Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1846-01-10

Inc Stutc had rchchrd point IN hcri I'M
provemeht system. at which she c,,uld have sus.
pended operations without loes. The scheme Of
direct taxstion, 10 pay the interest, on tho State
loans, which had been introduced under Govern
or VOLTS administration. was admonishing the
people Of the Inconvenience Of u public debt.
Every thing indicated that the further progress
Of our State improvements WIS 10 be deferred,
till time had tested the productivenPss Of the Il.
nished works and the increasing development
of,nr resources had invited and justlfed their
further extension.
Il was at this time, that the net Of 18th Feb
ruary, 1895. was passrd, entitled 'sn act To re.
peal the State tax on real aud persona! proper
", end IN continue and extend The nnprov' :
mrnts ot the State by Rail Roads aud Canals.
and 10 caitern State Bank. to he called the
Untrd States Ruk' The first scc'inn oi'ihis
nc, rescinded the system Of taxes, ahrh had
been devised for the pruied'on oi thu Pablo crp-
dit whilr. l.v uitrr sections morc iwo NIL ions
Of dnlars tn hc received from The Bank. were
prp,ia''d at once 10 the prosecution 81 Com.
pany woiks, arm the commencement ~ } CIV
ONES, under dir'ci charge Of III" State. T' en-.
able tie C,.mn,one ealth In consnmate this wild
'x'"n-tnr % impr umcnis. FIX m''lions al dot
'urs were promised Ms n perninir at loan !" tl'r
Snie, ni an Interest of four per cont. and Uhrr
Inns ai tie snne rate were tn he made when
required ,u the nIncunt o. onc m,llion ~ doll RS
anna,-llv. Under the impulse at this Act, aud
, # the influence which effected lie passage.
new SERIES of improvements were t"pun nj once.
of wh ch alter the expenditure ot many mi
Iirrs how frrning part of the prblir a. h.. aud
the cause oi Increased taxaiiou, have hccn Haqn-
doned by tie State. n,d have passed, mcst Of
thrm. into Tie hands Of companies, which have
paid no consideration for them.
"A "a 4 a T.. (,
! is gratuitics 10 the works thus com'nencfd
The u, aver DIVISION, aud The Wyoming lnp at
tho North Branch. embracing tnrtv.,hrer miles
! nf Cnnal in actual use, aud the French Creek
Feeder, co,'ing together, s,l222 C27 81. and
ali Of them finished in 1915. have been given
/ away TO companies, aud leave the State with n
! less extended system Of improvements nuw,
! than II had when the bank oi the United States
was chartered.
The progress of these works was marked hy
/ the d, ,clln,ng credit ,filc State, until, n!t The.
most desperate resur's the sale Of q iu,,hrr aus
| pcrsion 10 the banks in 1slO, aud a loan in lSi
by the State fo herself, hy the ,'rvicr o issuing
! rel cl notes.-the proclaimed bankruptcy of the
! C,um mon.calih loicbly arrested ih,m.
/ Bu, he vii did not stop hero. When The
works were ah.nduned. the Stale WIS largely
Ind,b I'd Ia the Contractors, hose claims were
I regard, as o pri,na,y obligation. To :a'iriy
! ih,ip, law was p,ss.d requiring the sale OF il,.
I Buui stock, add other stucks wh,,h were own.
J "a b, the Sn,e These s;m H. Which had cos,
the 1'rrasury nearly 81 200 eco, were, a, u m,e'
uuprnpti,a,s moment; ucrtced Tor q traction
unrc lhai 81 .4to WW
! However painful these iecoll,ctinns of pecu
uiaiy loss may be-, there were attendant circun,
, state, Of ytavcr and more momrntn,is concern
I iu The tsu v'. A new cleunnt of ppwer ioutt
.ts way into our elections. The elective ran
chlsc was violated and s5usct-ihe declarn.
lions os>the public will were dsrgnrded anf
d,f fed. and the very ex'sieuce of our free IN
r,itu,lons as mnnncled with revon, on aud DE-
siruc,mn. ] alude 10 the memorable crisis ("
ls:}S, whcu ,lirsct attempt was made, ly The
/ epd-is al minority, Ia usnrp the government
n, d to substitute their citation for the voice o
the majority Of the proplc.
r, 1hese scenes had their origin. beyond doubt
in q spriI ui reckless confidence in the power
and corrupiing influence Of money t. coItrvl I'll,
State.
Ap.ri from these political con -id-raions, III,
il fur, CO O: a viatcd paper system upon the ge
REAL AID ordinary interests Of life, IL paint,
ard prrnlcIuus. Hitherto, tli~r" has virtual
been nothing in the urgnnizaiion Of Banks 10 !.
init Ire cA,ent and d. fine the cliarnci'r Of tEei
action, but tin di, crttion of the direct RS 4
lew individuals, constituting the efficient pur
iion nf The Boards OF management, are, IN iac'
the depsiuries of this discretion ; and ne n ee
neral iule. subj CT no iolitt Ia many hnnorabl
.Xcep'r ", II is exercised will, primary, irm
conclusive reference TO the supposed interest
OF the Bank
, While The business Of he country prosper,
I ard the .Pli' ot Specializing en,-rrr ze Is .tlnu
a ed hy success. they extend ihrr acccm,noda
t.ons bcraly. and fill the channels at circula
irn xIIh a redundant aud dcwaved currency
An unnatural rise ot prices is the consequence
!lnpnr,aiions increase in defiance 1T AIRY discr
m,,Iatiny tariff exirovagsnces inyudcs all ih
? departments Of fsociety--indcfnite credit invite
Ia u thr.lllcss cXenson OF Indebtedness, till, q
! last, the laws Of trade, unclianeing ~ those
b na IRE, produce reaction, and the whole ar,if
I cial machinery is crushed. The people OF ih
e courur, are indebted To the cl,i,-s: the cnic
J. ale Indebted abroad, where the promises OF III
i banks are calie,' upon To redeem their notes
!. coin. This they can only do by drawing
n their means. refusing new accommodations. an
:, pressing their debtors for payment The circ,
lation of the country is suddenly contracie
i property is sacrificed, in ,naty instances vi
: ou, relieving the debtor and his energies al
;. paralizrd ly hopeless insolvency.
!, Such within the recent n,rnrry Of all al u
II has been the action of vh,at,d banking ~
TEN an the .ath of the Stale, the st,bllI'y
:. her institutions, aud the fre energies Of h
/. people. 1t has Taught MS grirvo',s lessrn
II .utirrng bu, il will not have been alioe.ih
IS urpr. ducive of gno, il It has impn ssed
i us the solemn and imperative duiy of guar
IS ing against n recurrence Of similar evils.
le TIE abuses Of the banking system are fo,l'
al IN many firms but they are essentially q
/ IN lbai mi md
l.. u. of paper, and its consequent depIecia'io
L.. ~, llf Al