Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1849-01-13
s452,964,oo

/, IA worthy Of remark, that had the can
e.llation of these notes been made, as requlr-
ed hv law. less than half a million OF the
o,ioinal issue, would now be in existence,
LARGE norton of which has doubtless, been
mislaid and lost. 1t will be perceived also,
that the act requires the destruction OF the
most depreciated. In using this term, the
legislature must have intended those most
defaced. The laws on the subject OF these
notes, having pledged the faith OF the state
for their redemption, it is not readily seen
how they could become deprecated in value,
while on the other hand, many Of them had
become defaced, torn and unfit for use. At |
the passage of the act of May 3lst, 1s44,
about fourteen hundred thousand dollars Of
this issue, were in circulation, and as 1t re-
ouired the cancellation and destruction OF
200. 600 dolls, per aunum only, IT.; prolonged
the period of their circulation 70 seven years,
when by the original act of May 4th, 1s4l,
but two years remained OF the period OF their
duration. To the act of May 3ist, 1S44, is
attributable, therefore, the continuance IN
circulation of these notes, after they had be-
come torn, defaced and unfit for use. The
original act had it not been counteracted by
subsequent legislation, provided the necessary
rueans for the redemption Of these notes,
tbrouoh the banks, on or before the 4th day
of NAV, 1s46, and the failure to destroy them,
as REQUIRED by the act of 3lst of May 1914,
clearly demonstrates that the treasury has
not been, since then, in condition TO repay
the loan, or redeem the notes. Hence they
have continued in circulation have been paid
into your public Offices, and again paid out
of the treasury, until they are wholly unit as
a currency for the citizens. The amount now
in circulation, is presumed to be about 6oo,-
900 dolls. 1t is respectfully suggested, that
the worst OF these notes, as they are paid into
the treasury, should be retained, and in their
stead, an equal amount of new notes, oil the
same denominations, under an arrangement
with any of the banks of this Commonwealth,
be put into circulation for period OF time,
90 long only, as may be required by the
quarterly destruction of 10000 dois, TO ab-
sorb the whole amount Of the issue. A mea-
sure Of this character would relieve the cur
rency of those unfit for use, and have the
effect in short time, Of putting ihe whole
issue out of circulation. | would earnestly
press upon the legislature the passage o. such
laws, as would prohibit in their muiilated ana
defaced condition, their payment from the
treasury. Should il be deemed a more de-
sirable course, to rid the currency of the en-
tire issue by loan, it might be fair con-
dition of the renewal of the charter OF any
bank, at the present session, that it make
loan at low rate of interest to the govern
ment, to be used in redeeming and cancelling
the whole, or such part as might be deemed
advisable. Any arrangement on the subject
you may devise, to relieve the people Of this
currency, shall receive my cordial approba-
tion.
The payment Of the interest on the public
debt in a sound convertible currency, is OF
great moment TO the credit Of the State. This
demand on the treasury has heretofore, to
large extent, been met by payments in de.
preciated paper, by which the holders OF
State bonds have suffered pecunary loss.
An evil Of this nature, demands speedy
and effectual remedy. The relief notes ORR
ginally intended to be temporary in their ex-
istence, and local in their circulation, should
no, be forced from their legitimate purpose or
paid from the treasury in discharge OF the
Interest of the public debt.
No great inconvenience could be felt in
Withholding an amount so small as .heir pre-
sent circulation, from snch application. To
secure an object so desirable, the revenues OF
the State should be collected in such funds
only as admitted Of ready couvertibility into
specie without loss to the treasury. The re.
lief notes, as well as the notes OF all specie
paying Banks of this Commonw ealth, should
be received in payment of public dues while
other paper money, under par, at the place
designated for the payment of interest on the
public debt, should be refused, unless, upon
notice TO that effect Of the State Treasurer
arrangements by the Banks issuing the same
were made to redeem il al such point as be
might designate. Tbs State Treasurer should
be authorized to require of those specie pay,
he ha mi
at the place of paying the interest, 10 make
arrangements to redeem their notes at par
. al the point designated, and on their failure
,Acomply, to demand specie funds at ihei
oJanters II % believed that an arrangement
Of thu kind sue4e4Red, would materially ais
in rendering the notes Of all the solvent Bank
in the Commonw ealth of equal value in al
parts Of the State would increase their gen
eral circulation among the citizens and tent
TO exclude the deprecated paper OF foreiei
tnsiitntions. A measure valuable for thes'
purposes, which would give increased woril
10 our stocks and enable the State moro faith
fully to comply with her contracts, is worth,
the serious consideration of the Legislature
Intimately connected with the subject O
onr public debt, are the assessment and col
lection OF the taxes. The laws on this impor
tant branch Of the revenue, REQUIRE TO be re
modelled and arranged in such form as /
insure equality and uniformity in the severa
counties Of the State. The manner of ad
jusiiug and equalizing the valuation of pre-
perty for taxation is a concern Of deep in
terest to the people, and SHOULD as far as DO,
sible, be left in the hands of their immediat
representatives. Assessors, it is suggeste.
ehsuh be required in the exercise OF the
dutiss, TO make return In full and accnral
statement Of the various products Of Farm
and Manufactures, Of the kind, nature m
amount Of the supposed annual value Of Ii
productive industry OF each district; Of II
amount and nature Of the local and genen
trade and business, with the manner and CO
0f reaching the nearest market, and the walt
Of the article in market, at the nearest poi
10 th- district. shcull on annual s;afcmc