The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1855-01-25
RIOOMsBURG COLUMBIA COUNTY. PA. THURSDAY.

Of banking capital and saving institutions,
has been given as required by the constltu-
lion. Without desirnsto 10 assume hostile
attitude towards all banks, the propriety OF
Incorporating all that may be called for, uu-
der the notice given, cannot be justified or
defended. The extravagant, improper, or
unreasonable increase Of banks and banking
capital, is not demanded by tie wants Of the
community, and will not, end cannot be
sanctioned by the Executive. The present
commercial and financial embarrassment Of
the country the depressed state of trade;
all past experience, and the more recent ex-
perience OF some of our sister States, as seen
in their ruined banks and deprecated CUR
rency, demonstrate the necessity of legisla-
ting cautiously and prudendy on this Sub.
ject.
The number of banks, and consequently
the amount of banking capital, should be
limited TO, and regulated by, The proper de-
mands OF active and healthy trade, and the
actual business waits and necessities of the
community. This policy, hoaestly insisted
upon and pursued, would protect the coun-
try from The disastrous consequences ofim-
provident banking. An extraordinary and
unnecessary increase of banks and banking
facilities, in seasons of great general pros
perily, leads TO extravagant and ruinons
speculation. Such increase, 10 times OF
commercial distress, aggravaes and pfolongs
the evils il was designed 10 remedy. Enter
laiEing these views, / will not hesitate 10
sanction the re.chartering OF old solvent banks
which by prudent and careful management,
and an honest adherence 10 the legitimate
purpose, of their creation, have meriled and
received the confidence of the public. Nor
will refuse 10 sanction the incorporation Of
new banks, when indispensably necessary
ard clearly demanded by the actual business
wants aid interests of the community in
which they are located. To no other, anl
under no other circumstances, can yield The
Executive consent.
To promote the welfare and prosperity of
The commonwealth, by regulating aud in
creasing her finances, economizing her re-
sources, maintaining her credit, reducing
her debt, and relieving her people from. op-
pressive taxation, will be the objects Of my
anxious desire; and TO The accomplishment
OF which every energy of my administration
will be directed. The public debit now ex-
ceeding forty millions Of dollars, aud the
annual taxation necessary 10 meet the pay.
ment OF lis interest, seriously affect the great
industrial interests of The Stale drive labor
and capital from the commonwealth prevent
the exleniion aud completion Of her noble
system of education and The prosecution Of
those laudable schemes of benevolence
which a, once benefit, dgLify and adorn a
free and 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 lais object,
rigid economy in every department Of the
government; retrenchmeni in the public
expenditures strict accountability in all
the receiving and dispursing officers of tae
commonwealth and an honest and faithful
discharge of duty by all her agents, worll
con tribute much, and save millions 10 the
Treasury. u
Created by the Stale, in the prosecution
and management OF her system of internal
improvement-a system characterized by
prodigaIy, axtravigance. and corrupt po-
liical favorilsm"-ths sale ofthese improve
ments, or al leas, of the Z" main line," as
means Of reducing this debt, lesseaing tax
alton, and saving our financial credit, has
for many years occupied the attention of the
people and their representatives. Bills for
the sale of the main line nave been passed
by three different Legislatures, two of which
were approved by tho Governors then tn OF
fee. The people, on the question being
submitted to them in 1874, decided by
large majority, in favor OF the sale ard yet
these works, from the defective character of
the laws authorizing the sale, the restriction
contained in Them, and from other causes
remain unsoM. Phbiic sentiment founded
on economical, moral and political consider.
alton, still demands, aud the public welfare
still requires their sale. '.t
The consideration ID be paid, The mode,
terms and conditions of the sale, ought 10
be carefully considered. just and liberal
inducements should be offered 10 purchasers,
while at The same time the people should
be protected against wrong and imposition.
By avoiding the errors of former legislation,
a sale on terms favorable to the State and
beneficial 10 the purchaser may be secu-
red.
I, is IN vain 10 hope for reduction Of the
eebt. and relief from iaxaiion, without a
sale of the whole, or part, of our public
works. Incumbered with debt and taxed
to support system, the management of
which has been marked BY extrayagant ex-
pendiiure, fraudulent speculation, and a
reckless disregard of public interests, the
people demand reliei and release from these
burdens. The press and the ballot box
have declared The popular will on this sub.