The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1841-04-17

the people, and the return of prosperous
times, have convinced them of their error.
Those who believe that their own interests
or those Of the political party with which
they happen TO be associated, will be pro-
NOTED by traducing the credit of the State,
and representing her condition to be one OF
hopeless Indebtedness and distress, must be
allowed 70 pursue the course which they
have seen fit TO adopt, until she unerring in
telligence Of the people has detected the de-
ceplion, and held them up TO the reproof OF
all honest men, for attempting to practice
upon their credulity. Pennsylvania, like
most of the sister States of the Union, and
some of the commercial nations Of Europe,
has engaged beyond her available means,
in trade, enterprises of improvement, and
speculation, but her recuperative energies
will enable her 10 take the lead of all OF
them, in ex,ricating herself from the en-
barrassments which beset her. Her resour-
ces are of nature that seldom fail IN fur
nishng an annual supply, and never can
want market The industry of her ct'-
zens is untiring, and they love not only
sher own State, but its independence too
well, 10 repine at the payment Of few
dollars tax, OF The suffering of temporary
Inconvenience, TO see that State placed be-
yond the reach of frui,less demands made
upon her justice, or unanswered calls upon
her honor. A few may be found, who
would persuade them that their property
and industry are to be taxed forever, and
who would inculcate the unworthy senti-
ment, that those who ale in favor Of main-
tanning the faith and honor of she State un-
furnished, are the foes of the people, but
they meet with no encouragement from the
great mass of honest meL, and are justly
regarded as faiihless or interested advisers.
On this important subject, public feeling is
sound and united, and will 90 much to direct
the efforts, and inspire confidence and res
olution among our citizens.
Owing TO peculiar geographical position,
the city of Phi.sdelpha is made the great
distributing mart Of foreign and domestic
goods and manufactures. for large portion
of the Western aud Southern states OF the
Union. This circumstance has rendered
both the banks and her citizens debtors,to
large amount, to New York and North
eastern states, and to Europe, and rendered
the purchasers Of these commodities in the
West and South, in the same manner
indebted TO Philadelphia. The moment
the banks OF Pennsylvania resumed specie
payments OH the 5th January last, large
demands upon the banks, merchants and
citizens Of Philadelphia. which had been
held in reserve in New York and Eastern
States, both on the account Of the citizens o;
those states, and on account of the foreign
n-.i;.e-s &c pi. .i--l.inhi. s,.AsA'hnd To
the Philadelphia banks for payment in
specie. Nearly eleven millions Of dollars
in specie, or specie funds were. believe,
drawn from the Philadehia banks during
the nnieen days they continued specie
payments, and Immediately taken out of
the State. This enormous sum, SO drawn
out of the Philadelphia banks and the
manner in which it was disposed Of,
strongly leads US to the belief, that their must
have been some combination or understand
ing among those by whom it was obtained,
to make an almost simultaneous rush upon
the Philadelphia banks, either for the
purpose Of compelling them again TO
4 suspend, or of restraining in some way
their general operations.
Ii is believed tlia. there are sums still due,
from the banks and citizens of Philadelphia
to the citizens of other states and to foreign
creditors. Under the laws Of this Common
wealh, imposing penalties e. augmented rates
of interest upon the banks, these demands
will undoubtedly be made, and their efforts
for the relief of the cit,zeus of this Common,
wealth, be fatally restrained and crippled
The banks of Pennsylvania having beer
established for the benefit Of the people o
Pennsylvania, the enforcement of the pen
allies TO which they are subject. may b,
safely left in the hands of the people. 81
long as the existence of the banks is be
lieyed to be useful aud their general con
due. is such as to deserve and secure the con
fidence of the public, they will not be dis
turbed, although hourly liable to the inilic
ton of the penalties which the laws pre-
scribe. Experience on former occasion
during suspensions, clearly demonstrate
this, If it be the interest of the public tina
, the banks should continue TO exist, il is III
interest Of the banks TO conduct themselve
in such a manner as TO satisfy the publ
: that such is the fact. If the public foi
, bear towards the banks to enforce the per
alties, the banks should doubtless forbea
towards the public to produce distress an
+ embarrassment. The banks car do muc
3 by The mode in which they treat their deb
r ors, TO create or to diminish our pecuniar