Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1846-01-15

|
al the same rato were 10 he made, when re-
CURED 10 the amount of one million of dollars
annually.
Under The impulse of this act, and of the in
f1uences which effected IFS passage, a new se-
res of improvement. were begun a, once, all
of which, after the expenditure Of many mil
lions, now forming part Of the public deb, and
the cause of increased taxation have been aban-
doned by the State. and have passed most of
them, into the hands of companies which have
paid no consideration for Them
| IL even seems that the Stale has not limited
It's graiuIlles TO the works thus CONNIE nc ed
| The Beaver division, and the Wyoming line,
on the North Branch, embracing forty-ihree
miles Of canal in actual use, aud the French
Creek Feeder, costing together 5 ,222 ,927 81
aud all Of them finished in 1885, have been
given away TO companies, and leave the Stale
with less extended system of impro, emenis
now, than it had hen the Bank of the United
STATES was chartered.
The progress of these works was marked by
the declining cred, of The Stale, until, after the
most desperate resoIts-'he sale Of further
| suspensiun to the Banks in 1910, and loan in
ls4l by The Stale 10 herself. by the device of
issuing relief notes.-the proclaimed bankrupt
| cy Of he Commonw ealIh lorcibly arrested them.
! Blu, 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 primary obligation. TO satisfy
them. law was passed, requiring The sale Of
the Bank stock, and other stocks which were
owned by the State. These stocks, which had
cost The Treasury nearly 81, 200 900, were, a,
a most unproptious moment, sacrificed for a
! fraction more than 5 100000.
However painful these recollections Of pecu-
mary loss may be, there were attendant crcum-
stances of graver and more momenous concern
10 the patriot. A new element of power found
its way into our elections. The elective fran
chise was violated and abused-ihe declarations
of the public will were disregarded and de6ed
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 a
| minority, to usurp the government and to sub
sti'u,e their dictaton for the voice of the ma
jorily Of The people. These scenes had their
origin beyond doubt, in spirit Of reckless con-
! fiicnce in the power aud corIupfing influence
Of money to control The SAFE.
! Apart from ihese political considerations, the
influence of viilaled paper system upon The
general and ordinary interests of life, Is bane-
/ fu and pernicious. Hitherto, there has virtual
/ Iy been nothing in the organization of Banks,
TO limit the extent and define the character of
their action, but The discretion Of the directors.
A few individuals, constituting The efficient por-
ton of the Board of management. are, in fact,
the Repositories Of this discretion; and as gen.
era rule. subject no doubt 10 many honorable
| .,,,k &c rs,i
exclusive, reference TO Ihe supposed interests
of the Bank.
While the business Of the country prospers.
ard the spirit Of specializing enterprise is slim
ula,ed by success they extend their accOmmo-
dalions literally. and fill the channels of circu-
la,on with redundent and depraved currency.
An unnatural Iise OF prices Is The consequence.
i lmportaions increase in defiance OF any dis
criminaling ,ariff-ex'ravagance invades all the
| departments OF s0Cietv-indehne credit Invites
To a .hriiiess extension of Indebtedness, I'LL, al
last, the laws of trade, urChanging as those oil
nature, produce reaction, and he whole artll-
cial machinery is crushed. The people Of the
country are indebted 10 the cities; the cities
are indebted abroad, here the promises OF the
banks are not accepted as money; and the
Banks are called upon to redeem their notes In
coin This they can only do by drawing in
their MEANS refusing new accommodations. and
pressing their debtors for payment. The circu-
a,on of the country is suddenly contracted !;
properly is sacrificed, in many instances. with
on, relieving the debtor; and his energies are
paray>ed by hopeless insolvency.
Such, within the recent memory OF all oil US.
has been the action Of vi,iated banking sys.
TEN, on the faith Of the Sale, the stability oil
her institutions, aud the free energies oi her
people Il has taught Us griesous lesson OF
suffering bu i, will no. have heen altogether
unprodnctve Of good. if il has impressed on Us
he solemn aud imperative duty Of guarding
against a recurrence of similar evils.
The abuses of the banking system are found
! in many forms but they are essentially the
same in their origin and result; excessive issues
of paper, and its consequent depreciation 10
give the power of manufacturing money, YET ef-
fectually to limit its exercise, by Legislation, Is
practically impossible. 1t is obvious, that no en-,
actment can absolutely prevent the unlawful
issue of paper by bank which has the lawful
right to issue any Returns of bank officers, how
ever exactly prescribed, or honestly made, give
no security for the periods that elapee between
them and inspections Of the affairs OF the Banks