The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1844-01-18

two years after entered upon the dis
charge Of the Executive functions, banks
The aggregate capital of which amounted
10 more than two-,hirds of the entire
banking capital of the State, e,and furnish !
log more than that proportion Of its cur
rency, were compelled 10 wind up their
affairs; and, in doing so, not only exlin-
guish, d this amount Of The oslensiblt
capital Of the State, but crippled The re
msluing banks, compelled them TO with
hold facilities from the business men of
The community, and, by forcing iheir
debtors constituting large class of men
Engaged in various pursuits of life, to
discharge their liabiitles,a LIMOS, crushed
The large and f1ourishing class of busi-
ness men in all parts Of The Common
wealth. To add still farther TO ,hes,
perpIexing evils; he condition If ,h.
oecuuiary afIai,s Of Eu ope bcca re al
most as deeply y embarrassed as our own
and foreign capitalists, who had sough
for opportunities 10 make investments il
his country, were induced TO Withhold
their usual loans.
During short period previous TO my
|enlering upon the duties of my Office,
our internal improvement system, con
lessedIy incomplete, was very largel,
extended by making appropriations %
wards the construction OF the North and
West Branch aud Erie Extensions, WIS
tonisco Canal, Allegheny Feeder and
Gettysburg RliIroad, besides guarantee
lng The interest upon loans made to pri-
va'e companies, engaged in the con.
s'ruclion o! works leading into the i'm.
provements Of the State. The amour,
which has been paid by the State tol
these end other improvements, which
IRE wholly unp:oduclive, is nearly nine
millions Of dollars.
The most strenuous exer tons were re-
|qnlred 10 obtain, during The first two
years, a sufficien, amonnt of money tc
pay the interest upon the State debt
delray the expenses Of the government
and TO pay of the large class Of domestic
creditors, naturally and justly cIamorou
for the discharge of their demands upor
he State. Rigid economy was recon
nended, and enforced in all the publ,
expenditures. The extended lines o
provemeni, which might have beer
completed few years earlier by loans
we're suspended in consequence of tn,
Inability Of The STATE 10 raise the neceS
'ary iundSj and finally the interest upo,
he public debt failed TO be paid from
he same cause, aud the want oc time
requisite TO mature plan Of taxation
which would produce the necessary sun
for that object. No, single dollar ha
been appropriated, or paid, under m,
administration, towards the commence
ment Of any new work whatever. Th
state OF affairs was such, at lis outset, a
o tol bid any such undertaking. how
ever meriloiious in itself, and | hav
'riclly adhered TO this rule Of conduct
Shortly alter | assumed The Execuiv
duties Of the State, became satisfied
that procraslination of the evil day
whep resort 30 taxation was demande
| by The most imperative obligation @
OF duty, could no longer be iudulged
Painful as was the allernative,l felt ho,
deepl y the honor of lhe State was in
volVed, and recommended The imposi
tIon OF tax, which should supply a
d'quate SUN 10 discharge the inlere,
on the public dpb', committing the d.
aiIs TO The Legislature. The recommer
Ialion | reiterated, ia The most earnes
manner, and ultimately it reeceiy ed tn
sanction of the Legislature.
The assessment under the several law
Imposing a lax on real and personal pr
perry, and the amount paid into the IRE
sury, as follows:
! Am'nt for tax as
sessed for 1874 s4l6 7s4 SO
Il 1912 6505l2 AZ
,r.N.,