Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1849-01-11

Iun0S contributed ioT LNe purpose Oy nutndue
and benevolent citizens of Harrisburg, aided
by liberal appropriation made from the trea
sury Of Dauphin county, purchased Il farm of
about one hundred and thirty acres, eligibly sit
mated within mile and a half of the State Cap
made report to the Legislature, in which they
stated, that on critical examination of the
aforesaid act, such defects were apparent that
they did not conceive themselves justified in
with the building, or in making any
expenditure of the sum appropriated by the
Stale, towards its erection, until some modlh-
cation should be made in the law under which
they were acting. To remedy these defects
act was passed, on the l lth day
Of April, l648, upon whirh the commissioners
forthwith adopted measures for the commence
ment of the work. plan for the proposed
building was adopted, and contract was made
with an experienced architect and builder for its
cons,ruc ton. A considerable portion Of the ma
terals, as / am informed, has been provided; the
the cellars and foundation has been
made, the laying of the stone masonry comn'en-
ced, and the hydraulic apparatus for raising wa
ter to the building nearly completed OF the
appropriation on account of this building war
rant has been drawn for SIS 900, Of which only
$2,726 05 has beer expended. 1t is hoped and
believed that the work will be forwarded with
as much despatch as is cOnsstant with prudence
and proper regard for the comforts and res
toration of the afflicted insane poor.
By the act of the 4th of May, 1871, entitled
" An act to provide revenue to meetthe demands
on the treasury and for other purposes" certain
banks were authorized to subscribe for loan to
the Commonwealth, to an amount equal TO
fixed per centage therein stated, on their respec-
1<,cv,
placed IN the treasury for the use thereof, in
notes of said banks, of the denomination Of one,
two, and FIVE dollars. BY the terms cfthe law,
the loan was redeemable at any time within FIVE
years, and was peremptory that it should be
paid and the notes authorized to be issued with
drawn from circulation on or before the 4th day
of May, 1916, The act also provided that the
banks issuing said notes should receive them at
par value in payment of debts due these institu-
tions 1t was though. that by making their re-
dempton dependant ON the faith the State, as
we'll as on that Of the banks by which they were
issued, safe and reliable currency would be
largely benefited BY loan at one, instead Of
five per cent, as on previous occasions
The notes thus issued. were substantially the
creatures of the banks. They constituted loan
to the Commonwealth, were required 10 he paid
into the treasury in the manner prescribed Ill
the law, and were redeemable at their par val
ue at the counters Of the banks: and the clrc UNI
stance Of the faith of the State, in addition 10
tha, Of the banks, being pledged for their re-
dempton, could not raise rational doubt nt
their constitutionality. How far a subsequent
act passed the 3ist day of May, 1914, by re-
evng the banks from all responsibility touch
ing their redemption and payment thereby ma
king them an issue on the part OF the Common
wealth redeemable at the treasury alone, con-
travened the Constitution of the United States,
it is not necessary now to decide.
Under the provisions of the original act of the
4th Of May, lS41, the amount Of notes issued was
two millions two hundred and twenty thousand
two hundred and sixty-fve dollars, which Was
specifically appropriated to the support OF the GO
vernment during the year, the payment OF deDts,
and other special purposes therein mentioned
Within two years thereafter, the sum ofone hum
dred and thirty-hve thousand two hundred and
fourteen dollars of said issue was founded by the
banks and converted into permanent loans at i've
per cent By resolution of the 9Th OF February,
1S43, and the act of the 9th OF April OF the same
year, SIX hundred and eighty-two thousand elgh-
ty-seven dollars were cancelled and destroyed.
The act of May 31st, TS44, is as follows: "That
the State Treasury be, and he is hereby authorl-
zed and directed, on the last days OF June, Sep
tember and December In the year one thousand
eight hundred and forty-four to cancel and dellv-
er to the Auditor General. for destruction, fifty
thousand dollars, and on the last days OF March,
June, September and December LII every year
thereafter, fifty thousand dollars of the notes Is
sued by the Banks of this Commonwealth In pur-
suance of the act Of the 4th of May, one thousand
eight hundred and forty-one, that may then be IN
the Treasury-and If said notes shall be deprecl-
ated, then of the most depreciated-an continue
SO to do, until the whole amount of the notes le-
galy issued, by Banks as aforesaid. shall have
been cancelled and destroyed; and the amount
deposited to the credit of the Commonwealth, In
Banks or Savings Institutions, OF receive, by col
lectors on the railroads and canals, or by the
Treasurer of the City and County of Philadelphia,
shall be deemed as money in the Treasury, and
subject to ihe cancellation as aforesaid; and it
shall be tue duty of the Aud tor General to keep
and publish quarterly, in at least one newspaper
in Harrisburg, record OF the notes SO cancelled
and DESTROYED, designating the Bank or Banks
that originally issued the same, IN order that the
one per centum intesest thereon may cease; pro-
vided that it shall be the duty ofthe State Irea-
surer to retain the several amounts respectively,
eut of the receipts of the quarter, so as efectuay
to secure the cancellation of the amounts herein
before provided; and the sum ofone hundred and
sixty thousand dollars is hereby appropriated Tor
the payment of domestic creditors certlhcates is
sued by the Auditor General; provided, that there
is sufficient money in the Treasury after paying
the several other appropriations IN this act
It WAS, doubtless, the intention of the legisla-