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

0 18th FEBRUARY, 1886, was passed, cnri
tied, IAN act 10 repeal the State Tax o,
8 real and personal property, and 10 con
'inue and extend the Improvements oI
the State by Rail Roads and Canals.au,
TO charter a State Bank, 10 be caIIe,
The United States Bruk' The first sec
I1lon of this aCl rescinded the system o
taxes, which had been devised for IN,
proection OF the public Credr--while
by other sections, more than two mil
lions Of dollars 10 be received from the
Bank, were aproprialed at ouce to the
prosecution Of Company works, and tho
commencement o. hew ones; under the
direct charge OF The Stale. TO enabIt
he Commonwealth 10 consummate lnlS
wild extension OF improvements, SIX
millions Of dollars were promi iCed as a
permanent loan to the Sale, al an inter.
EST OF four percent, and o,her loans Al
he same rate we're 10 be made, ,when re-
quired, TO the amonnt Of one million Of
iolars annu4lly. Under the impulsr
OF this Acl, and Of the influences which
effected its passage, a new series of i'm
provemens were begun at once, all Of
which. after the eXpe ndlure Of man,
millions, now forming part OF the pu
ic debt, and the cause of increased tax
''ion, have been abandoned by ihe Stale
'nd have passed, most OF them, into the
hands OF companies, which have paid
no consideration for them.
IL even seems, that the State has not
limited its gratuI'iOs to the works thus
com menced. Beaver division, and the
Wyoming line, ,oo the North branch, EN-
tracing 43 miles Of Canal 10 acuaIuse
md he French Creek Feeder, costing
together Sl,222,027 81, and all of them
G'Ri-Ae9 10 1885, have been given
AZ. TO companies, and leave the State
wv n less exlended system Of improve
menls now, than it had when the Bank
Of the United States was chartered.
The progress of these works wo-
..,"'hv" hy me declining credit OF tn"
State, unIll, aIIer Inc most desperate re
'ortS, the sale of further suspension to
he banks in 1910 and a loan in 1911.
" the State herself, by the device of
Ssulog relief no'es--lhe proclaimed
ran iruptcy OF the Commonwealth for.
'lbIy arrested them,
But thS evil did not stop here. When
he wor ks were abandoned, the Sat-
vas lar gcIy indebted TO HE contractors
whose claims were regarded as of pri.
nary obligation. To satisfy them. a
aw was passed, requiring the sale o.
he Bank stock, aud other stocks which |
were ewned by the State. These stocks,
which had cost the Treasury nearl,
81, 200, 600, were, al most unpropitious
moment, sacrificed Tor 4 fraction mor,I
than 81, ,40j,0OO
However painful these reccoleruon
OF pecunIary loss may be, there wcrr
attendant circumstances of graver and
more nomenuous concern to The pa.
irIot. A new element Of power found
tS way into our elections. The eIec.
i've franchise was violated and abusad-
he declarations Of the public will were
lSreg'rdeG aud den"d, and the very
.XSoncc Of our free institutions was
nenaC@d with rco0IutIon ad destruction.
alIude to The memorable crisis Of iS3S Ii
when direct attempt was made, by the
saders OF a minority, 10 usurp the gov
'rnmCOl sud TO substitute their dicra
ion. ior the voice Of the majority OF the i
Icople. Il
Thcos scenes had their origin, beyond ,
'oub', IN spirit Of reckless confdenc, Il
Il the power aud corruPing iunuenc, :
f money to con;ruI the STATE.
Apart from these political consideri- |,
ions, The Influence OF a vitated paper A
yscm upon lhe general and ordinary Il
interest OF IIfr,is banefuI aod pernicious. :.
there has virtually been moth
Dg in the organization of Banks 10 Id
INIT the extent and define the chsrac- Y
eT OF their action but The discretion t( c
he directors a few iDdiyiduolS, con- q
the efficient portion Of th, 10
}oaIds Oi management, are, in fact, th, In
.eposllorles 5 OF This discretion; aud as . =,
eneraI rule, subjrcl no doubt 10 many O
onorabie exceptions, II Is eXercised v
VIih nttfnarv tI MOI ayolr,t,a raf.rn,o.I