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

are compelled to receive them in payment of their
interest, when they are below par, as well as to
the people at large, imperadvey demands that they
should be taken out of circulation as soon as prac-
tlcable. l, therefore, recommend the passage of a
law, allowing such of the Banks as have issued
these notes, to fund them at a rate of interest not
exceeding SIX per cent per annum payably ssmi-an-
nuaily, and that all the surplus means in the
Treasury, beyond the payment of the interest on
the public debt and the current expenses of the
government, be applied, frs to the redemption or
cancellation OF those that may remain in circula-
ton, as they come into the Treasury, and then to
the payment of the amount funded by the banks.
The resources of the Treasury will be sufficient
to cancel all that may be received in payment of
dues to the Commonwealth, and to pay the banks
the amount funded within two years. By this pro-
cess, should the banks agree to fund any consdera
bic portion of them they may all be taken out of
circulation within the present year. 1t may be
urged, that as these notes do not now bear interest
they ought not to be converted into debt on which
interest will be payable. This, however, is but a
superficial view of the subject There is no longer
any excuse for continued violation of the public
faith, by the payment of the public creditors, in
deprecated currency, and the small amount of in
terest which will have to be paid if the banks agree
to fund PORTION of these notes, will be more than
compensated by relieving the character of the State
from the continuation of this act of injustice, and
the people from the losses incident to deprecated
circulation. This currency had its origin in an
evasion of the Constitution, and ought 10 be botted
out of remembrance
1t may now be safely assumed, that we have
reached PERIOD in our financial history, when the
permanent revenues of the Commonwealth ex-
ceed, annually, the inere.t on the public debt
and the ordinary demands apon the Treasury, by
at least half million of dollars. And this excess,
it is confidently believed may, by judicious re-
vision and amendment of the revenue laws-a pru-
dent and economical course on the part of the egis
latve and Executive departments of the Govern
ment, and the faithful management of the public
works, be augmented in few years to one million
of dollars a sinking fund, withou! increasing the
burdens of those who now pay their taxes on full
return and fair valuation of their taxable property.
This sum applied semi-annually, with its accrung
interest to the redemption of the five per cent.
State stocks, at par, wouil discharge upward of
sixteen millions, four hundred thousand dollars, of
the debt in twelve years, and reduce it at the end of
that time. to twenty-three millions. 1t is believed
that all the relief issues will be redeemed and can
ceed, by the year one tho lsand eight hundred and
fifty, and if the operations bf the sinking fund are
then commenced, on the fuhded debt the result thus
anticipated will be realized in the year one thousand
eight hundred and sixty-two, at which time, there
is good reason to believe the net income from the
public works, will be more than sufficient to pay
the interest on the balance of the public debt and
thereby relieve the people from all further direct
taxation for this purpose.
Some may view this proposition as visionary,
and deusive. but regard it as entirely practicable
under a wise and prudent administration of the
affairs of the State. The augmenting trade upon
our public works, and the consequent increase of
business in our commercial and manufacturing cities
and towns, and the increase of population and tax
able property, within our limits, cannot fail, under
proper enforcement of the revenue laws, to add
to the means of the Treasury every year. If how
ever, this great object is TO be effected, the public
revenues must not be diverted to other purposes,
and the most rigid economy, and the strictest ac-
countabity, of the public agents, must be required
and enforced. 1t is among the first and highest
duties, Of those entrusted with the administration
of the government, to adopt The most efficient means,
under existing circumstances to increase public con-
fdence and guard against the good faith of the
State being ever again called in question-to reduce
the public debt, and relieve the people from per-
petaal taxation to pay interest, |, therefore, feel
impelled by sense of duty, to renew the recon-
mendaton contained in the last annual message,
which is in these words: "In connection with this
subject, respectfully recommend to the General As
sembly, the proprety and policy of proposing to the
people, an amendment to the Constitution of the
State, under the form of the 10th article of that in
sirument, by which the income from the public i'm
provements after deducting the necessary expenses
for repairs and superintendence-the revenue ars-
ing from the State tax on real and personal prop
erty, for certain PERIOD and such other items of
income as it may be deemed expedent to include,
shall be set apart and sacredly pledged for the pay
ment of the interest upon the public debt, and the
gradual liquidation of the principal. Such an
amendment, judciously arranged, would, | appre-
hend meet with the decided appreciation Of the peo-
pie of the Commonwealth. 1t would concentrate
public sentiment upon fixed object-remove all
doubt of the fullness of the public credit, and lay
the foundation of the final extinguishment Of the
public debt. II would give an additional security
and assurance to the people, and 10 the public cre-
dltors, that, in no event, could the public revenue
be diverted from its legitimate object, and would
furnish conclusive reasons, for the prompt and cheer
ful payment of the taxes"
The inequality of taxation arising from large
Quantities of property subject to tax under existing
laws, escaping assessment. and the unequal valua-
ton of that which is assessed, continues to be a
subject of just complaint | am well aware there
are inherent difficulties connected with the subject,
but still the experience of the operation OF the
SYSTEM and the defects which have become apparent,
will point out some remedies for the grievances
which exist, and which should be adopted. |,