The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1855-01-11


af NC ,,oI;c,-. and that the use of small bank
not4s sbou}d be discouraged and forbidden. In
occorsnncn with this view OF the subject, nave
~, ,,st occasions refused tosanctiOn any extern
siye increase Of banking capital,
Every commercial country is liable to alter
nate season OF excitement and depression; to pc
riods of eytravaeant over-trading, followed by
rninops revulsions. The reaction pow felt is
,be inevitable. if not the natural counterpart OF
an undue expansion otcredit, in The form of bank
paper. railroad, State and corporation bonds
aud individual obligations. In those States
where the free, or st0ck-banking system had
stimulated the expansion, the workings OF the
reaction have been disastrous In our own be-
loved Commonwealth the shock has been sensi-
bly, felt though far less severe than In other
parts of the country. Her partial escape, 1t Is
believed, is mainly owing to her prudent and
restrictive policy in the use # bank credit, II
| is. at least, very clear, that had the free, OF
stock-banking plan. at one time so Zealuosly adj
vocated, been adopted in State, or had our pres
ent system been greatly expanded, the position
| of affairs in our commercial metropolis would
not have been so favorable as at present Had
! the natural tendency to speculation received TINS
artificial stimulant-the limits of safety like the
/ lessons of experience. would have been passed
unheeded: as it is, some good men. IN the PuI-
suit Of useful enterprises. been prostrated, Ii IL IL
/ most nlOftQuate. IUtl uEutI iLlS -
must suffer alike. Those who profit least ny lht
eypansion. are often effected most by the con
Traction. This is especially the case with laDol
which uniformly the last TO be elevated in tihies
ofprosperty. to go down in those OF deprcs'iG9
! The hanks. as general rule, make tne
most ont of the convulsions. ii Is oltel
their error to fatter the merchant ana
trader when the tide Of prosperity runs
hirb and to forsake him on the first APP
pearance of its ebbing. Even sound banks
and of good repute, it is said, are seeking
TO make money ont of the present crisis.
hv sharing their capital and its benefits
with brokers and jobberS, instead Of aid
ing the business community at legitimate
rates How far those allegations are war
ranted, it is difficult 10 decide; but it is to
he hoped that few, if any of our banks are
Justly liable to this charge, for such prac-
tice would be highly improper, and well
calculated to excite discomfort Such ?
departure from legitimate business would
demand prompt remedy at your hands
1t may be difficult to c0nIine these inStitu-
tions 10 their proper business, with the
prospect of better profits in other quar-
terS; but they should be- made TO feel that
they have been created for higher Fur-
pose than mcrel Y TO enrich the stockholders
The crisis is a trying one, but there is
still reason to hope that the credit and
trade of the country will never suffer as
much as it has done on similar occasions
in time past There is now 10 Nationa
Bank to miSlead the mercantile class, anC
and to embarrasS the commerce which il
professed to aid Still the shock viii be
great enough 70 lead the public mind tc
enquire after a remedy FOR these pcriolca
convulSions. And surely, we may be per
mittcd to hope, that the good sense Of the
people viii never again be imposed upoI
by those crude experiments which have
on some former occasions, SO fearfully G
gravated the evils they were intended t
remedy. / respectfully advise the Gen
eral Assembly against allsuch experiment
The remedy, 10 be permanent, must be ;
. natural one; artificial means may add t
present arrangements; bat cannot cor
rect them.
An extensive increase Of banking capi
5 tai and ether eXpedientS will Doubtless, bt
pressed UpOn your attention; but it i
hoped that no such faIIacy may find favor
Nor is there any sufficient reason for tn,
: alarm and senSitiveneSS manifested in Ger
: tain quarters; the real wealth of the coun
try still exists, and the natural element
Of prosperity are no less than heretofore
, 1t is the shadow, not the substance tha
= is passing away. The business communi
ty should lock the danger in the face
and 10y their energy, honesty and enter
+ prise, overcome it. Mutual confidence
and forbearance should be cherished b,
all, as a means Of accomplishing this de
sirable end.
i In accordance With TIC provisions Of I
law passed in April last, vote Of the peo
pie was taken, at the October election
on the policy of prohibiting the manufac
ture and sale Of Intoxicating liquors; l58
/ 342 votes were cast in favor of the meas
ure, and l63, $40 votes aganst it.
I The proper regulation of this subjec
greatly concerns the moral welfare Of TIL
people and for that reason will claim you
anxious consideration. Perhaps 30 othe
moral question within the range of you
/ authority, so deeply interests the peopl
: Of every class, race and condition. Ii
deed the immoderate use of Intoxicating
: drinks is an evil that has left its fatal mar
in every vicinage. Its progress, fortunate
: ly has been steadily resisted by indiyiC
uaIs aud societies, who have employed Il!
d power Of truth and reason against it
Q These efforts have done much, and ma
d do more hereafter to mitigate the evil /
Avoiding all vcxatious encroachmentS NJ
q q on the rights and privileges Of every cit
zen, there is clearly nc reason why the il
s auence of we'll designed law regulatin
; and restraining tie sale Of intoxicating ]
quors, should not be brought to the al
4 of these individual efforts Although th
E vote of the people would seem to indicat
4 their aversion to the particular measure {
: reform proposed, it is not to be inferred
for that reason they are avcrSc to all a
: tempts at reformation. Such an inferenc
= am confident would not be a true reHe'
= ton of their sentiments So far from tn
they acknowledge the existence Of the