Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1850-01-10

tax on banking capita, exacted by the last Legis-
lature in the granting OF charters and applied 10
the payment of the public debt has resulted in Sc.
curing to that object sum exceeding one hun
dred thousand dollars. While this tax should not
be increased Ia an extent which would cripple the
resources OF these institutions, the present amount
cannot be considered an unfair equivalent for the
privileges conferred, and shond therefore continue
TO be imposed legitimate source of revenue
The laws intended to prevent the circulation of
notes CT a less denomination than five dollars, are
practically disregarded by the citizens. In gov.
ernment founded popular opinion, experience
would teach the impolicy Of continuing in force,
statutory provisions which are generally inopera-
tive. The violation, with impunity, of laws how
ever unmportant, will lead TO disregard of 9TH
ers indispensable to the security of society. 1t is
indeed to be regretted that this circulation has not
been prevented, as much evil has been experienced
by the community from the reception OF this lrre-
sponsbie paper. The amount in circulation with
ia the State. supplied by institutions OF adjoining
States, is estimated at not less than five millions
oil dollars. and is yalueless, except IN localities
near the Banks bv which 1t Is issued To the
extent of this circulation, the constitutional cur.
rencv, and the notes of sound specie paving banks
of the Commonwealth are displaced The solven-
cy of The institutions issuing this paper, cannot be
known to the citizens, and il passes from hand to
hand the representative of value it may not pos
sess, over which our laws can have no control
evil, the practical Statesman will frequently find
necessity for yielding to popular inclination and
Will consult the welfare of his constituents by
striving to mitigate what cannot be removed. II,
as is alleged the business operations of the CON-
munIty require circulating medium, other than
gold and silver, OF less denomination than FIVE
dollars, supply under the regulations and restric-
,ions OF our laws, would not he open TO the OBJ
jectons of the existing method Were the Banks
OF the Commonwealth authorized 10 establish
agencies or branches in one or more places. and
permission given such branches To issue said notes.
upon statement in detail by the parent institution
being made to the Auditor General. satisfactory to
the said officer, of the entire solvency OF the said
Bank; exhibiting its whole assets and Liabilities
designating the proportion of its capital stock 10
be employed at the said agency or branch, which
in no case should exceed graduated per centage
of the said capital stock and should deposite with
the Auditor General amount OF State Stocks
equa. to the amount of notes to he issued the Au
dtor General thereupon required to grant a license
10 said Bank TO establish sald agency or branch,
and 10 issue said notes, marked by the said officer
as the issue OF the said branch and redeemabie at
The counter of the parent institution; sound.
rertable currency would soon displace the present
irresponsible paper of foreign Institutions, and
would afford security to the citizen, without
withdrawal of the necessary circulation Notes
ISSUED under the foregoing restrictions, having
their redemption secured in the manner herein
pointed out, would necessarily receive the conf
dence OF The people, from the fact that the stocks
pledged, would, under every condition of things,
ensure their eventual payment. In times of COM
merca convulsinns the specie might be drawn from
the vaults of the Bank--ihe means ofthe StocShold-
ers might fail, speculative value might be affixed
10 property; and shrewd men, watching the signs
Of the times. could release themselves from ndi-
sidnal liability; but the stocks OF the Common
wealth would remain valuable and available for
their certain redemption. Had the notes now in
circulation from the banks of the State, basis of
This character. even TO a small proportion of the
capital stock OF these institutions the losses
sulng from failure to pay their liabilities would
be largely diminished These views are presented |
10 the Legislature Tor the purpose OF urging upon
IT The necessity of devsing means 10 protect
citizens from the losses incurred in the failure of
banking institutions. In any we'll dieested sys- |
TEN ii will afford me pleasure TO cooperate, par
In reference to the security OF that por
,ion of the currency entering largely into The /
business OF the producing and laborng classes of
the community.
The general Manufacturing law Of the last ses-
sion cannot fail 10 be productive of decided bene-
fl to the State and the people. Although the lime
which has elapsed since It's passage, has been in
sufficient to test It's advantages, the erection of
large establishments in many places. which must
soon afford employment to a considerable number
of the citizens, the beefthat It's salutary
effects will be felt at no distant day.
Representations have been made to this depart
ment alleging that, by the erection of bridge
the Ohio river, al or near Wheeling, Va, great
obstruction to the navigation of that highway has
been produced In times ofhigh water in the river,
the largest class of steamboats, unable TO pass
underi The bridge ,and serious injury TO the commerce
o. the western part of the State, must result from
this nuisance Connected as is the Ohio, with the
line OF Internal Improvements thro' Pennsylvania,
and furnishing to our canals and railroads. large +
amount Of merchandise for the Atlantic market,
an obstruction of this nature will have direct
tendency 10 diminish the trade on our Public
Works, to affect the Eastern market, and materi-
ally to decrease the revenue of the State. Re-
suits OF character so important, should warn the
Legislature that speedy and energetic action is
9uired, and that measures dictated by justice and
policy, should be resorted to with view 10 the
removal Of the evil
The expression of our opinions on questions
more directly belonging TO the National Govern
nent, is right arising from the nature Of our in
,tiiutions, and where they are intimately connect
ID with the interests Of the people, becomes du-
y not to be disregaided. The representatives in
Congress of the State and the citizens, aware OF I
he tendency of measures the prosperity OF their
constituents, and knowing the responsibility of
heir exalted position, must regard with becoming {
aror, deliberate declaration of public sentiment
c. tba i,ip fboco lie