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

to the sum of $l,5S1, ,575 81, being S286,06l IL
more than was taken in the preceding year, and
exceeded the estimate made for the last year,
near one hundred thousand dollars. Had no un-
usual interruption of business occurred, the
amount taken would certainly have reached
eighteen hundred dollars.
The estimates Of canal and railroad tolls for
the current year, is seventeen hundred thousand
dollars, which, there is good reason to believe.
is rather below than above the amount which
will be received. The expenses of repairing
the damages to the public works, by the foods of
the past year, will principally fall upon the cur
rent year They are, however, included in the
estimate of the expenses of the year, and will
not affec, the results presented in the preceding
calculations.
The amount of relief issues in circulation, on
the first of December last, was nine hundred and
thirty-one thousand, six hundred and sixty -four
dollars, of which fifty thousand were cancelled
at the Treasury, on the 3lst of Dec, leaving
eight hundred and eighty-one thousand, six hun
dred and sixty-four dollars, still outstanding
The means of the Treasury, it is believed, will
be adequate to the cancellation of the whole
amount now IN circulation, within the present
and succeeding year. Many of them are so de-
faced, as to be almost illegible, and are unfit for
circulation; besides they vitate the currency,
dUu luiHiSu all ShCuSC tlt uSc vi Sliidll UOLeS
from other States, in violation Of law, and lessen
the circulation of gold and silver among the peo-
pie. Justice to the public creditors, who are
compelled to receive them in payment of their
interest, when they are below par, as we'll as TO
the people at large, impeTatively demands that
they shoul:: De taken out of circulation as soon
as practicable. |, therefore, recommend the
passage of a law, allowing such of the Banks as
have issued these notes. to fund them at rate of
interest not exceeding six per cent. per annum
payable sem-annualy, and that all the surplus
means in the Treasury, beyond the payment of
the interest on the public debt, and the current
expenses Of the government, be applied first, to
the redemption or cancellation of those that may
remain in circulation, as they come into the
Treasury, and then to the payment Of the amount
funded by the banks.
The resources of the Treasury viii Be suffi-
cient to cancel all that may be received in pay
ment of dues to the Commonwealth, and TO paw
the banks the amount funded within two years
BY this process, should the banks agree to fund
any considerable portion of them; they may all
be taken out of circulation within the present
year. 1t may be urged, that as those notes do
not now bear interest, they ought net to be con-
verted into a debt on which interest vii! be pay
able. This, however, is but superficial view
of the subject There is no longer any excuse
for continued violation oil the public faith, by
the payment of the public creditors, in depre-
ciaied currency and the small amount of inter-
est which will have to be paid, if the banks agree
to fund a portion Of these notes, will be more
than compensated by relieving the character of
the State from the continuation of this act of in
justice, and the people from the losses incident
to deprecated circulation. This currency had
Its origin IN an evasion of the Constitution, and
ought tie be blotted out of remembrance
1t may now be safely assumed, that we have
reached period, in our financial history, when
the permanent revenues of the Commonwealth
exceed, annually, the interest on the public debt,
and the ordinary demands upon the Treasury, by
at least half a million of dollars And this ex-
cess, 1t Is confidently believed, may, by a judi
cIous revision and amendment of the revenue
laws-a prudent and economical course on the
part of the Legislative and Executive depart
ments OF the government, and the faithful man
agement OF the public works, be augmented in a
few years to one million of dollars, as a sinking
fund, without increasing the burdens of those
WHO now pay their taxes, on full return and
fair valuation of their taxable property. This
sum applied seml.annually; with its accruing in
terest, to the redemption of the FIVE per cent
State stocks, at par would discharge upward o
sixteen millions, four hundred thousand dollars
Of the debt, in twelve years. ard reduce it at the
end Of that time, to tWenty-three millions. II
/ is believed that all the relief issues will be re-
deemed and cancelled. by the year one thousand
eight hundred and fifty, and if the operations o.
tile sinking fund are then commenced, on the
funded debt, the result thus anticipated, will be
realized in the year one thousand eight hundred
and sixty-two, at which time, there is good rea
son to believe, the net income from the public
works will be more than sufficient to pay the in
terest the balance of the public debt and there
by relieve the people from all further direct tax
alton for this purpose.
Some may view this proposition as visionary
and delusve; bnt regard it as entirely practlca
ble, under wise and prudent administration o
the affairs of The State. The augumentlng trade
upon our puoiic works, and the consequent In
crease of business IN our commercial and manu-
featuring cities and towns, and the increase o.
population and taxable property within our limits
cannot fail, under proper enforcement OF the
revenue laws, to add to the means of the Treas
ury every year. If, however, this great object Is
to be effected, the public revenues must not he
diverted to other purposes, and the most rigid
economy, and the striCtest accountability ct the
public agents, must be required and enforced. II
is among the first and highest duties of those en-
trusted with the administration Of the govern
ment, to adopt the most efficient means, under
existing circumstances, to increase public conf
deDce snd guard against the rood faith of the