The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-18

vailable value which this public property
may bear.
On a arecapitulaton of the foregoing state
ments, it appears from them that the public
debt amounts to the sum
Of $34, ,14l ,663 80
The public property to 33,259,0S5 28
Balance, 1882, ,579 So
The ordinary expenditures of
the commonwealth for all
purposes for the last year,
are $2,7Os, 1863 AZ
Lhe ordinary revenue from
all sources for the same
year, amounts TO 1921, ,lI9 81
AeavlRg gross balance a. ----- -----
gainst the state of 81, OS7, ,s43 90
The Affairs of the commonwealth Eave
been for several years gradually verging on
towards deeper and deeper embarrassments
until we have at length reached this unex-
pected deficiency of funds in the treasury,
70 meet the demands upon it. The people
have been told. again and again, that our
fiscal condition was fourishing and pros
porous, while IN fact, our prosperity was all
based on paper calculations and loans,
which loans, we are just now beginning TO
perceive bear interest, and are some day
20 be paid. We are now compelled to fore
60 all temporary expedents, and to look
the true state of things in the face. We
must resort to taxes, the sale of the public
iMprOvements, or TO further loans. The
public Improvements cannot be sold but al
most ruinous sacrifice and as to loans, il
is doubtful whether we can procure them
at all, unless at an unwarraned rate of in
terest. Notwithstanding all these difficul.
ties, this sum due by the state must be
paid. To obtain the means we have at the
best choice of evils; 4; and we ought 10 Sc
lect that which will impose on the people
of the commonwealth least inconvenience
and detriment. | shall recur to this sub.
ject again. in subsequent part Of this mes
sage.
In this state Of things the recent conduc
0f the banks in this commonwealth, ha
added, in no slight degree, to our embarass
nents. On the 10th day of October last
the banks of the city of Philadelphia sus
pended wholly, or In great measure, tn
payment OF their notes, and other liabiitie
IN specie. Most OF the banks in the inter-
or speedily followed their example, as di
slso the banks in nearly all the other state
Of the Union, But the banks Of the stat
OF New York, and few others favored b
peculiar circumstances, or Influenced b
other causes. have been able to withstan
the current Of demand, and have continue
TO pay specie until the present time. Thi
suspension was an event unlocked for b
the public, and productive Of the most Vi
happy results 1t has paralized busines.
shaken both state and individual credit
crippled all our monetary operations, an
struck death blow al the means of sui
sisiencs possessed by that portion of OF
fellow. .cilizens, whose labor and industr
form their only capital. From all classC
Of the community, save those alone wi
are interested in the banks, was heard
load aud deep condemnation of this mea
ure' lnnamerable remedies have bee
suggested, ,---some looking to the regulate
Of these Institutions others TO their pu
ishmeRt and eZhFpahon. | was besoug
TO convene the legislature at an earlier d.
than that fixed by the Constitution, and vel
huReFous conflicting suggestions have be-
offered, as 10 the measures of relief tE
should be recommenlsd. On subject
vitality interesting TO the people at large,
that Of the currency. ] was persuaded I'll
hasIy legislation was neither prudent n
desirable and accordingly declined
eonveRe you befOrs ihs day designated
Is ihs SsAsnlalion. Tias for rehscu'