- 'e-----~ 0 " Gover_beesldessage. 7$ the S'enate and House of Representattves . ,of the ConitnonweedilifilPennsyliania . .. . • , ;'LLOSST-CITIZEN:7, ~s :. , -.-: .. , .. : : :' An ' Wo r in'tinunicatitig tcr . ,, the Legitiliture the . - ' 'general Condition of the . COmmonwerilth-ther , , ring the past.year,:it is . My grateful duty to 1 .- • - belinowledge", -- ttiat - throughoutall - its"ch a nge s the, wise 'guardianship ,of. a Merciful Provi.:- dence has been visibly' extended ever us as' ti -. pdople. ' The• designs of non's•ahortaighted • but 'boasted ".wisdom • have sown -distrust and . , ruin. wide - over the land ;: but in Pennsylvania • the restraining careof. the Ruler of ,notions . has still been at land Ao'rriltigate ,the evil.- ),Y, hile-Want orcon enceentl-ef employment, ; ic, .:• ''' enda cOnSeqUerif • :tibial stagnation - of: Wei : - - . ness, were *strati' --- theelie'rgies of the •Un.- - - . ._ „ . ion,. our crOps grew, and were. matured.' in -- ebenthiece-=our cilizene7Virere generally em ployed arid remunerated 'for - their . labor- - =otfr • :.41 . enteilkri§ge, , Nblic and private,' if not quite so I.enecei3sful-its•Was.- enticipated, hoes neither r - 4 . e failed entirely nor materielly' retrograded; and .. '::good order, health and, happiness, ha?e blessed ....:• 'the "State... The evils .under . which othere . groaned fefflightly on us, and-have, it is hop , ' - ed;litiready accomplished their . worst. , Our .gratitude should therefore be deep and public , ___ly acknowledged.. -• . ' In. performing the duty now before me, it . would be.criminal, to treat lightly, or. even-for a moment,postpone_the subject-whiclittbsorba the.attenti t o t n-o b f - rill m .: B ...W eA l L t i ff - ei t h h e _e - public - Mind sensitively aroused to it, the proper treatment ofany. ma . ,9r- eco ly-difficult.- - -- • But whetrlthe delicate subject:of-the currency is the one -thus circumstanced, the difficulty is •greatly: enhance& Still a sincere - deeire and . • -a•-fi cm...cleteireinatien, „to consu h.:. Ifferte:i fie ( good. of- the• country , mill -lead - the - tiatribt • :1 -through every difficulty •and:erilile hiril to.ec ., cotriplish4mich that -at first sight appeared hopeless. In this spirit permit me to invoke the co-operation of thelegislaiere,ke devising, ng_w_hri tever may - lie - foundwit - bite the, pro Ourdsowerfor the relionriftlie -- " - CO . mmunity. --- _____, . . , . • _-_-.1-The•distinctive characteristic of thepresent . , century is an enlarged degree of civil liberty, coupled with a liberal .and all-pervnding coin merce. In the. early and-less civilized ages; man subsisted. on - the -products of the chase (- • -the flock . and herd-or the greund -around. .- his dwelling, and required little intercourse' • with his neighbor. ..A later race next sprung • tip, who, spurning the- peadeftil ankobscure avocations of theirimcchtors,mncle'the sword end• the bow- Yield the -means- - ef _gratifying __ ,their new. rind increasing wards, in the midst . ' 'of Wheise incessant boils, -'the thrift- of-the- Merehant was little--understood,-or pursued, 1,-ith :Nat ciang,et end precarious profit. To b their . lawless career; in the comae of —ti . trent - and -absolute--g..overninen ts-we re • . established, whose arbitrary - deoreesandedicts __thOugh they,compelled peace and partially prq- • ~ Ae.cted-preperty, had' also . the effect of repres=- ~::' rung liberty:mid "of - crippling - ,: - cominerce.-: These inseparable , companions in man's - his- tpry=aCtengili biffet - theirboncls - , - and:-Imr, - in - 1 . , - • whatever part Ort H171MT•111 -- riniition -- ie - finsrelI free, its commerce is found to prosper in the same proportion. - . - • - . , • - , The "first offspring of „commerce, - thus' pre - - - 7":lliiteirbrlibnity;46 - Weneral - eireelairing „ me , - ilium, or currency;_ and - the best proof of the: •;.. - prosperity of commerce and per ectioe of li: berty, are the soundness•and uniftirmity of that currency., In fact it is almost impossible to . • conceive ~ _-_—_ la te their . Ow it afliiirs, completely commereial _ -in their linbits and united iii ether JeSnecte,. •• yet so blind to their best, interests auto neg., elect the uniform-regulation and soundness ot - tent on which their commercial prosperity ---depends - ,-- A -sound_uniferm currency • will therefore be the first commercial efibrt of-i -free.people. ' ' . • ... , By commerce is menet, not that mere im portation,of foreign and exportation of domes . . tic goods which is carried on in eenport.towns: _ • :hut the general' diSposal -of 'articles of all. • kinds, whether the produce of the ehnse„ the field the.forest, the mine or the factory,.•hy those - who have more - than - thilenbekto those who require them, wherever transacted. And . - ..-he-eurreney-isieteedod that circulating_equi-. _____valent_which,each. receiveS in return for the • - triticles sold, anil•vglticli will procutliim an equal amount in value of others that he Ma . 7 wish to purchase. It is sound when it i 1- ther composed of the precious'metals or o pa peractually representing an - equal amount of specie, or of property constantly' convertible into specie,.some where deposited for its in stant redemption; and it is,uniform when it • is taken in an equal rate in,eyery part of the country through which it was intended to cir culate. . 1 .• . . Such-a currency;'-the' - went of which was one of the greatest difficulties of the .revelu , I ion,. was among_the firstnenies of the political fathers. of our :liberated and . commercial _, __Union:', • ~ • • . A--national-pper currency w_n_e r ktheni created, with theeonsent of Washington, are - tertil fell examination of the Tears of its oppo nents and of the wants of the country. Gra dually and, , effectually it performed its office, till'the question of its continuance was again. -.broughtround-in-the-course-of years;--again_ --- - it was_opposed, and,was for n time dispensed' '• with ;• but egain the wants of enlightened and re equal- .donirrierce_overcome the.-scruple , of '' • Madison,-arid once more the - business of• the • country fciiind a sure reliance. • Here it - might he supposed that, denbrand7experiinenting would have, ended ,-Here it might be hoped .' that the&tretii:otes_ enlightened and as pure • -patriotism as ever - graced - the' history of , any nation . ; might acquire the force of precedent,. • --- trid - settle - thpevexedeqiiestiari , ireThvor - of - tlite ' wants orthqeople and -in opposftion.to fears ..._ which -two lonrand'full-trials'had-not-realiz ed. ,'But no. The' doctiiiii - that every men's understanding of the Constitution, was 'the • • .Constittition, end, that no precedent however wife in-its experience; or authority 'of names - :however 'venerated by the country, not 'even .. 4 ,4,6 - 11,eciSiond'orthe 'Supreni6 Court of 'llie - ; •tiation;-:werelo' avail any thing, was beqached. Political doctors arose whose gravelyirjrowed - 77176ijeCtivartirsave - the people-fronythe-power, ~• Of their own Constituted agents, and from the -:- influence' of -engines . created by • their own _hands ' fur ...their own, , convenience. They ciiiiid - the country liealthy and - prover< US 1111 - 7.o,ittziOlatithis, and - needirrg only.a whole,otne . -•• : •. - . -;iXstric;ion,'on:Aho- exuberancp'' of its vigour. dr iiitairitifert qu'i...t•,nie w intreeTiii• - Ve Pe.thei e s kill; the&goadeif on - the tuitional Spirit of ad. -' Venture:Ate allAher wildnes4 cif - speculation, Sfid_When at theheight, they . Checked at oiMe ••• its.reurse and paraliZed ittaiatreegth., But now, i like all dtherempyjlcs.,' - thoUgh they have pro• Ciuced the diSerise they cannot or will not ap- I • ,p,y Alm rdtnetry . .e.'., : - n ... j• , , : • . _ ... Neve rwas there e country with a sounder and' . . ,more. unifaiii-chr ' than ours, when, from : what motive • iris now u less to inquire, the : first attack was made upon -it itr•1829.. BVCII • .the mightof that popularity Which las foi mei] •iiiiiiingulhr an era in ' our history p's a:people,. : Made slow' pregresa'during.the first yearns of the inorrienMns Warfare. - fmthis State, sodie: ' ~tilig,uished for her gratitude amid devotion to ',' . '. ; tlieleeder elit, if the` Legislative and Execii :-..';,:',,,ire-e.,,Voien-maylietakeir-as-arr index,: -public s l pieimremained trite th the Comnion interesia. - ~ellittes the sessionef 1831-2.. And in C0n.... ert;liii, wheri : nrritigited at ilia bar of . the House,' by the Executive:assertion - pi' danger to the deposits-in 1838, the' American people`by their representatlyes, decUifted lthemeelVes satisfied 1 \ - With their eurreney,.and with the depositary _of their Wealth. ;4,1 - V • . But, while the -news-ktf-this-verdicit-was yet'fresh in the mind of.the nation, the unau tliorized.and startling measure of the. removal .of , the-4)3054a was , bensummated. Since' whieh'time a succession of "measures; charac- - terized by recklestiness„ Incontistency, ..and -short-sightetiexpediency,inive 161 lowed estch other . in such rapid succession; Is scarcely to, allowto,becomesacquainted.;.with their true character.' . The country , has-been carried 'through' a cottise' . of State .Bank . currenev—exelosive gold-and-silver-eurrency;. and. Tilasuiy'-npte s_urr6ncy, .which is only another name for so mudh'neiv.'national debt, till gold and , silver, .the.only legal tender, .and .the true constitti tional kutsiel of all- eurrency f l , .hate,actually ceased , to be used as,moncy, - And , ate bought. and sold as=an-article of-meichandise jn the market.. • • • • • Upon Pennsylvania, as was before remark ed,-the evil of tampering, with the currency, Anis fallenn — Comparatively lightly. This is owing'to various causes : • • The general prosperity of businev r andathe. full - prices To r. a 11 -kind - of produce nod. articles, Which preveiledlor the Mit lour yours, - had just disencumbcred the farm§ and industry of the , State of the.debts entailed on them by the reverse that followed - 1814, and left both in be best possible condition•to bear..a change.' The debts, to the banks •_particularly, were either 'much diminished, pr gerterallyefa tem perer), kind; incurred . - . for mere present ac comodation....._L. The ruinnus.spirit of speculation, Owing to ,-the-more enotiousartbits ofour fellow r.iriZens, had not Made such progrees in: this litate,l§ - in some other portions of the Union—Though it had stirdini - arlarmingly during the feiv past - yeats,;yet the amount orengagements . made tlniler"Al i t nnl oly prompting w ifo-Vit Each= materially- to effect our business transactions: The hurricane which has swept over the-land has; it is hoped, purified our issiness---Utnios phere of this iiifictiotis disease. . ;lhe acciden tal remedy has been, for the priserd.elnctua I, fibre selei e-than- - -evenet he sfernpst pa - '- otisin could presoribeTz''. Thie ! ::(j w it ; tiou- tint ...pp6rat ions of a• large. portion of, the_Public' wrirlis and ol,lier .means of internal coo-minnication, had added Eno-eh. 'the . real *Mil, and had invigorated the use= ful rind sure enterPiT,se. Oftlia State, brullbrd ..ing a market - to tho- rich • nd uririvaird • pro :ducts of.remnte sections, and by coriferl'ing-oo our citizens the certain profits ofa larttecarry•J ing true in almost emery citulder tif the Com monwealth. Tic&-law.- - 01-1 - B:29,prolkibitilig the circulation Bank notjs under five dollars; hail placed our Currency on a firmer basis than tiamerly, •by restraining•the increase--of—paper circula tion; and.by increasing the proportion of 'spe•,!„ in the hands of the conmitinity and in the 'Banks.— • . _ The continued — pt. - di - TU .- en and- operations--ofd the - Baas of the United States, also gave to' , -the other - State -- -generally i a-simindnessaformity thatmer extremely beneficial.__ -1 he State also owed raetot'Jier=l3shkitrg - institutim g i,ncrally-and-le , -the-safer-atid-pru dent-manner _Lin.' which they _had for'yeass past been conducted•in coniparisorf with others. Thenature too.cf_the mercantile-_ business. otraur,ieorir tiforgral7Metropol is was of a firmer. • kind than that of some of the otTter sea- oar( .cities: debtors general-13; 'resided in the 'agricultural regi nsof the Nest, whose. gets„ not being extensively connected - With foreign nations, .wore riot so .reaterially affect- . . --- e - d Fy the derangement of trnde(as were those depending on tile Southern Cotton, Tobacco, and sugar plantations._______Mins on other States hayr.jiamtherefore . generally.secured, j mid:the effect on her credit and that, of herin stitotions; has been_ _salutary - in proportion._.•. ni - ust - the - steady - character-of-tho-i dealing portion bf our community he overlook ed. The .prudent, though enlarged' views and solid operations of tIM Merchants, and the ad mirable manlier in which -the manufacturers maintained their Credit and operations.through-- out the reverse,, are worthy of all praise.— 'Sustained as they were by the steadlaSt lab -its and-sure , capital_of the_thec •lauica_und_far.,l mere, all have.passed the.ord al in a manner at.once.he'neficialmal . _ hone able to the State.. - But all these adVannige would have Wen of little aviiil, - ifthiring - pe - tirst - panic of the suspension, an alarmsit community had sent into council an excited Legislature, WjinBQ,. action then en the subject would only have added to the evil Vend whose fitildre to act at all, would have the odium of - its con tinue nr.,e to their own heads,from that on - which it now so deaeiVedly and plainly rests. Under this conviction,yvhen strongly urged in Nay last-to convoke the Legislature, that nieasure was declined, and the_result - huslieeti a still further addition to the advantages which we already, posiessed in - the novel conllict ; noW 'Waging between the interests of "the . govern:. meal" End - those of the - people.. By avoiding that measure we have escaped the utter pros tratinii ofills currency •by - a Naar - emission - of small notes, - 7frielf - th7s - Legisluture - wonld - prei liably have authorized, and which would have continued to curse'the country long -alter -the present illegal circulation of a similar de scription Shall have disappeared. __ We hav_calso avoided the evil of an undue . expansion by the Thinks, of - their general Cir culation, welch wand have undoubtedly fhl lowed a - law legalizing the •suspersion, and which heti been - prevented - by the tsfiolQsorilß fear under - which:-. -they acted - for the list six months. • In -declining to convene the Legislatare, occasion was taken •,) appeal to thd.patriotism of the, people, in support of the credit. of the State and .her 'institutions, and to. warn the -Banke-against---speculating--op-the---mislbrtune ot-the.times by flooding the country with an -increased--and-depriciate_d_papersirculat ion. They were at the . same time encour ged to hope that-4 the, proper course .was.p sued; e 4. thent?listire'into which. they. lied, b com . pelled by,necessity, wettlit, - itno - undue - advan , tages wereqa ken of itioot•b2 punished as a Wiiiielmetreated as a , nisifartene. -- • • "It is now.my high. gratification ,to be able. lo annoutice.to the 'Legislature, that not only isive,purfelloW-citizens gem-rally amply / sus tared their OTtrlefintarian - fOrgoon - thitlorndt tb bearatce• lir the trying crisis; btlt , i hat-the_ portion of them connected with, the Banks, -have reaftzetl-all.that-s.,tos-glipeeted...._2ll_e_re .pejl'Ofthe Attiptor,General, when laid before you, will show that there has been a:material decreape in the amount of . notes' at Za:CiiiTa',": tiotvand tin 'iritszsH elis.m. o :lite . cid since the. sus nension : -Also thattile debts dne_to . the Banks haVe been reduced, which .result meat have: been produced without :distress — td7tlie 'corti-' triunity, as no complaintsef'llitit kind hive . been made knoWn; and that2priVate deposits; Which are the best 'evidence-of public -confi dence have suffered very-little dim i nution. . - f itec!urns'llad - been - -received on yesterday :frotn,- . o,tlst.batilts in did _State except-the Northam plOtaa nk, the liminberrinina' Bank at Warren; the Honesdale Bank, and thetolurn bia- Bridge con - Many; the Whole number in the State,boing tiqy , • . Thwr•circulatton, SpeCip, discounts and'de potips; stood as followst in - -rthe ?beginning - of May and Novemlier 16374 A, . -: ~., ~ :„ ~. • t' " - - ----'--- - . - 3,1 * ' • _..--:November:. Circulation; .21,063,54:1,05. 164104,529;21' Specie,' ' ' . ' •4,391,07,2 23 , ~0 ;900.510 88, Discoupie, - 136,407,013 43'- .09,942,755 00' Deposits, , '12,491,00S - 15 I 11,930,279 21' . . . . .. Bence it appears r that there:Alas been ' ti de cretin of circulation, to the amount of tr4,809,- . c 003.84, or near one .fourth, since the suspen sion—.—of discounts to the:ainount of . $1 4 6,464,- 858-43---oraibout one fifth, aud'of deposits to the Mnount of $557,704, or bout ones twentieth-.—and that specie has increased more than 'one..half, or $2,515,438 65. The re-- 'tarns yet to lie• 'received -will not matarially vary the result. - • , • 'lt thus appears that-the banks of Permsyl -Vrinia are in a much sounder condition ,than before „the suspension , ;.aral that the resump tion 'of specie .paymenp3-6-so•far as it rsiro - perls on their' situation and resource's may take place at any.time. . But we must not rest content-with-the-confemOi'tion of this gratjtying.state, of. things. Though a favorable "'combination of 'circum stantes has for. the present gularded us from the extent.of injury to which the occurrences of the .pdsryear.exposed the onitnOtiWerilth, it is not the part of:prudence : again:to rely oh a similar escape from danger. Ouf ,duty is, if possible, to prevent its recurrence. The Banks liwe well sustained themselves through the crisis; but the Bunk systeni that could- admit of such aqrisis, must be dace- - tive. . , . . . . . The fact that a general sus p ension of pay ment-in- go,lttritid silver hen taken phiera, With= out produ . eing a_getieral lorfeiture of the ; thar• sere, though it was the evident...intention of the LegislaturAto prevent_or punish such, a• catastrophe by .that penalty, neither justifies . the suspenSionolor:_proves- that the penalty is unjust. It onlyi shows that a'erisis.has arisen not foreseen, by the 'Legislature of 1824, In which the infliction of the-' tenalty -Would be productive .el more evil>6 the crapiormity than: a - continuance ,of th 6 susPe.nsi —lt is a . re mailifthre instance-of the ' v.i rt iit I _ repttiarti: a ifi general 1.%r - of the . land by the expressive, but silent action of public neces-i y which even-the fiercuress•of P•irty. zeal It beetPre `strained;''•••••••ol'• the- votes - . poll ed•-•-rtt the- fete general - election, a srnall majority were by a party one-of whose professratptinciples was op p.,sition to Banks: It is a fair soppbsition that this•majority held since the suspe nsion, the same proportion,of the .bynk notes of the State. was t erefore in their.power to have closet! up cu ata - d o lL'ed ted-titFTEirter- of - every bank' in the ) vettlth,. except perhaps ,two or rtiree.-.1.11111, • . . nor done so, and the rea son is, that !hair t, t, and thrapublic• interest: would-have _ thereby eufferedl The .public • agents, both •Legitsla ye and Executive,. are -therefore bound to act op +thin plain inti suction- of the._ pu is - - tvislr. - A tabr - t his Cori:: struclion the. Leg islatttre'nfe the' more coot yelled to respect, innsmityli asi by the 19th nn.- . tide of tlie'act of-25th pt March, 1821, no. tor- IT iture can take place for InerestispenitioU!7,. gqlilezAtitt.q.-.4jrv41,- I „l l) 4,agacklikit4 .' il ' fAtii pie who are the note : 1101pp. '_. r .. • But though the Legislature may-thus be re strained by existing rights, from cons-MO*4.6g a banking-system efitirely in...gie_ new, yA, it is -their duty - AO-take such inea..arreiltirrlie - pfo - --T -tenon of-the future,- as 'the natu Le of the - raise demands a tal l will admit. . • •-.. • " • Thiirgrent object of a reform - in - the banking :flys tel4.:.tibLuld..ae„elfddlun Ily to_ratfrbAlre , :pint,..- II cr-to-do evil, .without irale_rfl,:ring with the - ca - = - paci ty -torpromotrathe;cottitnett-good. 'To Hest -GOD) plis4 7 -thiti-dosi-rit-bl-6-t41(1-A-tildLrecet - mend the incorporatiorvf the filllowing.pro- : vtgions, or of others calculated to produce the same results, in all future' Bank laws, and t their . instant-application, :Eh far - as-chartered ' T.gh tirtititi -i 1 lit itii'at tlie-gaireVittal•lriwito-• the Banks now in existence: -: • 1. tht• profits.cii dividend payable to the stockholders, .be foreveiNrestricted to 7 per. cent. per-annum on the capital actually_ paid in,. • • • •• •1.-. T h ant the notes in circulation . be still forther : credticcd; in proportion to the amount of capital stock paid .in..- Itinay, by tho_present laws, be nouhie that amount. . 3, That whenever_ the. - specie±ofsony Bank shall_falllelow_u_fixe.d_proportion to the notes in circulation, all increase of circulation_ shall be strictly prohibit-0d and summarily punished, until the proportion required - by law Shall be restored. 4: That no loan shall be made tO'-liny.bro ker cr other person engaged in dealing in mo ney, notes,. bills,,or other evidences Of debt, nail_ Orsini s_engage.d_in_otheebusines:s, n nd_ pu.lo - itings equal security, shall be -first. cc eaninoda ell ; nor_anyloan. be inpde_on pledge of, stock, nor -on-any- other-security, -except that - which - is usually -- demanded. And that loans to Director:, directly, 'or indirectly, Shall be plaCed tinder similar restrictions - 1% ith those to brokers. . 5. That the amount of I..ans to any individ ual or firm, wln ther as drawer or endarber','or both, Shall not he permitted to eicitecd a cer tain sum -fixed by law, except with the-con sent of three-tburths.ot. the Directors. B. That the excess or annual profit freyond 6 per •cent. - shall be Invested•by thp..pillcers of each bank; in such manner. es'sliall be.appro veil by the State Treasurer, until it reach n cent,, in anniunt tt.r,, be-fixed.hy la W, in propor tion tothe capital paid in, as erseparate-fund to secure the safety of the hank, and to redeem its notes in : cane of accident:. The ilmil to fn. tinitei--t-he-tlisetion-mr_the„._,St cc_ lc hol d ere, wh a shall be pireiitted,tiftet its ceinpletioe — , ilires ceive all the-earnings of the Bank, until they' shall be reimbursed 14 such portials of lie dividends between 6 and 7 per cent, as wer e therein Invested.. But after thoy. shall _have been thtis repaid, all excess of dividentl over . 7 per cent. shall be peri-dically paid into the State Tiettsury - for the use of the Common . . , .Weilth, together ..iitlitilie - run& itielr,--efatlie epiration.or the- charter and disCoritinuandc Or the Bar*. . „ . _. - • 7. - That every Bank in the State shall be , compelled to keep its,,notes.fit par in Ilerris, burg, Philadelphia and Pittsburg, the one the capital, and the others the great commercial -emporiums-orthesQummortwealth r or-bp-sum-- marily liable- to the- holder for_ any discount .. .. in_curreil. ' , . 8. That a laN . v be ,passe4fixing, a period, .not more distant;..than three, tour, or. five years from the present, for the exindsion From .eir ulation-of-all-notei2of-a-lower-detiotnination than ten dollars. . _ - - the . 9. Thai Pr litient anti . Direelorslor , the. year Ourilig . iy iidh'ii fauilierisroil of specie iiayinents shall tc . .ur in arty, B oi lc, shall he in dividaally !nibl tbr its lintes,',und'ilir qr other Tl a i ms - nuai npiit.- ---,------ 7 ----- 7,7 -- -..-1 , 10: That' hereafter no bonlis'or.price shall be paid to the state Think Ofr n char ter or rocharter, other than the excess over 7 per een!.. of its nminarprAts as abeye,pien, 'elia)l . lM. sold by ',ittietion, 'Os e.xcCS'.abcitie pas — value, to be the property ot 'the - State but to be invested in the Mind abuse described till the "expiration of the•cliarter. • • ' 11. Anttlinally, - that no bank . ho Allowed to go ,intoi emernt ion uptil one tbird..of,its stock :shalt lisve . bee n ts 41,y ; pi _1(1 i • These linprovements of, the ,ystein, I have ' little doubt,' would effebtual. A to the private' profits of bankirigihtn; become manifi.st!y - neeeesary,to prweet Focie• ty against the danger and-exile sprirging from the desire to .realize-'large dividends, titit it should ~b e • aecomplislied in Kith 'a* manner ifs to Strength - en %arid not weaken Batiks, be cause '4lid.'pablic •tood. AnyolVefl "1 h their •-1 tt is ;to; prod ticeillitidetibld'feWni that *Op beyond n icairertable' sum la le orninerit4ple-be'reta inea ' kr- the-pUblith - es,crt la to .:rct .snit thatOneteLid Wirt Aitken , 1 (j the . publie coffers, . ciiiiSehe 'of , ill'uffieer glit,o „ 0(1 - gieletilre~ in such tlinn~~ Promote al soundness,:o' the. beet interegits . bf ass 4 ""'` , infusing ir health into the currency, - To prevent inisconetruction it is propep, state, that no intention is entertaind ctf crea.; ting a safety lurid 'system,••by. which all the - prinks-of-o'e State-shell be-involved in-one commbn. doom, to-he inflicted at any • moment by Legislative, or .V.xectiiive authority. The -objectos briefly titis-:—To =prevent, injury,to the community by restraining the profits of the Stockholders; and to benefit Loth the commu nity and the *eitholders by,permanentiy in , vesting the exec ti of pronti.of melt Bank, in a separate fund, tot - itb-OwyrsupT-:and,Pro tection, and without govermenta control or 'int.erferenco of any kind. ...12The-restrictionaorcitculatida_to rut amount -bearing a just and- , a : safe proportion to capital paid in,•.and' to specie, and: the presence, in each-bank of a permanent fund (which Should be - considerable) to guarantee the safety oldie Hank creditors; would at all _ifmes•Merit and obtainutiltmned conthignce for the .... , . _ • .banks. " ' The limitation of , the.profits of the Stock - holders, : with the increased respcinSibility - of •llirectors, would both ri move t he. ternpt a i iOn te'undue spectilation -for the sake of obtaining large dividends„ and- the consequent dadger of ' the Jain being' . corn pejled - evert() refuse redemption.- n specie. - lt•would . uiso most ef: tactually check the iner-ase of Batiks beyond the actsaLwants of trade, soituOlere would be little risk ever after in ereatinettny lank ‘Vbese stock could be( Subscribed and-paid in. , The 'regulation to keep all the banknotes of ' the State at par at certain points, Would givie a uniformity to our currency over the State,_and a State epundnesaand character to it 'over the Union ; which. would be benckial - und desirable-in every respect. , The keeping of all the- - notes•ofilie-State-at prIISII over the State; anti - We - prevention - or loans to_ mete dealers in 'trolley,. whether as. Brokers or:Directors, would go .far : _teiwai•d's' tlte,abolition:of.paper.shaving,.arld mould Jose: the effect'of scenting bunk aecoMmodations thr the ^useful man of business. This desirp.- ble result would also be aided by limiting the amount of loans - -attainable by each person, and by discuinitenancing loans on pledge of stock. 'rife --djsu se--o f—rt 11-n otos 4 . 1 nd r_fitl.o still fOrther widen the specie basis and in , crease the• soundness of the pap - e - r . sygtetn. Now 1e the time . to take :means to accomplish it. even in.t be midst of • the illegal small notes iinil general depreciation of the banks have'feene,rally diminished their =cu. tallow. - -- TlM — decrease consists proportiotntbly, and. iii some instancesinainl3;,.of a withdraw al of lit e.dollar ntites,prepuratory to It.ptiitial. resuMptiom • 1f - they be now told that . there note s4.4lltl,l,l4,44APiintinu i_:cLa.t..p. period 'not- r .VitY4tifQ4/tikief: ifOkir.',fyqW l '7off!');l 3 '' amount 4fbniliness, - to tlirow - un increased. quantity of notes into circulation. 'l'lltis the change can take "p'aceLwith little shock to the : ct.tinuuni'_y—or lass to the banks. To extricate the comM f' eree and currency o the 'country, from its present difficulties, little the.tuftver_of ttitn tel,el2-islation, and there-. Are Utile 6'1.6 - wired to be:done. 1 :- -- T116ki611T211- I umptitin UTA, pc cje pay in n -ffeit...thougll-.1011-40 - -he—tniaided-Tenter prise-of tl'e America(' r' ( -) la cannot-he,-birrlistanU All the signs of life times indicate it. „The.,l premium on specie, though recently fluctua ting 61) 4 :lei:mint of the greater deninnd of filial season-or thei-yeari- has fallen regularly nudd general 'business of the 'country, is fdst though fiir . - sliort of • t lie use, I am '1 prices ,of hind, and of pridu nil' all other have neither decrd'il-en nr experieti ced that siiden rise whicV-hetOkens a great -want of copfidence . in tliOiltinnite_sqindness of-tlie-ctirreiley. The notes--,ii-b - iiiVs7_ l much. decreased in amount, have lost the grea ter port of .their...distant cireulationi-nrid sic now._ generally clustered around. the instil u- . lion wit, lice they issued, in the hands: of its .with perfect-conitlenee, The only oh-do:el° in the way, is the reinnin ing debt'to _E6 rope for articles bought MI cre dit.by the ithporting merchants of the Union. This- will. however soon he removed. 111 n" cropyl,ribother year would completely clear iG eft, even if We resumption of the usual bu siness intercourse were ode to depenrrotkitg' previous and Lull discharge. But such is not, .pit,will_tipt . be the. case._ Enrppe, and,particit lardy Chest. PritaiM cannot well aflord to be -deprived-zof-the-custom of American Aler: chanty for another rear. Mcans`will be found to arrange the gradual 'payment of the small balance yet due, withoutdog to rune party,'or incootiemence to the other.' .And then the usual' Crude will be resumed. To the prodOc tion of this desirable result, which will ho the sig'unt - for the resumption of spook pay n'plit 5, the increased souridOess of the Bank's of Chie State, und the noble and 'patriotic rilints made_ by !lib niereliams of 'the North and !die:plan ters of the South, to. Meet_t heir engagements ,hy" purchasing, specie