Auditor General,- a- follows. viz : .... j i " . i FUNDED DEBT. 6 per cent, stocks, 51,752,335 06' 5 " .M7.2fi7.fi9n 37 -j -4 i-z Relief issues circulation, 200,000.00 in 931.664-00 " , i. j Interest certifi cates outstand- . ing, InterOwt'- certifi cates unclainietl, 353,956 43 if s have fallen m a foreign laud, ctal year, ending on the thirtieth iNovember, tunded debt, the result thus anticipated, will be most every description required by the wants of ueo vvinus oi xzeuvwii, 111 uaesiu lo'io, is oo.wi.wuuo imiiwu 111 uie vuux one uiuu-unu uisrni uuiiuruu hiank nr : nnd nnthinor is necessarv to make her n Interest on out standing arid unclaimed cer tifica'.es.at 4 1-4 per cent., to 1st August, 1845; timeoffunding Domestic creditors, 22,459 80 90,095 47 40,028,949 51 Being . $100,527 49 less than it was on the 1st December, 184G. This payment, or reduction of the debt, with in the last financial y.ear, was affected by the cancellation, at the Treasury, of one hundred and fifty thousand dollars of the relief issues, and by the receipt of State stocks in payment of old debts, which is allowed in certain cases by law. There would have been two hundred thousand dollars of the relief issues cancelled, within" the year, in accordance with the requirements of the law, but the payment of the interest which fell due on the first of Fubruary last, left the Treas. urv so mucn cxnausieu, inai me amount which should have been cancelled on the 31st March, was not men on iiano. it win oe recollected that it became necessary to anticipate a portion of the means of the year, by a loan of $200,000 00 to meet the interest which fall due on the 1st February The balance in the Treasurv, on . the 1st December, 1S4G, was, $334,078 70 The receipts into the Treasury, during the financial year ending the 30th Nov., 1847, from aft sources; including the loan of $200,000 00 above referred to, werei 3,977,025 59 Malcihg an aggregate of The payments made out of the Treasury, during the same peri od, including the payment of the loan of 200,000, were, 4,301,704 59 3,080,813 74 1 ' Leaving the balance in the Trea j sury, on the 1st Dec, 1S47, G40,S90 85 being .$29G;212 15, more than it was on the 1st Dec fs4G, pne estimatetl amount of availa ble outstanding taxes, on the 1st Dec, 1847, was, 548,881 00 and the estimated amount of the same, on the 1st Dec, 1840, was, 542,688 64 which exhibits an increase, in this item, of TVi whiMi-Milrl iie itifirrrixn-nf ihn balance in the Treasury, of 296.212 15 ' nn( we have the sum of irr in i 1 1 as lhe aggregate increase of the balance in the ! Treasurv. and of outstanding taxes oii the 1st . a I December, 1847, over the same items on the lst December, 1840. 1 endin"" on the 30th 30th Nov. last, were not only ade-' the demands upon the Treasury ' qUae i0 meet within the year but excecded them by the sum ' n rvr. ,,J --, . : rf I - fl.r. I 01 tjtou.'iUdb di, as aoove staiea, ana n to mis cum hp nflrlpfl thp nmnnntnf thp Ipht nrul within ' f.mn ft.i-r m u ' .u . i iu i:ir 111 w 1 1 . , ii i 1 1 i j-'f vv. t vh i m i i i i i tho vnnr. tn wit fl fta.C9.7 40. wp. havfi the sum 0f 463,032 00, as the excess of the revenues ac-j crung within the year, over the payment of the intcrest on the public debt, the expenses of the This presents a verv encouraging view of the imprrJvin? condition of the finances of the State. it jS the first t me. S lice the commencement Of nent revenues accruing within the year, unaided . rrnni anv nhPr equa to tjie demand rue t.he interest n aims unon thp i reasiirv. f lirinrr the two nre cefjjnr years, including the payment of a portion diminished each year, until the last ularly explained in my annual 1 1845 and 1846, to wHich you are referred. tu fciiiijuit: ui tu f ipi. unu uauihiiiui , appears, mat me usumaieu uuiouni oi receipts ; into the Treasury, lrom all sources, lor the hnan- re-4And that the estimated ' amount of expenditures for the same pe riod, including the cancellation of $200,000 relief notes, is Which exhibits an estimated ex cess of receipts, over expendi tures, of To which add the estimate "for the cancellation of relief notes, which are a part of the public debt, 3,570,390 00 8345,510 00 200,000 00 And we have the sum - 545,510 00 us the estimated excess of receipts, of the cur rent financial year, ending on the 30th Novem ber next, over the payment of the interest on the public debt, and the current demands upon the Treasury. These estimates, when taken i i the aggregate, I consider entirely safe and reliable. During the last few years, the actual results have been more lavorable to the Treasury, than were anti cipated by the estimates. Notwithstanding the extraordinary floods, which occurred during the past yetir, the consequent damuge to the public snnrpp. ha vp P-tPfrPri nr hPPti nni thp nn mnrv ripmnnHo nr.rm thp Trfiir h.r ive uuniuiiir, uv Reeum mu uuuiiu icvchmm uuM irinnfhpfiinf Prlf nht.nnf nthprirPss.it. is rnnfiflpnthr hnKpYro,? rnv h-t n ,,i,15 eu 10 redeem llieir notes, ana iurnisn bubuiu, w ""v f. . . .w..uw w J w ... www., --WW....WW..V. w.wAlwVwU,MJU,,w.Tlbll4lt-, . . - I 1 . : i rr r... 1 irsio nni nnn tio 1 : 1 t. . .1 1 1 1 1 1 . .- - .... 1 works, and the interruption of the trade Upon them, for about two months, the tolls taken by the collectors, within the year, according to the report of tho Canal Commissioners, amounted to the sum of $1,581,575 87, being 280,081 11 more than was taken in the preceding year, and exceeded the estimate made for the last year, near one hundred thousand dollars. Had no un usual interruption of business occurred, the amount taken would certainly have reached eighteen hundred dollars. The estimates of canal and railroad tolls, for the current year, is seventeen hundred thousand dollars, which, there is a good reason to believe, is rather below than above the amount which will be received. The experises of repairing the damages to the public works, by the floods of the past yean will principally fall upon the cur rent yi'ar. They are, however, included in the estimate of the expenses of the year; and will not affect the results presented in the preceding calculations. .... The amount of relief issues in circulation, on the first of December last, was nine hundred and ' thirty-one thousand, six hundred and sixty-four dollars, of which fifty thousand were cancelled at the Treasury, on the 31st of Dec, leaving eight hundred and eighty-one thousand, six hun- ofidred and sixty-four dollars, still outstanding. The means of the Treasurv, it is believed, will be adequate to the cancellation of tlie whole amount now in circulation, within the present and succeeding year. Many of them are so de faced, as to bealmost illegible, and are unfit for circulation: besides lliev vitiate the cm rencv. 1 and furnish an excuse far the use of small notes from other States, in violation of law, and lessen the circulation of gold and silver among the peo ple. Justice to the public creditors, who are compelled to receive them in payment of their interest, when they are below par, as well as to the people at lam-e imperatively demands that me peopic at large, imperatively ucmanus mat 1 they should be taken out of circulation as soon J ..ui. t i as practicable. I, therefore, recommend tlie passage of a law, allowing such of the Hanks as have issued these notes, to fund them at a rate of interest not exceeding six per cent, per annum payable semi-annually, and that all the surplus means in the rreasury, beyond the payment of me interest on tne puonc ueoi, anu me current dxpens.es of the government, be .applied first, to rr-r I! ! n.fl",. mcrenempuonor cance rnmain in circulation, as thev comi? into t ip Treasury, and then to the payment of the amount funded by the banks. 6,192 36 The resources of the Treasury will bs suffi cient to cancel all that mav be received in nav- ment of dues to the Commonwealth, and in nnv 1 . . . . . ' " r-j the banks the amount luhded wjthm two years, j 1 ? - t i l ii t i r any considerable portioa of them; ifiey may all 1 present! notes do ' i be con-i be taken out ot circulation within the -r . .... year. Jt may be urged, that as those notes not now bear interest, they o'ufflit net to be con of the subject. There is no longer any excuse for a continued violation of the public faith, by the payment of the public creditors, in a depre-' J.V.I - .1 ' , n cmteu uurreuu, unu uie sman amount or inter-, r?t wliinli vill hnvp to hp n'nirl Ifthp hn,,b-a nrrrpp 1 r .!... -n to fund a nortion of thes-e nnfp than compensated by relieving the character of mi iiiiiii i fiii l in 1 1 1 i hm i ii ii m v v i i i nu runrp , the State from the continuation of this act of in- justice, and the people from the losses incident) ought te be blotted out of remembrance, It may now be safely assumed, that we have reached a uer lod. in onr finnnmnl histnrv. whPti . i r tj " the nermatrent rovennns nf thp nnmmnnwpaltli I exceed, annually, the interest on the public debt, 1 laws a prudent end economical course on the sixteen millions, tour hundred thousand dollars, ' ui uicuuui, m iwuivu yisars, ami itum:u it hl iiiu ( uignt nuiiuruu anu inty, anu n me operations oi the smiling tund are then commenced, on the and sixty-two, at which time, there is good rea son to believe, the nnt income from the public works wjll be more than sufficient to pay the in terest on the balance of the public debt, and there- ! by relieve the people from all further direct tax ation for this purpose. Some may view this proposition as visionary and delusive ; but I regard it as entirely practica ble, under a wise and prudent administration of the affairs of th? State. The augumentmg trade upon our public works, and the consequent in crease of business in our commercial and manu facturing cities and towns, and the increase of population and taxable property within our limits, cannot fail, under a proper enforcement of the revenue laws, to a'dd to the moans of the Treas ury every year. If, however, this great object is to be effected, the public revenues must not lie diverted to other purposes, and the most rigid economy, and the'btrictest accountability of the public agents, must be required and enforced. It is among the first and highest duties of those en trusted with the administration of the govern ment, to adopt the most efficient means, under existing circumstances, to increase public confi- dence and guard against the crcod faith of the - . " - . i - '3 I f a 1 . ! . 1 C nnrltir fnr -i tiuua rKvisiun ann ampnr monr nt imp rnvomip . i. "'" " - ""v" ' i , ao io paniw- j ouiii ajjjuicu cciiii-auuuuiiy, Willi Ho UUCfUIIlg III- CUrreilwV, iiuiilku lu nit. optiwic Biaiiumu, may u ,noncy j0 whom lie pleaeS It is message, in: terest, to the redemption of the five per cent. regarded as the natural and healthy condition bt a 1 0f money for securities, to repay wit respecuuiiy state siocirs, at par, would discharge upward oh country, nv winch uie just rewards or lauor are.-. ..1..A fiptitinna inprnasp of State being ever again called in question to re duce the public debt, and relieve the people from perpetual taxation to pay interest. I, therefore, feel impelled by a sense of duty, to renow the re commendation contained, in the last annual mes sage, which is in these words: "In connection with this subject, I respectfully recommend to the General Assembly, the propriety and policy of proposing to tho people, an amendment of the Constitution of tho State, under the form of the 10th. article of that instrument, by which the in come from tlie public-improvements, after deduc ting the necessary expenses for repairs and su perintendence Itfc revenue arising from the State tax on real and personal property, for a cer tain period, and such other items of income as it may be deemed expedient to include, shall be set ipartand sacredly pledged for the payment of the interest of tlie public debt, arid tho gradual liquidation of the principal. Such an amendment, judiciously arranged, would I apprehend, meet with decided approbation of the people of the Commonwelth. It would concentrate public sen timent upon a fixed object remove all doubt of the public credit, and lay the foundation of the final extinguishment of the public debt. It would give an additional security and assurance to the public creditors, that; irf no event, could the pab lic revenue be diverted from its legitimate object, and would furnish. conclusive reasons for the prompt and cheerful payment of the taxes." Tlie inequality of taxation arising from large nuantities of nronertv subfect to tax under exis- ting, laws, escaping assessment; and tlie unequal valuation ot that which is assessou, continues ! be a subject of just complaint I am well aware thorn nrp inhprnnt t ithmimps finnneiitGU Willi U1G I cnlimnt lmf otJll tVin nrnnrlonm rf tlfo nnorfi t inn of the system, and the defects which have be- -rvrk o nnr.pnnf 'lift 1 1 rnin i nut enmr rPmPflTpS fflT tlie grievances which exist, and which should be adopted. I, therefore, most respectfully invite . . f . 1P G' rai AssAmbiv t0 a thor- u,e attention or me general assemoi, to i uiur nn rrii nwm nni nn fho cnMpot Whnfpvor nist amount of taxation one man escapes by an inva- sion,or imperfect execution of the law, is an im-1 position and iraun upon ins neignuur, wu ulaMB a fall return of his property, and pays a tax upon a fair ;a'uation .. y .-u.- ,,,.-,. , ted with, or which have a more direct influence ,,non thp inrprpcto f tho nnnntrv. thnn thp ni.r - reilCV aiW Uie Dankltlg system. 'pu ;c rrr.',i PD, mn i Kt,i in vo thnt thp nmc. perity of the people of the U. States, particularly those conected with the agricultural interests, I has been promoted, bv tlie removal on. the part of tJie British itish Government, of the high duties upon i 7:.. i v ol,r exports 01 gram, anu omer ugriuunuiai Vm Hunf innc n tnl tho mnflihnnfiAn rt rnv oTT ft ffiriir by which the commercial exchanges of the two MUOtlUllCt vl'lU tMC ItlUU lllV.UblUIl UI ull countries have been greatly augmented, without affecting, injuriously, so far as 1 am info'rmed.any f flie great manufacturing interests, or other ill - dtislrial pursuits of our people. O'ther causes, in combination with those dllud- ed to have produced a lanre influx o'f specie into j e(l to nnve nd tne . States, d spsci during the past year, which nas Sone mt0 active circulation among the people, or I fnnnf tvmr h'tn ho vnnlts nr tho liiinlrc This v - . w.,v. w..w.. . increase of thd precious metals, while it should disnPiic.. n n rrrpnt Iprrrpo tuith thp hp nf nnnnr ' r - i twu nu '-'-' t" f w - ! currency, has a tendency to increase it by enlarg inS the ,neans of the banks to extend their issues, The effect of which, if encouraged, will be to substantial prosperity of the people, the means ot ,f"aiJt'.u. u , , , ' , ,. f-.i - ; i ii rp. them in gold and silver, they commit a tr.iud up prouuclng adversity and depression. J he opera- ( I'JV-,il &" . ,' , , . ; ' ! i? r irp i ..i, w.,i on1 1 on the community, as they lend and put in cucu tions ot the Constitutional Treasury have nad,and " ;. j i . i no doubt will continue to have, most sstiutary I influence, m restraining tli3 tendency to excess- otlcr uUes w Pa' to t,ie Government. 1 secured, and all the great interests ot the people uuvaucuu, wnuu inyu uuues unu a icuuhuuih jjca- tenance of ciur present prosperity, as a sound cUr - j ruCy. Pennsylvania is rich' in productions of al- to sound principles, by the artificial contrivances of false economists, whose selfish theories are as delusive, as they are destructive of the public good. The present is a most propitious period, when there is an abundance of gold and silver in the country, to make a determined effort to increau its circulation,and secure to the people the curren cy which the wisdom of tlie fra triers of the Con stitution of the U. States provided. Instead of creating new banks, or incrensing the capital of old ones, our effort's should be directed to secure the solvency of those which aleady exist, and thereby render their circulation sound and relia ble. Impressed with tho force of these considera tions, I am convinced that tlie increase of the blinking capital of the State, would be unwico and impolitic ; and I respectfully recommend, that before any of the existing banks is recharter rd,a searching scr'itinybe instituted into its affairs, its management, ith credit, and its means; and if j ii be fuund that the notes have been Buffered tg dc- ... I. 1. .. T t I. ...I-1 n .-v-r unn nut I a.,,i ! of the banks, and comnellinj? them to be prepar-ito banking 1 - ' ' O V II people me most muepenuent in m worm, out a turingi transporting 1 .1 . - i i ? .i n 1 proper regard for her true interests. J o advance i purposes appropriate these, she must not be seduced from her devotion , netencv. has been nreciate, that the accommodations have been be stowed upon favorites, and large speculators ami .Innlnra m 'rHflflfiV. lnstPHfl nPhmnrf lifliiciil uriiMMfr dealers ni money, instead of being diffused among moderate and safe customers J that tho issues have at one period encouraged speculation, by their excess, and at an titlier oppressed honest industry, by the contraction ; in short, that tfie legitimate object for which the priviledgea wero granted, have not been by fair, faithful alld judi cious management accomplished, then the char ter should be suffered to expire by its own limi tation. The discontinuance of such iustitutio'u will promote the public good; and will be h'uiN-fj with approbation by all but those wJio have, for private gain, wrested them from the purpose for which they were established. This policy, so just towards the public, while it may, to a moderate extent, diminish the pres; ent amount of banking capital, will strengthen public confidence in the other banks, and add to the stability and soundness of thecdrrency. And as it may, also, increase the profits of existing banks, beyond a just compensation to tlie share holders for their investments, and as this excess of gain is derived from the special privileges cdiU ferred upon them by the LugislatureJ recommend, that tho tax imposed by the act of the lt Apn, 1835, upon dividends exceeding six per cent, pur annum, be increased. While the inducement hi excessive banking, will be reasonably checked; by the increase of his tax, the finances of the State, may be, to some extent, improved; and the1 public welfare promoted. , The policy indicated, will lead to the tigid ex ecution of the law prohibiting tlie circulation of ' foreign notes, under denomination of five dollars, assuuil US WIU LKUiUjuu ui tut; iuiiui laoucs la uuu- I Celled This will be a positive advance irt the improverrient df the currency, which should be then followed by a law prohibiting the circulation of all nptes, below the denomination of ten dol- J . i ne channels or circumuoa win uin un filled with an abundance of gold and silver, tho , ... , :. thf rhmcp nfn hv hm: . P'idiic secured against tne cnances or ios Dro- j ken banks and depriciatcd currency arid the way will be opened to such further improvements us t - - - "" enaclmelits Have suggested 1 cannot fail to increase; rather than dimiffish tile ! amount of a sound circu atmg medium-, fully en- ; tilled to the public conndence. ne enec; Will be to bring the specie of the country into active . , o r . j ... ... circulation, to tumisii tne people wun a suusian- . tmj currency, that cannot be impaired by bank J failures, and to restrain the tendency ef the bank :qr extravagance, in tune or prosneray, anu check the means o: oppression m time or auver- ; say. A theory has been advocated and put into prac- , J,n f?e " l! 5 t un suecie and in IG. It ii j Part uPon ; : Governrrier - - State stocks, hypothecated with the Governnlent. In other words, banks become the i creditors of the Commonwealth, by purchasing j bonds ; these are deposited with the guyeril merit, and the government endorses, and returns to the bankers; notes prepared for circulation, to , a";"an1mu" ; f"" 1 1 " "t ? " ' COIlfldenCe HI tlllS System. it niUit CXpiOUe, III i -. : Q ,i nnp fi ,n nv Pnn!hr,,ip , a -ouniry whbib ia auu j . j ' Meni, wnenevei a revuisimi uutuia to test its stability, for it is a deviation from true principles. Sound and safe banking can only be based and conducted on money gold and silver. Neither individuals or banks, can lend then that which thev have not: and if they lend credit in the , j nr nn r inr iaii pii i mil imiiit'v iiui l 1 1 1 : it; hi ciscrii- If ibis system oT converting Slate stocks in- capital, and hypothecating it as se the payment of bank issues, were not mortsaees upon real estate miht be used for the same purpose, which 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 don verted into banking capital, and the people in- ! to a nation of bankers. This proposition shows that the whole scheme is illusory and unsound. Free banking, in lis legitimate sense,, is lhe rinht which every man enjoys., to lend his wn the DXv'lnnye h interest the cfri'ula- i tJ t u carr;e(i on to an indefinite ex- . . without nffectinp the currency. Luis is ! gendral confidence and approval, uy its simpii- j city, and adaptation to the circumstances of the pie. 'fie policy of incorporating, mining, manufac- and other companies, lor ly within individual com- fairlv discussed : and, uuiv.'ed : bv lne unerrinfr demonstrations, that these en- terprj2e are most successfully and beneficially cbnducted, tinder the control of individual, res ponsibility, the public opinion has been express ed in the spirit of tho rge m which we live, a gainst the policy. While all the great departments of business in the Commonwealth are prosperously con ducted, underTree and equaLcqmpetition, there are yet some men, who seem to stand still, while the world is going onward around them, and who cherish the antiquated notion, thai tho limid, contracted and selfish aggregation, of wealth, under the protection of corporate privi leges, is preferable lor the transaction of busi ness, to the free, ardent and bouudiu" cajbiili ties df individual enterprise: a power whiv siufce Wm. Perm arrived on these, shores, in 1682, has changed an immense wilderness into fruitful fields, and has, in this march of civili zation and improvement, provided lor tho wants, the comfort, the education and refinement of two millions pf free people. What, have cor
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