The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-07-14

ebts would have nothing to lend On the 18th Of Jsnua
the nsolvent banks sent committee to Harrisburgh
IA the 3st the resumption bill passed the House by
rge maory the LIST February the State failed and
the day the Governor sent message to the Legis
lure, confirming q following passase-I believe If too
gorous a system he adopted to coerce the
ayment of the liabilities OF the banks Immediately the
redt oil the State must and will be seriously and disaster
'ssly Affected Or in other words the bank committee
ay they will lend their redsemsble paper as means OF
laying the State debt if they have their own time to
resume-but you oblige them resume the State must
take care OF itself On the Sd ofFebruary 1870 the
mee returned to Philadelphia and on the ith il was an
nounced that the insoyent banks had aiken the loan Il
was then fully understood that if the bill passed the Co
vernon would veto it,
was consequence finally lost at that moment
nat the fate OF sealed and she became
linked with ithe insolvent banks amusing farce
was played oil at that time by the banks particularly the
Bank OF Pennsylvania which has since utterly failed
That concarn gravey held meeting and threatened the
Legislature that if the resumption bill passed the nsttut
ton would wind up its affairs and pay off its stock
holders" How many of these stockholders would now be
glad to that threat put in execution So strongly
then convinced of the ruinous consequences
pursued that wexpressed ourselves follows
in our article Of Feb. 1910 -
The position of affairs in Pennsy lvana at the present
moment, most extraordinary. The commercial interest
of whole country and of the industrious classes that
State to be sacrificed to the tempory interests OF
six seven SPECTATORS The visit of the bank commit
tee to Harrisburgh wrought wonderful change in the
views OF the Legislature and Executive officer the sub
ect of resumption The debt of Pennsy vana is now
S3i 100000; OF this one.hrd Sl 900 900 has been
the other 500 000 In August last the borrow
ed 5000 900 to make up enough pay the in
erest then due She unable to borrow the amount
necessary TO pay the February interest until she had fail
ed At the moment of disgrace and in the agony of fail
the committee OF the nsolv banks step and
offer their rredeemabe notes on condition that the law
should not touch them for their misdees The trucking
Governor to dodge the question of immediate taxation
punges the people deeper in debt and entails upon them
an Irredeemable currency.
Will taxation upon The people easier he the amount
70 be paid is So 900 900 tchcn 81 OOOl
The defenders oil the borrowing system that the canal
revenue may increase so as to pay the whole interest,"
The continued suspension Of the banks is the very means
to prevent this The farmers of Ohio who enjoy specie
currency on par with New York will choose rather
send the produce where they get specie funds it,
than where they are paid in irredeemabie paper The
amount derived from canal tolls will from this cause de.
crease rather than increase.
The Governor states that by borrowing now, taxation
will be avoided The taxable property in Pennsy
would yield s. 100000, sufficient pay the whole
interest the loan and leave the tolls aid receipts of the
canals to form sinking fund for the payment the prn
cipa To this 1t must come sooner later and in active
state of business would not be complained Of but the Co
vernon has chosen rather than manfully meet the ques
lion Of taratonto cf hedrier tax in the shane of de-
Preciated crencyhe tax that has dissipaed the
capital of Mississippi eaten her substance and left her
bankrupt.
The debt of the State then S3 0oO it is now near
SiO0O00O are the people any able be taxed now
than then. The Governor avoided taxation then and
chose rather to borrow and tolerate suspension Let the
people hold him to his policy Where the banks the
United States the Grard the Bank of Pennsy ania and
others, with whom the Infamous compact made Bu
red in their own corruption and the State credit is
following them to common grave. Such is the inevita.
BILE fate ofa paper Juggling and of the egacies of
the late National Bank. The abominable exravaganoies
engendered by the late Bank have resulted in similar dis
aster in all parts of the country that which has overa
ken Pennsylvania and the people now just rxperen
cling the evils engendered the paper system The real
wealth fthe countrys howevernow rapidly increasing
and basis which cannot be effected by the tricks Of
any inancier either Of domestic or foreign growth
Sales at the Stock Exchange.