Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1849-01-11
-249,7OOO 90
S452.964 90

S452964 90
1t is worthy of remark, that had the cancella-
ton of the notes been made, as required BY law,
less than half million of the original issue would
now be in existence, large portion Of which has
doubtless been mislaid and lost. 1t will be per-
ceived also, that the act requires the destruction
of the most deprecated. In using this term, the
legislature must have intended those most defac-
ed. The laws on the subject of these notes hav-
ing pledged the faith of the State for their re-
dempton, 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
3Ist, 1S44, about fourteen hundred thousand DOL
lars of this issue were in circulation, and as it
required the cancellation and destruction of two
hundred thousand dollars per annum only, it pro-
longed the period of their circulation to seven
years, when by the original act of May 4, 1914,
hut two years remained of the period OF their Gu
ration. To the act of May 81, 1914, is attribu-
table, therefore, the continuance in circulation Of
these notes. after they had become torn, defaced
and unfit for use The original act, had it not
been counteracted by subsequent Legislation, pro-
vided the necessary means for the redemption Of
these notes, through the banks, on or before the
4th day of May, IS46 and the failure TO destroy
them, as required by the act of May 31st, 1S44,
clearly demonstrates that the treasury has not
been, since then in condition to repay the loan
or redeem the notes. Hence, they have contn-
ued in circulation, have been paid into your pub
lie Offices, and again paid out of the treasury, un
til they are wholly unfit as a currency for the
citizens. The amount now in circulation is pre-
sumed to be about six hundred thousand dollars.
It is suggested that the worst of these notes, as
they are paid into the treasury should be retain
IL g
notes, of the slme denominations under an ar
rangement with any of fthe banks ofths Common
wealth, be put into circulation for period of time,
so long only as may be required by the quarterly
destruction of fifty thousand dollars to absorb the
whole amount of the issue. A measure Of this
character would relieve the currency ofthose un-
fit for use, and have the effect IN short time, of
putting the whole issue out of circulation. |
would earnestly press upon the legislature the
passage of such laws as would prohibit, in there
mutilated and defaced condition, their payment
from the treasury. Should it be deemed more
desirable course to rid the currency of the entire
issue by lone, it might be fair condition of
the renewal of the character of any bank, at the
present session, that it make a loan at a lowrate
of interest to the government, to be used in re-
deeming and cancelling the whole or such part
as might be deemed advisable. Any arrange
ment on the subject you may devise, to relieve
the people of this currency, shall receive my cor
dial appreciation.
| The payment of the interest ON the public debt
in sound convertible currency, is of great mo-
ment to the credit of the State. This demand on
the treasury has heretofore, to large extent,
been made by payments in deprecated paper, by
which the holders ofState bonds have suffered pc
cuniary loss.
| An evil of this nature demands a speedy and
effectual remedy. The relief notes, originally
intended to be temporary in their existence and
local in their circrlasion, should not be forced
from their legitimate purpose. or paid from the
treasury in discharge Of the interest o. the puh-
lie debt.
No great inconvenience could be felt in with
holding an amount SO small as their present cir
culation from such application. To secure an
object so desirable, the revenues OF the State
should be collected in such funds only as admitted
of ready convertibility into specie without loss to
the treasury. The relief notes. as we'll as the
notes of all specie-paying Banks of ibis Common
wealth, 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, uFo,
notice to that effect of the State Treasurer a.
rangementa by the Banks issuing the sa.e wee