The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-05-30
THE STATE OF Pennsylvania

The action of the Extra SEES sion of the Legis-
Iature of the Commonwea tn of Pennsylvania, In
reference to the provisions required for the pro-
lection of the credit Of that State, is subject Of
! deem and pervading interest. The hesitating po-
licy which has been pursued by portion OF thai
| body, has had the tendency to produce teeilns
of distrust with the capitalists Of the country;
and this feeling is not confined to Pennsylvania
alone. New York participates largely IN the
integrity of her neighboring State, and the money
market of the great emporium, is in great mea-
sure regulated by the conduct of Pennsylvania.
Her immense public debt-the large amount OF
money which has been invested by European
capitalists in the stocks of her works of internal
Improvement, and the dilatory course OF the Lee
gislature, refusing,as it has done, to make imme-
data provision for the payment of the interest
becoming due upon the loans, has necessarily
created considerable excitement among the hold
ers in New York, and the agents of European
capitalists.
1t is strenuously urged by the warmest advo-
Gates of the internal improvements of Pennsylva-
MIA, that the present Legislature of that State
|
monwealth, and the great interests Of her people,
if they pass any further improvement bill, with
out ENGRAVING among its provisions, tax for the
Eliauidation of the interest. A Philadelphia pa
per remarks, that s'individual honor, personal
spect, our standing among our sister States, our
reputation abroad, all demand from our Represen-
i tatives firm and decided stand upon this sub
ject
The age of log-rolling and petty devices is
over. To borrow money, and not to provide for
the interest, is desperate gambling"
The stocks of Pennsylvania are at the lowest
ebb, because there is no certainty that the CAPT
talist who invests his money in them, can COM
mand the punctual payment of the interest.
The Improvement bill which recently passed
the Legislature of that State, appropriated
So 900 900 to the works of internal improve ment,
but coupled with the appropriations thus made,
was provision, which required the Bank of the
4 United Slater to loan to the State, under the
penalty of forfeiture Of its charter, the sum Of
/ s., 100000, at an interest of per cent. This
measure was advocated by the very members OF
that House who had denounced, and were then
denouncing, the United States Bank, as an insol-
vent institution. If the institution were insol-
vent, why attempt to burden it with an addi-
tional debt of four millions of dollars?
) The advocates of the measure either believed
what they asserted, that the Bank was nsolvent,
or they did not believe it. Ifthey did not believe
it, the miserable hypocrisy of their course is al
!; once glaring and palpable. If they did believe
r that the Bank was insolvent, what can We say
Of the total want of moral honesty by which they
l. were guided and governed, in the effort to impose
4 upon the community four millions of dollars, in
L the bank notes of an institution which they con
sidered to be worthless. They must be content
Or ed to stand upon ground or the other; either
q Approximately advocating that which they dis
or not believe, or immoraly imposing upon the ere
re ldulity Of the nation. III