Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1840-02-14
Stroudsburg, Feb. 10, 1910.
THE LOAN.

We yesterday stated that the loan of $870,
: coo had been taken, as follows:
7 United States Bank, s67O,0Ot
Bank of Pennsylvania, 100000
Girard Bank, 100000
The circumstances connected with this mat
ter are extraordinary and mysterious The
loan was authorized on the 23d of January
Letters were addressed to the banks to know
if they cond take it. Excepting the bank oI
Pennsylvania, they replied in the negative
this bank declared her willingness to take SlOO-
COO. Thesothers said that 10 advance any mo-
ney to the State would involve injustice to their
private customers. So the matter rested till
the both of January, when a committee from
the Girard and United States Banks arrived in
Harrisburg to confer with the Governor They
tnld him the loan could not be taken, unless the
policy of the administration was changed, and
that the public credit must suffer.
On Saturday morning the Governor sent a
message to the Legislature, which may be cas-
Sed with the most remarkable of public docu-
ments. He denounced all :" coercion" towards
the banks, and recommended an issue of certif-
Gates of stock to the amount of the interest due
and Mr.. MElwee at once introduced a bill into
the House of Representatives to carry out the
views in reference to the stock, declaring at the
time that other hands than his own had drawn
up the bill. This bill passed the House on Sa-
turday, and the next day ATEIwee and several
other friends of the administration, left this
place fer Philadelphia.
On Monday the keystone appeared, and sta
ted that an article on the message had been
crowded out, but would be given, with the de-
bate, On Thursday, (to-day) The Senate took
up Mr. MElwee's bill, discussed it at length,
and adjourned without coming to any conclu-
On Tuesday morning the Pennsylvania Re-
porter came out, but said not a word editorially
on the subject of the message The Senate
proceeded to consider and pass Mr.. M'Elwees
bill and the State Capitol Gazette Of Tuesday
afternoon announced that the loan was taken as |
duov0, dlsliUaSil mail from, Philalolshia had
arrived between the arrival of Monday nights
mail, and the time of the publication of the pa
per.
These are the circumstances 1t is evident
that either the Governor knew at the time of
transmitting his message on Saturday, that this
loan would be made, provided certain course
on his part were pursued, viz: to recommend
moderauon to the Legislature
We deduce from these facts the following
conclusions:
l. That NO SERIOUS EFFORT WILL BE MADE
TO ANNUL THE CHARTER OF THE u. S. BANK.
2. That no coercive measures in reference
to resumption OF specie payments will be a
dopted, with or without the concurrence of the
Governor
The first Of these no one will dispute 1t
would be inconsistent with the usual precaution
of ordinary business men, to take loan under
different circumstances and certainly bank
shrewdness would not be caught in an attitude
so questionable.
The second is plairly indicated by the fact
Of the Girard and United States Banks taking
part of the loan They would not throw out
$4,000 of their paper if there was any danger
Of its early return to their counters for specie
These are ediferentfrom opinions expressedthe ;
other day We hope our readers will kar in {
mind that the entire policy of the administra-
ion has been changed since then. The Co
vernon has come out distinctly in favor of le-
lient policy towards the banks, and another :
oan has been taken from the IT, States Bank,
md in the great excitement of sustaining the +
)ublic fath by creating more permanent debt t
he repeal bill of Mr. Brown has been over a
ooked, and like poor relation at a wedding, |
suffered to rest in an obscure corner.
The whole policy of the party in power to- !,
oltlo UCSil CudllgGu. ne dQ-
has become guardian of these in il
tltutions, which were but little while ago so i.
heartily denounced Woll---we are satisfied. S
This is only another proof of the correctness of
he course pursued by our party. Even our 8
nemies do homage to our principles, by imita- . .
ing our practices. y
OF all the acts of party folly, however, the s.
curse of the Van Buren, party towards the U. o
states Bank is the most striking. The refused a
urlng the last session Of the Legislature to
ompel this institution to loan money at four
er cent, but during the recess loan was ne
otlated with her at five per cent. They party d
ad always declared they would repeal her O.
harter, and bill to that effect was introduced Il
ITO each branch of the Legislature soon after G.
ne opeeing of the present session and pro- cj
ostlon to compel her to loan at four per cent c;
oied down by party majorities, so that the de- O.
~ occasioned a breach of public faith. Yet m
fter the credit of the State has been tarnsbed in
y an unnecessary delay, she has been allowed re
} loan the Commonwealth $67O,0OO at FIVE e,