The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-01-06

and then to the payment Of the amount funded by the
TIE resources Of the Treasury win he sufcient
eel all that may be received in payment of the
Commonwealth and to pay the banks the amount fun
agree to fund any considerable portion OF them they
may all De taken out of circulation within the present
year may be urged that as these notes do not now
pear interest they ought not to be converted into
debt on which interest will be payable This however,
IL but superficial view Of the subject There no lon
ger any excuse for continued violation OF the public
iaitn oy the payment OF the public creditors IN de-
Precstsd currency and the small amount OF interest
whsh viii have to be psd II the banks agree TO fund
portion Of these notes will be than compensated
by relieving the character OF the state from the contn
uston OF injustice, and the people from the
losses In sidsut depr, csted circulation This
rency had its origin 10 evasion Of the constitution
and ought 10 be blotted out OF remembrance.
II may be safely assumed, that We have reached
period in financial history, when the perm ssent
revenues ofthe Commonwealth exceed annually the In
terest the public debt, and the ordinary demands
upon the Treasury, by at least half million of dollars
And this excess 1t IL confidently believed NAV bv in
dicious revision and amendment of the laws-s
prudent and economical part of the lsuis-
latve aud 'ecutivs departments Of the Government
ana the faithful management of the public works be
sugme tied In few years million Of dollars as
sinking fund without increasing the burdens OF those
alton OF their taxable property This applied
annually with its accruiug interest the redemption
OF the nve per cent State stocks at would
upward of sixteen millions four hundred thousand dol
lars OF the debt in twelve and reduce at the end
all the relief issues will be redeemed and cancelled by
the year thousand eight hundred and fifty and If
on the funded debt the result thus anticipated will be
realized In the year thousand eight hundred and
sixy-two at which time there is good to believe,
the net income from the public works will be
sumcient TO the interest the balance of the pub
lie debt and thereby relieve the people from all further
direct taxation for this purpose
Some may view this proposition MS visionary and de-
lusive, but regard it entirely practicable, under
wise and prudent administration of the affairs of the
state: The augmsnting trade upon public works
and the consequent increase of business CONNER
cia and manufacturing cities towns and the in.
of population taxable property within our
limits cannot fail, under proper enforcement of the
add the means of the treasury every
year If however this great object effected the
public revenues must not be diverted other
and the most rigid economy and the srctes accounta
onty OF the public sgents, be required and en-
forced Is among the first and highest duties those
entrusted with the administration Of the government to
stances to incresse public confidence guard against
the good faith of the State being again called in
reduce the public debt and relieve the peo
pie from perpetual taxation to pay interest /
Therefore, feel mpelled, by sense of duty renew
which is In these words In conn ection with
Ems SUBJ ct respectfully recommend the General
people to the constitution of the state
und the form Il the 10th Srtic. that instrument
oy which the income from the public improvements
after deductng the neoe'a expenses for repairs aud
superintendsnce the arising from State tax
on real aud personal property for certain period
such other items OF income AS 1t be deemed expe
dent to include sha be- set apart and sacredy pledg
for the payment Of the interest upon the puoc debt
ana TIE gradual liquidation of the principal Such
amendment juficiously arranged, would. | apprehend
meet the decided appreciation of hs people the
monwestn ltwould concentrate public sentiment upon
fixed object all doubt OF the fulness of the
public credit, and lay the foundation of the final ex-
ting ushment of TIE public debt 1t would give an add
toos security and assurance the people and TO the
public creditors, that in event, ould the public
revenue be diverted from its legitimate object and
would furnish conclusive for the prompt and
cheerful payment OF the
The inequality of taxation, arising from large quant
bi.nf m fay md wi.t;x.
escaping assessment and the unequal valuation of that
which Is assessed continues to BE- subject just com
plant am well aware there inherent difficulties
connected with the subject but still the experience. Of
the operation Of the system aud the defects
become apparent will point out rides
grievances ~hcb exist aud which should be adopted
therefore most respectfully invite the attention OF the
subject. Whatever just amount Of taxation one man
escapes by evasion, imperfect execution of the
law 10 an i'm position and fraud upon his neghbor who
mskesa full return Of his property and pays upon
fair valuation
There are no subjects intimately connected
with, or which have direct nhuen upon the in
tsress OF the country than the currency and bank
ing system
There good believe that tn. prosp eritv of
the people Of the United States particularly those
nsct-d with the agricultural interests, has been pro.
vernment of the high upon our exports o, grain
and other agricultural productions. and the mod6ca-
ton Of our own tariff, by which the commercial ex
changes Of the two countries have been greatly augment
cd without affecting I'M urously far as am informed
any OF the great manufacturing interests. other
Other causes, In combination with those alluded to
have produced large indux Of specie into the United
circulation among the people found wsy the
vaults OF the banks This increase Of the precious me-
tss nile II should dispense in degree with the
of paper currency has tendency to increase q by
enarsing the means Of the banks TO extend their issues
speculation and over action in every department OF
business and thus make the present substantial pros
pey OF the people the means OF producing advsrsty
treasury have had. and doubt will continue have
most salutay influence in restraining ths tendency
excessive banking by keeping the public
of the vaults of the baok ks and compelling them be
prepared to redeem their notes and furnish specie
meet the wants of those who have customs and other
dues, to pay to the government
Although the restraining influence of this great
upon the banking SYSTEM is most beneficial still it
does dispense with with the necessity of caution
and prudence the part Of the States in every thing
pertaining TO banking aud paper circulation
Moderate discriminating du les, with sound
limited to the specie stan dard be regarded
the natural and healthy condition Of a country. by
which the just rewards Of labor secured and all the
great Interests Of the people advanced while high
ties and redundant sper currency operate unnatu
raj stinuants and create apparent butdeuve prospe
rity.
Nothing contribute so much to the maintenance
OF our present prosperity q sound currency Penn
sylvsnia is rich in productions OF almost every descr-
ton required by the Of mankind; nothing lie
to make her people the most Jude pendent
the world but proper regard for her interests To
advance these che must be seduced from her
ton 20 sound principles by the artificial coutrivsuo-s
Of false economists whose selfish theories ueu
sve as they are destructive of public good
The present lie most propitous period when there is
abundance OF gold and silver In the country make
determined effort 10 increase its circulation, and
the people the currency which wisdom OF the
trainers OF the Constitution of the United States provi
ded lnstead OF creating banks. or increasing the
capital OF old efforts should be directed to se
cure the sovency Of those which already exist, and
thereby render their circulation sound and reliable
Impressed with the forcs Of these considerations /
convinced that the increase OF the banking capital
of the State, would be unwse aud impolitic and re-
specttuly recommend that before any OF the ex-
listing bsnks is recharered searching scrutiny be in
in 0 caHa ffE
it's and If it be found that the been
suffered to depreciste that the Accommodations have
been bestowed upon favories and large specuaors and
dealers in money instead of being diused among mod
crate and safe oustoners that the issue have az