Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1850-01-12
State Treasurerss RenOrf,

The State Treasurer, in his able report
adverls to the foreign notes in circulation
in this State, and particularly through this
region, as follows He says
The inquiry may be very properly made
Why IS this currency hersn Because the
State refuses TO furnish better. The neglect
of the legislature to provide currency adequate
10 the wants of business, invites ii among us !;
hence the losses are incurred by our own citi-
zens, while those of other States pocket the re-
sulung profits. By her policy, the Common
wealth secures 10 sister states monopoly Of the
banking business, denying her citizens a share
in its benefits. This policy drives from us cap
ital-other states invite its investment.
The banking capital Of Pennsylvania has been
reduced, within the space of few years, from
near sixty millions of dollars TO about seventeen
millions. In addition, the determinations a
gainst revenue by the onerous tax levied on
money at interest has driven away millions
more, which, when here, entered into business
in the form Of permanent loans.
And while this state of things exists in Penn
sylyania, the banking capital of djoining States
has been increased.
The effect of this great diminution in our cap
tai caused demand for money. The energies
of people proyerbal for their thrift and indus
try, long accustomed to the excitement and ac-
tiyity Of business, could not remain dormant for
such a cause. Money, in some form, as the rep
rescntative of bulky values, and as the medium
of exchange without which business stagnates
and trade languishss-they must have and as
the General Assembly, in This emergency, failed
10 provide currency equal to the wants of bus
mess, they very naturally sought relief by i'm
porting the currency authorized by other gov
ernments.
Bank paper, governed by the laws of trade,
flows where it is most wanted, for there the best
price is paid. Pennsylvania for some years has
wanted and still continues to demand it. And
in consequence, the paper currency of our sister
States and The Canadas, is not only tolerated but
invited here to supply the demands ofenterprse
and the wants of trade. To stop the millions of
small notes, that from this cause, have flown in
upon us, is impossible. As we'll may you at
tempt 10 stop, the borders of the State, by le-
glslatiye enactment, the air that, sweeping over
our mountains and through our valleys, imparts
health and .vigor to all, as TO stop the paper
circulation of other States, invited and retained
here by the demands of business. Such is the
force of public opinion upon this subject, that
your law officers have not the hardihood to at
tempt the enforcement of prohibitory statutes.
Mr. Ball adverts strongly to the facts, that
Massachusetts, with population Of 100000
souls, has a healthy banking capital, carefully
guarded, Of S33 ,2S5 900; but that Pennsylvania,
with population , 500, 600 souls, has a banking
capital Of only $4,000, 600. Comment, he snyS
is nnneccssary-that the millions OF paper IS
sued by other States, and circulated an tins, 10
sustain our industry, is sufficient comment oil IL
self. Why, he asks, hesitate longer to invite the
return of capital3 It's presence is admitted by
all TO be essential in every point OF view, To the
nrosncrity OF the State, and for invigorating the
energies and enterprise of the people Could
these foreign bank notes be driven from among
us, it would be desirable consummation truly,
if you substitute better currency in their stead