[Continued from first page] true it does not al ways follow that bank' areunaouted and unable to pay all demands against them, because they do net pay specie for their notes; yet unless explain• ed to have been caused by some other , means than the ansoundneis of the insti tutions, it must operate much to the preju dice of their credit and standing. In Pennsylvania there are fifty two banks, with an aggregate capital of some thing more than sixty millions of dollars ; but such has been the disregard of law by some of them, that they have not made any return; and the returns made by several of them are so very imperfect, that it is impositiMe to arrive at any thing like ac curacy as to the `mount of their circula tion, specie, or debts due to them. Bat from the best data within my reach, the amount of their notes in circulation may 1 be computed at not less than thirty-three millions of dollars, and the amount due and owing to them, principally by torpor• atioos and citizens of this commonwealth, is perhaps about seventy millions of dol lars. This amount is due to these banks from individuals residing in all sections of the state, and engaged in all kinds of bu siness. Stocks in our railroads, canals, turnpikes, etL., are held by some of these banks, and in the shape of subscriptions, bonuses, or dividends, they contribute largely to the general fund in the state treasury, and to the support of the com mon school system. Their charters ex pire at various periods between the pres ent time and 1870, and the stock in them is owned by a great number of persons of all ages, classes, conditions, and pecunia ry means. The capitalists of the country as well as those of moderate means, wid., ows, orphans, and guardians, all own stock in our several banking institutions. From this cursory glance at the subject, it is evident that the business, interests, sad banking institutions of the country are intimately cosoected together, and natality exert a powerful influence on each ether. A snore general and comprehensive view of this subject will show, that the banking system has been greatly extended throughout the whole union within the list twenty years, certainly to a greater degree, than the vastly increased business •f all kinds would have seemed to war rant. The fallowing tabular statement of the number of banks in the United States, with their capitals, leans, discounts, cir culation and specie at three different pe lted., will illustrate, with great force, the progress of the system, It is manifest that the number of banks, with a corres ponding increase of capital and circula tion, has been fearfully augmented within a few years. Pennsylvania has contribu ted her full share, since 1835, to this in crease. Yrs. No. Capital. Loans St Diacts. 1820. 308 0137,110,611 $189,252,428 1830. 330 145,192,268 200,451,214 1837. 634 290,772,091 525,115,701 Yrs. No. Circulation, Specie. 1820. 308 044,863,344 819,820,240 1830. 330 61,323,896 22,144,917 1837. 634, 149,185,830 37,9:5,340 It is sometimes said that the whole banking system is but "an experiment," and that as such, it has failed to answer the expectations of its projectors; that it is time it was totally abrogated, and that Pennsylvania ought to take the lead in this great work of reform. It is certainly true, that the banking system of the Uni ted States i: so far a mere experiment, as to be found in a state of constant change and fluctuation. No great elementary principles have yet been struck out by ex perience, to form a sound and stable basis to uphold and control it. Like the bank , iog systems of all other parts of the world, imperfection characterizes nearly all its details, and abuses of the most flagrant sort have been coeval with its first estab lishment. In legislating on this subject, however,' we cannot close our eyes to the peculiar condition of the country. We must take things as we find them. We are not considering what would be the rroper course if we were now about to introduce for the grit time, a system of banking in Pennsylvania. That question was settled long ago, and by a constant and rapid progression, it has been entwining itself with every interest, and every measure ofi policy in this commonwealth. It has, for good or for evil, stamped its influence on every commercial, manufacturizig, and agricultural interest among our citizens. Under the operation of •this system, and on the faith of its continuance in some foam, all our business has been undertaken our contracts between irinividuals entered into, and their debts contracted, our ternal improvements commenced, and our vast state debt fastened on the people. Abrogate the entire system, and we know not into what condition it will plunge us. Real estate, and all commouitiee of com. name, agriculture, vel manufactures, now bearing the highest paper price, must fall greatly in value, and by that tall in price, thousands of the enterprising and industrious of our fellow citizens will be irretrievably ruined. The ten years im mediately following the last war with Great Britain, furnish us some instruct ive lowing on this subject, though very inadequate to portray the consequences that would follow the same causes in our present situation. And what heightens the evils anticipated, is the reflection, that the par, and those in moderate circum stances, would be obliged to endure the blunt of the hardships. The rich, being the creditors, have little to fear from such. chiusge in our system of currency; it is tig e debtor part of the community on whom the shier berilan is cast. In adeptinz co -1 ercire measures against the banks, it should not be forgotten, that the penal consequences do not fat on them alone. The vast number of individuals, from whom so many millions are due to those, institutions, would feel most oppressively the blow. Nor would it be right or just to cast the great mass of innocent stock holders beyond the pale of legislative pro tection. officers and directors, who 'are, in fact, rhargatile with most, if not !the entire blame, would readily screen themselves from it, elude the laws, take care of themselves, profit by the sufferings and losses of the innocent, and leave those to perish who had little, if any, active agency in producing tire present state of things. 'lbis is a matter worthy of your most serious arid deliberate consideration. On reference to the history of all conei mercial nations, it will be New] 7 considerable fluctuation in the currency operates directly, and with greatest seve rity on the labor in; part of the communi., bile currency is in a state of transition from a dearer to a cheaper medium, the prices of wages are first affected, with an immediate corresponding change in the price of the necessaries of life. Those who carry on extensive business opera tions of all kinds, are soon compelled to curtail or stop, and numerous industrious operatives are thrown out of employment, or compelled to resort to other occupa tions that they do not understand, for the means of supporting their families.— Besides, though Pennsylvania might abro• gate her banking system altogether, yet we have no assurance that other States would follow her example. It would be difficult, if not impossible, to prohibit their bank notes from circulation among us, and we should thus suffer the worst evils of the banking system, without its benefits; for the banks of other states would be sit uated beyond the reach of our legislation and control. I know of no other mode of securing uniform and cotemporaneous ac• tion, on this important subject, among all the States of the Union, except through the agency of the general government which, if not already possessed of the ] power necessary for that purpose, should be clothed with it by an atnendnient of the constitution. There is an essential difference between' the position of the citizens of our common wealth, in a pecuniary point of view now, and that which characterized it in the years 1816, 1817, 1818, dec. It is true, I that then, as now, the country was flooded with foreign goods, which low duties, and credit upon those duties, enabled foreign ers to introduce, and thus create a large' debt abroad. It is also true that then, asl now, the banking capital, banking facili ties, and banking issues, were increased, beyond what the necessities of the coun try for the healthful transaction of its bu siness required. But then the spirit of speculation had affected the agricultural, as well as other portions of the communi ty. Now, however, our farmers are gener ally out of debt, and in flourishing circum stances; and it is the mercantile and man ufacturing classes that have been princi pally suffering by the undue expansion of the credit system. But there is now an evil existing, of which we then knew no thing, and which does more than counter balance the partial exemption from suffer ing of our agricultural interest. The contraction of enormous foreign debts by the States, for the purpose of internal im provements, and for the establishment of banks, &c., is of comparatively recent ori gin. This system of pledging the proper ty and industry of posterity, for the pay. ment of money obteined by the present generation, in ear a State, has cilia% grown up since the year 1820, and as the following statement, which 1 believe to be essentially correct, will show, has been surprisingly on the advance during the last four or five years. The amount of stock authorized to be created by eighteen States in each period of five years, from 1820 to 1838, was as follows, viz: From 1820 to 1825, 012,790,728 00 1825 to 1830, 13,679,689 00 1830 to 1835, 40,002,769 00 1833 to 1838, say 3 1-2 years, 108,223,808 00 I/174,696,994 001 This statement embraces all the stocks authorized to be issued up to, and inclu ding all but the last session of each State legislature. A correct statement of the stocks authorized to be issued, by all the states except our own, at the last session of their late legislature, I have been una ble to procut r. Of the foregoing stocks, it appears from the best inquiry I can make, that the following amounts have been obtained for the several objects sta ted, ♦iz: For banking, $52,640,000 00 Fur canals, 60,201,551 00 For railroads, 42,871,0C.4 GC For loropikes and Macad amizcd roads, 6,618,058 00 For miscellaneous objects, 8,479,684 00 •170,806,877 00 If we add to the above enormous amount of state stocks, o•vned almost entirely 'braid, the post notes and bonds issued by banks, cities, railroad, canal and trust companies, and other corporations, to holders residing in Europe, we shall prob ably have a gland total of at lust two hundred and twenty millions of dollars, bearing an manual interest of about 12, • 000,000 dollars. This latter sum must be paid to the European holders in specie Sr its equivalent, and may be justly regard. ed as one of the principal causes sit our ,resent monetary derangements. Little immediate rebel can be expected from our esports. During the last few years they have Won found totally iouleqo ate to co ver the heavy importations into this corm Itry. 'From 1820 to 1830, the imports into the United States exceeded the exports there from annually about the ave. age sum of three and a half millions of dollars. Since .the year lob°, our imports, including and silver coin, hate exceeded our exports! about twentysfour millions of dollars per! year. It is perfectly clear that this sys..! tem of operations must speedily end in they effectual prostration of our credit, busi- • ness and resources. No nation, whatever may be its industry, vigor, and natural advantages, can maintain its prosperity and independence against such oppessive drawbacks as this is. It is true, the pub lic debt of Great Britain is a manifold greater one than this, comparing the pop ulation and resources of the two nations ; but the debt of Great Britain is chiefly ( j u g `as its own subjects; the interest pail is retained wt !wine, and continues to form a part of the c ,;,;nta l i tf the country : The interest we pay, on ,;:e con t rary, is paid to foreigners. It Is witn;lrawn from among us, never to return unless in shape of new loans to augment the drains on our capital. Much has been said and written on the subject of our "credit system" eithin a few years past. It is one of urqualified eulogy by some, and of as unqualified con demnation by others. By many, the banks have been regarded as the author of that systein, and of course of all mis chiefs; and by others, as of course, the authors of all good. It is somewhat as. tonirliing that this novel system of con structing canals and railroads, and of building towns and cities, and establishing banks by the instrumentality of state cre dit, as if dune by magic, has not been ac credited as one of the most potent agents in producing many of the recent phases and phenomenons of the credit system.— Had it not been for the support of credit, (afforded tu our bank spculators and trier (chants, by the sale of state stocks abroad, feeble and vain •vould have been the eft: orts of the banks to have created and sus tained such an extent of paper circulation as we new find in the country--equalv feeble and vain would have been the eff orts of speculators to have procured such heavy amounts of foreign capital, to em ploy for purposes of wild speculation, and of our merchants to procure such unpre• cetlented credits as have filled every store house in this country with goods and wares not paid fur, while lying upon inter est unsold. Did the amount to be loaned to our banks by foreign capitalists and to be trusted to our merchants by foreign manufacturers, depend on the mere credit of the banks, or the merchants themselves it could rarely exceed one year's excess of importation or about twenty millions of dollars. But whent the sovereign states volunteer as endorsers for the banks and, corporations, and in elect draw their bills of exchange, by furnishing certificates of loans in favor of the merchants, this cred it system becomes immeasurably extend• ed, until it has at length reached to the astounding sum of more than two hundred millions of dollars. The Bank have acted as the brokers, On a large scale, though whose agency the state loans have been negociated with for eign capacities. But let the legislatures of the several states creating loans take to themselves the honor and responsibility of furnishing the chief aliment to sustain our cumbrous credit system. It is no doubt true, that the inordinate increase of banks of late years, has been partly pro duced by the immense accumulation of I state credits, and has, in sonic degree, 'stimulated the action of the legislatures of the several states in authorizing the Caine by aff3rding agents to nee,ociate and cus In mei sto consume the avails of the stn-k s when negticiated. ...Until within the last year, we hav been able, not ont only, to borrow money, without difficulty, on state stock in Eu rope, but to pay the interest arising on former loans, by new ones, We felt lit tle of the inconveniences of this bloated system of credits, and seldom reflected that a day of recoiling would come, when we could thus pay our debts no longer. States, banks, corporations and individu als, all moved forward in harmonious un sion, borrowing all they could, and where ever they could, without reference to their future ability and means of payment. The delusion is at last over. State stocks are now an unsalable drug in foreign markets and we are called upon for tha interest,on , our permanent loans, and having no means of paying it, unless we expect spe cie, rely on the remote avails of our agri cultnral productions, or dispose of more state stock at a ruinous sacrifice, if indeed we can dispose of it at all. The time for sober reflection has arri ved, and the different states must now de termine whether they will, or not, persist in a course of policy which has thus far been productive ut such serious evils.. Shall the states of this Union plunge deep er into debt and embarrassments; or shall 1 1 they make economy and prudence their motto resolve to extricate themselves as soon as possible, and be free? This is the question, and I trust Pennsylvania is rea dy to take her stand with those who fol low the dictates of prudence and economy A system of credit, acted on with can tion, and sound judgment, is not only wise and judicious, but indespensable to an enlightened business community. The e 'honesty, industry, and capacity of a poor] : teas is his only capital, and unless gives him credit where he is known, there is little practical difterence between the condition of the honest and dishonest, i the capable and the ignorant man. The eta lion of men in society, on the opposite i Administrator's Notice. priwciple, would be fixed by their birth, ' and merit would be regarded as a bootlessLL persons interested in the Es, qualification. This is not the doctrine of bootless ® tate, or having claims against the nature, or of our Declaration of Indepen Estate of Jacob ftliller, late of ‘N est t o wn. dente, and American sysrem of govern ship, Huntingdon county, deceased, are merit, requested to present their claims to the lire credit system will be seldom abused undersigned, who is duly authoriser: to in the case of individuals, but not so in that administer; and all persons indebted are of corporations and governeneuts. When requested to make immediate payment. men judge in their individual relations, they' Said deceased has a brother, Samuel weigh things well, when as members of cos Mi. • ller, supposed to reside in Union Co, lonrations and governments, their caution '. corresponds Iwith their share of the respon sibility. Our present condition illustrates the truth of this position, and calls aloud on the representatives :of the people to pause and reflect. Let no more state debts, not in dispensibly necessary to preserve the faith and honor of the states, be contracted; let no cectificates of loans be h.succ, and no corn mercial commodities be imported fur a few years. We will thus overcome our present difficulties, and re-establish our credit at home lied abroad. This is the only course directed by prudence and honesty. I have thus at some lends, brought to your view several coiesiderations, essen tial to a just and full knowledge of the important subject of our finances. I have i`..Wll, I trust, that the leading causes of our pre.:ent derangements, lis at the very foundation d! our system of legislation for the last twenty ye'Srs. The original de fects and infirmities of C'e banking sys tem, have been aggravated ay our system of public credits and must continue to be so, as long as the same course is pursue ed, It must be evident from what has been already said, that our banking sys• tem, however objectionable in its origin, is now fastened upon us, and continued with all our business operations, ,o that it would be productive of more mischief to cut it up by the roots, than to let it I stand reformed and regulated in such manner as our experience and wisdom may enable you to devise. I proceed to make such suggestions and recommendations on the subject, as ap pear to one to promise the most salutary influence and restrtetions.—Presuming at the same time, that I do not flatter my self that the adoption of my recommenda Lions would render the system perfect, or give universal satisfaction on this sub ject, upon which there are so many ad verse opinions. It will he borne in mind I trust, that it is no difficult tasks to sit down in the closet and construct theories on the subject, beautiful arid plausible in the abstract, without a full and compre hensive knowledge of their practicable op eration; or to cavil at whatever is sugges ted, and to condemn what it is neither un derstood or disapruved. This is a feat that the weakest can, and the malicious will, um form. I have too much confi dence in the present legislature, to sup pose that their assaults will shake the in. ,lependence or warp the judgment of its members. I regard such attempts as un worthy to be heeded, come they from what soccer quarter they may. Freedom of o pinion belongs to all,.and I concede it to others with the same readiness that I claim it for myself. I only ask in this matter a just measure of credit, f.r the anxious and careful consideration I have bestowed upon it, with an eye single Co arise at the result best calculated to ad vance the public good. The first object to be gained, by eny recommendation I may make, or ity arty measures you may adopt, no doupt, is to secure an early resumption of specie pay ments by the banks, and to guard against a like suspension in future. This .desi rable end must be attained, on a joiti• cious consideration of the subject, with due regard s to its practicability, aewell as to the wrongs and inconveniences the peg ple endure. As I have already stated, the N. York Ranks continue to pay specie, as well . as the Banks of several other states; indeed some Banks that had suspended have re cently resumed. I believe the condition of most of our own Bahks isas sound in reality as those of other states. They have as much specie in their vaults, as good debtors, and I knew not why they should be less able and wilting to meet demands upon them in coin. It is alleged that the mutes issued by the authority of law, in some of the states, of a less de- I nomination than $5, have supplied the Banks with a eubetituts fur specie, and that this has enabled them to hold out a igainst suspension. Pettiest* this opinion is to sortie extent well fOunded, and it is certainly countenanced by the the fact. 'noticed by all who are cenvereant with the matter, that although the Banks of Petinsylvarda have suspended specie pay ments since the 10th day of October lam, ,yet we now find in actual circulat,en a mong our citizens, more specie than in those states where small notes are allow ed to be issued, and their flanks continue to pay specie for their notes. This is a most conclusive proof of the utility of our own law prohibiting the issue and cir culation of notes of a less denomination than $5. Its tendency has been, as Ibe have, to place in the %auks of the Battles, and in the hands of private citizens of Pennsylvania, a greater amount of gold and silver coin than in arty other State in the Union. Ido not think it would be ex pedient to repeal that law, on the contrary I think provisions should be made to ren- 1 der its enforcement mare effectual, and by which we should drive back, whence they came, the small notes of the neighbor ing Stites. 'lliey are debasing our cir lculation-- they usurp the place of our ape cie—and they transfer to the issuers of them, large profits arising 'from their cir• tailation to despite of our law. If we force them back upon those who i.ut them forth, either Banks or other corporations, which are solvent, we shall get, or we (Continued en second page) and a sister, now married, residing, it is believed, in Pleiladelphia, mho are inter ested in said deceased's Estate, arid this is to notify them, that the accounts must be settled before the coming spring. JACOB BRURAKEII, Admr's. West township. Fluntin , Adon county, Dec. 4, 1839. JUNIATA BRIDGE NOTICE, The stock holders in the Juniata Bridge Company, are notified that the minuet e iectios will be held at the house of Chris tian Costs, in the horbugh of Huntingdon nn Tuesday the 11 di drip of January next for the purpose of electing 1 President, 6 Managers and Treasurer and Secretary, to conduct the atnirs ut the said Compa ny for the ensuing year. I. DORLAND, Secy. Huntingdon, Dec, 25, 1839. ES I'ATEOF Joel Pennock. The Subscriber, appointed by the rout t of common Pleas of Chester county, Trustees, in the place t of Jesse Pusey, and others assignees of Joel Pennock, under a deed of voluntary assignment for the benefit of creditors, hereby gives notice, that the books of the said Joel Pennock, are in the hands of Air• John Taylor [.at Chester Furnfte.] IVho is authorized to make settlement and receive the balances which may be found to be due to the said estate. All persons therefore who have unset. tied accounts with said estate, are re. quested to call immediately on Mr. Tay lor, that they may be settled. P. FRAZER SMITH. Dec. 9-6, 1839.-71. Wanted. A good study, and industrious boy. to come well recommended, to learn the Gunsmith business; one that understood a ;little about the Blacksmith business would be prefered. None but a good stu ds and well recommended boy need ap ply. THOMAS DOUGLAS'S. 11PConnehlown Nor. 27, 1831 b.Notive. S hereby gien to those stockholders 111. of the "llollidayBburg and Bedford Turnpike-road Company," who have up to the present time neglected to comply with the requisitions of the board, for the ' payment of instalments heretofore order ed; that the said instalments to fifteen dollars per share, shall be paid on or be fore the 15'h of November, to J .W W. Dun can. Bedford; or to Hubert ArNamara, or Alexander Knox jr. Newry. In failure whereof, suits are to be brought against all such delinquents. By order of the board J. fl . DUNCAN, Secy. Oct 80, 1839. JUNIATA IRON WORKS, Located on the Pennsylvania Canal near Alexrndria, Huntingdon county Pa These works are now in active opera. tion, manufacturing every variety of 'mal leahle Iron such as Boiler Sheet, Flue and Tank Iran. BAR IRON OF ALL SIZES Round And Square. MI made eut of the best Juniata Blooms and et the most favorable rates of the mar ket. The follow* are the sizes of the bar Iron. viz! 4 inches, 5 51-3-94-21-- 2,11--14-1 i and scollop; Horse shoe Bars. and carriage Tire, and all sizes of Round Bats. OAR AXLES Manufactured fro. the Bar--Warranted , All enters from a distance punctual ly attended to. _ Samuel Hatfield Alexandria, Huntingdon Co. Pa. Dec. 26, 1839.-1 y. ot ,- Last _Notice • -co LL persons oho know themselves intiebted to the estate of Peter Swonpe, deceased, arc tequested to call and diseharge their accounts, as the ac collets will be left is the hands of prop per officers fur collection, if not settled before the lit day of Feleruary next, without respect to persons. JNO. SF{ DOPE, PETER SW DOPE, S Exe.l Wm SW DOPE. Huntingdog, Dee, 26, Itl3o. Notice. ALL persons indebted to John Savage will Ipleasr immediately settle their accounts with the subscriber. And those haying claims Properly authenticated against him will pre sent them for settlement to me at Mary Ann Forge, Trough Creek Huntingdon Co. A. B. eßF.wrr, A,,ent for John Sivago• a - rm. B. Bar I roa for sale at Mary Aim Forge. Troug Creek, Oct ten. ADIIINISY'RA TORS' IYOTICB A LL persons indebted to the Estate of Anthony Beaver, deceased, late of Hopewell tp Huntingdon county are res quested to make immediate payment,and those having claims against said Estate are requested to present them properly au:henticated for payment to the under signed. ANTHONY BEAVER jr.) .4d twe JOHN BEAVER, Hopewell tp. Dee, 4, 1859. CARRIAGE FOR SALE. \,\f W1"/ A L ri . , The undersigned offers at private sale. a new and elegant pleasure carriage (city built.) Any person desirous of purchas ing, can learn the terms, and see the car riage, by applying to' DAVID SNARL Hunt. Jan. 1, 180. STORAGE, FORW kRDING, AND COMiniSSion Business• lIIIIE undersigned having erected s -K. new and extensive warehouse, on the Public basin at Petersburg, are preps. • red to receive all kindi of grain or mer chandise; and upon the opening of this I navigation, will have a convenient wharf erected. 'The following will he their rates of Storage. Merchandise per. 2000 ILA 75 Smaller quantity 100 " 5 Fish per barrel 0 Salt I 6 (1, Flour " 4 Wheat per bushel Rye & Corn '. Oats Commission as per agreement WHARFAG E. Blooms per ton (29.40 lbs) 25 Plaister 874 Pig Metal lti Bar Iron 2000 lbs STi do stored 50 Weigh•ng per ton 124 All charges to be paid before the remo val of the goods. All persons entrustiong their business into their hands, may feel confitinnt that it shall be attended to with care and punctuality; and any goods directed to their care, shall be forwarded as per order Steevens 4 Morrison. Petersburg, Hunt. co Pa. Jan. 1,1840.5 in Bargains for Cash On and after the first day of January the Subscriber will sell at cost hs stock .1111 R C :MAW II S E CONSISTING OF Hardware, Queensteare. Thy Goods and Groceries at his stand in Petersburg, where the peb lic are invited to call and examine tot themselves. Yrn. Walker. N. B. Persons having accounts with th• Suscriher will please call and settle them o❑ Or before the 20th of March next. VV. w. Dec. 26th 1839--St HOLLIDAYSBURG AND , BEDFORD TURNPIKE/. OTICh. is hereby given to the Stock holders of the Hollidaysburg and Bed ford Turnpike Company, that a fourth instalment of fifteen dcllars per sham (making the entire balance of the stock re maining to be called tor) shall be paid on or before the 9th day of January next, to J. W I Duncan. Bedford; or Robert McNamara or Alexander Knox, Newry. The hoard of Managers have also made it the duty of the President or Secretary, to bring suits in the name of the Company a nainst all delinquents who shall have failed to comply with this and other like requiai tions heretofore made. By order of the Bard, J. W. Duncan. _ ____ Secretary. Dec. 11, 1859. NOTICE TO COLLECTORS FT all payments hereafter made by the Collectors of oounty tax TEN PER CENT will be required in sit.vax. This rule has been adopted through absolute necessity and will he dispensed with only in cam where a compliance with it would be of serious inconvenience to (tie tax-payer or collector. DAVID SLAllt. Treasurer's office Hun-lt .tingdoe, Decin. 18% „)
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