Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1848-01-08

wofo OI otxteeU tnuftO0s Wur nunoStu Weputeuui
dollars, Of thedebtih twelve yesfss snd reduce
il st the end OF that time, wenty three millions
II is believed that ell the reliof ISSUES will be re-
deemed and cancelled, BY the year one thou.
sand eight hundred ard fifty, aud ii1he opera. !
toDs Of the sinking fund are then commenced,
on the funds, debt. the result thus anticipated,
will be realized in the year one thousand eight
hundred aud sixty two, st which time, there ie
good reason 10 believe, the net income from the
public works. will be more than sufficient TO
pay the interest,", ON ti,e balance sG the public !
debt. aud thereby relieve the people from all
further direct taxation for this purpOse.
Some msy view this proposition as v'siooary.
and delusive. but regard il ss entirely ptact,.
cable, under wise aud prudent administration
OF the affairs Of the State. The angmentng
trade upon Our public works, and the cou" quent
increase of business 10 our commercial and
manufacturing cities and towns, aud the 10.
crease OF population and taxable property, with.
in our limits. cannot TAIL under proper enforce
ment ot the revenue laws, to add 10 the means
of the Treasury every year. u, however, this
great bect is to be effected, the public reve.
nuea must Tot be- diverted 10 other purposes, and
the most rigid ecnncmy. and the s:rctest nc.
couniabili,y, Of the public agents. must be re.
quired rnd e,fdced II is among The fret, and
highest duties, OF those entrusted with the cd.
m'ns,rstion Of the government, 10 adopt the
most efficient means. under existing c,rcum.
stances, to increase public confidence and guard
Sgsinst the good iaith OF the State being evrr q.
gain cal IN questnn-to reduce the public
deb:, aud relieve The people from perpetual tax.
stion 10 pay interest. 1, therefore, feel inpel.
led by a sense OF duty, TO renew the rrcommcn
d,tion contsined in the last annual message,
which is m these words: "in come ction with
a.. fall As,A shn
General Assembly, the proprle,y and policy Of
proposing To the people. an amendment 10 tl"
Constitution OF the State. under The tnrm Of the
10Th article oftha, instrument, by which the in.
, come iron, IN" public improvements, after de-
duc,ing the necessary expenses Tor repairs and
| superintpndancc-the revenue arising from tho
State tex on real and personal prop riy. for o
certain period, and such other items of income
~ il may he deemed rxpedient 10 include. cha II
Re set apart and sacredly pledged. for the pny-
ment oi the interest upon the public debt. and
the gradual liquidation Of the principal. Such
AL amendment, judicious,y nrranged. would,
suprrhpnd, meet with the decided appnba,i ion
o: the people IF the Commonwealth. 1t would
concentrate public sen,im' nj upon q fixed oh.
| j"ct-remove all doubt III the fullnees Of the
public credit, and lay the foundation Of the final
extincuishmru, Of the public debt. It wrUid
give on additional security end assurance Ia the
people, and to the public creditors, TINT. in nc
event. could the public revenue be diverted
from ito legitimate obj Ct, aud would furnish
conclusive resaOne, for the prompt and Cheerful
payment Of the iax"s."
The inequsiity Of taxation arising from lavge
quantities Of property subject TO tax under ex's
ting laws, escaping ssse-sment, and the une
quail valuation Of that which 10 assessed, contn
nee 10 be . subject Of just complaint. ] at
well aware ,h-re ere inherent difficuhies con
nec,ed with the suhj"c', bui still the exp"rienct
OF the operation ot the system, end the deiecti
which have become apparent, will point ou
some rem. dies for the grievances which exist
and which should be adopted. J., therefore
most respectfully invite the attention Of th,
General Assembly. to thorough examination
of the subject. Whatever just amount Of taxa
lion cne man escapes BY On evasion, or imper
feet execution, Of the Law, 10 90 imposi,on an,
fraud upon his neighb". who nskes full 70
turn Of hi' property. and paysa tax upon fai
valuation.
There ere No subjects more intimately con
Dectcd ith, or which have u'ore direct infu
encr upon the interests OF the country, thnn tn
currency and the banking systsm.
There is good reason to b, lirve, that tn
pro. perity of the people Of the United States
particularly those connected with the sgricultC
raj Interests, has been prrnnO,ed. by the .. me
val "n the part OF the British Government, {
: tie high duties upon our exports of grain, an
Other agricultural productions, and the mdifics
tinn Of cur own tariff. by which the c"m,nercis
xcha nprs OF the txO conniTie. have been q Ieo
" augmented, without sffcctiIg, injurio iorsiy, 6
iar % ] sm informed. any of the grest manuisC
turing Interests, or other Industrial pursuits
our people.
Other cau-er, in combination ~ih those a
: luded h, have produced large influx OF spec,
! into the United Stats. Gu,,ng the past yea
which has gone Into sciive circulation anon
the people, or found It's WY int" the vaults
the banks This incresse.of the precious metal
whilo u should dispense, ~ q great degree, wit
the US. of paper currency, has a tendency 10 j,
crease it. by enisrging the means OF The baut
to extend their issues. The sfiec, of which,
:, encouraged, will be to promote speculation, On
= over sc,nn in every department Oi business, On
thus mske The present snbsianIisl prosperity
the people, the means Of producing adversit
. ard depression. The operations OF the Const
: tutional Treasury have had. and no doubt wi
.. . coutiru~ To have. n most salnisry influence.
. rcs'rni ming the tendency 10 excessive banking
!, by keeping the public revenues cut of the vsu
of the banks, and compelling them 10 be- prep
;, red to r'deem their notes. and furnish specie,
. meet the wants of those who have customs, On
: other dues. To pay 10 the Government.
!. Although the restraining influence Of ,h
e great measure, upon the BANKING system. is mo
j. brn- -fcisi, s,'ll it does not dispense wnh The n
\ ccss',y Of caution and prudence, on The part
|. the S,Stes. in every thing pertaining to bankr
. and paper circUlsiioR.~
,. Moderate discriminating duties, with sout
. currency, limited to the specie stshGard, ms
n be regarded as the natural and healthy condilis