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

and it, disbifsing s6eptS what moSies are
due 70 the sfate from efrprations, individuals
and counties and II balances are fdfnd 10 ex.
ist, the reason why collections ARD DELAYED
might not BY carefal rerbrt, sugkes, aitera.
tions beneficial in in the manner of conduc-
ting our financial affairs. In this councxion
1t is also proper to mention, that change In
the manner Of drawing money from the Trea.
sury should be adopted 10 afford more ample
checks the present system being deemed
defective.
The attention ofthe Legislature will be cal- |
led to the subject Of the currency in connex-
ion with the Banking institutions Of the State.
These institutions have become 80 intimate
ly identified With the business and interests
Of the citizens, and furnish such portion Of
the circulating medium, that necessity is
created for their proper management and
control--The standard of the value of things
among civilized nations is conceded to be the
precious metals. The constitutional currency
Of this government is gold and silver. When
ever the conveniences Of trade and business,
the encouragement Of industry aud enterprise
or the natural growth and Developments of
the country, require additional commercial
facilities, it is the duty the public function.
ary to be waichful, that the representative
OF the precious metals should maintain the
| standard value. The citizen having in his
possession note issued by Bank Of the
Commonwealth, should be secure that he
holds the equivalent of gold and silver. In
| order to obtain this result care should be ta-
ken BY the Legislature in the grants Of au.
| ihority to these corporations, to prevent them
| if possible from furnishing less reliable cur
rency. Banking institutions have long exist
| ed among us, and have been, when properly
restricted, and judicious managed, highly con-
ductive TO the best interests of the people.
The notes, when kept at par value, form a
more convenient currency than the precious
metals; are equally valuable in financial con.
Germs, and promote the active industry of the
country. Hence, solvent banks, whose notes
are readily convertible into specie, should be
sustained by the Legislature, while those fail
ing TO keep their notes at par, or TO redeem
them on demand, by inflictng injury and in
justice on the community, destroy confidence
and forfeit our favorable consideration.
Injudging of the amount of banking capi-
tai necessary for the wants of the community,
a sound and healthful state of business aud
trade afford the best and safest criterion
These institutions are better able TO meet
their liabilities and redeem their notes, in a
state of things such as is here alluded to, than
during extraordinary depression, or unnatural
facilities is instrumental in relieving the
country in times of commercial distress, is a
belief as prevalent, as it is unsouud 1t NAV
postpone the crisis, but cannot afford relief
The active healthful industry, and not the
wants of individuals, should govern the issues
of the banks. lnperiods of great commercial
and manufacturing prosperity, an initiation of
the currency beyond the wants Of sound.
wholesome trade, leads to unwise, ard often
ruinous speculation. In short, the amount OF
the circulating medium, should depend on
the actual and not the imaginary wants Of
the country.-From these observations the
tLegslature will readily perceive, that any
extraordinary increase of banking capital, in
the present depressed condition of trade, il
J not consistent with my views Of the genera
welfare.
The location of bank, as near as practica
bic to the centre Of its business operations, il
a matter of some moment to the community
and should the Legislature in its examination
} of the applications for the recharter of any
institution now existing, be satisfied that the
location of the existing bank is sunsuited to thu
convenience Of the business portion of tn.
citizens for whose benefit il was established
wise policy would dictate refusal to re
charter. and the establishment of a new in
} stitution with the same amount of capital, a
a place more advantageous TO the citizens
The old and well established banking institu
s tutions. whose credit and solvency are I'm
doubted, and where the wants of the com
mnnity in which they are located require i
should receive renewal Of their charters
but in no instance ought charters 10 be re
0 newed, until a complete thorough examina
= tion of the affairs of the institution, and flu
8 statement of its business, with satisfactor
IT evidence Of the bona fde value of its asset.
o shall have convinced a committee appointe
for that purpose, of its entire solvency and 9
% bility TO redeem all its liabilities. Such state
= ment duly authenticated, should be filed {
record in the state department for the inspet
70 tion of all persons interested. dh
e The several laws in force to prevent ,t
ot use and circulation Of notes Of less demon
l. nation than five dollars, do not appear to ha,
T. produced the result intended. A large po
h. tion Of the curreacy Of the State, consists
to notes of a lower denomination, many of the
lie spurious and defaced, issued by foreign i
n stitutions, about whose solvency no know
st ledge can be possessed by the citizens Th
is circulation, while il infiicts injury on Il
p community, is in direct contravention of Il
s. express terms of the law. As it is mantle
e. the existing laws will not remedy the evil,
~ is suggested, that an act preventing und
i'll severe penalties, the banks and brokers de;
Ks ing in money, from receiving on deposit, e
e, changing, or paying the same from the
of counters, would have beneficial effect
Id driving these notes from circulation. Shou
X the circulation of notes of a less denomin
lat tion than five dollars, be desirable, il is in
mt nitely to be preferred, that they should be
d. sued by our State banks, whose solvency
ks known, rather than foster circulation issl
ny by institutions, whose abilities to redee
I'd, them may be uncertain. With these slia
in notifications of our present system taxi
is care that no unnecessary and unadvised
'er crease Of banking capital be made, and in
in cases either Of new institutions, or the
he newal Of those now existing, that their ent
sss solvency should be undoub,ed, and that
TX danger to the citizens will arise from The
all grants Of power; should deem it right
he leave the present policy in relation TO the
he tcorporations, as il has been maintained
ue former years.
he The Adjutant Generals report on the ST
in ject of the Militia, contains many import;
he suggestions, well worthy the consideration
all the Legislature. II is the production o
Ter practical military officer, who has besiow