Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1845-01-16
ANNUAL MESSAGE
OF THE GOV E R n Cd IL .
70 the Senate and House of Representatives oft the
lN.,rr,ra n.llt a n.fD ,l1-al


Fellow w-CITIzENs:-The term to which my eli
cbiIy, as the Chief Executive officer of the Com
monweath is restricted by the Constitution, being
about to close, submit the Legislature my last
annual message, which the duty OF my station en-
4 ioiyS upon me. In the performance of this duty
cannot refrain from invoking your devout acknowl-
4 eIcements, with my own, to the Great Author Of
All Good, for his constant care and guardianship
over the interests and welfare Of our beloved Com
| monwealth. Upheld by His paternal arm, we have
been rescued from the most distressing embarrass
ments and difficulties TO which, in time of peace
any people were ever subjected. Good has sprung
out of evil-safety from danger-wsdom from fol-
ly--and justice from spirit OF ungenerous deirac
ton The clouds that for several years past, have
hu1g upon our horizon, are breaking away; and
ihe sunshine of prosperity once more begins to
beam upon our path.
Within ten days afler my induction into office,
felt myself called uPen, by the highest consid-
eralions of duty, to communicate to the Legisla-
ture full and frank exposition of the state of our
pecunlary affairs. Upon a careful examination,
was ascertained that the amount OF the public
debt including surplus revenue from the United
States, was a little upwards of thirty millions OF
dollars and tie deficit In the Treasury during the
wear 1899, beyond the income, from all sources,
was about four millions of dollars. To meet this
amount, immediate provision had to be made; and
10 add 10 the perplexlng embarrassmens, the great
commercial convulsion, which has since reached
lis height, then just beginning to be felt In It's
operation. For more than ten years Immediately
preceding that period, the State of Pennsylvania
from her well known punctuality and great natur-
al resources, had experienced no difficulty in pro-
curing upon loans, on favorable terms, any amount
OF money she needed, to extenf and carry on her
stupenduus system of internal improvements
Both Foreign and American capitalists were COM
pelors for the acceptance OF her loans; and there
seemed 10 be no limits 10 her credit and resour.
ces except those which her own discretion I'M
posed She made large loans for the undertak ing
and completion OF her various lines OF improve
ments and paid the interest upon these loans by
other loans Stimulated by these facilities, and
forgetting the day ever would arrive when her in
terest must be paid, not by loans, but by taxation
system of improvements, by railroad and canal
undertaken, far more comprehensive than hel
necessities required and far beyond her means tC
complete. The same reckless spirit which aetua.
ted the government, had seized upon her citizens
aGd induced them TO engage IN undertakings equal
Gy yindiscreet and unattainable. Within very few
years Immediately proceeding the commencement
of my administration, banks were created to an ex
tent and with capital, unheard of in this Common
wealth at any former period These banks, con-
trolled by men moved by such impulses, very
speedily exploded, and as every rational mar
ought TO have ioreseen, overwhelmed, in then
downfall, the entire business OF the community
Within about two years after entered upon tht
discharge of the Executive functions, banks, tht
aggregate capital of which amounted to more thaI
lwo-thirds of the entire banking capital OF Tux
State, and furnishing more than that proportion o
lis currency, were compelled to wind up their al
fairs and in doing So not only extlngulsheo I'M
amount of the ostensible capital of~the State, bu
crippled the remaining banks, compelled them u
withhold facilities from the business men OF tn
community, and, by forcing their debtors, constl
tutng large class of men engaged IN yarou
pursuits of life, to discharge their liabilities, al
most crushed the large and fiourlshlng class Z
business nlen in all parts OF the Commonwealth
TO add still further 10 these perplexlng evils, tn
condition of the uecuniary affairs OF Europe oe
came almost as deeply embarrassed as our own
aad foreign capita Ists WHO had sought tor oppoi
iunlties TO make Investments IN this country, Wer
Induced to withhold their usual loans.
During a short period previous TO my enterin
upon the duties of my office, our internal improve
ment system, oontessedy incomplete, was yer
largely extended by making appropriations =
wards the construction of the North and YVES
Branch, and Erie Extensions, WisconIsco Cana
Allegheny Feeder, and Gettysburg Railroad, oe
sides guaranteeing the interest upon loans mad
10 private companies, engaged III the constructio
"i works leading into the Improvements OF the Stat
The amount which has been paid by the State ft
'tese aud other improvements, which are Who'll