The Madisonian., 1840-01-11

Loco-FoCoIsM DOWN IN PENNsYLvA-
NIA-Gov PORTER A CONSERVATIVES
We have received GOV. Porer's first an
nual Message, which was the other day com
munlcated TO the Legislature Of Pennsylvania
now in session. We had heard il iniimaied
before the Gubernaiorial election, that Gov.
Porter was in reality Conservative, and we
should have been disinclined to oppose his
election had il not been that we apprehended
the moral effect of electing candidate OF the
Loco-Foco party. we are abundanily salls-
fed with this first public demonstration he
has had an opportunity to make in relation to
the subject which called us out of the unclean
ranks Of Van Burenism. The Governors
Message is the direct antipodal Of the Mes
sage of President Van Buren. The Loco
Foco doctrines Of the White House are pow
eress in Pennsylvania, Indeed, when we
include Pennsylvania inthe catalogue Of anti
l.oco-Foco Van Buren States, which we run
over in our last, we see that The Presidents
Message falls sill-born from its author 1t
has no more weight-the bank hobby is de-
funct. Gov. Porter, like Gov Shannon and
Gov. Bagby, like the Legislatures Of Georgia
and Tennessee. refuses to do the Office i'm
posed by the President upon his adherents.
! He scorns the doctrines Of Loco -Focoism
The Governor tells us that the public debt
of Pennsylvania amounts to the sum Of
34,l4l ,663 80
The public properly to 33,259,OS5 %
Balance 1892 1878 SO
The sum due upon State loans bears an an
nual interest of $l,494,7o0 90
The ordinary expenses Of the
Commonwealth for all pur-
poses for the last year, are 2,70s,s63 At
The ordinary revenue from all
sources, for the same year,
amounts to l,62l,ll9 "a
Leaving a gross balance
against the State Of $l,0S7,743 63
holds the following anti Loco-Foco language:
This public debt has been contracted under full au-
thority OF law. The faith and honor of the people
pledged, in the most solemn manner To the pay
ment Of the interest annually accruing, and to The
final payment of the principal. Every consideration
Of duty, integrity and national fidelity binds US to
the honest performance OF our part OF the bargain
with the holders OF The certificates Of our loans II is
immaterial whether received these loans in paper
money, or in gold and silver; whether in merchan-
disc, railroad iron, or any other commodity-we
have received consideration in something; we
have issued the certificates OF stock, and we must
abide by the contracts which ourselves invited
others to make with us, and ratified in all The due
forms Of law.
On the subject Of banks, the Governor
maintains the grounds we took in 1887. and
speaks like sensible man. He remarks, and
the loco-focos should denounce him for it from
one end Of the Union to the other as they did
the Conservatives, that $ II does not ai,cdys
foliow that banks are unsound and unable to
pay all demands against them, because they
do mol pay specie for their notes"
With the observations he further makes, we
are delighted, because they correspond exactly
with what we have declared and maintained
for the past two and half years.
He says:
In Pennsylvania there ffy-two banks, with
aggregate capital Of something than sixty millions
OF dolldrs but such has been the disregard Of law by
Of lhem they they have not made any return and
the returns made by several Of them very mper-
fec that impossible to arrive at any thing like ac-
curacy TO the amount Of their circulation specie or
debts due to them. But from the best data within my
reach, the amount Of their notes In circulation may be
tod less thant mi of
and the amount due and owing to them principally by
corporations aud citizens Of this commonwealth per-
haps about seventy millions Of dollars. This amount is
due to these banks IRON individuals residing in all
tons Of the state and engaged IN all kinds Of business
Stocks railroads, canals. turnplkes &c. are held
by some of these banks, and in the shspe Of subscrp
tons bonuses, dividends they contribute largely to
the general fund in the State Treasury and 10 The sup
port of the school sysiem. Their charters
pre various periods between the present time and
1870 and the stock in them is owned by great num-
Der Of persons Of all ages classes conditions and pecu
mary means The capitalists Of the covnty, as well
those Of moderate means c,dops orphans, and guar
dams an pwnp,o in several banking institutions
From this curtory glance the subject it is evident,
that the business interests, and banking rnstutions
e country intimately connected together and mu-
,ualiy erert po,eerjui influence on each other"
In the following extract there is not a soil
,ary idea which has not ut some time been
urged in the Madsonian. Indeed we can lay
our finger upon articles in the Madisonian
which so nearly correspond with the subjoined
paragraph that one might almost be compelled
to believe that the one is a transcript Of the
other 0, a Daniel come to Judgment! We
give the loco-foco federasts JOY Of such
most wise and excellent Judge Listen to the
death knell of Van Burenism in Penn sylyania