The Somerset herald and farmers' and mechanics' register. [volume] (Somerset, Pa.) 183?-1852, 1846-01-20

pTldlcu dlIedut. dllO A11AuAAf OCtOheAA5
to the public creditors
The deficit in our means, under exis-
ting laws, presents for the deliberations
of the General Assembly, topic of para
mount importance. 1t may be remem-
bered. that, in the month of January last,
/ expressed the opinion, in an Executive
message, that our finances had not then
reached a condition TO enable US, perma-
nenilv, sDd ai once, to resume payment
of the full interest on our public debt. l
regret that subsequent examinations and
reflections. have not permitted me to be-
lieve that was then in error. But the
Legislative action on the question has
changed the entire aspect of our duties,
and rendered II useless 10 revert 10 former
views Of policy. The payment of in
tercst on the funded debt of the Common
wealth, was, in fact, resumed on the first
of February, lS45. By that act, the
State asserted her present ability to meet
her engagements: snd II must be our care
that the pledge, thus renewed, be not a.
gain violated. The credit, fidelity and
honor of Pennsylvania, all demand, that,
henceiorward the interest on her public
debi shall be punctually and fully paid.
Heretofore, we might have pleaded the
unexpected failure of the Depository
Bank of the State. few days before the
interest was payable and when the mo-
neys appropriated to its discharge were
accumulated in her vaults.-the sudden
destruction in value of nearly the entire
currency In general use-the prosiration
of individual credit, and the deep and uni
versal pecuniary embarrassments of the
people. But now, all are prospering.-
the currency Is restored 10 a good degree
of soundness-our revenue system, though
still imperfect, has greatly increased in
effectiveness and certainty-enterprize is
renewed. and the people, happy in their
institutions, and confident in themselves.
look TO the appropriate action of the Le-
gisla,ure to make provisions to satisfy the
public wants.
The present period is. IN truth, the cri-
SIS of our affairs. Prompt and effective
measures now. to make moderate addI-
! ton TO our revenue, will restore to Penn
sylvania, for all future time, that proud
position from which she has temporarily
been made to stoop, BY course of poll
cy that never met the approval of her
people. But the addition must be made
at once. Unless the estimates that have
been presented, shall prove essentially er-
roneous, the balance In the Treasury, on
| the first of December. 1916, viii not ex-
ceed one hundred thousand dollars. II
| Is, therefore, obvious, that, if the receipts
| al the Treasury, during the months of
December, 1916, and January, lS47, do
not greatly exceed the receipts of the
corresponding months of any preceding
year, when the amount of outstanding
taxes was greater than 1t viii be then, q
| deficit must occur In the means of the
Treasury, to pay the interest which will
| become due on the lst of February, 1S47.
The necessity of the adoption of imme-
diate and efficient measures, to guard a.
gainst result which would be so fatal 10
the renewed faith and honor of the State,
cannot be TOO strongly enforced upon the
attention of the Legislature.
Intimately connected with the subject
! of our finances. is that Of the Banking
system of the State. The evils that have
resulted from the manner In which it has
/ been administered, and some of those
more essentially connected with It's or
ganizalion and tendencies, have been felt
by all. Yet, it NAV well be doubted
whether the whole of the misehiefs which
il has instigaied. have been traced back &C
their fruitful and pernicious cause. No
only has il stimulated individuals 10 ruin
but States have been led BY It's seductive
and corrupting Influences, into a course ol
| wild extravaganza, and consequent bank.
| ruptcv Public debts have been contrac.
| ted. even the interest of which could
scarcely be met, by the most onerous tax
afion; while, In other cases. the faith o.
The government, which ought always tc
be held sacred, has been violated in time
of profound peace.
The history Of Pennsylvania, since The
beginning Of the year 1896, IS painful
illustration of this truth. In December
| 1885, when Governor Wolf retired from
Office, two months before the incorpora-
ton OF the Bank of the United States, the
State debt of Pennsylvania was S24 $50,
743 50. Ii is now, exclusive of the a
mount received as deposite from the
the general government, S40,9s6,393 %
making an increase of the State debt, IN
ten wears, of 1886, ,649 90, notwith
standing the receipt, in the mean time, o
s2,667 .5l4 7S of surplus revenue from
the United States, and of S3,446,760 81
as premiums for Bank Charters.
| In contemplating this startling fact, W,
naturally look round for the meritoriou.
objects OF State policy, for which thu.
vast aggregate OF twenty-five and thre.
quarter millions of dollars, has been ex