Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1846-01-15

dlvidual credit, and The deep and universal pc.
cunlary embarrassment of the people. But now
all are prOsperIng--,he currency is restored 10
good degree of soundness---our revenue sys-
TEN, tho sill imperfect. has greatly increased in
effectiveness and er,ain,y---en.erprise is re-
newed, and The people happy in their instlu-
ions, and confden, in themselves, look 10 The
appropriate sc,icn of The Legislature 10 make
provision 10 satisfy the public wants.
The presen, period Is. in truth, the crisis of
our affairs. Prompt and effective measures
now, to make moderate addition 10 our reven-
ue, will restore 10 Pennsylvania. for all future
lime. that proud position from which she has
temporarily been made 10 sloop, by course of
policy that never met the approval of her peo
pie. Bul the addition must be made once.
Unless The estimates that have been presented,
shall prove essentially erroneous, the balance
in The Treasury, on The first of December 1916,
will not exceed one hundred thousand dollars.
1t is, therefore, obvious, that, if the receipts at
the Treasury, during the months of December
1916, and January lSi7, do no, greatly exceed
the receipts OF The corresponding months of any
preceding year, when The amoun, of outsland-
Ing taxes was greater than il will be then. de-
GcIt must occur In The means of The Treasury,
10 pay the interest, which will become due Oh
The ST Of February lS47. The necessity OF
the adoption OF immediate and efficient meas.
ures. To guard against result which would be
so fatal 10 the renewed faith and honor of the
Stale, cannot be 100 strongly enforced upon The
attention OF The Legislature.
Intimately connected with The subjec, of our
finances. is that of the Banking system of the
State. The evils that have resulted from the
manner in which il has been administered, and
some of those more essentially connected with
its organization and tendencies, have been felt
by all. Yei, il may we'll be doubled. whether
The " hole OF he mschefs which i, has insti-
gated, have been traced back TO their fruitful
and pernicious cause. No, only has ii sllmu-
lated individuals 10 ruin, bu' States have been
led by its seductive and corrnpting influences,
into course Of wild ex.ravagance. and conse-
Quent bankruptcy. Public debts have been
contracted, even The interests of which could
scarcely be met, by sie most onerous taxation;
while In other causes. ihe faith of the govern
men', which ought always 10 be held sacred.
has been violated IN lime Of profound peace.
The history Of Pennsylvania. since The be-
ginning OF The year 1886, is a painful iiiusra-
lion of this truth In December 1885, when
Governor Wui reIred from Office Two months
before the Incorporation Of The Bank of the u.
States the S'a,e debt of Pennsylvania was
S24, $50, ,743 So. IL is now, exclusive of the
amoun, received as deposit from The General
Government. sac. 0.9S6,393 %, making an in.
crease of the Safe debt in ten years, of Sl6,-
1896 $40 90, nowii ihsIanding the receipt, in The
mean time, of S2,S67 ,5I4 7S of surplus rev.
enue from the United States, and Of S3,446,-
7s0 81. as premiums for bank charters. In
contemplating his startling fact, we naturally
look round for The meTlioriUus objects of Sale
policy, Tor hich this vas, aggregate Of TWEEN
iy-iwo and 'hree-qnarier millions OF dollars, has
been expended, we find aone OF any magnitude.
The main llne of Canal aud Railway, between
Philadelphia and Pii'sburg, had been compile
ted, and vas in successful operation. The
Delaware DIVISION the Susquehanna and North
Branch division. To the mouth Of the Lackawa-
ma, The West Branch 10 Queens Rum the Bea-
yer division 10 New Castle, The Franklin line
and The French Creek Feeder, were all sub.
sranrial!y flashed when Governor Wolf left
the Executive Chair; and The sum Of S344,6l9
O9 was all lha, remained TO be paid for con-
peing them.
The Stale had reached point in her in-
provement system, Al which she could have sns-
pended operations wiihou, loss. The sch eme
of direct taxation, !" pay The interest on The
Stale loans. which had been introduced under
Governor Woi's Administration. was admon-
ishing The people nf the Inconvenience OF a
public debt. Every thing indicated that The
luriher progress "f oui State improvements "as
10 be deferred, ill time had tested The produc-
,vene-s of he finished works, and The increas-
ing deveopenenl Of our resources had invited
aud Justified heir further extension. IL was, al
his time, that The act oi Sth February S36,
was passed. entitled. IAN act To repeal The Stale
lax on real and personal properly. and TO con-
time and extend the Improvements of the State
by railroads aud canals. and To charter State
Bank. 10 be called the "Unted States Bank "
'rne frs, section oi THIS ACT resclnded the sys-
'e,n Of taxes, which had been devised for The
protection Of The public credit-whlch by other
sections, more than Two millions of dollars TO
be received from the Bank, we're appropriated
al once TO the prosecution of company works,
and the cotntne nceWeht oi new ones, under The
direct charge of the Stale. To enable the
Common nwealih ~ consummate this Wild exten-
slou of Improvements, ok mlIiIons oi dollars