The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1852-02-05
Gov. HsEgzer's HE,avsgur.ay

Gov. HsESzeF7S inaugural.
The Public Ledger, good authority on ques-
tions of finance, currency and political economy
in general, thus endorses the sentiments and
opinions expressed iii the Inaugural Address of
Governor Bigler:-
The inaugural address of Gov Bigler is a
deati-knell in Pennsylvania to the speculators
in banking. He is in favor of specie basis,
and opposed to correspondingly increasing the
paperissues with any increase of the aggregate
stock of coin. There can, therefore, be no
'free banking in Pennsylvania with his as
sent, during his administration; nor will he IA
vor any legislation that will tend to expand the
currency, because the stock of coin NAV be
increased. He truly considers the purpose of
a circulating medium to be matter of conve-
nienee to the people, and should be of Just such
an amount as the transactions of wholesome
business may require, and no more If the
coin increases, there is the less necessity for
paper. These are sound sentiments, and if
carried out, Will give us a currency of the best
character, and at the same time protect us from
those ruinous fuctuatons-those contractions
and expansions-which, while they benefit the
few, carry loss and ruin to the many lie re-
Dukes gently though forcibly those gentlemen
who are continually clamoring for protection,
r"iIn 49,, +hn soroa tirr,o =" "S''t>ss7ty
advocating an increase Of banking and larger
flow of paper money. He shows what we have
often stated, that a redundant currency enhan-
ces nominal values, and to a greater or less ex-
tent nullifes any reasonable amount of protec-
hot low e, ~
purpose. Instead of asking for more banks
and more paper money, the manufacturers and
those persons who sympathise with their demand
for protection against foreign competition, to be
consistent, and to render the discrimination in
our revenue laws in favor of domestic manu-
factures most efficient, should be the advocates
of steady, uniform and appreciated currency.
The more currency is deprecated the greater
nominal amount it takes to manufacture yard
of cloth or TO make a ton Of iron, and the more
do the makers of the cloth and the iron have to
give for the food on which they live, and the
raiment which they wear. In cur home trans
actions, the result is pretty much the same,
whether the curruncy is cheap or dear. But it
SO happens that the business of the country is
not wholly domestic one. We trade with other
nations, and of some we buy more than we sell,
and the difference has to be made up in money;
and our creditors in such cases always discrim-
mate, in our mixed currency, in favor Of the
coin, rejecting the paper. So, that too much
paper works double eyil-it prevents the do
mestic manufacturer from producing as chtaply
as his foreign rival, and thereby makes an out
let for our coin, which still more depreGates
the currency, and, to the extent Of the depeci-
alton, further incapactates the manufacturer
from producing at such prices as will enable
him to hold command of even his own market.
The new Governor wisely directs attention to
this important feature of our mixed currency;
and the manufacturers are generally ameng
the loudest of the clamorers for more banking
facilities, we trust they may be induced to !ook
into the inconsistency of their conduct, and,
should they fail to reach the same conclusions
to which the Governor has arrived, they will at
least have respect for his opinions, and not seek
TO make him as inconsistent as themselves, by
inducing him to part from his present purpose.
The Governor truly says, there is no more
dangerous political heresy taught in our land
than that the prosperity of the country is to be
created BY its legislation. 4 just policy can
only guard and protect the legitimate means Of
production from special privileges-the devices
of the cunning and the wicked The people
should rely on their own individual efforts,
rather than the mere measures of government
for success" This is as wholesome as true
Gov. Bigler like the estimable Skunk, is in
favor of the individual liability on corporatOrs
to the fullest extent"