Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1855-01-19

these institutions, has become the settled
policy of the State The checks and guards
thrown around them should not be lessened
or removed. Their own safety, and the
security of the public, require their conti-
nuance.
Notice of numerous intended applica-
tions to the Legislature for new banks,
an increase of banking capital and savings
institutions, has been given as required by
the constitution Without desiring to
assume hostile attitude towards all banks,
the propriety of incorporating all that may
be called for, under the notice given, can
not be justified or defended. The extrav-
agant, improper, or unreasonable increase
of banks and banking capital, is not de-
mandcd by the wants of the community,
and will not, and can not be sanctioned by
the Executive. The present commercial
and financiel embarrassment Of the coun-
try the depressed state of trade all past
experience, and the more recent experience
of some of our sister States, as seen in
their ruined banks and deprecated cur
rency, demonstrate the necessity Of legis
lating cautiously and prudently on this
subject.
The number Of banks, and consequently
the amount of banking capital should be
limited to, and regulated by, the proper
demands of active and healthy trade, and
the actual business wants and necessities
of the community. This policy, honestly
insisted upon and pursued, would protect
the country from the disastrous c)nsequen-
ces of improvident banking. An extraor-
binary aud unnecessary increase of banks
and banking facilities, in seasons of great
general prosperity, leads to e1travagant
and ruinous speculation. Such increase
in times of commercial distress, aggravates
and prolongs the evils it was designed to
remedy. Entertaining these views, l will
not hesitate to sanction the re-chartering
of old and solvent banks, which by pru.
dent and careful management, and an hon.
est adherence to the legitimate purposes Of
their creation, have merited and received
the confidence of the public. Nor will
refuse to sanction the incorporation Of
new banks, when indispensably necessary
and clearly demanded by the actual bust.
ness wants and interests of the community
in which they may be located To nc
other, and under no other circumstances,
can I yield the Executive consent.
To promote the welfare and prosperity
Of the Commonwealth, by regulating and
increasing her finances: economizing her
resources, maintaining her credit, redu-
cling her debt, and relieving her people
from oppressive taxation, will be the OBJ
iec.s of my anxious desire: and to the
accomplishment of which every energy Of
nv administration will be directed. The
public debt, now exceeding forty millions
# dollars, and the annual taxation neces-
sary to meet the payment of its interest,
seriously affect the great industrial inter
ests Of the State; drive labor and capital
from the commonwealth prevent the
extension and completion of her noble
system of education and the prosecution
of those laulable schemes of benevolence,
which at once benefit, dignity and adorn
4 free ard enlightened people.
Every consideration of State pride, every
motive of interest, require its reduction
and SPEEDY liquidation, by every available
and practicable means. To secure this
object, rigid economy in every department
of the government; retrenchment in the
public expenditures; strict accountability
in all the receiving and disbursing officers
of the commonwealth and an honest and
faithful discharge of duty by all her agents,
would contribute much, and save millions
to the Treasury.
Created by the State, in the prosecution
and management Of her system of internal
improvements system characterized by
"prodigaiity, extravaganza, and corrupt
political favoritism tho sale Of these
improvements, or at least of the "main
line" as means Of reducing this debt,
lcsscning taxation, and saving our financial
credit, has for many years occupied the
attention Of the people, and their repres-
entatives. Bills for the sale of the main
line have been passed by three different
legislatures, two of which were approved
by the Governors then in office. The people,
on the question being submitted to them
in 1874, decided, by large majority, in
favor of the sale; and yet these works,
from the defective character of the laws
authorizing the sale, the restrictions con-
tanned in them, and from other causes,
remain unsold. Public sentiment, founded
on economical, moral, and political consi-
dcrations, still demands, and the public
welfare still requires, their sale.
Il