Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1850-01-05


In the message delivered at the opening of
the late session, reference was made to the
citizen soldier, who had returned To his homo
after having earned for himself and the State
IN the war with Mexico, a reputation of un
daunted bravery, patient suffering and heroic
7rtue; and the opinion was expressed, that II
was due to those patriotic citizens, that the
Commonwealth should max suitable acknovl.
edgment for these llustrious services No sc-
tlun having been taken upon the suggestion |
would again call the subject to the attention of
the Legislature. 1t is also proper to refer tn
the recommendation therein made, in relation
to the death of certain officers Of the govern.
ment, and the omission in the constitution IN
supply the vacancy The subject Is deemed
OF sufficient importance to justify an earnest
hope that the Legislative acton may not be-
withheld thereon.
The practice of pos'poning the passage Of
appropriation bills to Tie last day ofthe session.
forbids deiiberation, as we'll 20 the Legislature
as to the Executive, and should hereafter be
avoided. These bills, requiring care and a..
tention 10 the specific items and disposlng Of
large amounts OF the public money, should be
deliberately examined before they obtain the
sanction of laws Nothing can excuse husty
and unadvised legislation, on subject so im-
portant to the public interests. Its confident.
ly anticipated that this Legislature will ado1t
a rule of practice more consistent with pru-
dence, economy, and sound policy.
The intimate connection existing between
the industry of the citizen, and the currency
of his country, demands for that question the
serious attention of the statesman and lawglve..
In authorizing Banking OF other Institutions,
TO create currency other than gold and silver,
IL would be unfaithful to our trusts to permit
fbprn for NJ Of Re nd rIs
allow it to become less valuable than the coin
it is intended to represent. The views ex-
pressed in the last message in favor Of the re-
str,Ction of the number of these institutions,
to the real business want of the people, and
refusing a renewal of Bank charters until
thorough examination of their affairs had de-
monstrated their entire solvency, remain un-
changed. The tax on banking capital, exactei
by the last Leg stature in the granting Of char
ters and applied to the payment OF the public
debt, has resulted in securing 70 that object
sum exceeding one hundred thousand dollars.
While this tax should not be increased to an
extent which would cripple the resources of
these institutions, the present amount cannot
be considered as an unfair equivalent for the
privileges conferred and should therefore con-
tlnue TO be imposed as legitimate source of
revenue.
ie id"s lhleuutu lO prevent IIe circulation
of notes of less denomination than five dol.
lars, are practically disregarded by the citizens.
In government founded on popular opinion,
experience would teach the impolcy of ccntin.
uing in force, statutory provisions which are
generally imperative. The violation, with
impunity, of laws however unimportant, will
lead to a disregard of others, indispensable to
the security of society. 1t is, indeed, 10 be re.
GREETED that this circulation has not been pre-
vented, as much evil has been experienced by
the community from the reception Of this lr.
responsible paper. The amount in circulation
within the State, supplied by institutions Of
adjoining States is estimated at not less than
five millions of dollars, and is valueless, except
IN localities near the Banks by which it is is
sued. To the extent of this circulation, the
constitutional currency, and the notes of sound
specie paying banks of the Commonwealth are
displaced. The solvency Of the institutions
issuing this paper, cannot be known to the ciI-
izens and il passes from hand to hand the rep
resentatlve Of a value it may not possess, over
which our laws can have no control.
In endeavoring to eradicate an a cknowledged
evil the practical Statesman will frequently
find a necessity tor yielding to popular incI-
nation, and will consult the welfare of his con-
sttuents by striving 10 mitigate what cannot
eratIons Of the community require circulating
medium, other than gold and silver, of a less
denomination than five dollars, supply under
the regulations and restrictions of cur laws,
would not be open to the objections of the ex-
lsIng method. Were the Banks of the Com
monweath 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 solyency of the
sa I'D Bank; exhibiting Its whole assets and a-
bllltes-deslgnating the proportion OF lis cap
ltal stock to be employed at the said agency or
branch, which in no case should exceed grad
nated per centage of the said capital stock;
and should deposife with the Auditor General
an amount Of State Stocks equal to the amount
of notes to be issued; the Auditor General
thereupon required 10 grant license to said
Bank to establish said agency or branch, and
to issue said notes, marked by the said officer
as the issue of the said branch and redeemabe
at the counter OF the parent institution; sound
convertible currency would soon dlspace lhe
present irresponsible paper of foreign lnstltn-
tons, and would afford security to the citizen,
without a withdrawal of the necessary clrcu-
laticn. Notes issued under the foregoing re-
strictons, having their redemption secured IN
the manner herein pointed out, would necesss-
rIy receive the confidence Of the people, from
the fact that the stocks pledged woul under
every condition of things, ensure their eventual
payment In times of commercial convulson3
the specie might be drawn from the vaults OF
the Bank-the means of stockholders might
fall-specuative value might be affixed to
property and shrewd men, watching the
signs Of the times could release themselves
from individual liability but the stocks of the
Commonwealth would remain valuable and
available for their certain redemption. Had
the notes now in circulation from the banks Of
the State, a basis of this character, even to
small proportion Of the capital stock cf these in.
stltuflons, the losses resulting from faiuTeto
pay their liabilities would be largely diminish
ed. These views are presented 10 the Legs