Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-02-04
GOVERNOR PoRTER

Wv LhNpR fpk ER,
" pennsylvania, after remarkinr tia, the
public debt OF that state had been contracted
according 10 law, and the faith Of the people
being pledged IA the most solemn manner, and
'ha' IL was mm1ienal whether the loans were
received IN gold and sitter, or paper, or mer-
cdinike. All tat 1--WE must lorero all
temporary expcdcu,s, and look the true state
OF things IN the acc,"-that at all events the
interest must be mot by taxes ar loans. recon-.
mends that the banks be lreatel with indul.
gence, and hat the L. :. Bank be called
upon Tor tho loan which It's charter compels il
10 make to the State when required.
we copy the following for the special len
ut OF the Washington Globi and its saltel-
llies -
"ln legisla,ing on this subject, however, we
cannot close our eyes 10 the peculiar condition
OF the country We must take things as we
mud them. We are not considering what would
be the proper course If We were now about 10
Introduce, for the first time, system ofbank-
ing IN Pennsylvania. That question was set
tled long ago, and by constant and rapid pro-
grcsslon il has been entwining itself wi tb ey
cry interest and every measure ufpolicy in this
Commonwealth. 1t has, for good or for evil
stamped lis influence on every commercial
manufacturing and agricultural interest AMONG
our citizens. Under the operation of this sys
TEN, and on The faith ofits continuance in some
form, all our business has been undertaken,
our contracts between indivi iuals entered in-
10, and their debts contracted our internal i'm
provements commenced, aud our vast State
debt fastened on the people. Abrogate the
entire system and we know net in what CON
dition it will plunge us.
"Real estate and all commodities Of COM
merce, agriculture and manufactures, now
bearing the highest paper price, must fall
greatly IN value, and 10y that fall in price,
thous inds of the enterprisng AMI in lus =
trious Of our fellow citizens will be irretreva-
bly, ruined. The two years Immediately fol-
loving the last war with Great Britain, furnish
us some instructive lessons on this subject.
though very inadequate to portray the conse.
quences that would follow the same causes in
our present situation. And what heirhtens
the evils anticipated, is the reflect on, that
the POOR and those IN moderate circunstan
ceS, would be obliged to endure the brunt of
the hardshps. The RICH, beng The credit
ors, hare iufle 10 fear from such change IN our
system Of currency it is the debtor part ofthe
community on whom the chief burden is cast
In adopting coercive measures against the
banks, 1t should not be forgotten, that the pe-
nal consequences do not fall on them alone.
The vast number ofin1iviluals, from whom so
many millions are due to those institutions.
would feel most opprcssivcly the blow. Nor
would 1t be right or just to cast the great mass
OF innocent stockholders beyond the pale of
legislative protection. The officers and d.
re ctors, who are in fact chargeable with most
il not the entire blame, would readily screen
themselves from it, elude the laws, take cate
of themselves, profit by the sufferings and los
ses OF the innocent, and leave those to perish,
who had little. If any, active agency in produ-
chg the present state of things. This is
matter worthy OF your most serious and DELHI
crate consideration.
"a system of credit, acted on with caution
and sound judgment, is not only wise and jul
dicious, but indispensable to an enlightened bu-
sness community. the honesty, industry, and
capacity OF poor man is is only capital and
unless II gives him credit where he is known
there Is little practical difference between the
condition of the honest and dishonest. the ca
pable and the ignorant man The station OF
men in society, on the opposite principle would
be fixed by their birth, and merit would be re-
garded as bootless qualification. This is
not the doctrine of nature, or of our Declara-
ton Of Independence, and American system
of government"
Again: ain this state of things it behooves
the Legislature to weigh well the policy of a.
doping any measures that will curtail the a
walls of the peoples industry, or diminish the
resources OF the commonwealth to meet its en-
gagoments. 1t should not be forgotten that in
the case of debts already contracted, the di-
rect effect of reducing the means Of the debtor
is 10 increase the relative amount of his debt
The creditor gains in proportion as the debtor
loses, and no man can foresee the extent of
the impending convusion