Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-06-22
7FERSONIAN REPUBLICAN
stroudsburg, June a9, 1912.
The State Credit.


The Legislature which is now in session at
Harrisburg, has an important duty to perform =
Although the avowed object Of holding the Extra
Session was the disricting the State for the next
Congressional Election, vet our Representatives
have duty to perform of incalculably greater in
ierest to the Commonwealth than all the appor-
ionments of Members of Congress since the days
of the Revolution. The State Debt and Credit,
which they are called TO legislate upon, is a
question which Immediately affects the honor and
patriotism of the people, independent of its bear
ing and influence upon our currency and business.
'fhe State Treasury is literally empty, and has
the following pressing claims upon it;
Domestic Creditors $2,500,000
Interest on Debt 100000
Relief Notes 100000
Government Expenses, &c. 100000
Making in round numbers the enormous sum of
Sir Millions of Dollars This the Legislature is
called upon to make provision for, in order to keep
the wheels of government in motion, and to salts
fy the rghtfu claims of those who have contribu-
Ted their money and labor to complete our public
improvements In arranging this matter, we have
nothing TO do with the profigacy and prodigality
which contributed TO increase our debt to its pres
ent alarming amount. 1t is enough that the State
received the money and labor; and if our public
servants acted fathlessly in distributing the fund.-
and squandered millions of dollars upon partizan
favorites, we cannot make that an excuse for de-
parting from the laws of honor and honesty, and
refusing 10 pay what we permitted to be borrowed
and expended.
Those Improvements, then, with the thousands
Of officers who are employed upon them, instead
of afiordng a revenue TO the Commonwealth, add
Sl,G00.000 annually to our Debt. We cannot
therefore, look to them for aid in this emergency.
Our Banks, too, are closed against US; for they
have already been drained more than hey could
lear, to afford US relief Our Capitalists are un-
willing TO invest any more of their funds in State
Stock, when no certain provision is made for the
payment of interest. Besides, were it not other
wise wholly impractcable TO borrow any more
money, the fact that our Stock is now at depre-
citation of from GO to 20 per cent. renders thai
pedient altogether impossible
In view Of this, we have no alternative but the
sale of our public ieorks. and taration Let get
rid of speculation which has already cost us so
much, and which must yearly increase our diff
cultes. After fair trial. we find that we cannot
conduct our public works so as 10 realize the in
terest on their original construction, much less to
afford US profit. Private individuals, CON-
panies. by their enterprise AID economy, can man
age them so as to make them both useful to the
community and profitable to themselves; but there
are too many lazy vermin always infesting the
public crib, to allow the idea that they can be made
lucrative 10 the State while under her manage
ment. If they are Immediately sold we believe
the present State Tax will be nearly or quite suf-
fcient to pay the interest on our Debt; and then
by appropriatng cur share Of the proceeds of the
Public Lands to liquidating the principal, we may
look forward with cheerfulness 10 the time when
good old Pennsylvania viii again be happily out
OF debt. Let the public Improvements then be
sold, and that happy period hastened.