Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1848-09-21
Frons The Penn'a. Intelligencer.

that paper an editorial more repIete with corrupt
denunciation and vulgar assertion. than the lead
ing article of the Pennsylvania of the 18th inst
on the subect of Relief Notes. 1t asserts that the
present Federal candidate for Governor has Sc
cured for himself an infamous. Immortality, by the
relief law of l84f.' 1t asserts that !. it was
scheme of financial villany,' and the only one
who fourished upon it was the broker 1t asserts
that it was base inyention,' and that the far
mer and mechanic were plundered by the law Of
near nine millions of dollars These are grave
charges and should be made only on the clearest
proof An editor, cautious Of his character, and
unwilling to deceive the public, would -accompa-
ny these assertions with direct incontrovertihle
evidence of the facts stated. He would not rely
on assertions merely; particularly So, when his
own credibility was doubtful, and carried with it
a suspicion, that would prevent him from testify
ing in Court of Justice. The author these as
sertions is well aware that the General Govern
ment is his employer, and pays according to the
falthfulness of the calumniator. We speak not of
the man, but of the editor and politician.
A plain statement of facts will give TO the pub
lie the reasons for the passage of the law--what
were its uses and benefits. and by what party 1t
has been fostered and sustained.
Pnor to the passage of the Relief Law Of lS4l,
the Tariff act Of 1888. commonly called the COM
promise law, passed by Congress to allay The ex-
citement of the South, had done its work. The
manufacturers of our country, unable to stand up
against the influx of British goods, had stopped
their works. The British manufacturers had the
market to themselves, and while their goods flood
ed the country, the gold and silver necessary to
the business wants of the community, were expor-
ted to Europe. The Banks of this Commonwealth
feeling the general pressure, found themselves un-
der the necessity of stopping their discounts, or
suspending specie payments. Knowing the ruin
that must fall on thousands, were they to call in
their notes, they chose the latter alternative, and
suspended. WE WERE WITHOUT CIRCULATING
MEDIUM. Who does not remember the state of
things existing Immediately prior to May, lS4l !
Who forgets the Irresponsible paper with which
the country was floodeds Commissioners notes
Borough notes-indivldual shin plasters, were
the miserable substitute for currency BY a
resolution of the Legislature, approved April 3rd,
1910, the Banks of the State were required to re-
sumo specie payments ON or before the Is day Of
January, lS4l, or their charters were to be for
leited This was requiring Of them an impos-
sibiIliy; and by the same ac, i, was provided
that If the said Banks should loan 10 the Com.
moaweallh the sum of three millions Of dollars
a, an inleres. OF five per cent, the said Banks
shall be authorized TO issue ,heir own notes,
aud make and declare new loans and divi-
dends, no, exceeding six per cent. per annum,
in The same manner as if The said Banks,
during the same period, continued 10 pay their
notes, &C., in gold and silver The 18Th jan
nary, l84l, came and the Banks had failed 10
resume specie payments or 10 loan 10 The Com.
monweal,h the sum required. Wha. was to be
done ! The State was baukrupt, and could not
borrow dollar; the public creditors were
knocking al the door Of the Treasury, and de-
slrlng the payment Of their acknowledged dues;
the INTEREST due to widows and orphans was un-
paid, and these helpless people impiored the
State liz vain 10 save them from deslilulion.-
The Banks were without the means 10 take the
loan even on The terms offered, and the people
were suffering all lbe evils of the worst kind Of
deprecated currency. Il was 10 remedy these
evils lha, the Relief Bill of May, lS4l, was
passed.
Where was the Editor Of tho Pennsylva-
nian' then. What prevented his voice from
being heard against this now odOos bill, at.he
the time OF its passage! Why docs he not now
proclaim the infamous immortality Of William
Hopkins, w. T. Rogers and David R. Porter,
who .igned the resolution Of April, ls40. upon
which the acs of May, lS4l, was founded? Il
requires large share Of sturdy hardihood for
the editor TO assume his present position.
A moments attention TO the resolution Of A.
pril, lS4O, may no. be thrown away. /, re-
quired, as before stated, the Banks IL resume
specie payments before the 18th January. le4l; !;
1t pointed ou, a convenient and effeciual
mode by which the charters should be declared
forfeited, in case Of non-resnmp,ion and it
then legalized the suspension Of specie pay
men,s until the 18Th day OF January, on condl-
ton of pro rata loan 10 the Commonwealth Of
SS,000,O00 Il provided ,ha, when the loan
should be made, certificates Of stock shall be
Issued. IN such sums as The lenders ,hereof may
require, and be transferable 10 such manner as
the Governor may direcf, reimbursable a. such
time, not exceeding twenty -6ve years from the
date thereof, as may be agreed upon between
the Governor and fhe Banks taking such loan ,
Here Is the origin of the acl Of May, ls4l,
passed by Democratic House, Democratic
Senate. and approved by Democratic Govern.
or. The real difference between this Demo
cratic &C. and the ac. Of May. is4l. il, lha, the
former could not be carried into effect, while
the latter was effectuaI in giving relief ,c, the
State and The people. .ssI.
That It had its uses, and vas al the tine
beneficial TO all concerned. may we'll bs re-
membered by. every class ot our citizens. The
hfsi great effect was 10 relieve The Stale from
lis manifold enbaIIassmenis. and to enable il
to meet It's engagements with The public cred
l'ors |. enabled n to appropriate. and II ord