Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1846-06-04

of the subject. Whatever just amount of taxation
one man escapes by an evasion. or imperfect exc
cution, of the law, is an imposition and fraud up
on his neighbor who makes full return of his
property, and pays tax upon fair valuation.
There are no subjects more intimately connected
with, or which have more direct influence upon
the interests of the country, than the currency and
the banking system.
There is good reason 10 believe, that the prospe-
rity of the people of the United States particularly
those connected with the agricultural interests has
been promoted, by the removal on the part of the
British Government Of the high duties upon our
exports of grain, and other agricultural productions
and the modification of eur own tariff, by which
the commercial exchanges of the two countries have
been greatly augmented, without affecting, iniuri-
ously, SO far as | am informed, any of the great
manufacturing interests, other industrial pursuits
of our people.
Other causes, in combination with those alluded
to, have produced large influx of specie into the
United States, during the past year, which has gone
into active circulation among the people, or found
its way into the vaults of the banks. This increase
of the precious metals, while it should dispense, in
great degree, with the of paper currency, has
a tendency to increase it, by enlarging the means
of the banks to extend their issues. The effect of
which, if encouraged, will be to promote specula-
ton, and action in every department of busi-
ness, and thus make the present substantial pros
perity of the people, the means of producing adver
sity and depression. The operations of the Con-
stitutonal Treasury have had, and no doubt will
continue to have, most salutary influence, in re-
straining the tendency to excessive banking, by
keeping the public revenues out of the vaults of the
banks and compelling them to be prepared to re-
deem their notes. and furnish specie, to meet the
wants of those who have customs, and other dues,
to pay to the Government.
Although the restraining influence of this great
measure, upon the banking system, is most bene-
fetal, still it does not dispense with the necessity
of caution and prudence on the part of the States,
in every thing pertaining to banking and paper cir
culation.
Moderate discriminating duties, with sound
currency, limited to the specie standard, may be re-
garded as the natural and healthy condition of
country, by which the just rewards of labor are
secured, and all the great interests of the people
advanced while high duties and a redundant paper
currency operate unnatural stimulants and create
apparent but delusive prosperity.
Nothing can contribute so much to the mainte-
rency Pennsylvania is rich in productions of almost
every description required by the wants of mankind;
and nothing is necessary to make her people the
most independent in the world, but proper regard
for her true interests To advance these, she must
not be seduced from her devotion to sound Princi-
pies, by the artificial contrivances Of false
mist., whose selfish theories delusivs, they
are destructive of the public good.
The present is most proptious period, when
there is an abundance of gold and silver in the
country, to make determined effort to increase its
circulation, and secure to the people the currency
which the wisdom of the trainers of the Consttu-
ton of tho United States provided. Instead of
creating new banks, increasing the capital OF old
ones, our efforts should be directed to secure the
solvency of those which already exist and thereby
render their circulation sound and reliable.
Impressed with the force of these considerations,
I am convinced that the increase OF the banking
captal of the State would be unwlse and lmpolltc;
and I respectfully recommend, that before any one
of the existing banks is rechartered, searching
scrutiny be Instituted into its affairs, It's manage
ment. its credit and its means; and If II be found
that the notes have been suffered to depreciate that
the accommodations hare been bestowed upon ia
vorites and large spectators and dealers IN money,
instead of being diffused among moderate and safe
customers: that the issues have at one period en-
couraged speculations by their excess, and al an
other oppressed honest industry, by their contrac-
ton in short that the legitimate objects tor which
the privileges were granted, have not been by iaIr
faithful and iudcious management accomplished,
then the charter should be suffered to expire by Its
own limitation. The discontinuance OF such In
sttutions will promote the public good, and will be
hailed with appreciation by all but those VINO nave,
for private gain wrested them from the purpose for
which they were established
This policy, SO just towards the public, while 1t
NAV, to a moderate extent, diminish the present
amount of banking capital, will strengthen pubic
confidence in the other banks, and add TO the sta-
bility and soundaess of the currency. And as
NAV, ALSO increase the profits OF existine oanxs'
beyond Just compensation TO the sharenoiuers iof
their investments, and this excess OF gain Is de-
rived from the special privileges conferred upon
them by the Legislature, recommend, una, the TAX
imposed by the act of the LIST April, 1882 upon
dividends exceeding six per cent, per annun' oe
incrsased. While the inducement 10 excessive
banking will be reasonably checked by the increase
of this tax. the finances of the State may De, 10
,ome extent, improved, and the public welfare pro-
NOTED.
.,,;on Of the law prohibiting the circulation OF for
ean notes. under the denomination of five dollars
=, soon as the balance of the relief issues is can
cs,lsd s. I This will be positive advance in the i'm
of the currency, which should De tnen
followed by law prohibiting the circulation Of fall all
n.,.. hslov the denomination OF ten dollars. me
channels of circulation will then be filled with an
.hnnd,nes Of gold and silver, the public secured
a'uaoan 49,. of loss by broken banks, and