The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1854-01-12

Al
tainly been much less so; falling eptirel
in some instances, and in others leadin
to violent controversies among the people
destructive to the value of the municips
bonds thus created. Viewed in every as
pect, as mere question of expediency
the experiments already made would seer
to weigh heavily against the policy of sucl
subscriptions; indeed, l have no hesitation
In saying that the aversion have alway
entertained towards this principle, ant
especially its entension to counties, ha
been greatly strengthened by this expert
ence; and VIC should now, it seems to m,
as prudent people, profit by this lessor
and avoid the practice in the future Al
ways doubling the policy ofsuch subscrip
tons, and declaring my views freely a
galnst them, [ have not felt required to in
terpose the Executive prerogative agains
the judgment of the people directly inter.
ested In the questson; or in other words
to judge for citizens of particular local
ity on a subject relating merely to their
pecunlary interests, or to resist the wish
es of their immediate representatives.
In communication addressed to the
General Assembly in March, 1852, on
this subject, remarked, "that the pow
er to subscribe should never be exercised
by municipal corporations, unless the in
terests of the people represented by such
authority are directly and certainly iden-
tilted with the project on which the mon
ey is to be expended. The operation of
the principle may be equitable, when ap-
piled to the people of city or town,
whose interests are identical, but when
applied to the people of county, it may
not be SO. On the contrary, it may prove
most unjust and oppressive-subjecting
the people to burthens in the shape Of
taxes for the construction of public i'm
provements, from which they may never
realize benefit, direct or remote. The
people in one section of county may de-
rive valuable advantages from the con-
struction of a public work, whilst those
of another section, equally taxed for the
payment of the interest and principal of
the debt, so contracted, may possibly re-
alze no benefit at all" 1t is to these
effects that may be attributed the violent
contests that have grown up in certain
counties, to which the principle has been
In the State of Ohio, where this dan
gerous practice also prevailed, constitu-
tional prohibition has been deemed ne
ccssary by the people, and municipal SUBJ
scriptions cannot now be made, even with
the assent of those affected By the meas
ure. The experience of that State, as I
have learned, was alike against the prac-
tice of making Improvements in this way,
and that in the end, it became inefficient,
through the disposition of capitalists and
others to rel y alone upon municipal cor
porations for the means of constructing
public improvements. l am decidedly
Of the opinion, that similar decision
would and should be made by the people
Of this State, when the proper opportuni-
y is presented. In the meantime, this
nsidious and dangerous mode ofcontract-
ng debts should be guarded against with
The utmost yigilence. | shall indulge the
hope, that all future applications for leg
Islation'of this character may be rejected
by the General Assembly.
1t is my duty to inform you that $685.
35l of the relief issues of May, IS4l, are
still in existence, and continue to pollute
the channels Of circulation. Under the
provisions of the act of April last, sl21,-
5l2 of these notes. of less denomination
than five dollars, have been cancelled,
and the whole amount can, under this law,
be ultimately extinguised. But the pro-
cess has not been SO rapid as was antici-
pated, nor it is sufficiently SO to meet the
demands of the public veal. l respect
fully suggest, therefore, that the law be
50 amended as to make it the duty Of the
State treasurer to retain from time to
time, as near as practicable, the amount,
N relief notes, necessaryto meet the en-
tire demands of the sinking fund. also
recommended the repeal of the act of A
pril 10, l549, authorizing the reissue of
this currency.
The occurrences of the past year great
y strengthen the views l expressed in my
asst annual message, on the subject of
the currency. The dangers Of an inflated
paper system have been most strikingly
manifested in the experience of a number
Of the surrounding States, and nothing, in
my opinion, saved our own metropolis,
and possibly other parts of the State, from
the consequences of severe contraction
Of the currency, but our vast agricultural
and mineral productions, and the unusu-
ally high prices with these commanded
in foreign markets.
l have always held the doctrine, that
our country, like all others, must have
system of currency; and whilst, therefore,
have resisted the excessive increase of
banking capital, | have not sought to up
root, entirely, the system we have. That
It is the best that the wit of man could
devise, is not believed, nor is it probable
that the authors of this paper system, en-
oying the experience of the present age,
and possessing the vast amount of coin
now in existence, would have entailed this
evil upon US. But we have it. and the