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


and the French Creek Feeder, were all
substantially finished when Governor
Wolf lefl the the Executive Chair; and
the sum of S344.6I9 %, was all that re-
manned to be paid for completing them.
The State had reached point in her
improvement system, Al which she could
have suspended operations without loss.
The scheme Of direct taxation, TO pay
the interest, on The State loans, which had
been introduced under Governor VOLTS
administration, was 7dmonishing the peO-
pie Of the inconvenience Of = public debt
Every thing Indicated thai the further
progress Of our State Improvements was
TO be deferred, till time had tested the
productiveness Of the finished works. and
the increasing Development OF our resour-
ces had invited and justified their further
extension.
II was at this time, that the act of 18Th
February. 1886, was passed, entitled, ian
act 10 repeal the State tax on real and
personal property, and to continue and
extend the Improvements Of the State BY
Rail Roads and Canals, and 10 charter a
State Bank. to be called the United States
Bank" The first section of this act re-
scinded the system of taxes, which had
been devised for the protection of the
public credii-while, by other sections,
more than two millions of dollars to be
received from the Bank, were appropria-
ted at once TO the prosecution of Com
pany works, and the commencement Of
new ones, under the direct charge of the
Stale. To enable the Commonwealth to
consumate this wild extension of i'm
provements. SIX millions of dollars were
promised as a permanent loan to the
State, an interest of four per cent, and
other loans al the same rate were 70 be
made, when required, to the amount of
one million of dollars annually. Under
the impulse of this Act, and of the infiu-
ence which effected Its passage, q new
series of improvements were begun al
once, all of which, after the expenditure
of manv millions, now forming part of
the public debt, and the cause of increas-
ed taxation. have been abandoned bv the
Stale, and have passed, most of them, into
the hands Of companies, which have paid
no consideration for them.
II even seems. that the State has not
limited It's graiuities to the works thus
commenced. The Beaver division. and
the Wyoming line, on the North Branch,
embracing fortv-three miles of Canal IN
actual use. and the French Creek Feeder,
costing together 81 .222 .927 81, and all
of them finished in 1885, have been given
away to companies, and leave the State
with less extended system of improve
ments now, than it had when the Bank
of the United States was chartered.
| The progress ofihese works was mark
ed by the declining credit of the State,
until, after the most desperate resorts,
the sale of further suspension IN the banks
in 1910, and loan in IS4l, bv the
State to herself, by the device of issuing
relief notes.-the proclaimed bankruptcy
of the Commonwealth forcibly arrested
them.
But the evil did not stop here. When
the works were abandoned, the State
was largely indebted TO the contractors,
whose claims were regarded as of priIna-
ry obligation. To satisfy them. a law
was passed. requiring the sale Of the Bank
stock, and other stocks which were own
ed by the State. These stocks. which
had cost the Treasury nearly $4,000, 600
! were. al 4 most unpropitious moment,
sacrificed for a fraction more than Sl,-
4O5, 600.
However painful these recollections of
pecuniarv loss NAV be there were at
tendsnt circumstances Of graver and more
. momeRious concern TO the patriot. 4
f new element of power found It's way
into our elections. The elective fran
ichise was violated and abused-the dec
larations of the public VIII were disre-
garded and defed, and the very existence
of our free institutions was menaced with
, revolution and destruction. | allude 10
the memorable crisis of 1888. when a
direct attempt was made, by the leaders
of minority, 10 usurp the government,
and to substitute their dictation for the
voice of the majority of the people.
These scenes had their origin, beyond
doubt, in a spirit of reckless confidence IN
the power and corrupting influence Of
: money to control the State.
: ApaHfrom these political considerations
the influence of a yitiaied paper system
, upon the general and ordinary interests
of life, is banelul and pernicious. Hith-
erto, there has virtually been nothing in
the organization of Banks to limit the ex-
} tent and define the character Of their zc-
| ton, but the discretion of the directors
4 few individuals, constituting the eff
: cient portion OF the Boards of management
) are, in fact, the repositories Of ihis discre-
5 ton: and as q general rule, subject no
: doubt TO many honorable exceptions, It
: is exercised with primary, if not exciu-