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'
• •• • - i'j••';. 4- - • . • !F e..
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it 4 a • _i• :
Governor's • Message.
lb the Mumble the Senators and members of: the
Ifatse of Representatives of the General".eisVenz
lily. •
Frmr.ow-Crrtzemzs--In obellenceto the constitu - - -
tion and laws of tide Commonweal lit, you have
assembled to dischargertlfe important and re-.
sponsible duties that &Volvo upon you: TO
rights and privilege protect 1 c't h 1
'advance - their interests, and promote the duel-,
fare and prosperity:of theiState, should be time
aim anmb end of all your legislation. In the
discharge of my duties , it be - ic pleasure to
cii-operate with you in4lie aimumplishinent of
.there - objects:' - • -
he past year has been` one of unusual pros
perity.' The •bountiemf of a' kind Providence
, have not 'beew Withheld frontrr Common
•
wealth. A plenteous harvest has rewanled the'
- -labor of the husbandman. Honorable 111(i 1113'
try; ilL.ll.li its departments, has been (menu
• aged. No financial CllllllllTiltiSlLlLllllB—no cum
'WCtrcial distress—no political ur euciaL evils,
- 11,17ve interrupted the progreSs, or cheeped the
energies of the people. The great interests of
education, In had have been
cherished_ and, - sustaineil. Health and peace - ,
With Weir attendant blessings, have been ours. -
To Him "who rules the Nations by his power,-
and from whbfriccimetkdown every good and
' perfect gift," are we indebted for these mer
cies, and to Ilim should be given the homacm
•- of our miev!itit gratitude and-praise,: c -
Time financial conellthatof ConfluonWeal
is mell - -cfactury. 'Everyileititmud--ipon
. the Treasury has been promptly (net and paid,
without thd aid of loans. The operations of
this department will, be exhibited in detail in
:the Reimort of the State Treasurer;
Por tile ...seal year ending -November 80,
1556 , , the receipts at the Treasury (ncluding
the - balance in the Treasury tat the first day.of
" December. 1855, of $1,113,607 88) hove been
$1i,02.1,08701, The total exPeiblitures for the
mune period, were $ 6,377,111-22. Balmuiee in
'the 'treasury ;teem:tuber 1, 1/15(1,.$ 1,211,705 12.
- .11a:hiding the balance in the T; misery On the
first mtf December, 1855, receipts, frout all
rikatremecorere $5.878,240-38.---The ordinarrex
• penditureS; for the saute period, were $1,118,-
1.11 77; showing an excess of receipts boor ordi
-nary,oxtmendi tures -of-$4- T.
The extiaordinary payin'ents fur .the same
_
• yen, trier: 51,203,997 .15, as follow, viz: To .
the completion of Die PortagellitilroMl, and
- fur the•paymnimt of debts previously contracted'
on_ that work, 8181,18.111; to . the North
Brandt exfension $111,72;1 52 ; „to re-lay the
smith track Of' the CoMumbialtailroad S 207,-
000 00 ; for nipti ve power in' 1855,.5 118,040-
; enlarge the Delaware. Divfmwn of the
ieminsyl + - tumid Canal S 18.080 00 ; fur general
repair:: in 1 . 838-'54-'5B; StlB.olis 11 ; to cliones
.tio creditors. 5151 G 3; to old claim on the
Main Line,-examined. by the Co ssioners,
111111 paid under time act of May 8111,
612 00 ; to the redemption cdeoans 5327,81-1-
'47; and Belief notes cancelled. $ 88,217 00.--- ---
. The ititet'est on the feinted debt . which fell
due in Pchrttary August last, was then
paid, ittnrAnt which becothes due iu Fe'bruary
'text, will be paid with equal promptness, ,mt
oCavaihible rtoW in the tre.tsury. - 7
T
punctuality with which the intnest un the
public debt has bevit pad. titnl the ability bf
the irca , any bigititivt(C.detilannk
npiin it, have inspired public conlidenc,e in Our
securities, and contributed hygely to establish
and sustain the credit of the Cutinnonwettlth.
TheCummis,,ioners of the Sinking Fund re
port:the stun of 8722,333 r,ul as due by the'
Treasurj , to that fund. This amount will ,he
Applied to the redemption oh' Relief notes now
in circulation, and to thenayment of the funth .
.11.eretiifoy6flii . • - fifrtilitlikinJatis in the
treasury ha s
.01.., , en applied, to some extent, in
payment, of outstanding; temporary lons, which
bear.awntinuab interest of sis_ c •
~.
a message, (tire the following terms. that boats freighted with •coal and other pro- lion of the par paper of our own hanks, and
"By the thirty eighth seelffin of the Act of ducts, were successfully passed' through its eit- substitute in its place a foreign, depreciated,'
the 10th of April, 1815, entitled 'Ad Act' o tirelengtli front Pittston to the'Junction Canal. and often a worthless currency.' In justice to'
provide for the ffidinitry expenses' of Govern , This woch-was effinineuccd in 1835-suspunifed, the -13anki -- TrUst- -- and • Insurance - Companies, _ _
'Bent, the, i epair of the canal; (1181 railroads of .in 18-11:rcSinnecLin 1819, and finished in 1858; paying a heavy annual tax to the Common
the State, 118,1 othq,,Bln.ill),O
.11116 n the Common- altlithigitits completion was officially announe- wealth for their privileges, and for the protect ,- .
wealth,' the Governor Was authorized to cause od in 1853. It. extends from Pittston to the tion of the people against these evils, either
certificates of State stock to be issued to all . Now York State Lincy - a distance of about the provisions of the thirtieth, section of the •._
_pelsons or bodies corporate holding curtifis ninety-four miles, following the, Valley of the
Act of 1850 should ho re' ealed, or_farther ex
cateAfin the payment of interest on the fund , Sicapiaffiatina teatliCits, friarthence alongtho
tended so au ' to embrSce p p rivate halividualsaudlT
cal debt of the State 'which full due on tho Chumung River to the Slate lino, where it joins . .
- • associations, who may monopolize and contfid,
first day of Agust., 1812, the first days of Feb- the " Jupctiou Canal,i' AO is thus connected. • - .
to the detriment of the public, this treffie'in
reary and August,l 8 . 13, and the first days of with. the New York Imprlffements.
February illl .August, 1844, iff an itniomit - 1110 11111/0rt31120 ankvalue of 'this improve
de recanted benk'paper, without resteaffit Ild W .
' Without taxation. ~
04011 to the \n o.mmt •of cerlithates so 11511, meat cannot easily be over-estimated. Passing
upon their delivering up saidafertiticates to. he through one of the richest Wincral and Agri- . The Report of the Superintendent, of Com-
Auditor (Mound. In pursuance of tho au- cultural portions of °the
,State,..it.Oliers to the pion Schools will exhibit to you the number
thority thus given, Certificates of State stock immense and Vaitaffie preducts'of that region; and cohdition Of the_Schools-the numbg of
to the amount of four millions one hundred fasafe mid cheap transit to the markets of New - teachers and scholars, and the general opqra * - c
and five thousand, one hundred and fifty,dol- York, Baltimore, and Philadelphia. -In the' 'Dons of the system during the past year. To
.11irs and twenty Collis, hearing interest at tlid • completion of this . Canal the difficulties to ' be. the Valuable statistical information of the re-
r:114: 01 five per cent, per annum, Intyltbk; 101i11 . 1- overcome, and:the labor' to'bo performed-were Port, and tho.nseful suggestions for the int
annually on the first days of 'February and meat. Beth these; to a. great extent, 'have . movement of the system, I invite pier' early -
-• '' 'August in each year,
and redeemable on or ' .been accomplished uffrigs„,,.the superintendency and intelligent consideration. • .
Total duel December - 1; 'MO • 41;087, 1 ,114 22 after the first , day of A l lll l la, 1835, were hasped. -of Wm. It. Manit, Esq.,- t 8 trlioni this work From a small and comparatively finimport
5zr,f,,a1,1,(11..,,,..,j,,,,,,,uia.1111,,a6,1,1,i,at 11,, , - clo.o of Ills hot Thif minimum period Aod .by-law for the re. . was assigned. - ant incident of the.Stato Department, the care
ss- • .f ,n, follows VIL : • -
C, par Clint. [,,,,n ....... , „.. $511, , ,18 . 00 ' -
~ ~.. • tlemption of Giese' certificates expired on the . This canal although completed, and before and management If the - public schools, of the
6 -,, ,In ........,,,,,-...,-125041,-Ofti-fal, . , 11 - r - Sfr - tlay - OHlllgit - Otr - 4t513. piwthlffi r - h - f m -Hthomlos e -n f -tarvigation, used ,for,tho-ptirpose-Commonwcalthrwitirtlreirstwonteatrffiniffire-d
-4,,1;111.._,III ' .._,. -',' '351,V, , 0 On . " been made for-their renewal or redemption. - 'of transportatiOn, ia not Perfect. ' Sinks in Elie distrietsten thousand directors-twelve thou
- 4,, .do; .. 00 .....: 400 NO (10 Although b tho • • 101)110 of the ,Act author- bottom,from the nature of the formation .& soils sand teachers, and' over five hundred thousand
.Tulal funded dent ' ' •;30,8613,076 60
y
1 . 000,,111M/ odor, yiS.: 'zing these certificates of State stock, as'.also threugh which it passes, slides from this hills, :scluffiirs, have become the most important and
•
Belief nnto3 is cirenhili , ,,,,.. 1t,22 ,, 6511 00 .'
_. by the .co»ditions of the certificates ' issued, timid breaches truly occur, but these, after a few and laborious branch of that Department. 'rho
— _Belief
1 , 111 - zhiti,l'it„ 21001 117' — lli 1/o,Biiiiair - 1188V8f, - tiff - t - tino - rpoyn,m - 81 - , -- yeltrn --- of - well - appliod - In bor i -will-1,0-dintin islicd,-----increasoa_nufLianreasing _husineSs_lot tho,sys
ne .... unelaiinol,. 4,448 :18 •
'Pount , tio erolnore.... ~.. . ,164 00 alter the eipirat ion of the mintiuntB period, •.aini by vigilance and care - ontirelYpreVented. ten, has been met by aterrespondent increase
•nacciee Si tetaporury Man • - 48 optional- with the debtor, the Common- ' -This iniprovement; although subject to the .of zeal, labor and efficiency in the officers to '
ncril 10;1853.,:.. . . ... 400,000 00 - :Wealth, yet a due regard for, the credit of the rivalry of competing railroads, if kept, in geed to whoni the law has committed its general di
sa:saee or t-inpol,try . , •
,lizty 11, SVO • Wilma co State requires that provision should be made'', condition, under proper management, will re- rection and supervision. • They should he sus
.
loan unfunded debt...:-- 844 , 850 7 5 for their renewal or redemption. ns r,ffieihn . 001V.11 its full share of coal and other tonnage. . tained by wise and generous legislation. The
...
these certificates, a loan would liticome finesse- It is anticipated that the revenues, for the magnitude and importa4e s of the system, in •
4 ° ,701,835 :K , ry, and Its a Mari cannot be effected,. ill ; the ' current year, will canal, if not 'exceed the ox- , its political, Heath :and moral relations to the
... 8 ,,, , ,,,, 7,104 „,, present financial condition If the country,. on ' penditures ; and inereaginiwith the facilities . present and future of Ithe people, requirm Hutt,
411,701,m; 25 terms inure faverable to tho State, than those • afforded, and the rapid development of \ tracte, this Arndt' be done,: The gnardianship °Utile
....
" -- on which -these certificates were issued, I Will; instead of its heretofore unceasing de- Mind of the State, should occupy a distinct and,
((creme - - seam Gi
sO7 . would recommend that anority.be.gfttfo t o itiaa t as u p o o trio Treasury,. take 'precedence in,. prominent place among the noble institutions •
It thus appears that during the-- Past - iiseal7= Issinv:the - bonds of ••the - gammon wealth In re- revenue over, hily-canal in the Common Wealth. of ' the Connnonwealth. Itslioffid reccife tlm ,
- year the sum of three hundred and fdoi.ty;:idx neival of mild' certificates, bearing interest . at' •In relation to the propriety and policy-of the efficient aid and encouragement onthe govern.
thousand one handred mid fifty-eight dollars the rate If live per Cent, per annum, payable Sale of the Main ,Line. of our public improve- meat, and be'sustainea by a virtuous and intol- .
,iiizil ninety-seven cents has been paid ill Nei., seini-:mnually, end redeemable oilor . after pm • mutllBol3l' opinion has not changed. 'Every ligont, people. -If 'the r Time . and treasure's of • ---
• .datiou-of the putd4ffiobt This, taken ill con-`],mxpiratian'of twenty years; and the bonds - honsideration of taffilic policy, of present and the State-her public imp oventents-herlands.
aection with the fact that during the year end- be issued With coupons'or certificates off interest future intermit, requires the separation of the• and their titles-require and deserve the mark,
.lu.g November 80, 1855, six liniffirod and thirty; attached,' in sumiccqual in einem& to the SeMl- • State from the management and Control of tat and distincitiVe care of the government, how •
tility l3, L ol .o..hQiouti and ono dollar' and two annual interest thereon, payableoutho first dSis -these works. The expenditures On that por- much more should her mental'and intellectual ~-
, Cents were paid on the same aeoutint, exhibits •of February and' August in each' nd ovary year, tion of the lino, between the Junction and treasures, richer thamgold-the social and later- • .
the gratifying fact, that the process of width.' Itt_Such place, no • may he' deffignated. mitt Pittsburg, largely 'exceed' the - revenues,' the al improvement of 'her people, moreivaluable •
. ~ ...
- . . .
, .. . . . • . .
•
lelng deemed advisable as a !natter of econo
ay to "pay these loans, rather th'an the funded
debt, Ivlneh hears a 111 null - less rate of interest.
It . is.ei;ilceted thaLthe lalatacead the tilnpo
riiry %% 7 ili be paid before the clo . se of the
co rrent year-, 'and the operation of the Sinking
Fund restilhed and continued as directed by
law:
. funded and nnfuntr'ed dela of 1110 Snalt , ,lnnin±lll!g
trUnlornry Oni firm 01
per iknoll, or thu Auditor (seneral Ttnn.,nrer,
iv , follows, VIZ : • -
Ft`NUM DOT. •
$7,10,151 03
35,;41:3,415 u 4
308, , ,tw 00
304.000 00
pt , t•irEtt.
4!:;.11n,... do "
Total loaded del,
1•NI•VNI11:0111,111 . ,
..11,1C1110110.4 ill elrenl,llBB... 8237;,773 811
c,tilloat”,oBl-;utp:Pg„' 2!.17
10n8 6 ,1'81 rrrditui d.....„ 4 . 2.C.1 00
13.1A1808 ieniporary Nan •
A pH' 19, IST,' 025,09 0 V
13a1199 , of, t ouporary , len,ll
Ilay O. 1001 '040,0)0.011
Total imfundoil oleity
Total debt Ibleembey.l,,lB63
Total debt. Docrantier 1, 1855
1r1866
BEI
_CARLISLE, PA., WEDNES DAY, JA NUARY. 7,1857
•
Bing the putilicAlebe has' commended; and, un-.
less- chocked by reckless mismanagement
. and
,extravagant expenditure, must continuo; until
the-people amirthe Commouwetilth at•e'rolievo
from.. the delitThirl taxation with which they
are burdened. In additibn to this reduction of
the public debt, large approkiations and pity
ments were made tar thb completion of the Por
tage Railroad and for debts previously con
treated on that work-for.`old and .unsettled
clainur_recen tly- adjusted—by-the -Commision-
OW appointed udder the act of last session—for
re-Liying the .South 'track Of the Columbia Rail=
road—for enlarging the Delaware Division of
" . n for f •
'the cunal,a other purposed. These e'x
traortlititil•plemanda uputrthe _Treasury have,
the net:essay that cre
ated them; and thus leave a still larger portion
of the revenues to be applied in paympt, of
the"public debt. • - . ,
A careful eXtunination of- the financial con.;
dition of the Commonwealth—her 'soufees
. of
revenue and the probable Ranee expenditures,
Into inspired the hope that the time is not far
distant when the public debt will bo fully paid,
and 11rie without increasing the subjects or
ratio of taxation. It has'alremly been shown ;
that the revenues of the past -year exceeded
-the ordinary ,cxpendifures:one million two hurl—
dred and - sixty-live thousind ninety-five dol
lars and fifty-six cents. The estimiitild receipts
and expenditures" for - the current year; Which
Will be presented to you in the Report of the
State Treasures, show that the
..excesa of ,rm,
ceintsi - srverordinary' exPendliturrsi loaY real
thirsunruf one and alfalf - iliTilio - iiii - Ordelk6u. '
. These -estimates, although approximations, will
not be far from tho - trne result. ~ Allowing, then,
four hundredthousand dollars foriftnittal.extra
ordinary oxpenditures- , and under a Wise--sys
tem of economy, in no probable contingencycam
they exceed that sum—we will have at least
ono million of dollars to bo appropriated-tut -
nually for the payment If the publie'debt.
With the' rapid develepentsnt of thawealth and .
resources orthe Connnonivealth—the increase '
of population—of the value of real estate, ;Ind
of the amount and, value of property - of every
des .ription, the revenues tenet 111111'1 , 1M (301 P.
thin.° to increase: - This uatiiral - amtneeessary
increase of roveohe will supply every deficiency
and every - dennuvl upon the Treasurylthitt falls_
- iiitlihYth 0 - rinige Orprolitibility. If,
.the - iliii
sum. of :one million ' dollars be appropriated
annually-hi liquidation, of Ws - debt, and the
accruing interest-on the sums' paid his applied .
n the manner oraminking fund, the in-. •
debtldness of the 'Commonwealth will be ex- .
tinguislied in less-than twenty-three years. if '
these premises are correct—and their correct,
Wks can only be impaired by unwise legisla,.•
lion, -or the imprudent manngenitint, of our
finances—the truth of the proposition is suscep
tible of the clearest demonstration. Assuming
the public debt on the first Mt:), of December,
1856, to be, in roblid maters, forty millions
live hundred thousand dollar.% itill - Unit at Die
end_ot each . fiscal ya s ar one million dollars,
with the accruing interests on former pay
] Lints; wilt, be paid, unerring 'calculation will
lAtermitic the result to lie as before indicated.
us, before the expiration of_ the 'year 1.879, ,
Piiinsylvanie ini - iy ;stand redeemed front the
oppression of her public debt, and her people
lie released from a taxation imposed to meet
its accruing interest, 'mind to maintain': the
Mith and credit of the Cominonwealth. -These
views are not utopian. By practicing strict
economy in , all departinonts of the, govern
ment—avoiding extravagant .expenditure—re,
fusing to undertake iany neii.stiliennis of in
ternal improvement,. and holding to a rigid
- accountability the receiving Mid disluirsing
-agents of-the-State; - t heir -- realisalltur - iiiTiylM"
auticipated*with confidence.
1 must agaiii call the attention of the Legis
lature.- to a subject referred to in my last ate
nu .i V- "
$4907,799 97
SEE
cleing'u in the feria—mall olitulteter_pf_thosal
liticateU,.lt is believed, Will be so - airvitittitgettris
to the hollers, without,increaging the' liabitt-
Ales' of the Common:wenßh, 8,8 to. induce a
end prompt exchange, at a premiurri
for the bonds proposed to be issued." -
• The report of the Canal ,Commissioners will
be iitia befefe you, and will exhibit in detail
the condition of the public work—their gen
eral operation, and the receipts and expendi
tures for. the quilt-Neal year. . • .
The total receipts qt the Treasury, from the
public works, for the year . ending • Novethber
1851 i, were $2,003,015 35, being an in-.
Orease'ovei• the revenues of the, previous year
.of, 5133;038 - 05. Of this BIM} $1,013;580 10
were canal and bridge, tolls, and $992,426 50
tolls of the'Columbia 'and Poitage Railroads.
.The aggregate• expenditures - for the same
year were $1,948,8ca1 82, being an increase
()Verifies,: of the previoueyear of $105,105 6.1,
the revenues exceeding the expenditures only
$02,118 'Bl.
The increase of the, revenues from these works
would be - ericour7iging, H = ero it not for the fact
fiat the expenditures-have increased in a-siill
greater proportion—the expenditures, ordihary
mid-extraordinary, exhausting almost the-en
tird revenue from this Source. • The system
must be crefective, 'or more care and economy
should be exer,chied in its manageme4:
The receipts, at the Treasury, from, the sev
eral divisions were as follows—‘viz:
.
I.l.rin : ........ ' ' $1,'2`29..272 80
: 4 ,1,11101'1MM; North Branch West 11i5inek_420,8:40..8.1,..
Delaware... ...,t ...... ..........
_,flabrapid Increase of- pop - illation, the im-
Total Me - nlilt; ' - '''''',..Y...:: -. . - . -- ,.., — .717. - gioccitnitia'''portance and-value--of-liome-and,forrign,..:
The extraordinary' , paynients during the yectr o,onituerce,the,eonstane developmentof the ma- ...:",
'amountechtO:s4ioB.B92 10;ordinary- expendi- terial wealth &rib° State, the, extent,' of rout...
- tures $1,135,001 00; net revenue, (excluding manufactUring, mechanical and agricultural in-'
..extraordinary paynients and for motive poricer) ' dustry,the fact that the Suite iS* flooded by a 00. 011 , de
sB7l -
• predated durreneY introduced by private bank
- Orr the Bahl - Line the tolls received at the ere add brokers, might justify, under the re- •
T'reasuryfrom the dubitable. Road were $O9l,- shrietiOininddlimitations indicated, a judicious
070 50 ; expenditures-$528;084.81;; • tc °ll6-thrf= inerca4e of banking capital Within - our Common
the Eastern Divishin ofDanal, from Columbia
__wealth: - This, whilst it would. aid the- opera- -
to . the 'Junction, 8119,718 30 ; expetulitures
.tions of- trade, and supply the real business
$53,018 50 ; receipts from• the Junction -to wan -
wants of the people, .would, at the same time,
Pittsburg; including the Portage Railroad,
$117,778 00'; Ordinary expenditures $304 J 702- • T!'mcdYl to some extent, theLevllit_of ac.depre
br
. 23, Tics total pieeip on the Maid Line NON' mated foreign and illegal-currency.
$1 , 0419 , 07 , 2Tipp. 1g ., 4 „.„,... at , --- expen dip.„, , ( ex _ Ily the-det-approved-tlie , Gth-day-of-Novern--7---
section of the Act of 1850;
cluding - $ 9 .67,40110 Paid. for relaying the sout h .her last,the thirtieth
.track cif the. Columbia Railroad r atid $153,040- regulating banks, will be after the ark' day of -
- July-next, - extended tp - dell - savitig
'742 - for irafave power ni7tBoa and after Decem
ber Ist,-1830), were.sBBci . ,B3s 135, being an ex- fund, trust and -insurance companies. • That
Ce.S.3 of iercinuticuver ordinary expenditures of section .deolares. t 4 that it shall' ad be lawful . .
. $343,437 21. , , „ . -----_,,fer any of the said banks to issue or payout
- Although the receipts•frenftliu-Dclawaro Di-. 'any banknotes otheethad those issued by i -
visionarc less' than those of the previous year, - self, payable - on detnand...in Old or -silver ; -
yet the general result of its operation's is satis- notes of specie paying banks of this State .
factory. The net roVcillic at 'the Treasury wile - which are taken 011 deposite or_in.payment of
$204,035 40. Its - management' has. beencehar- debts, at par nt- the counter of the-bank where -
notarized by 'a degree of economy too seldom pabbout ; or notes of banks issued under. the
practiced on some-id the lines of our improve . authority of the Act-of the 4th of 'May, 1841,
melds. . . - at the option of the person receiving the same."
However important this Division may lie to These enactments were intended to protect
the. trade and business of- that portion of the the community agaihat the evils of a depre-
State, its proposed enlargement should' not be dated currency, and prevent its' introduction •
undertaken, 'unless demanded by reasons of from ether States. • llowever well intended they '•
over-ruling i . iecessity'. The experience of the 'will fail to secure these objects;, unless made to .
Past, as connected witlrthe Allegheny Portiige- •einbrace private 'bankers' rind- others of that --
Railroad, and the North Branch Extension, class, whose 'profits are largely dependenttpon
• should warn• us against undertaking, without the introduction into the State a slide% cur- 4
great caution, any noW measure of improve- . . .
rency. In many instances the notes of our went, went which may drain the Treasury, without .
own banks are collected byprivate bankers and •
ajiling materially, if at all, the public interests.
- , or. with ' the specielf kept In good order by efficient and timely brokers,-, and with these,
withdrawn from the banks issulng them, they -
repairs,, its capacity will be fully equal tti all
c put-olive depreciated and fordo bank paper
the demands of its trails mid business. .
'[he Portage Railroad is not fully completed. which is paid out at par at-their counters. By
A small additional approp'riation may yet hg Wade large loans are ,negotiated with banks
required to complete, for the fourth time, this • but of the State, at loss than the usual rate, of
road. St, is adidously hoped that this Unpro- interest, and their notes, oftiotuditlesS dollen
dUcti ve improvement may •soon celled its cur- illation than five dollar's,
and always lit a dis- .
morant- demands upo'n•the-Treastiry. • - Every -count, brought -into the Stato Pad put into '61.-s: -
- year,'s.exptlrience more-clearly reveals _the jm-• ... culattun irr thbinanner indicated; and this - tee,
policy of the State in undertaking this work. :under an agreement with the bank making the •
It gives me no ordinary pleasure to inform loan, that the notes thus paid out shall be kepi .
you that the North Branch Extension of the in circulation. 'The effect of this system of
Penns . dvania Canal has been on far completed, private bin king hog isonn_tn iiiiiijt. this eirenjw,..2.L.
excess averagingminustily,not lees the one
. Zricil and fifty thousand. dollars ; and causes
are in *slant operation that. will stilt more
increasliFthis deficiency. This'Continual drain •
upon the Treasury, to sustain a 3vork, so Un
productive, should at once be checked. A sale
of the Main Line, for a fair consideration, and
upon terms just and liberal to the purchasers,
is the proper remedy. Snell sale, on terms
amply protective of the rights - and interest of
. the.people, can by proper legislation be effect:.
ed. In ponneetion with the payment ,of the
.public debt, this question becomes deeply. im
portant. The sale would constitute a new era
in the financial history Of the. State, and
as
sure a. still more speedy reduction of the pub
lic•debt,-than that to which refellavee:ltti4heell
siihje.et is earnestly cohiniended to
yorir.favolpit ,onside.ration., • .
The subject of bankd and tanking capital in
its relations . to the currency-:-the general in
terests of trade and commerce and the industrial
purapts of the citizen; deserve your careful
attention. My, views expressed in a former
cominunication remain unchanged: - 'The in
corporation of new, or the Mcharterof old and
solvent banks, when actually necessary, and
demanded - by - the-want's of- legitimate. trade in •
the.comminlity.whe:re located, should be fa
vored ;' under no other: Circumstances should
either be - permitted. In the creation of banks
the interests of the State and.people'should he
consulted; and a just discrimination as to
mini her loCality and the demands of trade be