t,
'V7E GO WHS DEMOCRATIC f &IKCIFLES FOIKT THE WAT; WHEX THET CEASX TO LEAD, WE CEASE TO FOLLOW.'
VOLUME iX.
EBENSBURO, TIICRSDAY, JMUARY 13, 1858.
NUMBER 12.
ft
i r hi
GOTEKXOSrS MESSAGE.
To tie IJonoralle, tie S"na!crs anJ Mem
lers of ike House of lltpresehtatwcs of
the General Assembly :
I congratulate 'you, my fellow citizen.?,
on the nuspiciou-s circumstances under which
you have convened at the seat of govern
ment. Au all-wife and bsueficent Provi
dence has greatly blessed our country du
ring the year that has just closed. The
deflations of war the ravages of pesti-"
jtfUCC the wastings of famine have not
been witn-ssed within her limits; ncr have
thesi-klv influences of internal strife been
permitted to paralyze her prosperity. All
the groat intcre.-ts of the Nation have re
ceived additional growth, and her institu
tions of government acquired renewed
trr'th. Agriculture, commerce, trade,
manufactures the aits and science, have
Wen eminently prosperous, "and each been
distinguished by some fresh discovery to
facilitate its progress.
nothcr Presidential election has been
held. Once more the people rf this vast
country, through the agency of the ballot
hex, hnvc designated the citizen, who, for
the ensuing four years, is to fill the highest
ofnee known to the Constitution. Ibo
cheerful submission of the miuority, in the
result of tho contest, and the magnanimity
of the majority in the enjoyment of their
triumph, afford gratifying evidence that
our civil institutions are not, at th:s day,
endangered from the violence of party spir
it. The voice f the majority is honored
by implicit obedience, whilst the lights of
the miuority are protected by. the constitu
te and law. 'J he officer thus chosen is
the representative c.f tho whole people, and
is bound by bis oath and the obligations of
.triotim, to do " equal ana ci;:ct ju.-;.cu
II i? ...1. .ln.T. . r.fivll'lilitl Yi- I'.Ul. I IK
Ku ii successive test ol tne
Of pi'ini.a.i. .
eh-ctive feature of our government has
becu followed by renewed eonn.ivncetun
tho whole system, and so it viii doubtless
continue to be, so long as the exercise .of
the rT.tnfsufiragc be characterized,
intelligence aiidTpatrtorisin. In all parts
tftheC civilized world the people are be
coming convinced, not only of the practica
bility, Vat of the wisdom and justice of a
government founded on the principles of a
representative Democracy. Even the firm
prejudices of monarchists, are beginning to
yield to the powerful evidences l'urnir hod
by our experience. The mission of the
present generation is to secure the future
triumphed' these principles in other couLr
tries, by transmitting to posterity, unim
paired," our model system of government.
That this will be dene, under a kind Provi
dence. 1 have a steadfast belief.
At no period since the acknowledgement
of our independence as a Nation, have the
people of our Union enjoyed a higher state
of prosperity, or entertained a brighter hope
of the future. At peace with all the world,
and freed from internal strife between the
several members of the confederacy, by
the ready acquiescence of each in the re
fi nt Congressional -adjustment of the con
troversies' incident to the institution of ...
mesne slavery and the acquisition of new
territory ; when has this Union been more
firm and perfect ? We may well exchange
congratulations on this auspicious picture,
as l am sure we should mingle our thanks
to AlmigUtv God for His bounteous good
ness and guardian care.
Two statesmen, long eminent in the
councils of tiie Nation, have been called
from amongst us within a brief peiod.
Ilr.NRY Clay and Daniel Wkbsteu will
be kt.-iwu no more exeep in history; but
that immortal record will make their good
works familiar to posterity. The tolling of
bells i he sable ensign and the solemn ob
sequies have manifested a Nation's regret.
Whilst thus lameuting the loss of those
patriots, we should be consoled by the re
collection, that they had been spared to fill
the fud measure of time allotted to man.
According to the beautiful figure of one of
them, presented in a discourse at New
York, net many in out lis since measuring
time by idcas.aud events they had bo
cine modem Mcthuselahs in the extent of
what they had seen of the world, and done
fur their country. Who could expect more?
and' who is not satisfied with the extent of
their labors?
The receipts to the Treasury during the
late fiscal year, exclusive of the proceeds
of loauSj amounted to the gross sum of S4,
5G1, 883 50, which muoimt added to the
balance in the Treasury on the 1st of De
cember, 1851, (leaving out the unavaila
ble means which only serve to confuse the
account,) makes the total ordinary means
of the Treasury for the year, 85,104,424
71. The payments, excluive of the can
cellation of State steck the appropritions
to the North Branch canal and the Por
tage railroad, amounted to the sum of 4,-12j-2
49, being 970,002 12 less than
t prot?ipts. Of this excess, however, the
tiMon S:104.02490 was applied to the
' in of the' Western resoirvoir to
Jt!vfel;be north track cfthe Columbia
railroad, and to other extraordinary repairs
on the public works, leaving au actual
available balance in the Treasnry on the
1st day cf December, 1852, of 071,037
72. But it must be observed, in order to
a correct comprehension of the relative
condition of the Tireasury, that the unpaid
balances of appropriations for 1851, amoun
ted to 02i,ooS' 95, whilst those-of 1852
only reach the sum of 529,801 14, show
ing" a difference iu favor of the latter year
of "near 100,000.
The receipts to the Treasury for the
coming year may be safely estimated at
$4,020,500. Taxes from real and person
al estate and tolls on the public works, are
the only sources of revenue iu which there
can be any considerable variations from
this estimate. The former of these I have
estimated at $1,400,000 and the latter at
SS50,000. To the above estimate must
be added the . sum of 671,037 72, the
balance remaining in the Treasury ou the
1st day of D cember, 1852, and thus swell
ing the whole means of the Treasury for
1853, to the sum of 85,297,537 72 The
ordinary expenditures for the same period,
including everything except new work,
may be estimated at $4,028,070, which will
leave a balance in the Treasury on the 1st
day of December, 1853, of 61,271,203.
In this expenditure is included 300,000
for the sinking fund, which, added to the
foregoing balance, makes the sum td" 1
571,208; and deducting from this, 071,
n:V7 7- th amount in the Treasury on
the 1st of December last, we shall fiudj an
actual balance of $698,030, applicable to j
the payment of debts and the completion j
of the North Branch canal and the Por- j
tage railroad. The result of these esti- .
mates demonstrates mo.-t cleat ly to my j
mind that when the improvements just
named shall have been completed, should
all new schemes of expenditure be sternly ,
resisted, as thev si all be, eo fcr as I am !
concerned, the Treasury will be in a condi
tion to eaueel at loatt one million of dvd
lars of the public debt annually.
Tn of.T.i-.l jiK',' wirh the provisions 0
?: ft fTVTTo f-i'i -lat ure. armoVed the 2nd
day of April,"l852, I proceeded to hot row, !
on the f uth of the Commonwealth, eight j
hundred and fifty thousand dollars, for the
completion of the North Branch canal, j
The maximum rate of interest named in ;
the lav is G per cent. The loan was award
ed to Messrs. Harris & Co., for C. II. I
Vl-difi- of Philadelphia. Duncan, Sherman 1
& Co., New York, and George Pea body, of j
London, on the 12th day ot June ..last, as
follows: 8200,000 at au interest of 4 per
cent., and 8050,000 at an interest cf 5 per
cent.., and tne bonas ot tbe fttate issuea ae- j
eordinulv, in sums of one thousand dollars .
each, irce of taxation, with coupons attach- j
c-d, re-iiubursable in thirty years after their ,
date. !
The 100th sccton of an act to provide for
the ordinary expenses of the government
and other purposes, approved the 4th day j
of May, 1852, declares "that the Governor ,
and State Treasurer be, and they are here- j
bv authorized and empowered to borrow,!
on the faith of the Common welih, during
the year 1852, at such times, and iu such
amounts as they may Uoem best for the in
terest of the State, any sum not exceeding
five millions of dollars, and issue the bonds
of the Commonwealth for the same, U-ar- j
iug a rate of interest not exceeding five per j
centum per annum, payable ?emi-anuually, j
which bonds shall not be subject to taxa- j
. 1 t 1 1 i
ticn for any purpose whatever, ana snail
be re-imbursable in twenty-five years from
their date ; and the sum so borrowed shall
be applied to the payment of the six per
cent. loans, that are payable yue option i
of the Commonwealth, after the years I
it. j.. 1 TO f " . .l. ,,.llniVn r.i' I
JOrl'J aUU lOii , -" tiiuituawuu v iui-
eertiheates issued to domestic creditors, and
the outstanding and unclaimed interest
certificates, iu the manner hereinafter pro
vided ; and the balance of said five millions
shall be applied to" the extinguishment of
any of the five per cent, bonds of the State
now outstanding, and for noother purpose."
In compliance with this and the other
sections of the law relating to this subject,
the State Treasurer, Auditor General, and
myself, proceeded to make the lean of five
millions. The details of our action will
befoundinthe State. Treasurer's report.
The 0 percent, bonds, the domestic credi
tor certificates, and the certificates for out
standing interest, have been" cancelled as
fast as presented, and the money is now iu
the Treasury to pay off the entire balance.
On opening the bids on the 7th of Septem
ber, we discovered that only 53,410,000
had been bid for, and owing, as we thought,
to a slight misunderstanding between our
Govcrumcut and that of Great Britain on
the fishery question, which seemed to dis
turb the monetary world for a short season,
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 remaind:r
of the five millions has been used in the
cancellation of the 5 per cent, bonds, by
the exchange for them of new bonds, bear
iug alike interest, for which exchange the
Commonwealth has received a cash premi
um of 5 per cent., which is a more advanta
geous loan for the State than were the bids
opened on the 7th of September.
The premiums received on this loan
amounted to 131,534 00, which sum, in
accordance with the terms of the law, has
been paid over to the Commissioners of the
Sinking Fund, to be applied to the cancel
lation of the public debt. In addition to
the premiums, there will be annually saved
to the Treasury, by the reduction in the
rate of interest on the renewed debt, the
sum of 520,430 02, which fur twenty-five
years, the period which the loan ha to
run, will amount to a saving to the Treas
ury of 510,915 50. This result is not
quite equal to my expectations; but when
it is remembered, that all this has been
accomplished without the exactiou of one
dollar from the people, we have much rea
son to be gratified wijh the issue.
In our efforts to etiect a conversion of the
five per cent, loan into new bonds bearing
4 per cent, interest free of taxation, with
coupnms attached, reimbursable in 30 years,
under the 105th sectiu of the law already
referred to, after coesultatiou with a num
ber of the mostexperiencedcommercial men
of the State, we deemed it our duty to send
an agent to Kurope, where moot of the five i
per cent, bonds are heM, to promote, as
far as possible, the desired end: Accord
ingly, we assigned to Col. John J. M'Ca
hea, of Philadelphia, the performance of
thiej dnty. This gentleman immediately
repaired to Loudon, and subsequently to
Paris, and devoted u;Hiseit, tar B-me weeks,
to the objects of his mUsiou with untiring j experience may have shown to be prac- j lne intere&t wbicli tne fctatc nas in ine
zeal and energy. Whilst it is true that ticable, will doubtless be rigidly carried , receipts from this branch of her improve
we can claim for his efi.uU the credit of no out it, future, by the officers controlling 1 meuts should be guarded with jealous care;
definite result,
we are ueverteeless decided-1
ly of opinion, that his nusiou haa been of
great service to the State. Jlis minute
knowledge of the whole hi-tor- of the tiuau
ciul dimcuitios of Pennsylvania, their cause
and the remedies applied, enable hiui to
remove many uufouuded prejudices w hich
w
yliu jhe.nioiii'XcirUc- oC.t.iw M
country, agauit the integrity and houest
purposes ot tiie defendants of l'cnn. Jlr.
M'Caheu .hinks he could have effected a
conversion of a large portion of the loan at
4J per ceat. but the oiiieers of the govern
ment had ao power under the law to aJlow
a greater interest than .4 per cent.
I respectfully recommend the passage cf
a law similar to that of the 4th cf May,
1852, autuoriring the officers of the gov
ernment to cancel the old five per cent,
bouds by the creation of new ones, free of
taxatiou, with coupons attached, Waring a
less rate of intcre-1 or bonds bearing five
per cent, on which not less than 5i per
cent, cf a cas'a premium shall be paid. The
State can, iu this way, I beiieve, confident
ly, save a large amount of money, and final
ly cancel all her jrrefcnt bonds, and b
clear of the trouble and ex-eiisc of keep
ing loan books and transferring her stocks.
This consideration alone is a most desirable
cud, and would go far towards compensa
ting for all the labor ad trouble of renew
ing the bonds for jerios of five, ten, and
twenty-five years.
The financial operations of the year, in
cluding the North Blanch Irrnn, of 850,
GOO,J.;n greatly gratified to discover, has
lelt but little additional burthen up$ii the
Treasury. The interest en this loan will
amount to $41,500, annually. Deducting
from this the turn of 20,1 SG 72,theyearly
saving secured by the cancellation cf our
six per cent, debts, and we have a balance
of interest on the North Branch l an to
provided for of $2 1,003 38. The receipts
to the Sinking Fund from ordinary sour
ces, up to the close of the fiscal year, amoun
ted to 221,403 74, which when added to
the premiums received on the five million
loan, and the tax from the Pennsylvania
railroad company, make a total of 377,
208 40, the interest on which, at 5 per
cent, will make an annual saving of 18,
8G4 72, and thu, together with the inter
est saved by the five million loan, as above
stared, will entirely exhaust the whole
amount of intcreston the North Branch
Joan, less 2,194 4G.
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 un
til after the close of the financial year, and
hence this investment is not stated in the
report of the Auditor General.
The receipts from the public works for
the fiscal year ot 1852, as appears in the
report of the Can.il Commissioners, amoun
ted to the sum of 1,806,811 42, and the
ordinary expenditure s for the same perienl,
to the sum of 1,029,341 23, leaving a net
revenue to the State of SG7,470 10. This
result, when compared with that of the
last and preceding year, presents a some
what flattering picture. It must be re
membered, however, that we have had a
most fortunate season. The general pros
perity of the State has tended to swell the
amount of tonnage, whilst no interruptions
of business or injury to the works have re-
ulted fremi fire or floods. It might, per
haps, in view of these things, and the en
ergetic competition which has grown up
arouud us, be unsafe to anticipate any in
crease on this net income for any year
hereafter, until the North Branch canal
and the Portage railroad shall have been
completed.
Pressed on all sides by rivals of vast
power, the necessity for an economical, en
crgetic 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 se-
cure an increased amount of tonnage, and
the prompt abolition of every unnecessary
ofBee or other cause of expenditure, i3 de
manded by the exigencies which surround
us.
The law passed at the last session, for
bidding the creation of debts by the officers
on the public works ; requiiiug the pay
ment of cash for all labor and materials,
and monthly returns of all receipts and ex
penditures, has already and will ct'Utinue
to exercise a salutary influence. As a
consequence, the expenditures will be
much decreased, and the receipts transmit
ted to the Treasury with the greater
promptitude. The administration cf 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 de
ficiency in the appropriations and to other
difficulties iucideut to the introduction of
a new'systim of business. This and other
reform? so i.ely commenced within a shert
period, witi sucu aa imonai rcirencumeuis
thnt branch of the public works.
The net increase of profits on the Co-
d for this vear over the profits
of .last, is but little short of one hundred
thousand dollars, whilst the net losses on
the entire operations ou the Portage road
have exceeded that sura. The direct, un-
- .WlhU - ud . incidental expenditure n
this Ltter road,
must nceessarily lc very
heavy. Whether it be practicable to ar
ret this monstrous demand upon the Trea
sury, by any other means than the avoid
ance 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 operations cf this
work for the last year, lioth he and the
Canal Commissioursconcur in theopiuion,
that this growing expenditure is owiug to
the inereaed business aud the delapidated
condition of the road.
The avoidance of these planes the com
pletion of the North Urance canal,' and the
relaying of the north track of the Columbia
railroad, are 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 opinion, that they were neces
sary to the public welfare, ami should be
speedily consummated. I still entertain
these views.
"Should the General Assembly adopt this
policy, it will be for them to provide the
means sustain the Treasury under this
increased demand upon its resources. In
auother part of this communication, I have
given you my views touching its future
condition. No permanent loans, it seems
to me, should hereafter be made for any
purpose whatever: nor should the Sinking
Fund be diverted from its legitimate ends.
The General Assembly may, however, in
view of the pressing necessity for the im
mediate completion of these improvements,
deem it wise to authorize the anticipation
of the surplus which may accrue in the
Treasury for one or two years.
When the foregoing schemes shall be
completed, the government, in my opinion,
should abandon entirely the policy of con
structing improvements of this character.
The circumstances which made it right and
wise for the State to participate in such
work, have passed away. Grand avenues
have been constructed through near lyall
parts of'the State, whilst individual capi
tal has increased, aifd is rapidly occupying
every feasible scheme of the kind. With
my present impressions, I shall, under al!
circumstances, resist the commencement
of any new projects of this character.
An unpleasant misunderstanding has ex
isted for so ie time between the Board of
Canal Commissioners and the Pennsylva
nia railroad company. The points in the
controversy have been passed upon by the
highest judicial tribunal in the State, and
the decision on each made known to the
public.
The management of the public works is
an iudependent branch of the public ser
vice, and has been confided to the care of
agents selected by the people. It might
seem unbecoming, therefore, in an officer
of this department of the government to
discuss the action of the highly competent
gentlemen who at present dsscharge the
troublesome duties appertaining to the of
fice of Canal Commissioner; nor can any
good result from a discussion of the policy
which has heretofore governed the Penn
sylvania railroad company.
As a citizen, and as a public officer, I
have ever felt a deep interest in the suc
cess of the great enterprise commenced by
this company, and hae incliued to facili
tate its objects so far as they may be con
sistent with the interests of the State.
This corporation should be allowed to enjoy
its legitimate rights without being permit
ted to iufrincre those of the State.
It is cause of regret that feelings should
have becu excited, calculated to lead to an
unnecessary rivalry between the main line
of the State improvements and the Penn
sylvania railroad. These avenues of com
munication between the east and the west
should be made to move iu harmony, so far
as that may be practicable. They will
doubtless be competitors for certain kinds
of tonnage, but in the main, under proper
regulations, the conflict could not be very
injurious to either. The railroad, with a
single track, cannot have the capacity to
trausport more than one-half the tonnage
destined from the west to the cast, ncr is
the State line adapted to that branch of
business most desired by the railroad. I
can sec no reason why one of these great
improvements should be so controlcd as
to destroy the other. In all their ele
ments, their objects and consequences, they
are both eminently Pennsylvanian, and
should, it seems to me, be so controlcd as
to promote the trade, commerce and gen
eral prosperity of the State.
" duing this, however, we should not Ior-
! get that this is not the only mterest invol-
I ved that those ot trade and commerce,
J are quite as important for the people. A
- policy looking exclusively to the former of
t these- considerations, might measurably
! destroy both interests. We can have no
income for the coffers of the government
without trade and tonnage. We may have
the latter without the former. Our . efforts
should be to secure both. If the force of
competition from foreign rivals should de
feat us in this, we should then yield much
of the revenue to save the trade, rather
than lose both. I am not inclined to excite
alarm in reference to the success of the
State line. I bcliev? that it will continue,
under the worst circumstances anticipated,
to receive a fair share of the through and
local tonnage. What is most to be desired j
is, that the facilities possessed by those !
great ariiuciai mguwas iuun uc uuiu-u,
as far as Dossible. to counteract the influ
ence of their rivals outside of the State. I scious belief, as I do, that it is the trua
The exercise of a wise discretion, such as ! policy of our country, as regards her ccm
&hould, and doubtless will, govern the ac- j mercial rivalry with other nations, I should
tion of those intrusted with the control of be unworthy of your respect, or Of tha
this subject, may, it is hoped, lead to the
attainment of this desirable end.
There are still in circulation about six
hundred thousand dollars of the relief is
sues, a considerable portion of which have
become so defaced and ragged as to ren
der their future use almosc impracticable.
About 250,000 of the old notes were can
celled at the Treasury during the past
year, under the provisions of the act of the
10th April, lb 19, and a like amount of
new notes issued by certain banks, for
which the State paid these institutions two
per ccut. The efficiency of the law of
1850, prohibiting the circulation of the
small issues of other States, has been great
ly weakened by the contiuued use of the
relief issues under the denomination of five
dollars. The presence of these notes fa
miliarises the people to the use of small
paper, and prevents the circulation'ofeoin;
whilst the oificers of the law, in many in
stances, make this a pretext to evade the
duty of scrutinizing this currency. The
law of 1850 never will, I fear, be thor
oughly vindicated so long as this deprecia
ted0 paper is permitted to supply the chan
nels of circulation. To remedy this evil,
three modes have suggested themselves to
my mind. The first is to allow all hold
ers of these notes to convert them into
State bonds, bearing a rate of interest not
exceeding four per cent., in sums of not
less than one thousand dollars. The sec
ond is to apply the means of the Sinking
Fund to their cancellation. These notes
are as much a debt against the State as are
her bonds, and it would be the legitimate
work of this fund, to take them out of ex
istence. The third is to apply to this
purpose, oil the premiums that may be re
ceived from a farther conversion of the
present debt into new coupon bonds, as
suggested in another part of this commu
nication. Should the latter idea meet
your approbation, the Sinking Fund can
be made the instrument of performing the
practical work of cancellation. ly the
adoption of this policy, this illegitimate
currency would be removed from the chan
nels of circulation without entrenching
upon the present means of the Treasury,
or imposing now burthens on the people.
With the necessary legislation, I confident
ly believe that this end can be accomplish
ed. I hope, therefore, most sincerely, that
the General Assembly, in the exercise of
its wisdom, may devise some mode of brin
ging about a speedy cancellation of thesa
notes.
The currency of the State generally,
seems to be in a sound condition, and to
be sufficient in the aggregate amount, to
answer the ends of trade and commerce.
An increase of paper circulation, at tbil
time, would, in my opinion, bo unwisa
policy. The legitimate ends of businesj
do not seem to demand such increase.
Indeed the fact cannot be disguised that
to a considerable extent the present up
ward tendency in the prices of goods and
property, is the consequence of the abut
dance of money. This advance in nomi
nal values is rapidly approaching an un
uatural elevation and should excite jealousy
rather than confidence. The indication
that we. are en the eve of a dangerous in
flation of prices and an artificial cxpaLsion
in commercial and other business affairs,
are too clear, it seems to me, to be misun
derstood. This tendency should no ba
stimulated by an increase of paper money.
It is the p::rt of wisdom to restrain, rather
than heighten this excitement. To the in
fluence of the uuparalleled amount of gold
furnished to the world by the mines of
California and Australia, during the last
year, may undoubtedly be attributed, in no
inconsiderable degree, the production of
this state of nominal values. The careless
observer may regard this result as a real
advance in the value of goods and proper
ty, when in fact, it is only a cheapening of
the standard by which these things ar
measured. Like all other commodities,
money
will depreciate so soon as an excess
of iUfe placed in the market.
A common effort, it seems to mc, might
be wisely made, throughout cur vast ccuu
try to prepare the channels of circulation
for this great increase of coin. Dank notes
j cf a less denomination than five dollars,
now occupying a large space m these chan
nels, should be forced to give way for th
preci(us metals. Pennsylvania I am con
fident, will most eGccrfuliy, now and here
after, perform her share of this great Work ;
and I hope to witness, at no remote period,
a general movement of all the States On
this subject first to remove frciu Circula
tion all notes under five dollars and next
the fives also.
I am fully aware, that in declaring this
sentiment 1 am encountering a strong ad
verse feeding, nor am I insensible to th
t difficulties which would surround its p-rao-.
j tical adoption ; - but, entertaining the con
. scious belief, as I do, that it is the trua
connaence oi the people, n l uiu not so a-
clare.
The dissemination of the precious met
als to points remote from our commercial
emporiums, should be facilitated by every
proper means. Such distribution cannot
be fully accomplished, so long as the chan
nels of circulation arc supplied with small
paper issues. Every merchant should en
deavor to draw coin into the iuteiior of
the countr-; not only because iHs the best
currency for the people, .but because of tha
great protection it affords against the con
sequences of commercial revulsions. When
thescome, and the banks at the seaboard
close, and country paper depreciates, tho
merchant can then fall back on this coin
for relief. Dut if we desire to have tha
precious metals amongst us we must niaka
room for them. Doth wiil not circulate at
the same time, in the same chancels.
There is, perhaps, no principle iu political
economy more completely settled, than
that which demonstntes that two kinds,
of currency, differing in value, cannot cir
culate at the same time. Tho les3 valua
ble of the two will be ccns.'antly on the
surface and obtruding itself upon the usa
of the public, whilst the more precious ar
ticle will retire to private vaults.
The efforts of a single State, however,
it must be apparent, can do but little in
this great reform. To be complete, it
must be the work of the whole country.
Forced vacuums iu the channels of toper
circulation in one State, are readily sup
plied by the Usucs of another aud thus tho
effort to introduce coin is defeated. No
other featuro in the policy of our country,
I sincerely believe, so deeply concerns all
our great interests as this subject of the
currency. 4 In vain will the manufacturer
rely ou the tariff laws for protection agaiu6t
foreign competition, so long as the n mi
nal values are greatly inflated by an execft
sive issue of-paper money. All hi3 theo
rizing about specific duties and home val
uations will avail him nothing, if the up
ward tendency ef prices out run3 the rata
of duty. The paralyzing effect of an infla
ted currency upto all our State and cation
al interests when closely pressed by fot
eign competition cajanot b romx-aled. 'Tt
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