Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1855-01-13

'' 0f'''o" OH all questions that concern The
currency, have been so often expressed, lha, they
musl be well known TO the Legislature. and need
not be given at length, in this communication
Without, at any time, assuming il would he WISE,
Tor this Slate regardless of.he policy of other Com.
monweahs, ,odispense suddenly and entirely with
banks OF issue, it has been uniformly held lha, the
amount OF banking capital as basis for paper cir
cula'ion should. be closely limited to the urgent
want OF commerce and trade. If the experience CT
The country is worth anything al all, it has demon
s'raied the correctness of This policy; and thai the
use of small bank notes should be discouraged and
forbidden. In accordance with this view of The
subject, have, on past occasions, refused TO sane
lion any extensive increase OF banking capital.
Every commercial country is liable TO alternate
seasons OF excitement and depression; 10 periods of
extravaeant osertrading, followed by ruinous re.
vulsions The reaction now fell is The inevitable,
L no, the natural counterpart of an undue expan
sion OF credit, in the form OF bank paper, railroad,
Stale and corporation bonds and individual oblga.
lions. In those states where The free, or stock
banking system had simulated The expansion, the
workings of the reaction have been disastrous. In
our own beloved Commonwea ealth, the shock has
been sensbly ielt, though far less severe than in
other parts of he country. Her partial escape, ills
believed, is mainly owing 10 her prudent and re.
strictive policy in The use Of bank credit. Itis at
least very clear, that had the free, or stock banking
plan, a, time so zealously advocated been
adopted in this Sale, or had our present system
been greatly expanded, the position of affairs in
our commercial metropolis would moi have been 90
favorable aa al present Had the natural tendency
to speculation received this artificial siimnian,-
the limits OF safely, like The lessons of experience.
would have been passed nnheeded as it is, some
good men, in The pursuit OF useful enterprises have
been proslraled. II is most unfortunate, that under
his influence, all must suffer alike. Those who
profit least by The expansion, are often effected
most by the contraction. This is especially The
case with labor, which is uniformly The las, 10 be
elevated in times oi prosperity, and The frs, to 90
down in those of depression. The banks, as a ce.
neral rule, make the most out OF these commissions.
IL is often their error 10 1auer the merchant and
trader when the tide of prosperity runs high, and
10 tosake him on the first appearance OF IFS ebbing
Even sound banks and of good repu'e, it is said,
are seeking 10 make money out of the presen, cri-
brokers and obbers, instead Of aiding the business
community al legitimate rates. How far these al
legations are warranted it is difficult 10 decide bu,
1t is 10 be hoped that few, if any of our banks are
Justly liable this charge for such practice would
be highly improper, and we'll calculated 10 excite
discomfort Such departure from legitimate busi.
ness would demand prompt remedy al your
hands. ltmay be difficult 10 confne these inslitu-
lions to their proper business, with The prospect of
better profits other quarters; bu, they should
be made TO feel thai they have been created for a
higher purpose than merely 10 enrich The stock
holders.
The crisis is trying one; but there is still rea.
son 10 hope that the credit and trade Of the country
will never suffer much as il has done on similar
occasions, in times past. There is now no Nation.
al Bank 10 mlsIead the melcantile class and 10 en-.
batrass the commerce which i, professed 10 aid
Still The shock will be great enough TO lead the pub
lie mind TO enquire after a remedy for these peri
odcal convulsions. And, surely, we may be per-
mi,led 10 hope, that the COOL sense of the people
will never again be imposed upon by those crude
experiments which have, on some former oc-
easons so teartully aggravated the evils they were
intended 10 TO remedy. respectfully advise The
General Assembly against all such experiments
The remedy, to be permanent, must be natural one;
artificial means may add TO present arrangements;
bu, cannot correct Them.
An extensive increase OF banking capital AMI
other expedients will, doubtless, be pressed npon
your attention bu, il is hoped that no sach faancy
may find favor. Nor is there any sufficient reason
for The alarm and sensiliveness manifested in cer-
tain quarters; The real wealth of the country still
exists, and The natural elements of prosperity are no
less han heretofore II is the shadow, not the sub-
stance that is passing away The business COM
muni'y should look The danger in the face and BY
their energy, honesty and enterprise, overcome it,
Mutual confidence and iorbearance should be cher
ished by all, as means of accomplishing this de.
sirable end.
ln accordance with the provisions OF law pas.
sed in April last vote OF the people was taken,
al the October election, on the policy of prohibiting
the manufacture and sale Of intoxicating liquors
l54, ,3i2 votes were cast in favor OF the measure,
and 1853, $40 votes against it. a-1
The proper regulation Of this subject greatly
concerns the moral welfare of the people, AM 10
that reason will claim your anxious consideration
Perhaps no other moral question within the rage
of yonr anhorily: so deeply Interests the people Of
every class, race and condition. Indeed, the i'm.
moderate use OF Intoxicating drinks is evil thai
has lelr lis fatal mark in every vicnage. lis pro.
eress, fortunately, has been steadily resisted by IN.
dividuas and societies, who have employed the
power OF truth and reason against il. These efforts
have done much, and may do more hereafter TO
mitigate The evil Avoiding all vexatious encroach.
men!s upon the rights and privileges of every chi,
zen heTe is clearly no reason why The inluence
oil a well designed law regulating and restraining