The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1853-01-13


good result from discussion of the policy
which has heretofore governed the Penn
sylvania railroad company.
As citizen, and as public officer, L
have ever felt deep interest in the sue
cess OF the great enterprise commenced by
this company, and have inclined to facili-
tate its objects SO far as they may be con-
sistent with the interests of the State.
This corporation should be allowed to enjoy
its legitimate rights without being permit
ted to infringe those of the State.
1t is cause of regret that feelings should
have been excited, calculated TO lead to an
unnecessary rivalry between the main line
of the State improvements and the Penn
sylvania railroad These avenues Of COM
munication between the east and the vest
should be made to move III harmony, so far
as that mag be practicable. They Will
doubtless be competitors for certain kinds
of tonnage, but in the main, under proper
regulations, the conflict could not be very
injurious TO either The railroad, with
single track, cannot have the capacity to
transport more than one-half the tonnage
destined from the west TO the east, nor Is
the State line adapted to that branch of
business most desired by the railroad. /
can see no reason why one of these great
should be so controlled as
to destroy the other. In all their ele-
ments, their objects and consequences, they
are both eminently Pennsylvania, and
should, it seems to me, be so controlled as
to promote the trade, commerce and gen
eral prosperity of the State.
The interest which the State has in the
receipts from this branch of her improve
meuts should be guarded with jealous care;
IN doing this, however, We should not for
get that this is not the only interest invol>
ved-that those of trade and commerce,
are quite as important for the people. A
policy looking exclusively to the former OF
these considerations, might measurably
destroy both interests. We can have no
income for the Golfers of the government
without trade and tonnage. We may have
the latter without the former. Our efforts
should be to secure both If the force of
from foreign rivals should de-
feat us in this, we should then yield much
Of the revenue to save the trade, rather
than lose both | am not inclined to excite
alarm In reference to the success Of the
State line. | believe that it will continue,
under the worst circumstances anticipated,
to receive a fair share of the through and
local tonnage. What is most to be desired
is, that the facilities possessed by those
great artificial highways shall be united,
as far as possible, to counteract the infu-
ence of their rivals outside of the State. !
The exercise of wise discretion, such as
should, and doubtless will, govern the ac-
tion of those intrusted with the control of
this subject, may, it is hoped, lead to the
attainment of this desirable end.
There are still in circulation about six |
hundred thousand dollars of the relief is
sues, considerable portion of which have |
become so defaced and ragged as to rem
der their future use almost impTacticable. /
About $3.50, 900 of the old notes were can
eelled at the Treasury during the past
year, under the provisions of the act of the |
10th April, 1S49, and like amount Of /
new notes issued by certain banks, for
which the State paid these institutions two !
per cent The efficiency of the law of
$50, prohibiting the circulation of the |
small issues OF other States, has been great |
" weakened by the continued use of the
relief issues under the denomination of FIVE !
dollars. The presence of these notes IA
miliarizes the people to the use of small
paper, and prevents the circulation of coin; !
whilst the officers of the law, in many in
stances, make this pretext to evade the
luty of scrutinizing this currency. The !
aw of 1850 never will, | fear, be thor
1uebly vindicated so long as this deprecia-
ted paper is permitted to supply the chan
nels of circulation. To remedy this evil, |
three modes have suggested themselves to
nv mind The first is-to allow all hold [
,Is of these notes to convert them into !
State bonds, bearing rate of interest not |
exceeding four per cent, in sums of not /
ess than one thousand dollars The sec
md is-to apply the means of the Sinking
Fund to their cancellation. These notes |
are as much debt against the State as are |
her bonds, and it would be the legitimate
work of this fund, to take them Out of ex-
stence. The third is-to apply to this |
purpose, all the premiums that may be re-
,eived from a farther conversion of the |
present debt into new coupon bonds, as
in another part of this commu-
nication. Should the latter idea meet
your appreciation, the Sinking Fund can
be made the instrument Of performing the
practical work of cancellation. BY the
adoption of this policy, this illegitimate
currency would be removed from the chan
nels of circulation without entrenching
upon the present means of the Treasury,
or imposing new burthcps on the people. !