The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1846-01-17


lied, 'an act to repeal the State Tax on
real and personal property, and TO con.
,inue and extend the Improvements Of
the State by Rail Roads and Canals.and
to ct tarer Stale Bank, to be called
The United States Bruk.' The FIRST sec
ton Of this acl rescinded the system Of
taxes, which had been devised for III.
lproieciic0 Of the public credn---while,
Iby other sections, more than Two mil
| llioos Of dollars 10 be received from the
Bank, were aproprated at oHce 80 the
prose cut;on of Company works, and the
commencement Gf hew ones; under the
lircct chstge Of he State. To enable
he Commonwealth 10 consum mate this
wild extension of Improvements, SIX
Millions Of dollars were promised az g
IDcrmsnenl loan to the SAFE, al an inter.
ast Of four percent, and o,her loans
he same rate were TO be made, when re-.
Iluircd, 10 the am0nnt Of one million OF
! tollarS annually. Under the impuls,
Iof this Acl, and OF the influences which
effected lis passage, new series Of i'm
Iproyemenls were begun Of once, all OF
] which after the expenditure Of many
millions, now forming pari oG the pu
ic debt, and the cause Of increased ,s2
sion, have been abandoned by the State
nd have passed, most OF them, into III,
nsnds OF companies. which have p,it
40 consideration for item.
Il even seems, that the State has no
United its grauiiIOs to the. works thus
commenced. Beaver division, and the
Wyoming line on tho North branch EN-
racing % miles Of Canal in acrualus
md he French Creek Feeder. coslie.
ogelher 81 222, ,927 81. aod all Of ,heu
;. finished IN 1885, have been given a
t way to companies, and leave the Sat
+ with less extended system Of improv,
nenis now, than it had when the Blul
, Of the United States was chartered.
The progress Of these works wa
: marked By Me declioing credit of tn
State, until, after the mos desperate re
: 'orts, the sale Of further suspension Il
: he banks in 1870 and loan in 1871
II " the State herself, by he device Q
ssuing relief notes.-the procaime
'ariruptcy Of the Commonwealth for
IDLY arrested them.
| But the evil did not stop here. Vine
he works were abandoned, The Sat
vas largely indebted to ,he contractor
{ whose claims were regarded as Of pr
: nary obligation. TO satisfy them.
s aw was passed, r, ,quirng the sale O
he Bank stock, and other 'ocks whicl
we're ewned by tAe State. These stocks
=, which had cos, the Treasury nearI.
y $4,000, 900, were, al most unpropitlou
: moment, sacrificed for fraction mo-
n than 81, l,405,Q0O
= However painful these reccolleruo
{ Of pecuniary loss may be, there wer,
, sttendant circumstances of graver an
n more m3mentuous concern 10 The pl
triot. & new element o. power founc
lie way into our elections. The elec
tive franchise was violated and abusad-,
llhe declarations Of the public will wert
e, disreg gnrded snd defed, and The very
'Xsonce OF our free institutions wa
nenaced with reool0tion ad destruction
allude to The memorable crisis Of iS3s
when direct attempt was made by III,
leaders OF minority, 10 usurp the gov
ternmeui. and to substitute their dcrs
ion. for the voice Of the majority OF the
people.
These scenes had their origin, ,beyonc
ioub', in a spirit Of reckless confidence
n the power aud corruplng iulluenc,
# money 10 control the Sls,e.
Apart from these political Considera
lions, the influence Of vi'ated paper
System upon the general and ordinary
interest Of lifc,is baneful and pernicious
Hitherto, theie has virtually been moth
ing in the organization of Banks Il
r limit The eIten, and define The chsrac
ter OF thsir action hut the discretion {
he directors Il few individuals, con,
! s'i'uting the efficient portion OF lh
p Boards oi management, are, in fact, lh
D depositoties OF this discretion; aud as
, general rule, subj CT no doubt to man,
. honorable exceptions, ii is exercise,
= with primary, # not exclnsiae, ,refereOc
e 10 the supposed interest Of Banks.
While the business Of the countr
: prospers, and the spirit OF specuatin
!, enlerprize stimulated by success, the
IS extend their accommodations literally
3 and fill the channels of circulation wit
d redundant and dsprsved currency. A
l. unnatural rise Of price Is the cons
louence ImnnrtaIionS incTeasA In A