of prices for labor to a specie standard; The eighth annual message of Presi
allow no greater rewarr for industry in dent Jefferson, contains the following
this country than in England, and the reference to the subject :
working classes are necessaritl forced " The suspension of our foreign commerce,
into the condition of foreign operatives, produced by the injustice of the belligerent
compelled to labor constantly and dil-
a c r o t n . s 4 eati c e e n t t s los of ee t s is a t nd eo e n a c c e r r ifices
gro v u " r s Ci a titn th s e
igently to earn for themselves a miser- The attuation into which we ?save thus been
able subsistence. All the luxuries, forced has impelled us to apply a portion of our
many of the comforts and even the sae- industry and capital to internal manufactures
cessaries of life, must he denied to them, l and ,on improvements . p d r ,, o i i i • etinetttes...
ti n ts and
e0 , , , t , 5. e
n r - 8
while the education of their offspring that the establishments formed and forming will
must be wholly neglected. These ob- —under the auspices of cheaper materials and
Nervations apply to the laborers engaged subsistence. the freedom of labor from taxation
in the business of mining, and trans- Nyoitnh."si,e:o"dmof protecting duties and' prohibi
porting our coal to market, as well as to t' P res ident
e 3ladison calls the attention
the operatives more directly employed
at manufactories. After the demand for f C ongress to c to t he subject, in the fol.
I g terms
houshhold use is supplied, this article lo "
A win ithough m other subjects will press more
must seek n market in those districts of immediately on your deliberations, a portion of
country, where manufacturing industry I them cannot but he well bestowed on the just
abounds, and the demand for it increas-! a t
i n ,
r d ,
s so t u i
, n e d su, policy ce o t f h s e e y e I; , r a i v n !
u t
t o t L ue r d m a a n n , t i a fan
are
e
ea or diminishes in proportion to the tic- ' still attaining in some degree, under the impulse
tive operations of these estnblishments. ' of causes not permanent."
Hence, every fire that in extinguished, ' And again, in his special message of '
sand every wheel that is stopped, lessens February 20, 1815, he says :
the demand for coal, decreases its value ~ But there is no subject that can enter with
in the mnrket, and reduces the prices greater force and merit into the deliberations of
of labor, by lessening its value to the ' cproeisigerre,:ses,Lihrpraocnovnetdiehre manufactur e s
u o of
e t t h u e r mean s
whichs to
owner of the article. When to this is '
have sprung into existence, and attained an 'm
added the fact of competition from' paralleled maturity throughout the United
abroad, underselling in the home mar- , States during the period of the European wars.
ket due domestic article, the occupation ! a b "r a c n c i ° o f us i \ v t" c t m in en de d P%' i d e e re T re, and o
of the laborer is destroyed, and the ruin the prompt and constant guardianship of Con
ict complete. 'file revenue system in- gress."
Tiles such n result, while the system of I In his seventh annual message, he again re
discrimination for protection forbids it. curs to the, subject, as follows :
Other classes of society are also injuriously "In adjusting the ditties on imports to
or beneficially affected, as tha laws on this sub- I the object of revenue, the influence of
ject favor the one, or the other policy. The the tariff on manufactures will necessnr
agriculturalist, Inclined to measure the general I
1 ily present itself for consideration.
welfare by the prices of his produce, and to re-
However wise the th • • bwhich
emy may st,
main contented while these are satisfactory, is ,
required, only, the exercise of his practical leaves to the sagacity and interests of
knowledge, to be informed, that Jae suffers also, individuals, the application of their in
lay a policy which strikes down the manufactu-d u stry and resources, there are in this,
I
rer. The home market is his only sure reliance.
as in other can es, exceptions to the gen-
The condition of things abroad may afford in- ,
creased prices for the produce of his farm; the I era. rule. Besides, the condition which
miseries of unhappy Ireland, and the unsettled the theory itself implies, of a recipro
state of public affairs in other parts of the I eraa a A
option by other nations, experience
world, may create a temporary demand for I tenches, that so. many circumstances
grain, and thereby augment the value of his
productions; but it would be unsafe to depend must occur in introducing and maturing
on contingencies of this tfature, over which his; mantifacturing.establishinents, especial
. government can have no control. The entire ly of the more complicated kinds, that
produce of his lands, whether distant or near a country may remain long without
the foreign market, must depend for an uniform
and fair price on the home demand. Any otherttem, although sufficiently advanced,
reliance is dependent on the policy of foreign I and in some respects even,, peculiarly
governments, the convulsions of unsettled pow- I fitted for carrying them on with suc
er, and the unfruitful harvests of other produ- cess. Tinder circumstances giving a
ears.
powerful impulse to manufacturing in
it is not, however, in enhanced prices alone,
that he finds his reward. In the home market dustry, it ha's made among us a progress,
he is his own factor, avoids the risk of agencies, and exhibited an efficiency which justt
the dangers of transportation, and can select fy the belief, that with a protection, not
his own time for the disposal of his produce.— more than is due to the enterprising cit-
The manufaeturer carries to the market, in the
fabrics he proposes to sell, the produce of the izens whose interests are now at stake,
farmer, who is thereby relieved of the hazard it will become at nn early day not only
and expense of conveyance. safe against occasional competitions
In another form he is still more largely ben- from abroad, but a source of domestic
efitted. One of the elements of well regulated
wealth and even of external commerce."
society, is unity of interest. Whatever may
be said to the contrary, no natural antipathies And again :
exist between capital and labor. They are de- "It will be an additional recommenda
. .
pendent on, are supported by, and receive vi
tality from each other. The manufacturer who
invests under the fostering care of government
his capital in profitable industry, opens a new
source of wealth to the farmer, the artizan and
the laborer.
An industrious population whose reward
affords comfort and competence, gathers around
him ; other elegises are attracted, and the store
house, the workshop, the school and the church
are erected; villages spring up; the din of ac
tive industry and the sound of enjoyment min
gle together ; roads are opened, bridges are
built, lands rise in value ; and the former finds
a market at his door, not only for his ordinary
surplus produce, but also for numberless arti
cles which were deemed unworthy of transpor
tation. Ftom that overflowing fountain, by an
hundred rivulets, wealth is poured, into his
treasury.
These are a few of the many advantages of
the agricalturaliet and the laborer, arising from
a fikir and reasonable protection of the domestic
indltry- of the country, The existing revenue
laws'of the national government, by opening
our ports to foreign manufactures, invite the
labor of the wretched, starving operatives of
Europe, to a competitioa with this healthful and
prosperous condition of things. The conse
quences are ruinous to the interests of the labor
ing and producing classes, and dry the streams
of prosperity in every branch of industry.
It should not be forgotten, that the reliable
wealth of a State consists in the profitable in
dastry and capital of the citizens. Whatever
tends, therefore, to prostrate individual pros
perity, to-diminish the value of produce, to in
jure productive labor, or to drive from whole
some investment the money capital of the coun
try, !strikes with alarming force the best inter
ests of the State. The revenues of the Com
monwealth are derived principally from real
and personal estate, and from our railroads and
canals. In relation to the former, it may be
said, that every daar shipped for the purchase
of foreign fabrics diminishes their value, de
presses the home market, reduves the profits of ,
the producer, and hence lessens the amount of
revenue paid into the treasury. Capital invest
ed in the various branches of manufacture.,
sinks in value, in proportion to the depression
of the business in which it is employed, and
when foreign competition is successful by rea
son of low ditties, in driving from the home
market the fabric of the capitalist, his invest
ment is comparatively valuelese, and the reve
nues therefrom are greatly reduced. The pro
fits from our internal improvements are still
more seriously affected. The raw material in
its transit to the manufactory, and the fabric on
its way to a market, are principally conveyed
along our canals and rail roads, thereby yield
ing a handsome revenue to the Commonwealth.
When, therefore, the manufneturer, unprotected
by the government, is compelled to discontinue
his business, not only the laborer, the artizan
and the agriculturalist, but the State also, is se
riously injured in the general depression of bu
siness,the diminished wealth of the, country,
and th reduced value of capital.
The policy of givkng fair and reasonable pro
tection to the domestic industry of the country,
has heretofore received a support eo cordial,
from wise and patriotic statesmen who have
conducted the affairs of the national govern
ment, as well as those who have preceded me
in the administration of this Commonwealth,
that I cannot refrain from the insertion of a few
extracts from their several messages.
In hie eighth message, Washington
deemed it proper to bring the subject
to the attention of Congress:
..Conjgress have repeatedly, and not without
success, directed their attention to the encour
agement of manufactures. Ths object is of too
much consequence oar to intuare.a continuance
of their efforts in ePory way , hirh..llali appear
eligible."
lion of particular manufactures, where
the materials for them are extensively
drawn from our agriculture, and conse
quently impart and ensure to that great
fund of national prosperity and inde-
.
pendence encouragement which can ,
not fail to be rewarded."
President Monroe in his first inaugural ad
dress says :
"Our manufactures will likewise re
quire the systematic and fostering care
of the Government. Possessing, as we
do, all the raw materials, the fruit of
our own soil and industry, we ought
not to depend in the degree we have
done, on supplies from other countries.
While we are thus dependant, the sud
den event of War, unsought and unex
pected, cannot fail to plunge us into the
most serious difficulties. It is import
ant too, that the capital which nourishes
our manufactures should be domestic,
as its influence in that case, instead of
exhausting, as it may do, in foreign
hands, would be felt advantageously on
agriculture, and every other branch of
industry. Equally important is it, to
provide at home, a market fur our raw
materials, as by extending the competi
tion it will enhance the price, and pro
test the cultivator against the casualties
iacident to foreign markets.'
ills Excellency, Simon Snyder, Governor of
the Commonwealth, in his menage of Deeem
' ber Bth, 1815, says :
"The subjoct of manufactures, from
full experience during the restrictive
system and the war, is now so well un
derstood, as respects the practicability
of advantageously carrying them on, as
to the kind of goods which may be
made and the quality and durability of
the articles which have had a fair ex
periment amongst us, that it is deemed
unnecessary to urge arguments in their
support. The general government, ful
ly aware of the importance of the sub-
ject, will, it is confidently hoped, follow
the dictates of political wisdom, and
protect our manufactures against inju
•rions foreign competition or combina
tion : a contrary course would protract
the long and anxiously sought real inde
pendence of our coantry and again im
pose on us a dependence almost colon
ial."
His Excellency, William Findley, referring
briefly to the subject, says :
"As agriculture and manufactures are
the great sources of wealth, and the on
ly solid foundation of our comforts and
independence, they are peculiarly enti
tled to the ostering care of govern
ment."
In the first message'of Gov. Wolf he speaks
as follows
"The protecting policy hitherto sus
tained by the general Government can
: not, tindei existing circumstances, be
.1 abandoned or relinquished with the 1
ap
probation or consent of the people of
Pennsylvania. '!heir interests, their
proliperity, and, I nay add, their coin
forts, are at this time essentially identi
fied with that policy. • The diversified'
branches of industry in which our citi
zens are engnged ; the character of the
productions peculiar to our soil ; the 1
state of the foreign markets to which
we had heretofore been accustomed to
resort for the sale and exchange of our
staple commodities, nod the interdicting
duties by which the produce of our ag
riculturists is excluded from those mar
kets, leave us no alternative as to the
course to be pursued. We must either
suffer our surplus produce to perish upon
our hands, or we must establish a mar
ket for its consumption at home. We
must either submit to the humiliating
condition of becoming tributary to for
eign industry, or by affording encour
agement to our own, render ourselves
independent of foreign imposition and
exaction. Under the encouragement
and protection now afforded, our manu
macturing establishments are assuming
vigorous and healthful appearance,
and give reasonable promise of promot
ing the general prosperity of the coun
try, and of accomplishing the great end
and design contemplated by the friends
and advocates of the protecting system.
Our statesmen, who have hitherto rep
resented us in the National Legislature,
as well as in that of the State, have
uniformly expressed their opinions af
firmatively, and in terms by no means
equivocal, that this nation possesses the
right, under the constitution, to protect
its industry by salutary enactments of
its own, against the injurious consequen
ces of foreign legislation, and that the
acts of Congress imposing duties on im
ports are coustitutionnl ; and their con
stituents have as unequivocally respon•
ded to those opinions. "
Goy. Porter, also, refers to the subject, in
the following manner
"It is unworthy the great State of
Pennsylvania, to depend on the manu
factures of other States, or of foreign
countries, to supply her citizens with
those articles for the various purposes of
life which they can produce themselves
as well, as cheaply and ns abundantly
as any other people on the face of the
globe. Our vallies teeming with plen
ty, our hills with exhaustless deposits
of coal and iron ;—our streams abound
ing with water-power, for all purposes un
surpassed by that in any other country;
and our citizens stimulated by enter
prise and possessing means to render it
eflectual, should awaken in us that spirit
of independence which disdains to seek
at the hands of others, that which it can
furnish with its own. It is with no
feelings of envy or of local jealousy of
others, that I bring this subject to your
notice, but with an honest feeling of
State pride and a generous emulation,
' which should inspire us with a deter
mination not to be indebted to others
for those solid and useful means of pro
moting our prosperity and independence
which Nature has bounteously lavished
on our citizens."
A question of the greatest magnitude,
involving the honor of the State, and
'
the interests of the citizens, will arise
in the consideration of the public debt.
The regular payment of the annual irin
terest, and the formation of a sinking
fund for the final liquidation of the prin
cipal, should receive the early and care
ful attention of the Legislature. It will
give me unfeigned pleasure to unite with
you in any rational mode calculated to
facilitate an object so desirable.
The present debt of the State is as follows
(viz.)
11 perct. stocks, $1,887,5.10 06
5 do do 37,305,801 18
4i do do
200,000 00
430,303,350 24
Relief Notes in
circulation, $702,664 00
Interest certificates
outstanding,
Do do un
claimed,
Interest on unclaim
ed and outstanding
certificates to be
added to them
when funded 14,165 80
Domestic Creditors, 89,318 95
220,789 52
4,448 38
--1,031,380 74
Total amount of public (103 t,
Dec. 31st, 1818, 40,421,736 98
Of the above there is due and demandable at
the Treasury as follows
Relief Notes, $702,664 00
Domestic Creditors, 89,318 95
Interest certificates of all kinds, 239,403 79
.1,031,386 74
It is presumed the gradual process of cancel
lation of the relief notes, or their redemption
as heretofore indicated, will remove to that
amount, the pressing necessities of the treas
ury..
'nip residue of said sum of 1,031,386 74 (to
wit :) $328,722 74 is due and demandable
$328,722 74
Also due and demandable of
funded debt as follows :
June lot, 1811 $26,951 80
August let, 1846, 1,998,509 33
August Ist, 1817 22,335 06
Present liability of the Treasury, 2,375,518 05
Residue of the public debt falling due
March 1, 1819, 800,551 46
Dec. 1, 1850, 909,311 10
April 11, 1853, 135,294 00
Dec. 1, 1853, 1,998,•107 09
January 1, 1851, 798,174 6.1
Dec. 1, 1854, 2,107,819 55
August 1, 1850, 4088,103 79
July 1, 1856, 2,780,808 26
March 4, 1858, 3,098,390 47
Itily 1, 1858, 2,5.10,010 56
I July 1, 1858, 519,922 74
July 1, 1859, 1,195,998,93
August 1, 1859, 49,998 20
July 1, 1860, 2,643,777 131
March 28, 1861, 120,000 00
July 1, 1862, 2,265,050 70
April 10, 1863, 200,000 00
July 1, 1864, 1,378,375 09
June 27, 1864, 1,134,332 70
Aug. 1, 1864, 260,680 89
I.lfily 1,18 6 A, 1.39,010 70 ~
January 1, 1865, 868,873 13
July- 1,1868, 2,523,817 61
July 1, 1870, 1,939,583 65
Bank charter loan, 678,375 00
Total amount of funded debt,
not demandable at the
Treasury,
Interest on tlie public debt,
$1,887,5.10 06, at 6 per
cent. per annum,
37,301,801,18
200,0,0,00
It A IC
II 4i ii
Regular annual interest on the
loans as they stood Dec. 1,
1848, 1,987,542 99
On a portion of the above
loans there willbe to pay 3f
years interest on February
1, 1849, which it is estima
ted will increase the amount,
On whatever amount of inter ,
est certifiAates may be funa
ed between the Ist of Feb
ruary and the Ist of August
next, there will be due at
the latter period 4 years in
terest, estimated at
Probable amount of interest
for 1849,
To which add guarantied in
terest on Danville & Potts
ville railroad, and Bald
Eagle and Tioga navigation
companies,
3.2,-5- 0 0. 0. - 000
$2,039,071 90
From the foregoing statement it would ap
pear, should the estimates of receipts and ex
penditures lie correct, and they doubtless ap
proximate the truth, and should no unforseen
casualty occur, that the revenues will at least
equal the expenditures of the year. Admitting,
however, the correctness of the estimates, it is
apparent the State is placed in a condition no
better by the lapse of time, as no material dim
inution, if any, of the public debt is effected.—
Indeed, even the payment of the annual inter
est has depended, and will depend on the antici
pation of revenues properly belonging to the
next fiscal year. A system of providing means
to meet the liabilities of the State which pays
no part of the debt and meets the payment of
the annual interest by drafts on a fund raised
for the discharge of another duty, and which!
collects from the people upwards of two mil
lions of dollars yearly, requires supervision
and amendment. A careful revision of the laws
of the Commonwealth, increasing the tax on
such items as will bear without injury an addi
tion to their present burthens, with due econ
omy in the appropriations and expenses of gov
eminent, would not only place the treasury on
a sound basis, with regard to the annual pay
ment of the interest, but would also, if Oct
apart for that purpose, create a sinking fund to
meet the amount now due and demandable of
the Stec. A result of this character would be
honorableto the Commonwealth, and gratifying'.
to the citizens. Confidence would be immedi
ately restored to the community, public credit
would be permanently established, and the •
Treasury relieved of a portion of the public
debt. The ameba now demandable is two
millions three hundred and twenty-six thousand
I
five hundred and eighteen dollars and ninety
four cents. When the faith of the State is in-
volved, no time should be lost in adopting
measures to restore its credit.
To lortn a fund for the liquidation of
the residue of the public debt, is an ob
ject not less important thon the one sug
gested. Pennsylvania should no lon-'
ger hear the burthens which now op
press her citizens, without, at !east, a
vigorous and manly effort, to relieve
herself front her liabilities. To the
legislature belongs the duty of devising
such means, and enacting such laws, as
will best promote the interest of the
people, and efforts so laudable will at
all times receive the approbation of, and
be aided by such suggestions as may
present themselves to the Executive.
A more favorable opportunity may pre
, sent itself at the present session, than
will soon again be offered. Many of the
banks of this State have given the re
quisite notice, that they propose to ap
ply for a renewal of their charters, and
I would suggest, should it coincide with
your views. the policy of exacting from
each of these institutions that may
conic before the Legislature, the pay-
ment of a certain per centoge on its
capital, in addition to the taxes already 1
assessed on banks by existing laws. Al
sum raised in this way might form the
nucleus of a sinking fund, which, how
ever small, would regularly increase in
importance and value by the assistance
it might receive from that and other
sources. The charters of 01l the banks
in the Commonwealth will require re
newal, the increased prosperity, poptila
tion and business of the country, may
i require additional banking' facilities, and
I during each year a small amount could
be added to the fund. The investment
of the hind thus created in the purchase
of State stocks, (the present revenue
laws of the State being preserved,) and
the interest on stocks purchased, being
again invested in the same way, would
increase .the fund while it diminished
the debt, until all would appreciate its
importance and consider it with favor.
Should our sources of revenne become
of greater value, as may be reasonably
anticipated, large balances over the ex
penditures of the government will accrue
to the treasury, a fixed proportion of
which could properly be added to the
fund.—Thus would it increase in triple
proportion, until the enormous debt,
with which we ore encumbered, would
be finally extinguished. Whatever may
be the views of the Legislature in re
gard to the plan suggested, it is ardent
ly hoped it will distinguish its proceed
ings by the adoption of means to attain
an object so desirable.
2,047,796 21
In the revision of the laws on the distress, is a belief as prevalent, as it is
subject of revenue, with a view to in-
unsound. It may postpone the crisis,
crease taxation, the farming interest of but cannot afford relief. The active
the State should not be further burden. healthful industry of the country, and
ed. The state, county, school, road and not the wants of individuals, should
poor rates, levied upon land, and the re-
govern the issues of the banks. In pe
i
duced price of the products of the agri.v- nods of great commercial and manfac-
r
culturist, occasioned by the present re ' Wring prosperity, an inflation of the
enue laws of the national Government currency beyond the wants of sound,
operating to the injury o f t h e h ew wholesome trade, leads to unwise, and
market, should justly and equitably re- often ruinous speculation. lu short, Tel
amount of the circulating . media ,
lieve it from additional taxation.
For :Tinny years no settlement of the should depend on the actual and not . 1
accounts of the Commissioners of the imaginary wants of the country.--LF om .
Internal Improvement fund has been I these observations, the Legislatine Will
made. It is worthy of considers- readily perceive, that any extraordinary
tion, whether a commission to consist I increase of banking capital, In - the pre
,of a Cleric from the Auditor General's sent depressed condition of trade, is not
and the state department, with a third I consistent with my views of the general
to be appointed, authorized to make an welfare. •
examination of said account ;as also to The location of a bank, as near as
ascertain precisely the condition of the practicable to the centre of its business
itreasury and its disbursing agents, what operations, is a matter of some moment
ironies are due to the state from corpor. to the community, and should the
etions, individuals and counties, and if lature in its examination of the applicai
balances are found to exist, the reason' tions for the recharter of any institution
why collections are delayed ; might not now existing, be satisfied that the loca
by a careful report, suggest alterations i tion of thetxisting bank is unsuited to
beneficial in the manner of conducting ,the convenience of the business portion
‘ our financial affairs. In this connexion of stile citizens for whose benefit. it was
it is also proper to mention, that a established, a wise policy would dictate I
change in the manner of drawing money a refusel to recharter, and the establish
from the Treasury should be adopted went of a new institution With the same
to afford more ample checks ; the pre- amount of capital, at a Once more add
sent system being deemed defective. vantagious to the citizens. The old and
The report of the Canal Commission- well established banking institutions,: ,!
ers will enable the Legislature to form whose credit and solvency are undoubt;
an accurate judgment of the state of the ed, and where the wants of the cominu
public improvements. Notwithstanding tiny in which they are located require
serious interruptions caused by the de- it, should receive a renewal of their
struction of the Freeport Aqueduct, and charters ; but in no instance ought is
other casualties, the revenue from this charter to be renewed, until a complete,. .
source, has been so large and so,constant• a thorough examination of the aflairs of
ly increasing, that these works should be the institution, and a full statement of
carefully guarded and preserved as a its business, with satisfactory evidence
means useful to the citizens and highly of the bone fide value of its assets, sindli
advantageous to the State. In referring have convinced a committee appointed
to the Internal Improvements of the , for that purpose, of its entire solvency
State, 1 cannot allow the opportunity to and ability to redeem all its liabilities,
pass without alluding to the North Such statement dnly authenticated,
Branch Canal. It is supposed that a should be filed of record in the state de- ,
million of dollars would complete this pertinent for the inspection of all per
work, at present profitless and rapidly sops interested.
going to ruin. Already has the State The several laws in force to prevent the use, •
expended upwards of two and circulation of notes of a less denomination.
which, while it remains unfinished, is V e u r t l i l e ",,,t i l l t "Llt o n c r I fige on P o r t .t;
absolutely lost. The country through currency of the state, consists ' 1 (17 notes of a
which this improvement passes, is rich . lower denomination, many of them spurious and
in the articles of coal and iron, and in defaced, issued by foreign institutions, about
agricultural products. Its completion Zho ti s , e , Elan ns cY 11 9 . ,1 , 1 17 9
elreenrgiieut7on„,b.ne,hrits,:it7end
by the increased amount of tolls receiv - Jcfs injury on the community, is in direct con - -
ed on it, and 1 , the additional freight travention of the express terms el the law.—
thrown on to other portions of the pub- As it is manifest the existing laws will not rem
ad improvements, would amply secure ed y , the
under severe
Iteartieedß,
the ii , : n a k e s t LT;
) 7 0 ,-
the interest on die' cost of its comple- ,tug,
from receiving on depos:
lion. Under a deep sense of the cur- it, exchanging or paying the same from their.
rectness of these view, I could not counters would haves beneficial cited in driving
, avoid bringing the subject to your early
these notes from circulation. Should the circa
, consideratiou. In this relation it is also I d a a t i r r : f C t i n i ° , l ..,'; ie les i m t tl . „ . ,!, ,i x t a e i t in l:b b . e . five
proper to refer to the importance of ferret!, that they should be issue[ by our State
avoiding the Schuylkill inclined plane. banks, whose solvency is known, rather than
Surveys ;nd estimates by a skilful En- foster a circulationissued by institutions, whose
ginger have been made of three differ- t in „ ' „ h t f i i ti% n t ' l a ons b r e it' l o incer
With these I eat routs, and the result will be laid be- system taking ' Care that icel minevessa u r r y anti
fore you in the report of the gentleman advised increase of banking capital tie made,
to whom was entrusted the ditty. It is and in all cases either of new' institutions, or
tehttetirree.n o c;.7l of t s h i c i r f sL c nv e r vi e .h irLst n ig e , d th n a n t d their .ti
well to observe, that these estimates are
.eitirens wiff arise frOM thel!.
not included in the estimated expbndi- • no danger to the
tures of the current year, as given in a grants of power—l should deem it right to leave
former part of the message. the present p o licy in relation to these earl:inn
tioDns, as it has been maintained in former yettrs.
The attention of the legislature will
be called to the subject of the currency art w r e l 4 r a i s h s e e Ida:et regulating ' r i b oh hoursT'a j o Si f a t a l W o ';
in connexion with the banking institu- . factories, and specifying the,age at which nil •
tions of the State.—These institutions noes shall be admitted therein. It is respect
fully submitted, whether this law does not
have become so intimately identified
er
• cspecial eor.-
t i r u a i c r t e yj a t i o ne i n a tn r en . t o ,
r s e o
t a h s a t n o t t e r e izi e t
with the business and interests of the
fixed lire
cjtizens, and furnish such a portion of act. The operation of the law as at prest Y mt in
the circulating medium, that a necessity I force, gives to those violating its spirit, and ae.
is created for their proper management vantage over him who faithfully carries it into
and control.—The standard of the sal- c t "e t d i t lie b r Y i P n e to r Ti i i i c t li ng co t t i t i t e ra o cTs .n i e t r i u operative
may
deem relation prop t e o r f t
ue of things among civilized nations is c o xte . nsion, of time, as they
conceded to be the precious metals, The flit be right to ihnit the hours of labor in factoricY,
constitutional currency of this govern- ' (and who that desire the education and comfort
ment is gold and silver. Whenever the of the citizens can doubt it,) the law should Ur
convenience of trade and business, the
so changed as
s it i o o ze t r i a , :e alike in sutre ccohn:us:u
encouragement of industry and enter- ii is opinion, it would be proper to repeal the
prise, or the natural growth and devel- proviso, allowing of special contracts by Pa
osenients of the country, require addi- rents and guardians fur the labor of minor,
tionel commercial facilities, it is the du- n l o o t v b e c t e te rt a i g n e n o e f o tr ti t o cr of ye n t i t o rs r . e
than
ty of the public functionary to be watch- the adult. I have brought this subject hardshipc, the
ful, that the representative of the pre- notice of the Legislature, as well because of
cious metals should maintain the stand- the justice and propriety of the' suggestion, as
ard value.
~The citizen having it' his 21",,twnftlieen;'shtus'iilr.,sfflas"".".'yi
possession a note issued by a bank of them at the lateUneral election." appro ved
•
the Commonwealth, should be secure It gives me unfeigned pleasure to announce
that he holds the equivalent of gold and the fact, that the common school system is at
silver. In order to obtain this result, length a o t f lop e t d e u d ea t t l i t o r i o , t in igh os o t tit e th State. i
he
care should be taken by the legislature
that a consummation so desiragep, deeply gratified
in the grants of authority to these cor- such advantages to the citizen and security to
porations, to prevent them if possible the State, has been attained. It may well be
from furnishing a less reliable currency. y. le ,
hi, e
i c n o4 sopficrtatottilosheiso
and
moral titsdttoi-
Banking institutions have long existed N r atlOn dispensed throughout the Commonwealtl;
among us, and have been, when proper- will improve the condition of the people, en
ly restricted, and judiciously managed, large their sphere of usefulness, and give to the
highly conducive to the best interests chm.:(flet;:efo; intelligeace and via tue.—
of the people. Their notes, when kept va!us he ble l' in t formntionl ei ttTg le ilt ' i ‘ i . r i e l f f ' o n r " tlt h e
at par value, form a more convenient further improvement of the system, and will
currency than the precious metals ; are enable it to remedy exiitiog defiled.
equally valuable in all financial concerns, 'rho Adjutant General's report on the
and promote the active industry of the subject of Militia, contains many impor
country. Hence, solvent banks, whose tent suggestions, well worthy the con
notes are readily convertible into specie, siderntion of the Legislature. It is the
should be sustained by the legislature, production of a practical military officer,.
while those failing to keep their notes at who has bestowed much thought on the
par, or to redeem them on demand, by subject, and will be found enteresting
inflicting injury and injustice on the and valuable, particularly as pointing
community, destroy confidence, and for- out a mode by which the vast expendi
feit our favorable consideration. ture of the present system may be saved
In judging of the amount of banking to the Treasury.
capital necessary for the wants of a In the reports of the Auditor General
community, a sound and healthful state and Surveyor General, you will find a
of business and trade aflbrd the best and detailed account of the financial opera
safest criterian. These institutions are tions of the year ending on the Ist of
better able to meet their liabilities and December lust. To these reports I
redeem their notes, in a state of things would refer you for a full statement of
such as is here alluded to, than during , the condition of the affairs of the Corn
extteordinary depression, or unnatural inonwealth in their several depart
excitement. That the increase of bank- merits.
ing facilities is instrumental in reliev- The acquisition of New Mexico and
ing the country in times of commercial California, presents again in the National
$37,345,054 03
39,722,072 08
$113,252 91
1,965,290 05
9,000 00
7,000 00
12,000,00
2,006,5.12 99
Congress, the important question of the
ex tention or non extension of human
slavery. At the adoptions of the nation
al Constitution, the longer continuance
of what was then considered an exit was
strongly agitated, and resulted in a com
promise permitting it in the States where
at that time it existed. The Constitu
tion being submitted to the states, was
adopted with others by Pennsylvania,