JEFFERSONIAN
THE WHOLE ART OF GOVERNMENT CONSISTS IN THE ART OF BEING HONEST. JEFFERSON.
STROUDSBURG, MONROE COUNTY, PA., THURSDAY, JANUARY 13, 1853.
VOL. 13.
No 3 2.
PublisSicd Iy Theodore Snliocli.
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Jcffcr.N0i-in.11 E-c.mblicnu.
GOVERNOR'S MESSAGE.
To tlie Honorable, the Senators and Mem
bers of tlie House of Representatives of
the General Assembly
I congratulate you, my fellow citizens,
on the auspicious circumstances under
which you have convened at the seat of
government. An all-wise and benificcnt
Providence has greatly blessed our coun
try during the year that has just closed.
The desolations of war The ravages of
pestilence the wastings of famine have
not been witnessed within her limits : nor
have the sickly influences of internal strife
been permitted to paralyze her prosperity. '
All the great interests of the Nation have
received additional growth, and her insti
tutions of government acquired renewed
strength. Agriculture, commerce, trade,
manufactures, the arts and sciences, have
been eminently prosperous, and each been
distinguished by some fresh discovery to
facilitate its progress. ;
Another Presidential election has been i
held. Once more the people of this vast
country, through the agency of the ballot
box, have designated the citizen, who, for
the ensuing four years, is to fill the high
est office known to the Constitution. The
cheerful submission of the minority, in
the result of the contest, and the magna
nimity of the- majority in the enjoyment
of their triumph, afford gratifyiugevidence
that our civil institutions are not, at this
day, endangered from the violence of par- i
ty spirit. The voice of the majority is
honored by implicit obedience, whilst the
rights of the minority are protected by
the constitution and laws. The officer
thus chosen is the representative of the
whole people, and is bound by his oath
and the obligations of patriotism, to do
" equal and exact justice to all men of i
whatever persuasion, religious or politi- J
cal." Each successive test of the elective '
feature of our own government has been ;
followed by renewed confidence in the
whole system, and so it will doubtless con
tinue to be, so long as the exercise of the
right of suffrage be characterised by intel-!
ligence and patriotism. In all parts of the '
civilized world the people are becoming
convinced, not only of the practicability, '
but of the wisdom and justice of a gov- j
ernment founded on the principles of a '
representative Democracy. Even the :
firm prejudices of monarchs, are begining !
to yield fo the powerful evidence furnish-1
cd by our experience. The mission of;
the present generation is to secure the fu- j
ture triumph of these principles in other
countries, by transmitting to posterity,
unimpaired, our model system of govern-1
rnent. That this will be done, under a
kind Providence, I have a steadfast belief. ,
At no period since the acknowledgment
of our independence as a Nation, have
the people of this Union enjoyed a higher!
state of prosperity, or entertained a bright- J
er.hope of the future. At peace with all
the world, and freed from internal strife (
between the several members of the con- j
federac-, by the ready acqiescence of.
each iu the recent Congressional adjust-
ment of the controversies incident to the;
institution of domestic slavery and the ac
quisition of new territory ; when has this
Union been more firm and perfect ? We
may well exchange congratulations on
tnis auspicious picture, as l am sure we
should mingle our thanks to Almighty
God for His bounteous goodness and guar
dian care.
Two statesmen, long eminent in the
councils of the Nation, have been called
from amongst us within a brief period.
HENRn Clay and Daniel Webster will
be known no more except in history ; but
that immortal record will make their good
works familiar to posterity. The tolling
of bells the sable ensign and the solemn
obsequies have manifested the Nation's
regret. Whilst thus lamenting the loss
of those patriots, we should be consoled
by the recollection, that they had been
spared to fill the full measure of time al
lotted to man. According to the beauti
ful figure of one of them, presented in a
discourse at New York, not many months
since measuring time by ideas and e
vents they bad become modern Methu
selahs, in the extent of what they had
seen of the world, and done for their
country. Who could expect more ? and
who is not satisfied with the extent of
their labors ?
The receipts to the Treasury daring the
late fiscal year, exclusive of the proceeds
of loans, Amounted to the gross sum of 64,-
Wl .88ft fit) li nAAaA in I,a
I j j -ri auivuuv u iv ku
balance in the Treasury onthc 1st of De
cember, 1851, (leaving out the unavailable
means which only serve to confuse the ac
count,) makes the total ordinary means of
the Treasury for the year, 5,104,424 71.
The payments, exclusive of the cancella
tion of State stock the appropriations to
the North Branch canal and the Portage
railroad, amounted to the sum of $4,129,
2G2 49, being 976,602 12 less than the
receipts. Of this excess, however, the
sum of 8304 96 was applied to the com
pletion of the Western reservoir to re
laying the north track of the Columbia
railroad, and to other extraordinary re
pairs on the public works, leaving an ac
tual available balance in the Treasury on
the 1st day of December, 1852, of 671,
037 72. But, it must be observed, in or
der to a correct comprehension of the re-
i lative condition of the Treasury, that the
I unpaid balances of appropriations for .
11851, amounted to 621,338 95, whilst
those of 1852 only reach the sum of 529,-
801 14, showing a difference in favor xf
the latter year of near 100,000.
The receipts to the Treasury for the
coming year may be safely estimated atl
4,626,500. Taxes from real and pcrso-1
nal estate and tolls on the public works,
arc the only sources of revenue in which
there can be any considerable variation
from this estimate. The former of these
I have estimated at $1,400,000, and the
latter at $850,00,0. To the above esti-,
mate must be added the sum of 671,
037 72, the balance remaining in the
Treasury on the 1st of December, 1852
and thus swelling the whole means of the
Treasury for 1853, to the sum of $5,297,- (
537 72. The ordinary expenditures for
the same period, including everything ex
cept new work, may be estimated at 4,
028, 670, which will leave a balance in
the Treasury on the lstdav of December,
1853, of $1,271,208. In'this expendi
ture is included 300,000 for the sinking
fund, which, added to the foregoing bal
ance, makes the sum of 1,571,208 ; and
deducting from this, 671,037 72, the a
mount in the treasury on the 1st of De
cember last, we shall find an actual bal
ance of 898,630, applicable to the pay
ment of debts and the completion of the
North Branch canal and the Portage rail
road. The result of these estimates de
monstrates most clearly to my mind that
when the improvements just named shall
have been completed, should all new
schemes of expenditure be sternly resist
ed, as they shall be so far as I am con
cerned, the Treasury will be in a condi
tion to cancel at least one million of dol
lars of the public debt annually.
In accordance with the provisions of an
act of the Legislature, approved the 2nd
day of April, 1852, I proceeded to bor-,
row, on the faith of the Commonwealth,
eight hundred and fifty thousand dollars
for the Completion of the North Branch ,
canal. The maximum rate of interest
named in the law is 6 per cent. The
loan was awarded to Messrs. Harris &
Co., for C. H. Fisher, of Philadelphia,
Duncan, Sherman, & Co. New York, and
George Peabody, of London; on the 12th
day of June last, as follows: 200,000 at
an interest of 4 percent., and $650,000
at an interest of 5 per cent., and the bonds
of the Stite issued accordingly, in sums
of one thousand dollars each, free of tax
ation, with coupons attached, re-irabursa-ble
in thirty years after their date. '
The 100th sectien of an act to provide
for the ordinary expenses of the govern
ment and other purposes, approved the
4th day of May, 1852, declares "that the
Governor and State Treasurer be, and
they are hereby authorized and empower-,
ed to borrow, on the faith of the Com-'
monwealth, during the year 1852, at such
times, and in such amounts, as they may
deem best for the interest of the State,
any sum not exceeding five millions of
dollars, aud issue the bonds of the Com
monwealth for the same, bearing a rate
of interest not exceeding five per centum
per annum, payable semi-annually, which
bonds shall not be subject to taxation for
any purpose whatever, and shall be re
imbursable in twenty-five years from their
date; and the sum. so borrowed shall be
applied to the payment of the 6 per cent,
loans, that are payable at the option of
the Commonwealth, after the years 1846
and 1847; to the cancellation of the certi
ficates issued to domestic creditors, and
the outstanding and unclaimed interest
certificates, in the manner hereinafter
provided; and the balance of said five
millions shall be applied to the extinguish-,
ment of any of the five per cent, bonds of
the State now outstanding, and for no
other puipose."
In compliance with this and other sec
tions of the law relating to this subject,
the State Treasurer, Auditor General,
and myself, proceeded to make the loan ;
of five millions. The details of our ac-,
tion will be found iu the State Treasur- (
er's report. The 6 per cent., bonds, the
domestic creditor certiucates, and tne cer
tificates for outstanding interest, have
been cancelled as fast as presented, and
flia mnnmr ?o TlrtW in fllfi Trft.lSlirV to raV
-uv, ujuj " J . I
off the entire balance. On opening the
bids on the 7th of September, we discov
ered that only 3,410,000 had been bid
for, and owing, as we thought, to a slight
misunderstanding between our Govern
ment and that of Great Britain on the
Fishery question, which seemed to disturb .
the monetary world for a short season, j
the bids were not so favorable as we had
anticipated: we, nevertheless, felt bound .
by the terms of our public notice, to ac
cept the amount offered. The remainder
of the five millions has been used in the
cancellation of the 5 per cent, bouds, by!
the exchange for them of new
bonds, !
bearingalike interest,.for which exchange
111- jUllllUUUMUItU LIU 1CWCUV,U u, vuuu !
premium of 5 per cent., whicn is a more
advantageous loan for the State than were
the bids opened on the 7th of September.
The premiums received on this loan a
mounted to 134,534 00, which sum, in
accordance with the terms of the law, has
been paid over to the Commissioners of
the Sinlrincr Fund, to be applied to the .
q w j .A A
cancellation of the public debt. In ad
dition to the premiums, there" will be an
nually saved to the'Treasury, by the re
duction in "the rate of interest on the re
newed debt, the sum of S20,436 62,which;
for twenty five years, the period which
the loanjias to run, will amount to a sav
ing to the Treasury of 8510,915 50.
This result is not quite equal to my ex
pectations; but when it is remembered,
that all this has been accomplished with
out the exaction of a dollar from the peo
ple, we have much reason to be gratified
with the issue.
In our efforts to effect a conversion of
the five per cent, loan into new bonds '
bearing 4 per cent, interest free of taxa
tion, with coupons attached, reimbursa
ble in 30 years, under the 105th section
of the law already referred to, after con-,
sultation with a number of the most ex
perinced commercial men of the State, '
we deemed it our duty to send an agent
to Europe, where most of the five per
cent, bonds are held, to promote, as far
as possible, the desired end. Accordingly, '
we assigned to Col. John J. M'Cahen, of
Philadelphia, the performance ofthisduty.
This gentleman immediately repaired to
London, and subsequently to Paris, and
devoted himself, for some weeks, to the
objects of his mission with untiring zeal ;
and energy. Whilst it is true that we
can claim for his efforts the credit of no
definite result, we are nevertheless decid
edly of opinion, that his mission has been
of great service to the State. His minute .
knowledge of the whole history of the fi
nancial difficulties of Pennsylvania, their
cause and the remedies applied, enabled
him to remove many unfounded preju
dices which were cherished in the money
circles of that country, against the integ
rity and honest purposes of the descen-
dants of Penn. Mr. M'Cahen thinks he .
could have effected a conversion of a large J
portion of the loan at 4 per cent., but
the officers of the government had no
power under the law to allow a greater
interest than 4 per cent.
I respectfully recommended the pass-!
age of a law similar to that of the 4th of,
May. 1852, authorizing the officers of the !
government to cancel tue old nve per
cent, bonds by the creation of new ones,
free of taxation, with coupons attched.
bearing a less rate of interest or bonds
bearing 5 per cent, on which not less
than 5 per cent, of a cash premium shall j
be paid. The State can, in this way, 1 1
believe, confidently, save large amount
of money, and finally cancel all her pres
ent bonds, and be clear of the trouble i
and expense of keeping loan books and
transferring her stocks This considera
tion alone is a most desirable end, and
would go far towards compensating for
all the labor and trouble of renewing the
bonds for periods of five, ten, and twenty
five pears.
The financial operation of the year,
including the North Branch loan of 850,
000, I am greatly gratified to discover,
has left but little additional burthern upon
the -Treasury. The interest on this loan
will amount to $41,500, annually. De
ducting from this the sum of S20,436 62,
the yearly 6aving secured by the cancel
lation of our six per cent, debts, and we
have a balance of interest on the North
Branch loan to provide for of $21,063
38. The receipts to the Sinking Fund
from ordinary sources up to the close of
the fiscal year, amounted to $221,493
74, which when added to the premiums
received on the five million loan, and the
tax from the Pennsylvania railroad com
pany, make a total of 377,298 40, the
interest on which, at 5 per cent, will
make an annual saving of $18,864 92,
and thus, together with the interest saved
by the five million loan, as above stated,
will entirely exhaust the whole amount of
the interest on the North Branch loan,
less 2,194 46.
It is proper to remark, in this connec
tion, that a considerable portion of the
State stock purchased for the Sinking
Fund, was not delivered at the State
Treasury until after the close of the fi
nancial vear, and hence this investment
is not stated in the report of the Auditor
General
The receipts from the public works for
the fiscal year of 1852, as appears in the
report of the Canal Commissioners, a
mounted to the sum of 1,896,811 42,
and the ordinary expenditures for the
same period, to the sum of 1,029,341
23, leaving a net revenue to the State of
867,470 19. This result, when com
pared with that of the last and preceding
years, presents a somewhat flattering pic
ture. It must be remembered, however
that we have had a most fortunate season.
The general prosperity of the f"tatc has
tended to swell the amount of tonnage,
whilst no interruptions of business or in
jury to the works have resulted from fire
or floods. It might, perhaps, iu view of
these things, and the energetic competi
tion which has grown up around us, be
unsafe to anticipate any increase on this
net income for any year hereafter, until
the North Branch C.inal and the Portage
railroad shall have been completed.
Pressed on all sides by rivals of vast
power, the necessity for an economical,
energetic and" skillful management of the
public works is made manifest. The ut
most vigilance to prevent interruptions
by breaks, the greatest skill to regulate
the rate of tolls, and other details, so as
to secure an increased amount of tonnage
and the prompt abolition of every unne
cessary office or other cause of expendi
ture, is demaned by the exigencies which
surround us.
The law passed at the last session, for-
biding the creation of debts by the offi
cers on the public works: requiring the
payment of cash for all labor and mater-
ials, and monthly returns of all receipts I west to the east, nor is the State line a- tralia, during the last year, may undoubt
and expenditures, has already and wilKdanted to that branch of business most ' cdly be attributed, in no considerable de-
continue to exercise a salutary influence.
as a consequence, mc expenaitures win
ue mucu uecieacu,auu uic receipts trans -
mitted to the Treasury with the greater
nromtitude. The administration of this
law, however, I regret to say, has not
been as efficient as it should be hereafter.
Its failure was owing to some extent, to
a deficiency in the appropriations and to
other difficulties incident to the introduc -
tion of a new system of business.
This
and other reforms so wisely commenced
within a short period, with such addition
al retrenchments as experience may have
shown to be practicable, will doubtless be
rigidly carried out in future, by the offi
cen controling that branch of the public ,e A , looking exclusively to the w.aor thc P10"3 m.c als' rennsylva-affa!rs-
, . p . , 1 former of these considerations, might n,a 1 am "IKent, will most cheerfully
The net increase of profits on the Co
lumbia road for this year over the profits
of last, is but little short of one hundred
thousand dollars, whilst the netlossess on
the entire operations on the Portage road
exceeded
sura
to arrest this monstrous demand upon the
Treasury, by any other means than the
avoidance of the planes, is a question I
am not prepared to answer, for I have not
looked into the details of the subject.
Certainly a more honest and devoted
public servant could not be found, than
the gentleman who superintended the op
erations of this work for the last year.
Both he and the Canal Commissioners
concur in thc opinion, that this growing
expenditure is owing to the increased
business and the delapidated condition of
the road.
The avoidance of these nlancs the
completion of the North Branch canal,
and the relaying of the north track of
the Columbia railroad, arc subjects which
will claim your early attention. . These
measures were all in progress when I
came into office. In a special message
to the last Legislature, I declared the o
pinion, that they were necessary to thc
public welfare and should be speedily
consumated. I still entertain these views.
luuii auiu. iuu uncut. Tf it., e r r
rpi. j: i
unavoidable and incidental expenditures forei rivals should defenns . tW we J I am fully aware, that in declaring this
on this latter road, must necessarily be shouW then yield much of the revenue to . sc,ntimen . am ecounTte"nS a fJS
very heavy. Whether it be practicable ihp trJn rHlpr thnn i T - adverse feeling, nor am I insensible to the
Should the General Assembly adopt which the Statc id thcse in3titutions oth will not circulate at the same time,
this policy ,t will be for them to provide Q ccnt Tho effici of thc ,aw channels. There is, perhaps
the means to sustain the Ircasury under 0f 1850, prohibiting the circulation of the! no principle in political economy more
this increased demand upon its rcsurces. smoll issues of othcr Statc has been ' completely settled, than that which de
In another part of this communication, I r.nflv wr,okfinnd bv tho. continued use of LL ti,f Ln i-A ne r
1 . 'if
have given you my views touching its fu-
- " ,
ture condition. sso permanent loans.
it seems to mc, should hereafter be made
for any purpose whatever; nor should
the Sinking Fund be diverted from its le-
ii mi . 1 ii
giuma-e ena. xnc general Assemniy
- - F..ouBu- vadc the duty of scrutinizing this curren- The efforts of a single State, however,
cessity for the immediate completion of The ,a of 1850 .ncver wiU, I fear, it must be apparent, can do but little in
these improvements deem it wise to au- bJe thorou hly vindicated so long as this lhis great reform. To be complete, it
thome the anticipation of the surplus dopreciated paper is permitted to supply mnste the work of thc whole country.
which may accrue in the Treasury for one thc channels of circulation. To remedy Forced vacuums in the channels of paper
or two years. th;s cvil thrcQ modcs Jjave suggcsted circulation in one State, aie readily sup
When the foregoing schemes shall be themselves to my mind. The first is plied by the issues of another and thus
completed, the goverment, in my opinion, to allow all holders of these notes to con- the effort to introduce coin is defeated.
should abandon entirely thc policy of con-
i : . ..! i i
structmg improvements of this character
Tho circumstauces which made it right
and wise for the State to participate in
such work, have passed away, Grand
avenues have been constructed through
nearly all tho parts of the State whilst in-
i? i . .. i i ' j -.i :
uiviauai capital uas increaseu, ,um is anu ic woum ue ui i-gi.imui-nun. ui excessive issue ot paper money. All lu.s
rapidly occupping every feasible scheme this fund, to take them out of existence, theorizing about specific duties and home
of the kind. With my present impres- The third is to apply to this purpose, all valuations will avail him nothing, if the
sions, I shall under all circumstances, re- the premiums that may be received from UpWard tendency of prices out runs the
sist the commencement of any new pro- a farther conversion of the present debt rate of duty. Thc paralyzing effect of
jects of this character. into new coupon bonds, as suggested in an inflated currency upon all our State
An unpleasant misunderstanding has another part of this communication. and national interests when closely press
existed for some time between the Board Should the latter idea meet your appro-, ed by foreign competition cannot be con
of Canal Commissioners and the Penn- bation, the Sinking Fund can be made ccaled. "It virtually opens our ports to
sylvania railroad company. The points the instrument of performing the practi- invitc sucn rivalry against all these pur
in the controversy have been passed upon cal work of cancellation. By the adop-,suitS and no rate of tariff that the wisdom
by the highest judicial tribunal in the tiou of this policy, this illegitimate cur- i 0f Congress can devise, within any rea-
State, and the decision on eacn maue
IrnrtTirti In tlin niiVilio
rPK- i f -,l,Krt rrnrl?a
;ann ;nAA iivnnnii Af f.l,n nnblio
u i tt iiinii'i irMini'iih iii inn iiuiiiiu ti u jj
.uu-. rft
service, and has been confided to the care
- , L itti. i t
oi iigeni'j eieciuu uy iuc jjhujjic. j.- mub
seem unbecoming, therefore, in an officer
of this department of the government to
discuss the action of thc highly competent
gentlcmen who at present discharge the ! its wisdom, may devise some mode of
troublesome duties appertaining to the bringing about a speedy cancellation of
office of Canal Commissioner ; nor can these notes.
any good result from a discussion of the The currency of the State generally,
policy which has heretofore governed the! seems to be in a sound condition, and to
Pennsylvania railroad company. i be sufficient in the aggregate amount, to
As a citizen, aud as a public officer, I answer the ends of trade and commerce,
have ever felt a deep interest in the sue-; An increase of paper circulation, at this
cess of the great enterprise commenced time vrould, in my opinion, be unwise
by this company, and have inclined to fa- policy. The legitimate cuds of business
cilitatc its objects so far as they may be do nfc seem to demand such increase.
consistent with the interest of the State. ! Indeed the fact cannot be disguised, that
This corporation should be allowed to en-! to a considerable extent the present up
joy its legitimate rights without being 'ard tendency in the prices of goods and
permitted to infringe those of the State, property, is the consequence of the abun-
It is cause of regret that feelings should dance of money. This advance in nomi
have been excited, calculated to lead to 'na values is rapidly approaching an un
an unnecessary rivalry between the main ! nuatural elevation and should excite jeal
line of the State improvements and the , ousy rather than confidence. The indi
JPennsylvania railroad. These avenues of cations that we are' on the eve of a dan
communication between the east and the!gcrou3 inflation of prices and an artificial
west should be made to move in harmo- expansion in commercial and other busi
ny, so far as that may be practicable. , ness affairs, arc too clear, it seems to me,
They will doubtless be competitors for : to he misunderstood. This tendency
certain kinds of tonnage, but in the main ! should not be stimulated by an increase
under proper regulations, the conflict
could not be very injurious to either.
The railroad, with a single track, cannot
have the capacity to transport more than
nno.liolf tlm fnn.,ni. ,lf;,i l.-
1 UUV-Ultll IU i.llllt" U31&1JU 11U111 tUU
I desired by the railroad. I can sec no
reason why one of these great improve-
, nients should be so controlled
! stroy the other. In all their
as to de
elements. . thmr nhinnf? nml
both eminentlv Pennsvlvanian.and should
are
' it seems to me, be so controled as to pro-
mote the trade, commerce and general
' prosneritv of the State
l rni, !.: 0..1 . i...,
-nno:ntc frnm Ma f w ;
ments should be guarded with alous
,i;, i ? 1 i ij
uis , iix uuiu" .Lite, iiuvii, ii nuuuiu
' . e' l ,i P. i . ,.i ' i - .
not forget that this is not the only interest
i - e 4. -j j
involved that those of trade and com -
, i r n
measurably destroy both interests. We
i J - J n rr e ,i
can have no income for the coffers of the
. , . -.i t. i i
rrnvovniriflnr, without trnrlo nnrl rnnnnnrn
i i i - -i -i C
emarhave the latter without the for -
mcr
Our efforts should be
secure
am not inclined to excite alarm in refer
ence to the success of the State line,
believe that it will continue, under
worst circumstances anticipated, to
ceive a fair share of the through and
, ,
tnC
re-lo-
cal tonnage. What is most to be desired
is, that thc facilities possessed by those
great artificial highways shall be united,
r., -n:u t i .i. ti :..a..
. . ., tl p. .
The exercise of a wise discretion, such as
should, and doubtless will, govern the ac
tion of those intrusted with the control of
, this subject, may, it is hoped, lead to the
attainment of this desirable end.
There arc still in circulation about six
hundred thousand dollars of the relief is -
i mi ii ii i. in nil im in iMiiTiiiiu irimi lrniu
s i Hi 4 nit If i ac T Iti nl vtfi I ri on tt Tfi if J virnn
sues, a considerable portion of which have kut because of the great protection it af
become so defaced and ragged as to ren-'foras against the consequences of commer
der their future use almost impracticable. ;c;ai rcvulsions. When these come, and
About 250,000 of the old notes were the banks at the seaboard close and coun
cancelled at thc Treasury during thc past 'try paper depreciates, the merchant can
vnnr uriflor tlif nrnvi!nn5 nf fli not rf il rll T-l. r i:C "!..
tfae lflth A j, l849 and ,ike am0UTlfc
, nntn! nj hv oortn: hi-c fnr'
Mw"7 J
f, T::., am An,n;nnf,nn
111- ICll-l iaau uiniti m univimimuuu
jh. iri. - e w
01 iivu uuuuis. uia.u- ui iuo
notes familiarizes the people to the use of - wjH be constantly on the surface and ob
small paper, and prevents thc circulation truding itself upon thc use of the public,
of coin ; whilst the officers of the law, in whilst the more precious article will re-
instances, make this a pretext to c-
vert them into State bonds, bearing a rate
. -i l .1? e i
of interest not
exceeding
four uer cent.
in sums of not less than
dollars. The second is-
one thousand
-to apply the
means of the Sinking Fund to their can
cellation. These notes are as much
debt against the State as are qv bonds,
i i.i i. ii. i:: l. r
icuuy wumu u iu uum m uuu.,-
ndS OI
of circulation without entrenching jt greatly enhances the nominal prices of
the present means of the Treasury, 1 oods and commodities in this, above
i .1 .1. 1S". - . - . '
UpOn
- . .t
or imposing new burthens on tnepeoFie.
With the necessary legislation, I coufi-
' J . - , V,
dcntly believe that this end can be accom-
necessary legislation, I coufi-
ieve that this end can be accom -
r .1 i
, Pneu. j glves tbo toreign producer tne opportoni-
i I hpe, therefore, most sincerely, thatty of manufacturing at the low rates of
the General Assembly, in the exercise of j (Concluiion on fourth Page.)
ot paper money, it is the part oi wisdom
to restrain, rather than heighten this ex
' citeracnt. To the influence of theunpar-
' allelcd amount of gold furnisjied to the
I world b v the mi nes of California a nd Aus-
, J
gree, the production of this state of nom
inal values. The careless observer may
regard this result as a real advance in
the value of goods and property, when in
fact, it is only a cheapening of the stand-
ard by which these things are measured.
k'ke all other commodities, money will
depreciate so soon as an excess of it be
placed in the market
' A common effort, it seems to mc.misrht
be wisely made, throughout our
vast
rcu-
country to prepare the channels of ci
.lationior this great increase of com
.Tll f ! 1 i , 1
Bank notes of a less denomination than
. ,
, five dollars, now occupying a large space
!. . 1 . . 1,J, . - , x r .
: in these channels, should be forced to give
, 3 t , 7
this great work: and 1 hope to witness.at
fc . . r. '
no remote period, a general movement of
. . ' .&
' all the btatcs on this subject first to re
, r , . ,,J . , -
move from circulation all notes under five
, dollars and next the fives also.
difficulties which would surround its prac-
scious belief, as I do that it is the true
n . .. x. J
policy oi our country, as regarus uer
commercial rivalry with other nations, I
t should be unworthy of your respect, orof
thc confidence of the people, if I did not
so declare.
Thc dissemination of thc precious mot-
i als to points remote from our commercial
C'liipuiiuiu snuuiu u ju.iiiuuuu t:tj
proper means, bucii distribution cannot
be fully accomplished, so long as the chan
nels of circulation are supplied with small
paper issues. Every merchant should
endearvor to draw coin into the interior
of thc country; not only because it is the
rt i t .
.best currency for the use of the neonle.
if dcsirc hayo thc ious fa
... rxi....
lllullJllUbbtJ buuv Vliu iiiuvJ vi UUt iwuitttt
! . '
UlUCrinjI III VU1UU, -UUIlUt CirCUiaiC 31 IUe
i .-0. m. ' i. ... ... .
on nn Tiinf i iin ipss rninnn n ni run urn
tire to quiet vaults.
j0 other feature in the policy of our coun
. . . .. - " .
try, I sincerely believe, so deeply concerns
all our great interests as this subject of the
currency. In vain will the manufacturer
rely on the tariff laws for protection a-
jrainst foregn competition, so lon as tho
,,onnnal values are greatly inflated by an
. J . . . .
SOnaDie nmu,can countcractus mnuences.
what
j whilst at the same time, it retards rather
: tiian facilitates their production. It thus