Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1848-01-13

! State being ever again called in questlon-to re-
duce the public debt, and relieve the people from
perpetual taxation to pay interest. /, therefore,
| feel impelled by sense ofduty, to renoW the re-
commendation contained in the last annual mes
saoe which is in these words: SIN connection
with this subject, | respectfully recommend to
the General Assembly, the proprlety and policy OF
proposing to the people, an amendment OF the
Constitution of the State, under the torn OF the
10th article of that instrument, by which the IN
come from the public improvements, after deduc-
ting the necessary expenses for repairs and su-
perintendence-tKe revenue arising from the
State tax ON real and personal property, for GER
tain period, and such other items OF income as
it may be deemed expediept to incllide, shall be
set qrart and sacredlv pledged for the payment OF
the interest Of the public debt, and the gradual
ioudation of the primer pal. Such an amendment,
! udciously arranged would | apprehend meet
with decided appreciation of the people of the
Commonwealth. 1t would concentrate public SEN
timent upon fixed object-remove all doubt OF
the public credit, and lay the foundation OF the
final extingushment of the public debt. 1t would
give an additional security and assurance to the
public creditors that, in no event. could the pnb-
lie revenue he diverted from its legitimate object,
and would furnish conclusive reasons sfor the
prompt and cheerful payment of the taxes"
The inequality of taxation arising from large
!
quantities ofproperty subject to tax under exis-
/ ting laws, escaping assessment, and the unequal
valuation of that which is assessed, continues to
be subject of just complaint | am well aware
there are inherent difficulties connected with the
subject, but still the experience OF tile operation
! of the system, and the defects which have be-
come apparent, will point out some remedies tor
/ the grievances which exist, and which should be
adopted. l. therefore, most respectfully invite
6 Al A,-o foo tfOr-
ough examination Of the subject. Whatever just
amount of taxation one man escapes by an lnVa-
sion, or imperfect execution of the law, is an i'm
position and fraud upon his neghbor, who makes
full return OF his property, and paysa tax upon
fair valuation.
There are no subjects more intimately connec-
! ted with, or which have more direct influence
upon the interests of the country, than the cur
rency and the banking system.
There is good reason to believe. that the pros
perlty Of the people ofthe U. States, particularly
! those connected with the agricultural interests,
J has been promoted, by the removal on the part ct
the British Government, OF the high duties upon
our exports of grain, and other agricultural pro-
ductions, and the modification of orr own tariff,
by which the commercial exchanges Of the two
/ countries have been greatly augmented, without
affecting, injuriousIy, SO far as am intermediary
of the great manufacturing interests, or other m
dustral pursuits Of our people.
Other causes, in combination with those allud-
ed to have produced large influx Of specie into
the U. States, during the past year, which has
gone into active circulation among the people, or
found its way into the vaults or the banks. This
increase of the precious metals, while it should
dispense, in great degree, with the Use of paper
currency, has tendency to increase it by enlarg-
ing the means of the banks to extend their issues.
The effect Of which, ifencouraged, will be to
promote speculation, and over action in every de-
partment of business, and thus make the present
substantial prosperity of the people, the means OF
producing adversely and depression. The opera
tions of the Constitutional Treasury have had and
no doubt will continue TO have, most salntary
influence, in restraining til tendency to excess
i've banking, by keeping the public revenues out
of the banks, and compelling them to be prepar-
ed to redeem their notes, and furnish specie, tc
meet the wants OF those who have customs, and
other dues, to pay to the Government
! Although the restraining influence of this great
measure, upon the banking system, is most bene-
ficial still it does not dispense with the neces-
sty of caution and prudence, on the part of the
States, in every thing pertaining to banking and
paper circulation
Moderate discriminating duties, with sound
currency, limited to the specie standard, may be
regarded as the uatural and healthy condition Of a
f country, by which the just rewards of labor are
secured and all the great interests of the people
advanced, while high duties and redundant pa.
per currency operate as unnatural stimulants and
create apparent but delusive prosperity.
Nothing can contribute SO much to the main
tenance of our present prosperity, as sound cur
rency. Pennsylvania is rich in productions of al
most every description required by the wants O
mankind and nothing is necessary to make hel
: people the most independent in the world, but &
proper regard for her true interests. TO advance
these she must not be seduced from her devotion
to sound principles, by the artificial contrivances
of false economists, whose selfish theories are as
delusve, as they are destructive of the public
good
The present is a most propltious period, when
f there is an abundance of gold and silver IN the
country, to make determined effort to increase
its crculation,and secure to the people the curren
: cy which the wisdom of the trainers OF the Con
f stituton of the u. States provided. Instead o
creating new banks, or increasing the capital o
old ones, our efforts should be directed to secure
the suvency of those which aleady exist, ant
thereby render their circulation sound and rella
ble
Impressed with the force of these considcta
tons, | am convinced that the increase Of tht
! banking capital of The State, would be unwist
and - onI | rasnpefE,Ily recornmppd