Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-01-12

to direct your attention in a channel thar vii
be beneficial to the public.
| One OF the greatest evils of these frsouc
and frivolous investigations, is that they brinr
! legislative investigations themselves into dis,
credit. The persecution of the innoccn. u.
ways furnishes a shield to the guilty..
| 1t is now, throughout the Country. a matter
of idle sport to talk of these Investigations
| The mode by which they are brought abonr
is we'll undt rstood A few dissatisfied RI,
tractors, and others, impose on the creduli,v
and stimulate the ambition of some membr,
of the legislature to offer a petition. complain
| ing of public grievances. A committee to in.
! veStigate is appointed, -subronas are issued.
and straightway swarms of hungry conreter>
ates thIong the seat of government, to prose-
cute their claims before the legisI&ture,-to
lounge at The public expense, and Join in Il
wholesale pilage OF the treasury. At the
close of the session the committee reports
the Witnesses return to their homes, and laugh
at the trick as they pocket the spoils By re-
terence to this subject, it will be found that Il
large portion of the legislative expense Is
incurred IN this way. The extraordinary in
crease OF these expenses, over those of all 9TH
er department, of the government, has been
late years a matter of just complaint.
| II becomes my duty, in The next place. to
invite your earnest attention to the present
/ COHultIoli oi lbS DdUKS, ana currently OF tnlS
state. 1t is a most lamentable fact, that In
relation to this subject, the greatest irregular
ity and disorder prevail IL is true, we have
little, if any, of that wretched illegal trash,
which, during the early part of the last SIX
years, infected all sections of the Common
wealth, i'll the forms of notes, checks, certif-
Gates, &c &c. Of corporations and individuals
for small sums, put forth without lawful au.
thority, and in spite of the prohibitions OF law:
but we have, what is little better, a large
amount of notes in circulation, ostensibly legal
and purporting to be of equal value, because
founded on the faith of the state, by whatever
bank issued, and yet notwithstanding this fact,
discredited and repudiated by the very insti-
tutons for whose benefit and relief they were
authorized to be issued.
The act of the last session entitled " an act
| to provide revenue to meet the demands on
the treasury, and for other purposes" under
the provisions of which these small notes have
| been thrown into circulation, having become
! law by the sanction of two thirds of the Leg
/ islature, according to the forms of the COnsti-
tntion, Notwithstanding the objections of the
/ Executive, have exerted myself to the ut
most. to see its provisions properly carried in
/ to effect This was my duty, as the Execu-
tive, and have faithfully performed it, agree
ably to the best dictates of my judgment.
I
resulted from it, might have been obviated, if
it was enforced by me, and acted upon in a
/ spirit OF enlarged wisdom by the banks them
| selves. This hope has been vain. The worst
anticIpations have been realized, and it is nv
duty to suggest such remedy, as appears to
me to be best calculated to correct the grev-
ances, under which the public labors.
! BY this act loan of three millions one hun
dred thousand dollars was authorized, to pay
! specific appropriations made by the said act,
and the several banks of the Commonwealth,
subject TO the payment of a tax on their divi
derds, were authorized to subscribe for the
same, in certain proportions to the capital
stock of each.
! The whole amount of banking
capital in the Commonwealth, is S23,559, ,574
Banking capital not subject to
a tax on dividends, 5,150,000
Banking capital subject to the
/ payment of a tax on dividends, S1S,409, 574
Of the banking capital subject to the pay
ment of a tax on dividends, banks holding to
the amount of s10.S36, las, did not accept OF
the provisions of the act Of 4th May 10 pro-
vide revenue, and hence the capital of the
banks which did accept OF the provisions of
the said act, amounted only to the sum of 81
/ 573,229
The whole amount of the loan taken by the
accepting banks and paid into the treasury IS
i Sl,726,650 68, leavinEehe sum of 81 ,S4S,3
40, which has not been received.
On the 30th August, 1841, l accepted an Of
fer of the Towanda Bank, TO subscribe for an
additional sum Of one hundred thousand dol
lars of the said loan, and on the same day, &C
cepted an offer of the Erie bank, to subscribe
for an additional sum of three hundred and
fifty thousand dollars.
OF these offers the state treasurer agreed to
accept from the Erie bank, the sum of tweLty
Eve thousand dollars, and from the Towanda
bank the sum of thirty seven thousand FIVE
hundred dollars. This bank did not accede to
the proposition to accept a part of the sum of
Tered, hence no part Of the one hundred thou
sand dollars was received at the treasury
thus it appears very large portion of the
banking capital. subject to the operation OF
this bill, has taken no part of the loan at all,
, and can, OF course, have no claim to indulgence
under this law. Those banks which have
complied, stand in different positiOn-their
loans must be repaid before they can be tore
! ed to resume. II is an inquiry of much me-
. ment, whether the banks thai have not com
piled with the acquisitions of The law, Oughs
not to be deprived of the advantages arising
/ tl1o 1r !, tNot